Posted by ron on March 26, 2006 at 22:25:48:
I disagree
I have worked with a some regular consumer buyers (owner occupied)
and have worked with 300+ investors or met them and had lunch at least
it’s not the same at all
people skills are important true
it’s not the same
regular consumers have 30 objections to every 1 that even a new investor has.
My experience shows this to be very different people
Real Estate Investor - Posted by Linaa
Posted by Linaa on March 26, 2006 at 02:38:33:
Hi, My name is Lina and I am from Honolulu, Hawaii. I recently received my real estate license and found it difficult working with clients. So I thought about becoming a real estate investor. Only problem is that I have very little knowledge of how it works. Can anyone give me some advise as to where I should start? Or maybe recommend some books or programs that can help give me a better understanding in becoming a real estate investor. I would really appreciate anyones time and help.
Thank you,
Lina
Re: Real Estate Investor - Posted by Chris in Fl
Posted by Chris in Fl on March 29, 2006 at 12:58:57:
Lina, As many stated already, you are in a great place to start learning. Study avidly, and sort out what makes sense and what doesn’t (beware John Sheridan - dream stealer). Just kidding, everyone is entitled to their opinion. Other inexpensive sources that helped me get started:
Re: Real Estate Investor - Posted by John Behle
Posted by John Behle on March 26, 2006 at 22:52:35:
I started as an agent too. I didn’t really want to knock on doors or focus on listing properties. I wanted to invest, but did keep my license. Here’s some thoughts that came to mind about getting an education related to real estate investment.
There are pros and cons to a license. One of the pros can be access to some incredible educational opportunities. A rounded and valuable education includes BOTH what you can learn in conventional real estate arenas and creative circles. In particular, courses like the CCIM classes are extremely well done and valuable. I wouldn?t start with those, but they should be in your future. Plus, your local board and state organizations can offer some valuable and reasonable education. They will also address legal and liability matters that those in the investment field tend to gloss over. Some authors have a lack of knowledge about the risks and realities of what they teach. So, while some see a license as a liability, it is usually those who have not had a license and do not know the advantages and opportunities. So, pause long and hard before letting someone convince you to drop the license. Even if at some point you decided to drop the license, don?t do so until AFTER exploring and utilizing educational resources that are available only to licensees like the CCIM courses.
I personally believe this is the best site for real estate information on the internet. The archives alone eclipse most of the information found in all the other sites combined. I would never encourage someone to be close minded, but this is the place to start and you could probably study it for years before exhausting it?s resources.
The free articles available at this site would make an excellent course in and of themselves. They will give you both basic and some advanced understanding about tools, tips and techniques. You will get a good idea of how most if not all of the strategies work as well as who knows more. My real estate education took place long before the internet was a reality, but they did have print. Almost every seminar I took was after reading and becoming familiar with the knowledge, intelligence and teaching abilities of the particular author/educator. The internet makes that so much simpler these days. I would be cautionary of any guru you can?t check out in that way before hand. Some of the articles are also from people that do not have home study materials. But, you can read more of what they have to teach throughout the site.
Along with the articles, read the success stories. They can be very motivational as well as educational. When you read the words of some guru that has been in the business for thirty years, it can seem ?out of range?. Sometimes people discount those type of success stories where the stories of someone in the business just a few years can be more inspirational. There is a lot of ?how I would do it differently? also that can give you an edge. You?ll also see some twists and turns that might be different than examples in a textbook. You might even find someone in your area that you want to take to lunch and network with.
Throughout the posts in the forum, you?ll see mistakes as well as successes. Failed attempts or expensive learning seminars in the school of hard knocks. You?ll see how a strategy that sounds great in a seminar might have hidden pitfalls. You?ll see how a mis-application of something someone ?almost? understands can be dangerous. You?ll see how taking a shortcut can be dangerous or even disastrous. You?ll also learn about the gurus and educators and what strategies you may wish to steer clear of or not attempt without extensive study or background knowledge.
