Sheets Question
I got a letter in the mail the other day about joining a new program that sheets is doing.
One year coaching with 7 hours per week coaching. A person called me today and talked to me about an hour to get to know be and my goals etc.
Sounds good...
But it is like 3500.00
Everyone thoughts?
Anyone else been called
ALWAYS LOOK AT YOUR NUMBERS!
In this case, this program is only worth as much to you, as you can get out of it. I recommend you study Kiyosaki's "Rich Dad, Poor Dad" and "Cashflow Quadrant" like your investor's bible, and once you know the right questions to ask, and have the right mind set, $3500 over the length of the year will seem a small price to pay. Especially if by the end of that year you're likely to have a cashflow of that much PER MONTH.:-o
Think about this... they market it to you, they spent time organizing the program, they have to pay other expenses associated with running a business, like taxes. But even ALL of that aside, 7 hours a week x 52 weeks in a year = 364 hours per year. $3500/364hours = $9.62/hr. Would you pay someone $9.62 in hour to enable you to become successful for the rest of your life? What about opportunity cost? How long would it take you to learn it on your own? What is the price of not knowing the right thing at the right time? These programs are fairly thorough on all aspects of the business, while you might only learn some portion of it while studying on your own. It's all dollars and cents. It took me near 2 years of working virtually without pay for one of the worst bosses and one of the greatest mentors that anyone could wish for, all so I could learn to forego of my ego and my emotional weaknesses. Then it took me 2 months to learn the "book worm" aspects of it. Now a little over 2 years down the road, I own my first few properties, and so far so good. But there's so much I still don't know. Kiyosaki said it best (well, he wasn't the first who said it, but he did say it too) "Your advisors are only as good as you are."
-Greg
I did this program and my honest opinion is your money is better spent elsewhere. I do own 4, soon to be 6 properties, 11 units total. I don't credit that program for this... I have read many books since and even ordered other courses and for the money I just don't think it's worth it. I find the coach mostly goes over material that you read at home and with only 30 min. sessions you can't possible cover questions you have thoroughly. They do have the call in advice line which I did use frequently, however looking back they never advised me NOT to buy any property I looked at even though I don't think I should've bought all that I did at that time. I would spend more time learning others ideas such as the program the last person recommended. Sheets theory is to buy everything you can, however you can and that's a frame of mind hard to overcome once taught to you....and one I'm still stuggling with. I would recommend networking as much as you can, meet realtors, go look at as many FSBO properties as you can, research- look up www.REIMentor.com- Ken has a cheaper program that I would recommend for someone starting out. I hope this helps a little...
All these programs are the same. These people make their millions off these programs that are supposed to help you get rich. All the information they have is out there. You can do your own reseach and save the 3500.
Follow vikingchild's advice it's free!
Another idea: join a local REI club. There is LOTS of help/info/advice there.
Good luck,
Bob
Get rich on real estate schemes are called schemes because the word is closely related to 'scam.'
I think you have to make the mistakes of real estate investment yourself i order to learn anything. Why is everybody so desperate to find a short cut? Haven't we learned that the path itself is the object of the journey? If you like dealing with electricians from the Cameroon, drywallers from Peru, plumbers from Iceland, stated doc loans, non-primary hazard insurance, itchy skin from the insulation your 100-year-old palace needs, then by all means jump as blindly as you can into real estate investing.
Because after enough blind jumps (maybe as few as two if you're willing to admit your mistakes and learn from them), you'll find a delightful side effect of your efforts is scandalous profit.
But if you go into the property game just to make money, you'll be endlessly frustrated and probably end up bleeding cash and fleeing the market just when your eforts might have paid off.
So as far as the Sheets thing: Spend the time you would have been with a "mentor" working on keeping that credit score above 680, and become friends with a mortgage banker, and start looking for homes in neighborhoods near you which look as if a meteor recenbtly landed on them. In my neighborhood (Mount Rainier, Maryland -- at 23% the highest rise in RE values in 2003), a lady tried to cook a fish and burnt down a quarter of her house and ended up in a nursing home with her family trying to sell a charred property on a 23,000 sf lot -- the neighbors were aghast, but all I could think of was, Gotta buy that one!
As far as Sheets goes, think of all the morons he had to con to build his empire. Do you want to join that club? Do real estate your own way. Whether you carry the wrench yourself or are related to somebody who does. (Actually, lesson # 17 for me was never depend on your pals or family to fix your homestead, never, never.)
I always used to say about art that it was always in the rpocess and never in the profits, and other artists would look at me and nod sagely, that's right, wisdom. Same thing with real estate. Worry about the process of acquiring, fixing or improving, and providing a home for somebody close to you or to a perfect stranger, either of whom will see you in the street after the close and say how happy they are to see you again and let's go have a cup of tea.
Think of the stockbrokers and money-chasers in your life. Is that what you wand your real estate experience to be like, constantly counting?
Don't join any clubs. Three thousand five hundred plus the time is enough to get you a small place to fix up and rent for a monthly $150 profit for the rest of your life. Check out the houses in Cumberland, Maryland, for example. Just go to www.realtor.com or someplace similar and you won't believe your eyes. Two major coleges/universities within 25 miles, a population of only 10,000, and tourism around the corner, and houses going for $25K. Put in a sauna and cable TV and college students will be bragging about their cool digs for four years while their parents make out the check religiously a few days before the end of 48 months.
Sorry to intrude on this dialogue about schemes like Sheet, but could not resist.
seanblue
Education is priceless...but having spent that $3500 I can tell you for sure it wasn't worth it. I can credit (although I hate to) the $200 informecial material for sparking an interest and giving me some basic knowledge on how to get started. It all comes down to you and what risks your willing to take to get the ball rolling. It's by far not a get rich quick business so don't think you're going to quit your day job anytime soon. But this is an addicting business....jump in and enjoy the ride!! To the other guy looking at Cumberland....I've considered doing the same, send me an email I love to talk about your experience w/this area.