What you have bought into is the dream that these gurus sell. They all make it sound so simple and easy. In many ways it is and in many ways it is not. Like others who have commented here I recommend you go to the local library and check out some RE books. Robert Allan’s “Nothing Down for the 90’s” will be there. Read them all, then join a local real estate investing group. Many of them will have a library of Guru materials that you can borrow. Talk to real investors that are doing that in your area, then decide where you want to specalize. This is so important. To many get in RE and take a shotgun approach. Wholesale, retail, flipping, buy and hold, lease option, wraparound, commercial, storage units, Mobile Homes. It is a big world out there so see what interests you most and don’t get distracted by someone who made a “killer deal” in another area. Make sure that when you start you have the resources to keep going. This is where a lot of newbies fall apart, they overpay, overimprove and overrun their credit cards. Also, be careful about taking on too much to soon. Grow with intent not emotion. Good deals are still out there. Now to your question, can you do a deal with no money down. Absolutely, but it will be someone elses money, but it will come at a price. Once you get in, can you stay. Bottom line, RE requires knowledge and skills in a few areas and follow the numbers, keep it strickly business and don’t get emotional about any deal. If the numbers don’t add up then the best deal you made could be the one you didn’t.
I’m looking into becoming a real estate investor. I’m thinking about taking this course. Would this be a good start or would another approach be better?
Let’s not forget that Robert Allen had to file bankruptcy in 1996 after his 1980’s creating wealth strategy left him in debt and holding properties he couldn’t sell after interest rates dropped into single digits. It is documented online. So - take everything with a grain of salt. Fundamentals dictate strategy. No one strategy works all the time in any market.
Re: Robert Allen’s course - Posted by matt fletcher
Posted by matt fletcher on July 10, 2008 at 14:54:07:
i am a home inspector/investor. i get a lot of robert allen students fresh out of the course calling me.
i live in detroit and someone is telling the investors to buy here.
i know at least two have gone broke…they usually start out all hot and bothered to buy crack houses in crack neighborhoods. get a couple under their belt and throw in the towel when they realize that buying a house for $5,000 and putting $25,000 was not such a good idea after all!
the “investors” have a life cycle and i enjoy the work they send me when they are in the buying mode.
i try to steer them away from the really bad deals…i am not a financial advisor or “coach” to advise them on what they should do. but, i sometimes speak up when i see a really really bad situation. most do not listen to me.
Jaybee,
Your statment " i’m looking to becomming a real estate investor " is as broad based a statement as one can make. You didn’t mention what type of real estate investing you want to get into. Probably you don’t even realize that there are many different ways and different areas to invest in real estate. I think before you purchase Robert Allen’s course which, by the way I think is way over priced or anyones course for that matter, you should read as many of the posts on this site as possible. That can take anywhere from several weeks to several months. This is both free and educational. After a while you will get a good feel for the type of real estate investing you want to get into. When yo umake that decession , read as many of the post here on this site as possible regarding that type of investing. Then go to your local library and get some books to read on the type of real estate you intend to do. After a while , you will realize that much of the education in real estate that you get is free. Of course you will after a while want to take some courses. My advise is to stay away from the intense boot camps and overly expensive courses. Not all education is free, but on the other hand there is no need to over pay for it. Remember the best real estate investor is an educated one.
Good luck
Bob
Thanks Bob. Your response was very helpful. I’ve started researching three possible starting points: foreclosures, pre-forclosures, and wholesaling. Thanks agian for the sound advice.
Thank you very much Bob. This is great advice. I didn’t realize there was such a broad spectrum regarding real estate investing. Since reading your response, I started researching three possible starting points; foreclosures, pre-foreclosures, and wholesaling. Thanks again for the sound advice.
I’d add MH & possibly parks to your list of options. The very best program is being offered in August in Asheville. I’ve been every year for 3 years, & think it is not only a excellent & reasonable priced program. It’s an excellent entre into investing, & the networking is incredible I’ve done deals right in the classroom. All the info is on the MH Forum on this site. My 1st attendance totally changed the way i do biz. Go early & stay late, as there is lots of evening action, & the final night is a BBQ. I’ve done deals @ the BBQ, too. You’ll meet folks who w/be your friends & colleagues for the rest of you life. Lots of opportunities in this field right now, & I love the CA$H-FLOW. There’s an early-bird special now to save on tuition. many of the very active alumni attend every year. Don’t miss it!