| | | | | At the seminar, they get sold, up-sold, and cross-sold. |
| I have been down the real estate investing path for | | | | I can’t blame the Gurus – they are |
| some years now, and have taken the time to get | | | | marketing machines and they promise riches. Can you |
| myself educated. If there is a new book, I have | | | | get rich? Yes! Will you most likely get rich? |
| purchased it. If there is a new technique – I have | | | | That’s up to you, but odds are, most people |
| examined it, a new seminar, I have looked at it, and I | | | | leaving that seminar will do nothing at all. This is |
| have been to several. I have talked to several | | | | something the Gurus also know. |
| investors and spent time looking at, and | | | | You see, the problem is, when most people get to |
| understanding the markets I choose to invest in. | | | | these seminars, coupled with the fact that they |
| It is almost trite to say that I think the best thing | | | | don’t really know what they want, they |
| you can do for yourself when you enter any | | | | don’t understand that what they are getting out |
| investment is to get educated. In fact, let me say | | | | of the seminar. It usually consists of a technique or |
| that if you don’t want to take time to get | | | | two that the Guru has mastered, then some |
| yourself educated, then you are not an investor | | | | discussion around entity, maybe a legal point and |
| – you are a gambler – or worse, a fool. I | | | | some bit of old marketing. What they are not |
| know that sounds harsh – but let’s be | | | | getting, and the Gurus won’t tell you this, is a |
| honest, why would you put your money into | | | | business, or the skills to run a business. |
| something you have not taken time to understand? | | | | But all you want is a couple of rentals you say? What |
| Worse yet, most of us do it anyway, handing our | | | | makes a rental worth anything? How does the rental |
| hard earned money (well I think of mine as hard | | | | get filled, managed, maintained, improved? What are |
| earned) to someone without understanding even the | | | | your insurance requirements, your liabilities if anything |
| fundamentals of what makes the investment sound, | | | | happens? How do you evict? How does it impact |
| appreciate, depreciate, etc. | | | | your taxes, or your overall net worth? How do I |
| The Gurus like to say – “you can take this | | | | optimize my cashflow, while minimizing the impact on |
| seminar, or learn by your mistakes and take a more | | | | my occupancy rates? These questions are even |
| expensive seminar.” True, true – you can | | | | addressing bigger business questions – if you |
| make several mistakes in real estate investing, but | | | | happen to make this a business. |
| you can in your seminar choices too. Not all are bad, | | | | Here is a key that every potential investor needs to |
| and many are really good, but that is for another | | | | understand. Most people will not take the time to |
| discussion. | | | | focus on anything but their fear, the fear of failure. |
| As I mentioned previously, I have been to several | | | | The key is to acknowledge that we all possess that |
| seminars and often the rooms are packed; packed to | | | | fear – understanding the fundamental of |
| the hilt with wide-eyed optimistic men and woman | | | | operating your business, along with innovative |
| who, in many cases have had to stretch deep into | | | | techniques builds the confidence you need to push |
| their reserves to get here. They want it – and | | | | past the fear. Most of you won’t take that time |
| they want it bad. Problem is, most don’t really | | | | – but those that do – understand they have |
| know what they want, so they buy this seminar, this | | | | the net already placed when they start walking the |
| technique, and they haven’t the foggiest idea | | | | tightrope. |
| what they are going to do once they leave the place. | | | | |