There is no shortage of real estate gurus out there – all kinds of fancy training and coaching programs that promise a path to riches.
They will share their secrets for only 4 payments of $3,999. And you can have an ongoing coach for only $6,999 per year.
As crazy as it sounds, this is actually attractive to plenty of folks. They want to get into real estate investing but are lazy so don’t want to educate themselves. They want someone to tell them exactly what to do.
The Guru Way
It starts with a conference or short event – heavy on motivation and light on details.
In fact, most of it is telling success stories – whether the namesake’s experience or someone else they claimed learned through the program.
Oh you want details? Well lucky you, they are running a promotion for everyone who is at this conference. You can join the hands on training program for just $17,999!
Then when you are done with the program you are hit with reality: it still requires action.
If you weren’t that type of person going in, you aren’t coming out either.
High Profile Examples
If you follow politics you likely heard about Trump University.
People were dragged along and upsold all the way up to $35k. The results vary. Of course a few are successful. And there are many more who never make a single dollar.
An even bigger example is the Rich Dad education seminars. Huge scale. Free 1 day seminars are held all over the country, followed by a $1k three day seminar, all which sets up for a $12k to $44k payment for their advanced material. Oh and they help you raise your credit limit so you can put it on your credit card.
If you want to be sick, watch this video that secretly records a three day seminar with constant upsells:
I Am Not a Guru
I admit that I’m still learning about investing in rental properties. We are in this together and I’m less than 5 years ahead of someone with zero experience.
I happily tell you that this isn’t a get rich quick scheme. It’s get rich if you can be patient over decades.
Everyone is different so I’m not going to promise a one size fits all approach. Find your own sweet spot.
And above all, adjust your mindset.
The Rental Mindset Way – Get Educated Wisely
You can get most of your education for free. It’s important to make sure the education isn’t passive – you need to talk to people and take action.
By reading only 2 books and listening to 20 hours of podcasts, you have just enough knowledge to move on to the next step.
You will be able to hold conversations with people will a lot more experience. Admit you’re a beginner and learn from them.
After a series of conversations with everyone from investors to lenders to property managers, you will be ready for the next step. It’s the hardest one.
Get started! Purchase a rental property in your name while limiting the risk as much as possible. You will learn way more by doing.
Which Isn’t to Say – Don’t Pay Anything
Don’t be the guy who is thinks everything should be free either. Small investments can really pay off.
Take books for example – they might cost as much as $15. Yes you can probably find all the information somewhere online for free. But purchasing a book will save you time and deliver one consistent message.
A low priced event is a great way to meet people. Just be careful that it isn’t with an organization that will hold back information and entice you to sign up for more training.
I went to Jason Hartman’s Meet the Masters weekend. I already knew a lot of the information presented (although there was plenty I didn’t know about lending and taxes), but the real value was meeting others who invest in turnkey rental properties.
One of my other goals was to see first-hand how reputable the company was. I made an in-person connection with the investment counselor I worked with in my first properties.
Add it up and I spent $500 on my education. Could it have been free? Yes. But it was $500 well spent and gave me the confidence to move on to actually purchasing a property.
If there are events less that $1000 that you would like to attend, and it will push you towards your first investment, go for it! Just make sure there isn’t an up sell.
If there is a course that is less than $1000 and will provide the spark needed to get started, go for it! Just don’t expect it to do everything for you. (I’m excited to hear people’s results from Afford Anything’s upcoming class).
Be smart about your education and don’t fall for the guru trap.
How did you go about your investing education? Are there any books or podcasts you recommend?