Something that I've noticed, that really frustrated me, are the snake oil salesman in real estate investing.
If i can help anyone avoid being lied to by fake individuals I will.
I am an investor in the Indiana area, but what I want to bring to your attention are the Podcasts/YouTube Videos/Seminars/etc.. that target unsuspecting beginners with the promise that they'll reveal the secrets of their method, give you the same method, and watch you grow. But what they really do is fill your head with good feelings and excitement, give you nothing, and place a GIANT price tag on their "package they offer". I cannot stand folk who do this and who are able to get over on a lot of kind-hearted investors looking to learn.
Things to lookout for
1. Someone who claims to be an amazing investor that can teach you things, and they constantly are advertising for you to join their mailing list.
This may seem unassuming at first glance, but 9 times out of 10 you will give your email hoping to gather some great information and maybe event connect with others. However, what you usually get immediately are a bunch of emails asking soliciting expensive mentor packages or "business building templates" for you to follow and reach success.
There are TOOOO many legitimate resources out here (BP being one of them to allow these predatory salesman take advantage of a new investor's lack of knowledge).
2. Free Book!! Beware of all offers from someone telling you their give you a free book.
The books are almost always targeted at beginners for a reason. It isn't by accident that every time you see these offers, it seems to be just for the topic you feel like you need to know about before you can begin...think about it.
This whole premise ties into #1 on the list, 9 times out of 10, the person offering a free eBook or even free hard-copy books use this terminology as a way to get people to...you guessed it.....sign up on their mailing list.
3. Celebrity Seminars in your LOCAL area.....for FREE!! Just sign up now.
This.....this one really gets under my skin. First, because I expect more upstanding business practices from the celebrities/successful investors, I imagine them to have strong morals. Second, because they strategically target people based on their internet searches, browser cookies, etc.
The issue with this is, again, 9.9 times out of 10, the seminar is truly free, which is a good thing. However, the downfall is that, the person who you recognized on the advertisement....will NOT be at the seminar. They will likely send someone to represent them. "Well that still sounds cool", you might say. Except that person they sent to represent them, isn't actually representing them at all, that person was sent to SELL you an expensive package for a multi-day seminar where the ACTUAL businessperson you came to see, will be. (For real this time).
And it gets better. Since you showed up in person, they will "cut" the price for you!! Instead of $Xx,xxx for the seminar, now it's only going to be $X,xxx!!!! Aren't you lucky?! Better sign up now before it's too late cause it's only a one day offer!....except the fact that tomorrow they'll be in the city next to yours offering The. Exact. Same. Thing.
"So where on Earth can I go to really learn?!"
Great Question! There are so many FREE/Low Costing and LEGITIMATE sources of information out there if you're aware of them.
1. Get a membership at your local library and download the Overdrive app on iOS or Android. What this app does is partner with your local library and allows you to electronically check out eBooks and read them at your leisure. FOR FREE!!! Almost all of the great eBooks you hear about should be offered by your public library (if you're in a larger/medium city).
2. PODCASTS! PODCASTS! PODCASTS! These are self explanatory, listen to podcasts and then listen again and then listen a 3rd time. Bigger Pockets (of course). Robert Kiyosaki. Everyday is Saturday. There are just so many. Go find some and listen until your heart is content. The only thing I would urge you to do is do a little bit of research on the people in these podcasts before you get too deep. And as always, don't take every single word you hear in a podcast as gospel.
3. Your local REIA. This goes without saying almost. If you're interested in learning more and connecting with local investors. Join your REIA and make sure it's free (some REIAs charge). But I will say that, even with REIAs, take the words with a grain of salt and DO YOUR RESEARCH on the speakers who come (guest speakers will come sometimes). Also, it's worth pointing out that sometimes there are people selling mentor packages at REIA meetings as well, I urge you to focus on relationship building and networking.
Those are just the main 3 that I can think of that I've seen time and time again and even been taken by on a few occasions. It doesn't make you less of an investor to bite on these kinds of things, it just makes you someone who was very eager to learn and unfortunately made for a perfect target for people to prey on a bit.
Feel free to share your thoughts on this, add other things to look out for, or ask me any questions! I'll help where I can. I just hope this helps even one person level-set their expectations and tread more cautiously in this exciting business.
:)
