Need Adice
HI Everyone, i am writing this letter because i am interesed in becoming a real estate investor. right now i am in the process of reading a book called "how to make big money in real estate" and "making big money investing in foreclosures". i am also thinking about attending a 3 day workshops by robert allen. this workshop is $2995. my question to you is so you this attending this workshop is a good idea for someone like me who has NO prior experience in real estate. any comments would be helpful.
thanks 
You'll likely learn more, and at your own speed if you keep reading through the forums here at TCI for free. After you have done this, you'll have a good idea about which particular method or niche is where your interests lie. Then, once you have decided on a direction, let your investment in yourself begin with a course that specializes in the type of investing you most want to pursue. The problem with the Robert Allen Seminar is that it is only of the beginning of the money that they will be trying to extract from you.
If you have any questions about something, try to keep them somewhat specific, and the experts here at TCI are the best out there, and the wealth of knowledge and experience that is shared here will astound you.
Good luck,
Jeff
Attending any workshop would be of benefit and will allow you to become a more knowledgeable investor!
I attend over 15 real estate investing workshops every year.
I truly believe in the power of knowledge if one applies it!
I second what Jeff said. First read as much as you can on this site and in the library or bookstore. Once you get a feel for what type of investment you would like to pursue then buy books/courses that are more tailored to that particular investment.
However, if you want a guru course or something similar check out Ebay. You can buy a lot of the courses on there much cheaper.
Education is never wasted but if you can strategically spend your money to maximize your interests then that is the way I would go.
Good luck
John,
While I agree with you that education should be a priority in your investing career, I question if you actually spend 45K per year attending seminars, not counting travel, lodging, and food costs.
My point to this admittedly green investor is to gather at least a basic knowledge of the business, like terms, and such prior to throwing 3K at Robert Allen.
There are in my opinion better methods that are less expensive, and more appropriate ways for a potential investor with no experience or prior knowledge of the field to spend their time and money on to gain a basic understanding of this business. After one understands the basics this seminar would be more appropriate. At least then the investor will be able to sift through the material and be able to tell the difference between the fluff, and the stuff.
Quote:
On 2004-08-04 11:14, jeff12002 wrote:
John,
While I agree with you that education should be a priority in your investing career, I question if you actually spend 45K per year attending seminars, not counting travel, lodging, and food costs.
My point to this admittedly green investor is to gather at least a basic knowledge of the business, like terms, and such prior to throwing 3K at Robert Allen.
There are in my opinion better methods that are less expensive, and more appropriate ways for a potential investor with no experience or prior knowledge of the field to spend their time and money on to gain a basic understanding of this business. After one understands the basics this seminar would be more appropriate. At least then the investor will be able to sift through the material and be able to tell the difference between the fluff, and the stuff.
First of all I never stated that I spend 45k in education when responding to firegal36 question!
2nd of all to question me on what I spend on education or how many workshops I attend with out knowing by back ground is somewhat immature on your part.
I have been involved in purchasing real estate for over 20 years, Every year I am involved in over $ 7 $ digit real estate transactions and a teacher of real estate investing to over 60 students every month.
Real estate investing is a professional carrier!
Yes you can learn from forums and books, but as a teacher I know for a fact that a class room environment better prepares an investor for success!
How many successful doctors or lawyers do you know that became a professional by only reading books and forums?
Looks like you pushed one of my buttons jeff12002.
The value of education produces success, but the value of ignorance produces failure!
In the future I would suggest learn from an old timer!
jeff12002 there is no lingering resentment, I have no time to deal with resentment issues and you are ok in my book! Just a little misguided when it comes to the value of REI Education!
Most new and speculator investors downplay the value of REI Education and continued REI Education.
Most successful investors budget for education and due to my volume of transactions I a lot around 25k yearly.
It's a simple process, If it cost you say $7,000 to learn one ideal that will add say just 1 additional real estate transaction to your portfolio per year what would your return on investment be?
America borrows $1.5 billion a day from foreign investors to cover its consumption and lack of savings and the majority of this borrowed money is for the purchase of wasted assets like autos, boats, furniture and the list goes on.
So if one spends $3,000 on REI Education (just $8.29 per day) and only does one transaction per year what would be their return on investment?
Figure it out jeff12002, how must do most of us waist per day on eating out, sodas, coffee, beer, cig's, cable TV and so on with no financial return!
The value of education produces success, but the value of ignorance produces failure!
You may or may not agree, but the fact remains ones net worth is based upon their value of Education.
John,
I don't think that we are as far apart on this issue as we originally thought. I believe that the major difference is more of a timing issue. Your advice has value, and having an educational budget is important. I have one as well.
Jeff
John,
I am new to REI and just recently purchased my first property. I am figuring this out as I go along and would love to become more educated in the field. I teach 8th grade and fully understand the value and importance of education.
Where would you reccomend I start to learn more about REI. There are courses and seminars available everywhere and from what I've learned here I gather most of them are a waist.
Thanks
Quote:
On 2004-08-05 10:48, Dumdido wrote:
John,
I am new to REI and just recently purchased my first property. I am figuring this out as I go along and would love to become more educated in the field. I teach 8th grade and fully understand the value and importance of education.
Where would you reccomend I start to learn more about REI. There are courses and seminars available everywhere and from what I've learned here I gather most of them are a waist.
Thanks
When you seek out REI education be sure to go with one that is an active investor, not one that is primary in the seminar business, but the bulk of their income is derived from real estate investments.
We have a lot of seminars that teach investing but their last purchase was 20 years ago or on the worst end has never made a real estate purchase.
I would suggest any of the TCI members as a strong source for teaching REI.
Have a great day.
I think each and everyone of us has our own way of learning this business were in, some feel the path to knowledge is by attending seminars,buying guru tapes,reading books, or by just reading this site. My grandfather always reminded me time after time knowledge is king and they can take everything away from you but they cant take what you have learned. Look at all he different avenues to learn all you can and go with it.
What works for me my not work for everyone else.....
i agree with jeff that a beginner is better off to aquire a basic knowledge before taking a 3k coarse. if for nothing but to learn the basic "terms" so that they can understand the coarse......kenmax
[can you help me get started im kind of comfused.
Read - read like you are hungry for success. Books, articles, forums, classified ads
Talk - talk to anyone and everyone in real estate (brokers, realtors, owners, property mgmt companies, finance companies, bankers, investors, rehabbers)
Act - After your research decide which niche is yours to start with (flipping, cashflow, land, birddogging, etc.)
Goals - After the above 3, set goals and abide by them.
I agree with seminars, but you need to set goals. Don't be the 80% of cattle that go to them and not act on the information.
Good Luck.
There are less expensive ways to get started with your RE education. Certainly participating in TCI is a great first step.
I like some of the "Rich Dad, Poor Dad" books for strategic planning and basic investor mindset, however they are not "how to" books.
I also have some of the Carleton Sheets material. Some of this material is quite good, however, some is also not so good and somewhat dated.
For basic RE info, your local library may be a place to start.