Posted by Ellie (NYC) on July 16, 2002 at 13:55:01:
Posted by Ellie (NYC) on July 16, 2002 at 13:55:01:
Which guru do I follow? - Posted by Eva Suzuki
Posted by Eva Suzuki on July 15, 2002 at 15:54:35:
Question to anyone:
What investor course/book have you purchased where the information was complete and not glossed over and written by someone who actively does deals or has done deals they can verify or willingly disclose? A course or book where you or someone you know actually followed the steps and made money.
I know it’s been hacked to death (John T Reed) but yes I read it and now I’m totally confused about which course to buy next, if any including JTR’s.
I was going to a seminar by a well known guru. His name is not Ron Lagrand. If I do it I will spend $295 to join the investment group so that I can attend the seminar for $69 instead of $99 and in the future attend all meetings free, plus I would get a bundle of goodies for becoming a member. Then there is the hotel for the night in Manhattan Beach, no less. (Although the hotel I wouldn’t mind taking a loss on. I need a vacation.)
At this point after what I’ve read on JTR’s site I may as well go out and try and do some deals on my own because everything that the guru’s are offering don’t give you the 1,2,3’s anyway. And why would anyone buy something from someone who criticizes in one breath and has his own items for sale in the other. That leaves no one, but me, and the other wonderful people who post here regularly. And to this Ms. Vaughn indicates many newbies offer info that is not correct, only to be corrected at a later date.
I have Lonnie’s book which I loved! But I would really prefer to do flips, lease options – generate some cash.
I have received some foreclosure notices from some very kind and generous folks out there in internet land. One set from an investor who will put up the money, but beyond this I don’t know anything, including what to ask him for. The other a very nice mortgage broker who can fund the deal. But I don’t think I dare take on a foreclosure when I have no idea what I’m doing (liens, etc.) I spent the weekend driving around to the different properties. All of this research and time I have thoroughly enjoyed.
What I want to do is generate cash and learn the DETAILS sequentially about flips and lease options. I’ve owned property before and do now, so I don’t need to be thrilled by the prospect of ownership.
I have a full time job I don’t hate that pays well. I live in L.A., a native. Have lived everywhere and purchased 8 or so properties throughout my life; Hawaii, San Diego, Los Angeles, Sacramento. Never from an investor viewpoint and never made money from them but never lost any. In fact had a good time, but it’s INVESTOR TIME!
I’m interested in this endeavor part-time due to my job responsibility which I have no intention of giving up. It’s amazing how much activity I can squeeze into part time hours.
Thanks so much for any input!
The most valuable courses I have taken… - Posted by GL(ON)
Posted by GL(ON) on July 16, 2002 at 11:51:09:
I forgot to mention, the most valuable courses I have taken in terms of day to day use, are the real estate salesman’s license course and a course in accounting.
The real estate course will teach you about real estate law,contracts, offers, surveys, appraising properties,etc. and it is all applicable to your state’s market. There is nothing like it in giving you confidence in dealing with real estate agents, lawyers etc. You will never be baffled or taken in by their jargon or be in awe of their knowlege again.
And the accounting course is self explanatory. If everyone knew where they stood financially at all times there would be a lot less business failures and a lot less financial panic going around.
Re: Which guru do I follow? - Posted by Clair-MO
Posted by Clair-MO on July 16, 2002 at 08:37:18:
Eva, If you want to learn the business of REInvesting attached yourself to those who do it full-time and follow the system they use in buying properties. Join a REInvesting club if there is any in your area if not I strongly suggest joining the chat room right here on creoline and net-work with the investors there. Consider the chat room as your REInvesting club, its free!!! To learn quickly you must ask questions and find answers for them and you can do that if you do research in the different sections of creoline in their archives but the fastest way to learn is to participate in the discussions on different topics. If you don’t know what is being discussed ask questions and someone will help you in the chat room. You are a good mixture of REInvestors in the chat room willing to help you to gain an education if you will be willing to learn and participate. Hope this will help you! Try the chat room and I hope to see and talk to you there in the near future.
Re: Which guru do I follow? - Posted by $Cash$
Posted by $Cash$ on July 16, 2002 at 24:34:15:
We have talked before nice to talk again.
This board and the posts are the “real” GURU’s in this business.
Read on and on and on and on…It’s here.
Re: Which guru do I follow? None of them. - Posted by GL(ON)
Posted by GL(ON) on July 15, 2002 at 23:11:15:
If you wanted to be a doctor you would have to go to college, then medical school and then after a total of almost 20 years of schooling they still wouldn’t let you practice on your own until you did an internship.
The same goes for apprentices in any trade.
What I am driving at is, you can’t just follow any guru. You won’t get anyplace. You have to learn a few things then get out and get some experience. This is the only way to learn this business.
It is surprising how little you need to know to get started, and how much you pick up in the first few months and years, and how much you still have to learn after 30 years.
Having said that, taking some courses and reading some books will save you a lot of time and mistakes. I can’t recommend any specifically because I don’t know them all and I don’t know what you want to learn.
I will say that I have gotten the most out of cheap books and courses and the higher the price, the less value. This does not go in all cases, but some of the most genuine sources charge the least and some of the biggest phonies charge the most. So in this field you can’t go by price.