Reading this and other forums at the website should be a very high priority. Read every new post every day. Maybe after a while you may find some posters and posers you want to ignore. You?ll also find others that you might want to read as a first priority. Before asking questions, read the posts. It?s surprising how often someone asks a question that was asked and answered earlier in the day or a day or two earlier. Be respectful. Others take their time and effort and answer questions and it is somewhat offensive when people don?t take the time to read and study. Interestingly, sometimes people come to the board and almost demand an answer to a question that a tiny bit of effort on their part would have found a great discussion on. They even get indignant when no one answers a question that has been discussed over and over and over. A topic may be discussed for days and exhausted and then someone posts a question that everyone else knows has been answered. ?Why won?t anyone answer my question?? they say and then become offended if someone points out they could have done a simple search.
As you follow the forum and read the articles and success stories, you may decide you are interested in anything or everything a certain poster has to say. It?s easy to search the forum for their name and even search the archives. You might find searching what a certain knowledgeable individual has to say in the archives might be the best home study course you could every find.
You can search any word or combination of words in the archive. You can search under individuals names, or by topic such as ?finding paper? or ?due on sale clause?, etc. You?ll find topics like ?should I get a real estate license?? have been discussed by hundreds of people that have spent thousands of hours sharing informed opinions. In this and the other forums, you can also search under gurus names and get the feedback that others have for them. That can be very helpful before investing in a course or expensive bootcamp or mentoring program.
Read some of the classic books you can find at the library, on eBay or at Amazon for free or reasonable prices. You?ll find lists of books here if you search for ?good books? or other terms. Though somewhat dated, some of the old classics can give you a good background and beginning on your education.
Read the newer books mentioned here. Try to read some of the basic beginning books by authors and gurus. Then if it is good and you learn a lot, you have an idea of a course you might want to invest in.
There was a time when I would recommend attending almost any seminar or reading almost any course. Almost all were valuable, realistic and reasonable. Those days are gone. There are junkie courses out there. There are low priced courses that are barely worth the paper they are printed on. There are high priced courses that are full of fluff and even erroneous ideas and strategies. There are so called authors that don?t know the difference between different types of legal documents like Trust Deeds and Mortgages or how legal procedures work. They jumble up legal documents, terms and techniques without knowing the difference between them. There was an ?author? a few years back that had been in the business a year and considered himself a guru. I think he went down in flames.
So, be sure of what you are buying and who you are dealing with. With the internet these days it is easy to get feedback from others. Usually that is very valuable, but occasionally one disgruntled student can create quite a ruckus or someone might mistake one author for another. They may mistake a similar name or in some cases people have even plagiarized the name of a good course for their bad or mediocre course. So, don?t discount an educator because of one vocal student - or non-student…
I won?t go into great details here. I have in other posts and they can be found there. My particular style and that of many successful investors I know is to make money using multiple techniques and strategies. I reach in my toolbox for the proper tools to solve s a problem. Many seem to think they need to find one technique and go out and find properties to fit their technique. I don?t argue with that if it works for them. I kind of started out that way, but found out later how many extraordinarily good deals I passed up by having the blinders on or not knowing the tools to do the deal. Usually those are the most profitable ones.
So, there?s a few thoughts I had about real estate education.
Re: Real Estate Investor - Posted by dutch
Posted by dutch on March 26, 2006 at 09:39:09:
Why did you find it difficult dealing with clients? Are you not good with people? Most investing like what we do involves very intense interaction with sellers, and you will need good negotiating and sales skills. If you didn’t have them in the realtor career, you won’t have them here.
Now, there are areas of investing whereby you never deal with the sellers. buy at auction, thru a realtor, etc. but it’s not nearly as fun, or profitable.
You need to look in the mirror and find out what is really there. this career may not be for you. If it is, welcome, and ask away.
Dutch
Re: Real Estate Investor - Posted by RichV(FL)
Posted by RichV(FL) on March 26, 2006 at 05:49:01:
Lina,
Start right here. Read the “How to” articles and “Money Ideas” on this board.
As for books start with “The Unofficial Guide to Real Estate Investing”–Martin Stone/Spencer Strauss.
In my opinion this a good REI 101 book.
Also search the archives of this board…there is plenty of information out there for newbies.
RichV(FL)