Hi!
I’m definately very new to the REI talk. I want to get involved and I’ve listened to several podcasts including Matt and Lindsey’s presentations. Has anyone tried? Any success? I’m on the fence about which to purchase if any, I don’t want to be taken advantage of. Please help!!!
NikkiD
You’re not ready yet.
Keep investigating until you want to be more than “involved” in real estate. Real estate is not about being ‘involved.’ It’s about making money. You ‘involve’ yourself in gambling, smoking pot, and hiring prostitutes. Just saying.
I would suggest that you decide specifically how much money you want to make, and in what time frame. That is, determine the number of dollars and the deadline that must be met for you to consider yourself a success.
[ The deadline and amount could change, but starting without those in mind, and you’ll remain confused about how to ‘involve’ yourself in real estate investing. ]
After that, you’ll then characterize your total situation; strengths; weaknesses; resources; and weigh them against your goals and deadlines, and then the “how” will become clearer, as you move forward, and perhaps cause you to adjust your goals and deadlines.
In the end, you’ll settle on an investing niche that will most likely help you reach your income goals and deadlines. They might include apartment investing; industrial/office/commercial investing; single family investing; or cardboard box investing? j/k.
Meantime, once you’ve settled on one investing niche, you’ll begin to appreciate how much operating capital is necessary to begin investing in that niche. Or perhaps it will happen the other way around, I don’t know.
All that said, some people don’t actually want to “involve” themselves in real estate investing. They want to merchandise real estate instead.
Merchandising is not the same as investing, but that’s for another thread.
FWIW
Hi,
Well I already invested in one property and it’s currently rented and have experienced success with it for the last few years. I don’t like managing the property! The niche I’m looking at is assignment, which I’ve heard pretty good success stories about. However because I haven’t met or seen anyone personally do it, I’m depending on some of the products out there on market by some of these “gurus”. Here’s my problem- I don’t always trust anything that’s asking me to give sums of money for ‘programs’ especially since I haven’t seen anyone do it. My question is- is it a viable investment/money making vehicle? They promote that it can be done anywhere anytime, is this really true? I hate to spend money where very little success can be experienced and only a very select few are actually making profit. What are your thoughts?
Well…
Those are legitimate questions, and it’s good to hear that you actually pulled the trigger on a deal, and now know you don’t want to manage real estate. I understand that.
However, that suggests to me that you should have someone else managing your house, not you. You instead manage your manager. Once you’ve got that out of your hair, you’ll have a new lease on life regarding buying long-term investment properties.
Let me just say that you have to ‘own real estate’ to be a real estate investor.
Otherwise, you’re a merchandiser. I do both.
Mike the wholesaler whale, here in SoCal, merchandises dumps in order to come up with money to invest in long-term deals.
To answer your question, the advantages you’re gonna get buying any kind of training is the organizing principles behind it. If there are no organizing principles to follow, then either put what you learn to work, and get more training, or get a refund and start from scratch.
The dirty little secret of “assigning” is that this puts two amateurs together into a situation that neither of them knows a crap about, and when things go south, they scratch each others eyes out, and you get a bad rep in the process.
I’m not saying every ‘assignment’ deal ends up in an eye-scratching cat fight. I’m just saying this is pretty much a ‘ghetto’ merchandising “involvement” in real estate.
Anytime the “organizer” fails to stay with the deal, until the title transfers successfully to the end/user buyer, this is a bad operation.
I’m not sure if you’re talking about “mortgage assignments” or not. However, this is the most disreputable way to make money I believe there is, short of putting up a “For Sale By Owner” sign on a stranger’s lawn, and taking down payments from other strangers.
If you mean “wholesaling,” that’s another story. There is actionable wholesaling training available from Todd Toback, Ron Le Grand (of course), and Rob Swanson, and others that advertise on this forum.
Hilariously, Rob tapes his seminars, creates rather unpolished training sessions out of them, and sells them. They quite actionable with lots of resource links.
Todd’s free info videos offer enough information to connect the dots and reverse engineer his strategy. One of my subscribers told me he flipped two deals after watching only two of Todd’s marketing/testimonial videos.
“nolimitsrealestateinvesting.com”
Todd’s one of the biggest wholesalers in San Diego.
Ron Le Grand is so well known, and respected, that anything I add would be redundant. Meantime, there’s three proven, actionable, reliable, tested resources that I can vouch for.
Never mind the resources you’ll find on the left hand side of this page. They wouldn’t be there, if they weren’t reliable and actionable.