I just went to a free Donald Trump Seminar… It was good It really got me excited for the two day event… My question is, I know there is alot of people who blow smoke up other people. Do you guys think the Donald Trump seinars are any good. I know that educating your self is always a plus, but has any one ever attend one of theses and implemented the techniques.
The seminar you attended did exactly what all seminars are supposed to do. Get you excited! Now watch for the pitch. Once you’re all revved up they’re going to have a lot of material you can pay way too much for.
The bottom line is this… Real Estate investing is a business, it takes time to learn. I couldn’t go into my favorite restaurant and run it successfully. This forum is a gold mine of information. Ask a question and most likely someone here will have an answer or get you the answer.
I’ve never been to a Trump seminar. I have read the Rich Dad/ Poor Dad book (Trumps new partner) and found it almost useless. The numbers given in that book are an expressway to bankruptcy IMO.
Join a Real Estate investment club in your area. Now that things are slowing down there’s not as many people going to those things. Most of the quick money guys are gone. Ask questions, people love to talk about their experiences. You can get all the info you need for free. Remember that when someone is trying to sell you “info”
Its good to avoid real estate seminars altogether…especially if they cost a lot. Usually they cost $500, $1000 or more per person. Thats nuts. You can get a much better education by reading books on real estate from Amazon.com, and it will cost you much less.
Real estate seminars are run in the same way. When they start breaking out the signed checks, getting crowd testimonials on how well their product works, how great this $1000 day for hands-on mentoring is, etc. walk away.
The good mentors that I know don’t advertise at all. They write books or have people come to them. Seminars are there to sell a product. If you want a good mentor, look for a successful person and ask them who they learned from.
I have been to a donald trump seminar and found it useful. I think they are great to get you motivated like you said. There is always a hitch though and most of the time the speaker is trying to sell something
Vinny
Yes, seminars are there to sell. The information they will teach you and the products they have contain information that could all be found online here.
What people pay for is the kick in the A** that they need to get started. I have said this a million times, there are tons of gurus, and you can learn from any guru, I don’t care, just get going. If these seminars are the ones that will get you started and encourage you to begin, then it is worth it.
So if I am already geared up to go and out there looking at properties I should skip these seminars…ok then. Definitely don’t like paying thousands to learn something I can learn on my own.
I think most of these seminars are to sell, too, but a lot of them can be beneficial. For instance, in one of Kiyosaki’s books, he says he and his wife make it a point to go to two seminars per year to get exposure to new ideas/concepts. He said one seminar he went to (which he paid to go to), he learned about some specific government program for investors (I can’t recall exactly what it was). He then took what he learned from that seminar and made a lot of money from it. Again, I think MOST of these types of seminars are geared towards newbies to get them pumped to buy upstream courses/mentoring, but a lot can be beneficial, too.
Seminars are basically to sell their product. All you really need are 2 things, a map to follow that tells you what to do to make money where you are and motivation to take those steps. You usually find that the first few steps cost little on nothing to do. I encourage you to take those steps. Only balk when the next step will cost you real money. Then follow the map closely to minimize your risk.
Por Exemplo:
In Houston I do these 15 steps
#1 Get pre-approved with a mortgage company (free)
#2 decide on an area to concentrate on (free)
#3 search the MLS for the cheapest 3 bed 2 bath 2 car house build after 1980 over 1500 sqft in your target area. (free)
#4 Figure fix up costs (new carpet diswasher & stove and paint inside and out costs $8,000 and $15,000 gives you a new house no matter how bad it starts off except foundation work) (free)
#5 Look at the rents in that area make sure the PITI makes since versus the rents. (free)
#6 Make an offer with a 10 day option for inspections after the offer is accepted notify the mortgage company ($1000 earnest money + $100 non refundable option fee)
#7 call an inspector ($300) and appraiser ($500) to make sure you numbers are right. Then call a contractor (free) to make sure your fix up numbers are right.
**Note at this point you are only out about $2000 and you know exactly what needs to be done and how much it will cost and how much money it will make monthly.
#8 The mortgage company will generate a HUD-1 which tells you how the transfer will go ( make sure you get it at least 24 hours before you close)
#9 when they tell you when you close, call the contractor and get him to start the very next day.
#10 close on the house, and place an ad to lease the property in the local paper the day you close.
#11 Show it while rehab is taking place and take application fee from prospective tenants and use that fee to screen them all.
#12 pick the best tenant You will have it rented in less than 2 weeks and get 2 to 3 months rent before the first mortgage payment is due.
#13 get first month rent and same for security deposit and make them sign a lease
#14 Go to your mail box each month and get a check use that check to pay the mortgage and take your family out for dinner.
#15 if they don’t pay their rent on time each month throw them out and start over.
This is general 15 step map. Gurus won’t give you a map anything like this because if you are confused you buy more of their services. It is like the first episode of Magnum PI. When there were 2 Dobermans running at him across a large open field. He had to pick the lock on the car to get in before these snarling dogs got to him to do him bodily harm. He said to himself over and over again “just work the lock don’t look at the dogs” Working the lock is following the plan. Looking at the dogs is all the other stuff they tell you. The stories about short sales, using hard money, flipping the house, assuming loans, etc. These other strategies are fine but this is a map of your bread and butter deal. Here in Houston I can do these deals all day long it is repeatable and dependable so don’t get fancy stick with the plan. You need to just work the lock follow the map.
You can find just as much information if not more right here on this website or on many real life blogs around the web. Those seminars are not real life. Remember tom vue, dave deldotto and the others? They all made their money on the sales of books which is nothing wrong with that but its got very little to do with real life investing. They make it look easy to sell more books or tickets. After all who doesnt want any easy way to make money. Although compared to some jobs some might think it is easy because its not manual labor, its a different kind of work and it can reap tremendous benefits but its not easy. Especially if you are starting with a small amount of money.
Maybe I should skip the investing stage and go straight to book writing and motivational speaking? Seems to be more money in that?
BUY THE RICH_IN_CT COURSE FOR JUST $75,000!
Yeah for awhile any way but most of those gurus are now broke
I went to the local Trump show. I found it weak. All the speakers did was boast about how much money they made then spent 20 minutes pitching their product.
I have to admit I enjoyed the free lunch. In fact I took an extra one and ate it for dinner that night.
Joe
I find the seminars to be a good public speaking learning experience as well as a brainstorming period. If you tell yourself not to purchase the product and only enjoy the event, it’s not going to hurt to attend. I do find it funny to see all of the naive people running to the purchase points set up around the room when I knew going in to thing there was a catch. Some people have presentation skills like my dog.
It’s late and i’m tired…my point is, don’t avoid seminars because they sell something. Avoid purchasing what they are selling but do attend to absorb what they are giving for free…sales presentation skills and ideas to work/research from. After a seminar I find myself looking for a book or internet forum to self study the new idea…
Grab some popcorn and enjoy the show. Keep the wallet at home.
G