Posted by Heather -Tx on October 08, 2003 at 11:11:31:
You can also request your library to get certain books, and alot of times they will. Some also have it set up where if they have it in ANY library in the city you can request it be sent to the one you are at.
get started without home study course/mentor/bc? - Posted by bronco
Posted by bronco on October 07, 2003 at 15:36:08:
I was wondering if anyone got started in real estate investing without a home study course, hiring a mentor, going to a seminar or going to a boot camp?
Now I know there are good home study courses, mentors, seminars and boot camps. But for a lot of beginners the cost can be substantially high. I realize the home study course you get audio cassettes and a little support from the author via email or phone. Mentoring you get like personal attention and their course the seminar and boot camp you get to meet others with the same interest. I dont know how true it is about the boot camp being hands on? I am thinking the costs are justified unless the presenters are horrible.
With courses costing $150 to $800. I am thinking for the price of one course you can buy like 10 books or almost a hundred. I see Bronchick and Peter Conti and David Finkle is selling creative finance books. I have not seen books out in the book store on real estate notes or much on nothing down. So I guess you may have to buy a home study course for some creative things you may want to learn. But I am thinking creative financing books are starting to come out. I know Bronchik has put out a book on flipping, financing and asset protection.
so the availabity for learning the strategies may not be available in books?
The gurus tout the advantages of buying their course is to start out with no landlording headaches and the extra time and expense. You have the advantage of learning how to create cash and cash flow by buying their course. You wont be able to find their strategy anywhere else.
Anyone here learn how to create cash and cash flow without a home study course?
I am also thinking with a web site such as this, you have access to a large archive. Others have an archive to but I have not found one as big as this.
I know the other advantage of a buying a home study course is that it is like all laid out in an easier fashion probably? The audio may suite another learning style.
I heard Steve Cook got started without a home study course. I realize it is tremendoulsy more difficult without a home study course, a good mentor, seminar, and bootcamp.
IF anyone has done without it, can you tell me how I can do the same.
Eventually I will be buying the or getting materials to educate myself. I know if you are in the business and you buy the courses and seminars you can fully write off everything. But you have to be in business first.
The other reason I am thinking about doing it without a home study course or boot camp other than tremdous expense is because I am going to try out a new technology or method of reading called photoreading.
Bronco
Re: another question - Posted by LSA
Posted by LSA on October 08, 2003 at 09:55:18:
…for those who started on their own, how did u get the first sets of contracts you used? Did u go to a lawyer and pay? Did u try to find them in books?..or is networking the answer?
My 2 cents - Posted by Heather -Tx
Posted by Heather -Tx on October 08, 2003 at 24:10:57:
I have only been seriously into REI for about 10 months now. I did buy ONE Course… Carlton Sheets, and that was over 4 years ago. I did nothing with it, expect it mainly got me to thinking.
I read this site, flippinghomes dot com, and a few more.
I just signed up rehab #3 and have done some birddogging and am also working on a property that I hope to flip. This isn’t groundbreaking success, but joining my local REI club was my biggest and best investment to date. NEtworking is everything in this business, I cannot stress that enough. I found partners, HML’s, Contractors, Realtors, and much more there. If one thing so far that I have spent $$ on has help me to start to succeed on this business it would be that. And as for courses ?? My REI Club has classes free several nights a week on one subject each night. L/O, Sub2,Rehab, Mobile Homes, NOtes, Ect ect. So the Bang for the buck is great! Check out if you have a club near you.
Mind you, when I sell this second rehab that is almost done now, I will be spending more on my education… but no it isn’t a must to do that first. I even have a FREE mentor that has partnered all my deals with me so far, and yes he is a member of the club LOL
So yes you can, determination, persistance, and throwing yourself out there with a thirst for knowlegde and a good personality goes a long way. Get out there and MAKE people see that you are motivated to learn, and willing to offer them something in exchange… be it bird-dogging deals to them while learning, flipping them properties, or even partnering if that suits you. ONLY You can make this work.
