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REAL ESTATE RE Training

bosco

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Dec 31, 2007
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I am interested in attending Real Estate investment training or a seminar. As a novice investor (own my own home with sub devisibal land and a SFH rental) I am looking to gain more knowledege / training. I would like to learn to think more creatively to propser in the current market.

Any suggestions?
 

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Runum

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Welcome bosco. Sorry, I don't have any recommendations for training seminars for you to spend your hard earned dollars at and here's why:

I have been at this RE investing for a year now. Been doing OK at it . Went from homeowner to investor with 8 units in that one year and more to come. I did not spend any money on any training or anyone's system. I did buy a lot of books from the book stores and online. I also visited lots of forums and read a lot of old how-to posts. After I did that for many weeks/months I then began to ask specific questions to fill in the gaps. My point is that you can do this without paying anyone $1000's in training. Instead you will have to do a lot of reading and your own investigations. It will make you a better investor in the long run if you put the effort in rather than having someone lead you by the nose. Good luck in 08!:cheers:

Greg
 

andviv

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If I understood correctly, you already have a rental? If so, you are not that 'novice'. You have accomplished more than many others.

What is your goal? What is it that you don't know that requires you to take training? Step one is to define your goal, once you do that you have to define a baseline (where are you right now, what is your current situation) and then define a plan that takes you where you want to be. This will take some time if you haven't already started. If you've done this then it should be clear what are the things that you need to learn/understand in order to take the next step.

I recommend you start by reading some books first and then you look for training. A good starting point is The Millionaire Real Estate Investor as it has great starting tips and pointers.

Remember, there are different trainings targeting different goals.
 

Runum

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Good job andviv. You are far more observant and concise than I am, something I still am working on.:thumbsup:
 

Reisteve

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Dec 6, 2007
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The best thing to do is read... read... read...

There a bunch of gurus and "know it alls" out there that are willing to take your money. If you do find one, before you spend a dime, check them out.

Ask for referealls from them and then I would also recomend that you go to different RE boards and ask for feedback as well.

I personally have had some good experiences with some different people but I have also had my share of negative experiences as well.

Good luck in your hunt.

Steve
 
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bosco

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Dec 31, 2007
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Wow. Thanks for everyones input. Happy New Year to everyone!

I have been doing quite a bit of reading on RE and investing in general. A little of topic but just read Cramers Mad for Life and started Trumps are of the deal yesterday.

RUNUM - What was your first deal like?

ANDVIV - Thanks for the compliment. I guess I am a bit conservative at times. From what I've read here there are many talented people from which I have alot to learn from.

I have a few goals and interests... In no specific order... Considering the market, now is the time to buy...

I want to learn about locating, anylizing and funding potential purchases. Learn how to structure foreclosure / sub prime bubble burst deals to be win win for homeowner and investor...especially when the note is more than current FMV. learn to identify deals where average or newbie investors in my area would pass up (creativity). Purchase multi family home (analyzing / financing). long term I am looking to build passive income and would like to trade up from our current home.

ALL - What RE books have you read that you found helpful? I plan to go to the book store today to pick up the Millionaire REI. Thanks for the suggestion andviv.

Thanks again for sharing your thoughts!:thankyousign:
 

andviv

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There is a section here for books review. This one has some real estate books reviews that others had posted. There is one in there about pre-foreclosures that you may want to check as well, and the two about apartment buildings are probably good fits for you. As you can see, there is a lot of reading to do.
 

Runum

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RUNUM - What was your first deal like?
My first deal was 3 SFH's on one lot. I did all of the analysis I knew to do at the time. I was stoked like a kid a Christmas. It was like playing Monopoly for real. I had to get pretty blunt with my banker about his offered terms and he made a better offer. First time in my life I had enough backbone to stand up against the financial institutions. After I signed the papers and collected the rolled over rents, my first thought was "What do I do now?" Buying was tough but not like landlording. This first deal makes me about $150 a month. I have since done 2 other deals. My last deal was a REO 4 unit apartment house for $40K. We have 2 units rehabbed and rented out now and am in negotiations with the city inspector about the upper units. May have to install a sprinkler system. This deal has the potential to net me $1600 a month and 100% return.

Right now I have 6 renters. I have been blessed with no bad tenants so far. We have had a few disagreements but have worked them out. I have a waiting list for the other 2 units. I have also had a couple of calls from other banks wanting to do business with me. My focus now is on money and business management, including tax strategies.

Good luck in 08!:cheers:
 
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bosco

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Dec 31, 2007
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That's cool...and a good deal. Zoning in my area would not allow multiple buildings on one lot like that. Too bad because I can see the potential your deal has!

Thanks for sharing that with me. I've been wanting to buy multi family say a 2 or 3 family but keep gravitating to the cheap SFH. I need to educate myself a little more in crunching the numbers to see the upside to spending the addition capitol.
 

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