I have been interested in flipping houses for a while and have been reading several books on the subject. I have also been looking at different courses from people like Steve Cook and Than Merrill. These courses are pretty expensive and my question is are they worth it? Do they give you a lot more detailed information than you can get from books?
Same here. I heard Steve Cook is pretty good at what he does. At least that’s what another famous wholesale flipper said. I don’t know much about Than Merril other than he has that wholesale coaching program. I only buy books because they are often cheaper than courses in my opinion.
Don’t know anything about Merrill so I can’t comment on his stuff. Cook has been around for quite some time and I have heard good things about him. But be advised that wholesaling is a tough way to break into this business. It isn’t easy for a veteran to get a homeowner to give away their house; much more so for the new, inexperienced investor.
I am actually more interested in their rehabbing courses, not wholesaling. And I am sure both courses have some great information, but my concern is that it is not enough extra information to justify paying from $300-$1500 for a course when I can buy books for around $15.
I’ve made this suggestion to others in the past, and I’m going to give a quick repeater. In my opinion, the best learning you can ever have is one on one with someone who is already established. You just have to creatively figure out how to offer something to that investor for their hands on time. Offer an investor to answer phones for them for free on deals that they are working on. Offer to do some marketing for them for free. Best way to learn is that hands-on approach in my opinion. Most investors like me would be totally open to it because we either have to pay for that service to someone else, or we have to do it ourselves. So it’s definitely worth or time. Regarding courses vs book, do the books! Forget the expensive courses. Heck, given what I just said, if your reading the $15 book, along with the hands on live one-on-one learning with a local investor, you can’t beat that. I’m also willing to bet that those investors I talk about already have bought and paid for those courses, and would either give it to you for free, or offer a discounted price on these used course materials simply because you’ve proven your worth by helping them out on deals and having that interaction. Find these people by going to the local investor meetings and shake hands and make friends. The one downside to courses (no matter the cost) is that it is very much an individual thing, with little interaction with other investors. My suggestion is the cheapest and most efficient and involves making new friends by networking. Network your way to learning this business. It is a more efficient way to do well in this business, trust me on that one!
I totally agree with the post above mine.
Read, but more important follow someone who has been there and done that. By being a real estate assistant for an established real estate investor or hiring a mentor, will save you so many mistakes and your learning curve will be much quicker and painless.
These are in my opinion the top 5 reasons why real estate investors fail, especially new ones:
- Time Management
Real estate is usually started as a side business, while keeping another job. However, many investors fail to treat it as a business and dedicate allotted time each day to learn and implement.
- Fear of Failure
Like any other new business, there there is the fear of failing, but more so in real estate. With so many success stories out there and promises of making a lot of money fast by real estate gurus, who are trying to sell a program, there could be an overwhelming feeling of not doing it right from the beginning, and therefore seeing this slow start as a failure. Also there are fears of rejection and mistakes.
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Fear to Implement
The first deal is always the hardest. “Paralysis of Analysis” – real estate investors are particularly prone to this. I have seen so many want-to-be investors attending countless seminars, spending thousands in books and program, but never getting the first deal going.
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Perseverance
It is not a get-rich-quick business. After learning the fundamentals and getting started in real estate investing, there is a learning curve, with variable ups and downs. At this stage is where most of the real estate investors quit.
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Invest in Education
Read, attend seminars and webinars - spend some time and money in getting the knowledge, but there is no need to spend thousands for information you can get for free at the library or almost free at the bookstrore. More important, follow someone who knows the business.
Fantastic advice here…
lauraalamery, that was a great list. That would have been especially helpful for me back in 19-something, when I started on my own.
Number 1 on your list is fittingly number one. Especially the mindset where we treat our business like a business, and not as a hobby that we can otherwise lay down for months at a time and then pick up where we left off. That doesn’t really work well.
I’ll add one to your list. Remain positive. Our mind cannot distinguish between truth of fiction. It can’t. So, if we regularly allow our minds to rehearse negative thoughts, harbor negative attitudes, nurse doubts, fears, and hurts, our minds (by default) look for ways to justify those negative thoughts, attitudes, fears, and hurts. And those justifications lead to self-fulfilling prophecies of defeat.
On the other hand, when we consistently dwell on the positive, our minds continue to justify those thoughts and bring about a different set of self-fulfilling prophecies (per Dr. Javipa).
Great post.
Great advice guys! Thanks