Is that realy easy buy for example 50 units apartment complex.hire property management and they take care of everything.You just control manager if you have no exprience like me?In this corse everythink looks easy.What about real live?Please respond.
NOTHING IS EASY IN REAL LIFE! It sounds great - buy a big property; hire a manager; and sit back and collect the big checks. The truth is that the VAST majority of newbies fail in a short period of time. A great way to guarantee failure is to start really big without learning the business first.
Mike
I have the course and did the boot camp. I got a lot out of them, but like Mike said its not that easy. You are the one that needs to make it work. Also, I wouldnt be looking at something that big until after you do a couple smaller deals and have some cash in your pocket.
Part of the reason Lindahl and other commercial real estate type seminar guys pitch these, is to look for people to invest with them in even larger properties. I get stuff from them all the time to invest in properties they are buying. Low risk, no headache to you, but also a smaller piece of the pie. I would rather have the bigger slice of pie myself.
Matt
I would rather have the bigger slice of pie myself.
Not to mention that I want to retain control!
Mike
Thanks for respond Matt66.I have cash,no experience,poor crdit and no income because of accident I have had in 2002.That is why I was thinking to buy bigger property to get passive income.Have you bought any properties before you attended bootcamp?
You have to understand that they are salesmen when they try to sell their course.
Salesmen #1
Teacher #2
They don’t make money trying to discourage you from doing this business.
I myself have bought his course but I am very indifferent to all the “hype”.
I buy these courses for ideas and knowledge. One idea from these courses can help you save thousands and thousands of dollars on your next purchase.
Don’t believe the hype. Just use the course as a tool to start edging your way into the business. If you think you are going to go off buying a 50+ unit rental and plug in a property management company, you are going to a very very expensive seminar.
I believe in using property management companies. But it’s not for newbies.
At the time I went we had about twenty units and have been doing rehabs for several years. Have yet to break 50 units (getting close) yet alone in one property. If you have no cash or credit you may want to try wholesaling a couple smaller properties first to put some cash in your pocket, then work on the passive income. Despite what is promoted, this really is a Get Rich Slow business.
Some people put down courses and seminars, but like Tien said, once you get past the hype one idea could save you thousands of dollars. Spent close to $5,000 on a seminar by a competing RE forum this year ,and will probably double that in savings on RE financing in the next six months.
Matt
That sounds wonderful. But so does the lottery.
You could make this dream come true. BUT…you need to know how to cash flow and how to manage a property. Only then can you buy correctly and have a property managed correctly. How will you know what is a good deal or how to pick a good Management Company if you’ve never owned properties.
Step 1 is to learn how to cash flow, handle tenants, and LOOK at properties. Then if you want to start small and work your way up to 50 units.