Re: Which guru do I follow? - Posted by Ronald * Starr(in No CA)
Posted by Ronald * Starr(in No CA) on July 15, 2002 at 22:10:43:
I favor longer-term rental holding myself. It sounds as though you are doing some of that now.
I think your situation is ideal for doing parttime long-term rental property holding. You do not want to quit your work. You do not want to do real estate full time.
Think about how much work you have to put in once you have rental properties. Most months, there is little or nothing to do with most properties.
My view is that trying to do transactional investing does not fit as well with part-time investing. If you read posts here on the types of investments you talk about you will notice that people talk about wanting to answer the telephone calls of potential sellers in person, as the eager seller may well just dial a different investor’s phone if you don’t answer.
Also, people advocate finding the desperate sellers. Such people may be ready to move now, but tomorrow they may decide they are not ready to sell. You want to be able to tie up the deal when they are hot to move. If you read a lot of the posts, you will find this theme being discussed.
Now, the longer-term holding approach does not typically generate immediate cash, which you indicated that you wanted to do. I don’t have any fantastic answers to this issue. Well, one that comes to mind is that if you can buy bargains for well below market value, you might be able to refinance soon and pull out cash. Maybe this could work for you. I don’t know if your market is conducive to bargain buying or not. Or if you have the proclivity to do it.
Or, you might mix the approaches. Have one or two quick-turnover investment strategies to do part-part time and look for good longer-hold properties the other part of your part time. Then you might get the cash bursts you want.
Now, in general, I do not encourage having a split focus like this. You can be most effective if you focus on one investment approach only. However, somebody with experience, such as you indicate yourself to be, should probably be able to handle the two-pronged approach simultaneously, I would think.
Good InvestingRon Starr**
Re: Which guru do I follow? - Posted by K.E.
Posted by K.E. on July 15, 2002 at 21:07:49:
What course you buy depends on what you want to do in Creative R.E., wholesaling, flipping, subject to, seller financing, lease options. Find yor niche or what you think you would be good at, and listen to and read everything and everybody on that subject because all courses are pretty much the same anyway, but you might find comething from one course you didnt get from another or one guru might turn that lightbulb on where the other might not
Real estate licensee courses - Posted by Bronchick
Posted by Bronchick on July 16, 2002 at 12:26:26:
They must have good (and shorter) courses in Canada, because in my state, you need 168 hours (not excaggerating) of classroom time to become a licensee. Even through Colorado Univ, a state-charted school, it will cost you $1500 or more for those classes.
About 97% of all agents I have met (all of which have taken these classes, and presumably have some experience in closing houses), have not a clue of what a good real estate investment is. As far as something creative, like a double-closing, lease/option, etc, 99% don’t have a clue.
My “Nuts & Bolts of Creative Real Estate Transactions” course ($195) will give you a lot more info faster, cheaper and easier.
Accounting is a good thing to know for any business, as is salesmanship, marketing and, most of all, income taxes.
Re: Real estate licensee courses - Posted by susan
Posted by susan on July 16, 2002 at 17:11:37:
I am just getting ready to start investing. I have been a realtor for 8 years and a broker for 4 months. I think the class will be helpful. My sales person class was $200.00 and brokers was $300.00. Brokers class taught me alot about commercial, land, property mamagement, state laws and finance. It will not teach the creative ways to invest. But experience is the best teacher. Good luck and best wishes
Re: Real estate licensee courses - Posted by GL(ON)
Posted by GL(ON) on July 16, 2002 at 12:37:48:
I took the real estate sales (not broker) course in about 1977. It took 6 weeks of full time (actually 5 or 6 hours a day) and I had to drive 40 miles each way to get there. I think it cost about $150 or $200, somewhere in that area. It wasn’t expensive.
It gave me a lot of general knowlege of the real estate business and this in turn gave me more confidence. That is something most newbies seem to lack, general knowlege and confidence. Also it was specific to my area in terms of laws, and local practice.In those terms I stand by my statement, even though I agree that they did not teach anything about investing.
At the time I had been investing in real estate for about 4 or 5 years. It still helped me a lot. I tried my hand at selling for 6 months, but it wasn’t in me to do it. I say that with sadness and regret, I am sure I would be a lot better off if I had what it takes to be a salesman but I don’t.
Re: Real estate licensee courses - Posted by Ellie (NYC)
Posted by Ellie (NYC) on July 16, 2002 at 13:11:44:
Um, I don’t know if this is helpful to anyone, but I thought I would mention that in NY (at least in the 5 boroughs of NYC) most real estate offices right now are on some sort of mass-hiring spree, so they are all advertising that they will pay for your RE classes and related training. Many of my friends have already done this, and as far as I know none of them actually work(ed) for any of the offices that sponsored them after the training was over. I don’t even think most of them had to sign any kind of agreement that they would only work for those companies if they did in fact pursue a career in real estate sales.
Now I think (after reading this thread) I might do the same. Some offices offer more training than others, so if you’re in NY make sure you “shop around.”
P.s. I was born in '77…just thought that was amusing…
Re: Real estate licensee courses - Posted by GL(ON)
Posted by GL(ON) on July 16, 2002 at 13:45:25:
Hi Ellie, if you do this (or even if you don’t) will you come back and tell us what happened and how you feel about it? Even if you drop out and never do it?
I have given this advice more than once, and I believe it to be good, but I would like to hear from someone who has done it to find out for sure.