I am looking to get into RE investing, but would like to try and learn from others mistakes prior to “taking the plunge”. I am in the North East PA area and listen to a talk radio station that advertises a “mentoring program” called Real Estate Riches. I went to their seminar and basically they seem to offer not only a 3-day training package, but also access to their network of attorneys, brokers, contractors, property managers, etc. They also claim to take you under their wing for a 90 day period, reviewing your deals, walking with you and a contractor through properties, and bascially ensuring that you do not make any mistakes during the process. The program will cost me $3750, but I figure I can make a mistake worth that much or more if I do not know what I am doing. Is anyone familiar with this program, and if so, please advise on your thoughts.
Real Estate Riches. . .isn’t that the Nouveau Riche BS? :bs
It is true that you can easily make a mistake that can be more costly than the $4K they are asking for. But there are also better ways to learn this business than through some mega-corporation who will assign to you a $15/hr employee.
I’m not against mentoring, mind you. I learned a number of years back from a hired mentor. I can say now that it was the best financial decision I have ever made. But we worked together one-on-one, and I think that’s what made the difference. Our concentration was options and lease options, and I am convinced that is the best way for must about any n00b to break into real estate investing. Good luck!
I do not think this company is the one you are referring to. My understanding is that they do not assign a “$15/hr employee” to shadow you, but one of the principles of the business. Again, although I have skeptisism about spending the money, I like the approach they are offering and did not know if anyone in this forum has had anything good or bad to say about this particular company and their program.
You’re right, Slachey. I stand corrected. Real Estate Riches is not part of the Nouveau Riche group. Nevertheless, they are still a conglomerate of alleged experts and gurus, whose primary source of income is signing up students, not investing in real estate. What do you think the purpose of all of those “free” seminars are? To sell the sizzle, as they like to say in the guru business.
I’ll repeat what I said previously. If a mentor is what you want, you will be much better served working with someone who is an independent investor, rather than some company who makes their money on the rubber chicken circuit, giving “free” seminars throughout the country, signing up new students by the 100’s.
My two cents, Slachey, based on my own experience. Best wishes to you.
Do they guarantee that you won’t make any mistakes? Will they re-imburse you for any mistakes? I don’t think so.
but also access to their network of attorneys, brokers, contractors, property managers, etc. They also claim to take you under their wing for a 90 day period,
Do you know where you can get all this for FREE? At your local REIA!
slachey,
I currently own a decent amount cashflow positive properties in upstate NY…I have only been in the business about 1 year give or take a few months…Point being everything I learned was done here on this forum,mostly from propertymanager…All the info to get started is right here and its free…
Real Esate Riches, eh? I been to their seminars. I didnt purchase the $8k package, but their damn radio ads piss me off. Their ad is played every single time it is allowed. How are you getting the package for $3k???
Anyways, I went to two seminars…they both were EXACTLY alike. Same corny jokes, same everything. Same students that came in and said how they got started. Really boring…if you do anything, DO NOT go back to their seminar again. Most boring two hrs in my life.
I have reviewed their book that they give you, and everything that is in there, can be found on the net. EVERYTHING. Also, they only include wholesaling/renting/lease optioning. Nothing else.
But, if you think about it, they are making one hell of a profit off of consumers that dont know better. Sure, you get 90 days of “mentoring” (not really mentoring, you just come to them with a deal and they tell you if its good or not) but is that worth the money? Cause you can find the same info anywhere else. So what if they tell you their contractors or attorneys? Are there no contractors or attorneys out there, other than the ones that RER uses? I would think about this program before you “take the plunge”.
Although I appreciate the response, I am sure you can appreciate someone new coming into the business looking at all their options. Of course I understand they are not going to guarantee anything, but if they are in fact legit, their concept makes sense to me. I am not looking for anything for free, but am willing to spend a little money to “curtail” some potential wrong turns. I am still looking for someone on this board who may have “personal experience” with this company they would like to share.
The course is $7500 and it can be split with another individual, hence the $3750 I stated in my initial post. I also have gone to (2) seminars, but try to look past the “fluff”. I have been in the corporate world for many years and have attended many presentations that also have “fluff” which needs to be overlooked, but is the part of any presentation, in any business.
By the way, I am just curious, why did you go to the seminar twice if you are so adament about steering me away from it?
Slachey, if I didn’t know any better I would say it appears your mind is already made up. Do what you think is best, but heed the well intentioned advice being offered. Don’t misunderstand, I am not anti-guru or anti-mentor. Not a Russ Whitney or Carleton Sheets hater by any means. In fact, when I decided I was ready to get serious I hired a mentor. My mentor learned from a mentor, as well.
Just trying to save you some money and disappointment. Good luck with your decision.
You want the truth? I went twice so I could get the getaway for 4 days in Cancun. I could care less about the program. I will never buy it…I wanted the getaway package. Unfortunately, the guy to my right got it The first time I went I got the $50 Olive Garden gift card, so I figured I would go again.
