Real Estate Seminars-newbie
I have read the forums on here for months-this is my first post.
I have read lots of books and am considering paying money I don't really have to attend "boot camps" and seminars. Are these really worth attending? I don't know where else to turn to learn how get into real estate investing, "flipping" or "rehabbing". I love this forum along with some other forums I read. Guess Ineed some one to point me into the right direction. Thanks! :-?
[addsig]
Only you can answer this correctly.
If you've read lots of books, and the forums here at TCI, and still aren't investing, What's the hold-up?
If spending big bucks on a "Boot Camp" will get your butt out there and investing, then absolutely spend the time and money. If not, Just stay at home, and save your money.
Do whatever it takes to take the first step. The second step is alot easier, and it keeps getting easier as you go along.
You can do this!
Good luck,
Jeff
Thanks for responding...my hold up? Well as much as I have read, I guess I still don't quite understand it. It seems like it would be a lot of fun and I like to learn, and I am getting motivated. I need to find some one to "mentor" me in my area. Someone I can tag along with to show me the ropes. Is that possible?? Do people do that? I will be downloading the Birdogging 101 this evening and will be reading that. I am attending an REI club in my area but the next meeting isn't for 3 weeks. From reading on the forum I assume that is one of the best places to start. I was thinking of a boot camp for the simple reason I hopefully will gain a hands on experience-the hold up on that? I don't have $5000 to do it. Thats why I was wondering if its worth the $5000 or if there are people or investors that are local that are willing to meet and help a newbie like me. I am hoping to gain that in the REI meeting I will be attending. But until then any advice given will be helpful for me and y others who read this. Thank you thank you for the encouragement.
-Cheri
Education doesn’t mean anything. Don’t get me wrong: We can say the word “education” and get that special feeling inside, as if we’re chanting some sacred incantation.
In this manner, education is nothing more than a disposable product. This may seem outrageously idealistic, but I was under the impression that the meaning of education fell somewhere near enlightenment. I’m not talking spiritually. I’m talking in terms of knowledge that goes beyond the mere storage and repetition of mundane information or workshop lingo.
I’m talking about the difference between treating education like a dear loved one, and treating it like a cheap one-night stand. The prevailing attitude in our mainstream culture is the latter. Although we can get so worked up about funding, class size, and pedagogical methods, what does any of this means if we do not infuse education with human value?
Education should be about encouraging the importance of learning in concert with knowing. The emphasis on knowing something is overrated and serves to further the degradation of learning in our society. It’s the same emphasis that encourages “knowing everything you need to know”
This prevailing attitude will never value education past its practical function as a disposable package to be tossed into the trash once its contents have been consumed. With such an approach, it is next to impossible to spark the desire to learn.
If it cost you $10,000 to learn how to profit in real estate, you can profit from it for the rest of your life.
A student of mine sold his car and cashed out his savings just to learn how to become an investor, his education cost was $7,000 he spent 4 days with me at a cost of $1,750 per day. Last year he made $300,000 and his net worth went from just under $5,000 to $875,000 in 12 months.
Not all have what it takes to be successful as the above student, but all can have moderate success as an investor and easily make $50,000 to $100,000 their first year if they are willing to learn and work hard!
I am not advocating this extreme desire to learn, but you have to decide as an Investor what you are willing to do what you are willing to spend to become a success.
In just, no matter the costs invest in your self, your family, and your future!
Before seeking out a Real Estate course you should:
*Determine what you will need to maintain your current lifestyle.
*What will be your tolerance for financial risk.
*How you plan to build net worth over time.
*How you plan to generate extra monthly income.
*What cash flow do you need to become financially independent.
Read, Read, Read. You are encouraged to always have a book with you on real estate investing. Read 5 to 10 pages from a real estate investment book each day. With this goal, you'd be reading over five books a year. 1,000's of pages of knowledge. Vary few will take this level and that's what will separate you from the rest! Knowledge is power! Applied knowledge is success!
The characteristics of a winner are preparation, specialization, organization, intellect and effort. These same self-confident qualities, you, as an investor will bring to your goals. If you want to be a winner, associate with winners.
You can duplicate a few simple steps for success:
Establish your real estate business
*Determine the business set up
*Develop a business plan
*Order business cards, letterhead, and any office supplies and equipment
Set long-term and short-term goals; determine the results you want to achieve; focus on the goal and not the journey. Goals must be:
*Specific and measurable
*Use action words
*Believable and achievable
*Include target completion dates
Set up your letters to property owners and telephone scripts
*Call 20 motivated sellers per week
*Research and inspect properties
Visit Courthouse
*Obtain property information and valuation at the County Tax Assessor’s office
*Locate deeds and mortgages at the Recorder’s office
*Become familiar with researching data
Locate and identify legal newspapers
*Study types of legal proceedings, lawsuits, judgments, etc…
*Use Trustee’s Sales and Sheriff’s Sales to find upcoming foreclosure auctions
Attend a foreclosure auction
*Learn process and terms of the auction
*Identify what the financial requirements are when purchasing at an auction; which mortgage holder is foreclosing; what happens if a bid is successful; and what are the penalties for non-performance
Establish a working relationship with a realtor. This relationship:
*Can help you obtain property comparisons known as comparables or COMPS
*Can be mutually beneficial. You can provide leads to the realtor for listings and sales
Make business contacts
*Build your power team of: bankers, title companies, attorneys and accountants
*Join real estate investment club in your area
Spread the word that you are now a real estate investor
*Distribute business cards
*Build a referral network
Practice completing contracts and agreements
*Familiarize yourself with the necessary real estate forms
Attend real estate Training classes and seminars often
*Attend with a positive, willing to learn attitude
*Take extensive notes and ask questions
*For hands-on training, inquire about "Mentor Programs"
Find a coach that will help you with
*Answers to specific questions
*Review of your property proposals
*Writing an offer
SETTING GOALS
Do you have a target or a goal? Taking responsibility for your actions is a vital element in developing self-discipline. There are some common personality traits that might account for the differences between the "haves" and the "have-nots."
The "Haves":
Desire/Drive
Commitment/Dedication
Education
Courage
Optimism
Determination
Discipline
Experience
Perseverance
Organization
The "Have-Nots":
Fear of the Unknown
Procrastination
Lack of Education
Complacency
Poor Self Control
Fear of Success
World of Scarcity
Skepticism
Low self-esteem
Hopelessness
Never share your goals with anyone unless you know they not only believe you can achieve these goals, but they also want you to reach them.
[addsig]
Thanks guys! I believe I may on the right track. I read consistantly everynite. I am reading the ABC's of Real Estate Investing right now. I have a tax account/financial advisor, I am a practicing paralegal with a real estate attorney at my disposal, I am also studying Real Estate Law and Business Law in school. So I can do my own title searches, etc. I am alsways at the Courthouse. WHich it never dawned on me to attend a foreclosure sale/aution. But I will be! I have scheduled to attend my first REI club meeting in February so I can talk with other investors and hopefully find one to take me under thier wing, and I have set myself a reasonable or should I say obtainable goal for this year.both short term and long. I printed out your replies and it will keep me on track ! Thanks!
It sounds like you are on your way! Good luck.
JR