Heather
I have done it. - Posted by Carrie-PA
Posted by Carrie-PA on October 07, 2003 at 17:59:43:
Hi Bronco,
I am 20 yrs old and own my own home, a rental prop. and am closing on a rehab at the end of the month. I have read many creative real estate investing books, alot of old ones can be found at the library, plus I read Russ Whitney’s book Building Wealth - before I found out he was such an ass, Robert Shemin’s books Secrets of a millionare RE Investor and Secrets of a millionare Landlord, Bunch of others. I also own David Whisnats course but bought that after I closed on my first two houses. Anyway I know quite a bit about real estate just from reading books and this site and completely believe you can educate yourself with these resources enough to get started in this biz if you are determined, it will just take more time and effort.
Alot of people get started without the use of courses, mentoring, or boot camps. You just need to know what you want and set goals to get their. You are right-this site does have an awesome archive and you will get many answers.
There are so many free resources on the internet, take advantage of them!
Happy Investing!
Carrie ~ NW PA
Re: get started without home study course… - Posted by Randy
Posted by Randy on October 07, 2003 at 16:31:35:
This may sound naïve, have you checked your public library? Most any material ever written on creative real estate can be found in most public libraries.
Also ebay.com has tons of material for pennies on the dollar?.
Re: My 2 cents - Posted by bronco
Posted by bronco on October 08, 2003 at 10:09:22:
Heather:
I congratulate you on your success. Unfortunately there is no club in my area. But I cant let legitimate excuses stop me. I wish I had a club like yours in my area.
bronco
Re: I have done it. - Posted by bronco
Posted by bronco on October 08, 2003 at 09:17:37:
Carrie:
I know I want to create cash and cash flow in real estate. I also want to be able to make money in the easiest way and also other ways such as rental property. I get a feel that owning rental property could be as profitable as owning the note depending on what the situation is? Gurus will say owning the note is always better than owning the property.
I want to gain a good hands on knowledge of all this.
I am thinking if I had the aptitude or if I was meant for all this that I would be picking it all this up quickly?
Carrie, I would love to be able to do what you do.
bronco
Only 20 - Posted by Chris Vaughan
Posted by Chris Vaughan on October 07, 2003 at 18:47:39:
Carrie,
I was just wondering if you ran into any problems, being so young in such a serious business. I am 20 also and, while I’m not Started in RE yet, I work with people’s money(Loan Origination, Taxes) and I find that people are more reluctant to trust someone so young with their finacial situation. It is one of my fears that I will be taken less seriously in RE also.
Just wondering if you have run into this at all.
Chris
Re: get started without home study course… - Posted by bronco
Posted by bronco on October 08, 2003 at 09:11:45:
I know the Library has books by Robert Allen and some general books on real estate investing. My impression of library is that their books might be dated. I could be totally wrong. But I doubt they would have Bronchicks or Conti’s book. I know they have Russ Whitney’s book
That sounds like an idea about going to the library. It will educated me to some degree whether it gives me the hands on knowledge or not.
Bronco
Re: Only 20 - Posted by Brandon
Posted by Brandon on October 08, 2003 at 06:59:24:
Chris,
I realize this post was directed at Carrie, but I thought I would give you my thoughts. I just turned 23 but did my first deal @ 22. It is human nature for people to think that younger people, in professional occupations (lending, accounting, engineering, medical professions, etc.), are naive and therefore not qualified. However, the beauty of real estate investing is this—when you find your motivated seller (and you will!) they wont care one bit about your age as long as your “showing them the money!”
Getting the money, however, is where you will have to prove yourself. Here’s the trick I used to get started. First impressions are everything! When dealing with the bank I used for the first time I tried to get the majority of the loan application done over the phone. I used my busy schedule as an excuse. By the time the loan officer met me, I had already proved to him that I was capable of managing a small apartment building. Therefore, his first impression of me was that of a qualified applicant, not a 22 year old ‘kid’!
Just an aside that I’d like to share with you-- I not only read evey real estate book I can get my hands on but I love to read biographies of successful people. Reading these will keep your motivation up, which you will need to do from time to time in RE investing. But you can also learn something from almost every bio that you pick up about a successful person. They all started very young. Donald Trump, I think around 23, Bill Gates started programming as a teenager and the list could go on and on!
Anything is possible at any age, you just have to want it enough!
Good luck and don’t wait even one more day to get started.