“I can’t take it anymore!”
“I’m going to come clean with you about all of boot-camps and training seminars and every other program out there taught by some guy that has never done it or, for that matter, has done it but makes it sound like everything he touches turns to gold and he has never lost a dime.
You’ve have to be kidding me!
I honestly believe that I have read almost every training program on the market today about commercial real estate. You know, apartment complexes, multifamily buildings, duplexes, triplexes, you name it. Some of them from an educational viewpoint are actually pretty good. Others are just retreads of someone else’s work.
I have no idea how some of these guys can love themselves selling that crap.
Here’s how it typically goes. First, you made the decision that you want to get into the real estate business. Then you decide that the right arena for you is in multifamily. So you then do what every other wide-eyed, future Trump does, you type into Google “multifamily investing education”.
Up pops thousands of sites that will help you every step of the way. But this is where it gets jiggy. What are you actually looking for? Education, right? But what do they end up selling you? Dreams! Ugggghhhh!
People, don’t make the same mistakes I have made!
If it’s education you want, then go ahead and buy the education. I can tell you from personal experience that if you walked into the local bookstore or even Ebay and picked up a copy of Commercial Real Estate Investing for Dummies,
But think about it.
The multifamily business is a very risky business.
Do they teach you that in these boot-camps? Or do they just teach you how to do No Money Down deals?
(C’mon. Really? Seriously?)
Being a success in the multifamily business requires real, in-depth, hands-on education. Think about who you are for a second. You have never done a real estate deal in your life. You get roped into the long sales page offer on the internet. You plop down thousands of dollars for a mini-vacation at some beautiful place where you will learn how to be just like him and all you have to do is one deal! Really, that’s what they say. Just one deal!
Well, of course, you will first need to sign up for the mentoring program with a mentor who just finished their first deal. Don’t worry. They closed their first deal after working with their mentor who also had just finished their first deal. Get the idea?
And if that doesn’t get you that first deal, well, wait three months. They have more boot camps and training programs coming up that you must have to be successful.
Wait a minute…. Are you trying to tell me that first course does not teach me everything I need to know to be successful? Or, just everything I need to know to be dangerous?
Enough! Enough! I can’t take it any more.
Do you want the truth? Do you think you can handle the truth?
Well here goes.
The multifamily real estate business is just that – a very challenging, exciting, lucrative, risky, dangerous, take-no-prisoners BUSINESS. And the most important thing I can share with you is this – IT IS NOT FOR EVERYONE!
That’s right! As much as they may tell you otherwise, you cannot do this business working just a few hours a day. Can you believe – there is one “expert” who actually says that you can buy a multifamily property in just a few hours. No, not a few hours a week or a month. He actually says a few hours. PERIOD!
(Can we file a class action against these guys for stupidity?)
They also tell you that you can buy property with no money down. OK, let’s explain in no uncertain terms exactly what this means.
There are two ways to buy property with no money down. The first is if the seller of the property just signs the deed over to you. In other words, you structure the deal such that you don’t give him any way cash and he gives you the property. OK, let’s take off the rose-colored glasses and think about that for a second.
Why, would anyone in their right mind just give away a property?
BECAUSE IT’S NOT WORTH ANYTHING!!!
In other words, the seller would probably be willing to pay YOU to get it off his hands. Is this really the type of property you want to start your real estate career with? Do you think that “expert” would do that deal? My guess is that they wouldn’t touch it!
The other way to buy property with no money down is to use other people’s money. In other words, you find a property, put together the funds from friends and family and then you have to run that property and that investment for the next five to ten years.
Wow, what do you know about running a property?
Would you invest your hard-earned money with someone who has never done a deal in their life, has never run a property in their life and has never run a BUSINESS in their life?
If you answered no to any of those questions, then you are being more truthful than those “experts”
I could go on and on but let me stop now and tell you exactly what I plan on doing about it . . . . . to be continued.
PS. There are only THREE people I would trust with my education.. There are 12 I would not touch with a 100 yard pole!