I wasnt really even talking about the ‘fluff’, I was talking about how their program doesnt even show you more than three exit strategies for real estate.
Another honest statement: I could care less if you bought the program. Go buy it ten times. I dont care. I know I will not be buying it, thats all that matters to me, I was simply telling you my opinion.
As AJ said, you already made up your mind…you already stated that you want to get the program to ‘curtail potential problems’, so why are you still on this site? You also just said that their concept makes sense to you…well that isnt surprising. If it didnt make sense, why would you even think about buying it? It must make some sense so they can get purchases. Go buy it already! :biggrin
I am simply asking for honest answers, but it seems like although I am getting quite a few responses to my email, they are very angry in nature. I have not made up my mind, hence the reason I have made the initial post and continue to read and respond to posts. I am seriously interested in this business and, as I do with everything, research my interests prior to making a decision. It is clear to me that most of the people who have responded to my post are quite clear on their stance, I am just a little suprised with the content in which they repond.
Slachey There are 2 concepts that I would like you to get. First you can’t learn from other mistakes. I say that because if you find out 1,000 mistakes that I have made, you still have no idea how to do it right. Conversely you should learn from other’s successes. That way if you do just what they do (don’t try to reinvent the wheel) you will not make any mistakes. The second concept is that like politics all real estate is local. What works where you are may or may not work somewhere else. The courses that you find on late night TV have no idea what the difference is between a 2000 sq ft house on Ivy Forest street for $100k versus a 2000 sq ft house on Pardee street for $100k in Houston. Just to let you know one is a very good deal and the other is not. But they have no idea. So What I would do is find my local real estate investors club and go there. I would find a person that has out of life that you want. A person that has the time with his family, the spare time that you want, the health and wealth that you want. I would then do exactly what that person is doing. That way you aren’t caught trying to flip houses in Texas or rent houses in California (by the way both are very bad ideas).
The second concept is probably why you keep getting the responses that you are getting. We don’t want you to spend a bunch of money doing this when you can get the information that you need for very little money at these clubs. I belong to 3 clubs here in Houston. The most expensive one costs $500/year. They probably average $250/year and you can sometimes bring your spouse or partner with you. You hear speeches about how to do real estate the right way, there is usually an agenda handed out. On that agenda there will be people advertising on it. These people are the kinds of people that can facilitate the things going on at the club. For example if you go to the typical mortgage broker that you find in the yellow pages and tell him you want to buy a house and refinance it in 90 days, he will say it can’t be done in less than a year. But the kinds of mortgage broker that advertises on the agenda that was passed out at the club does this 90 day refi as his bread and butter.
Thank you for the response. I would have to respectfully disagree with your statement that “you cannot learn from others mistakes”. I have been in the Sales and Marketing field for nearly 20 years, and quite some time ago was taken under the wing of one of the last “true gentlemen” in my industry. This man was basically a “mentor” for me and allowed me to follow his lead on everything from what not to say during business meetings to giving effective presentations. In essence, he taught me what to do and what not to do, learning from his mistakes. I must say that I am a better individual for knowing and following this man. As for the “local RE” statement, I agree w/ you 100%, and the reason I have looked at this company is becuase they are local to my area.
I also totally disagree that you can’t learn from the mistakes of others. If I tell you that a tenant gave me a fake name and social security number on an application and that I learned to check their driver’s license, you learned something. You certainly don’t need to make every mistake yourself - that’s crazy.
While it is possible to study the mistake of others and to learn what not to do, I think that the majority of people refuse to learn from the mistakes of others.
There are an awful lot of people who think it is rude if they are given any advice that doesn’t tell them exactly what they want to hear; even then they asked for the advice in the first place.
Since propertymanager won’t answer me (I think because he realized I was right) The thing that I do is not ask people what mistakes did you do, I ask them how do you screen tenants. They say make them fill out an application do a credit and criminal background etc and make them show you their drivers license and the 2 most recent paychecks. I have no idea what mistake was made, because I am not addressing it. I am addressing the success. If I had addressed the mistake I may have decided that back ground checks were no good, or I could follow the guy home and look in his mailbox, or I could hire a private detective to find out if the guy is actually who he said he was. All of these address the mistake, but what we are looking is best practices or successes.
Learning from someone’s mistakes is like when you are coaching a little league baseball team and the kid is going up in the last inning with 2 outs. You don’t tell him make sure you don’t strike out. Yu tell him to make sure he looks for a pitch high and outside, but swing at everything close to the plate. You tell people what to do not what not to do.
Since propertymanager won't answer me (I think because he realized I was right)
I thought you were kidding. If you know that Joe made the mistake of not checking a driver’s license to make sure the tenant was who he claims to be, then you should learn from that mistake that YOU should check a driver’s license to make sure the tenant is who he claims to be. In other words, don’t repeat the same mistake.
That’s why the military, the airlines, and smart businesses study accidents, incidents, and mistakes. They study the mistakes of others so that they don’t repeat them.
The first time I went I got the $50 Olive Garden gift card, so I figured I would go again.