The life and times of an Arizona Investor

This will be my personal journal to document my failures and successes during my real estate experiences in Arizona. All stories, thoughts, and successes will be documented..

Monday, June 06, 2005

Should Newbies go straight to 5k to 20k seminars!?

You guys missed a great seminar that was held in Phoenix, AZ last weekend. Gerald Romine was hosting and had several speakers including Todd Dotson, Mr. Lowry, Jeff Kaller, Gerald R., Scott Scaul, and others.

You guys must think I am a seminar junky , but the fact is the more knowledge you have , the more money you'll make, because you'll make less mistakes and make more money.

This was not a bootcamp, but a lost cost seminar ($97) that hooks people into buying speaker's products. I highly recommend newbies to go to these types of seminars because it illustrates many types of investing and can give you ideas where you want to start.

At the same time, I have mixed feelings. You see, if you bought every course that was available during the 3-day seminar, you would have spent $50,000 dollars in education!!!! No shit, I was counting... Did I spend this or any course, the answer is no.

I took notes like a mad man, and I learned a lot. The biggest points that I learned was , if I buy a 50 unit apartment building, or a 60k condo, its really same...

My favorite quote from the whole seminar was, "If you think in pennies, you'll make pennies, if you think in dollars, you'll make dollars" Holy crap that is cool.. When Donald Trum says, " Think big". This is exactly what he means guys and gals..

I found several gold nuggets that I will work in the next couple of weeks. Here's my list.

  1. Generate a transcript that I will listen too almost on a daily basis. This includes, my goals, how I feel about my relationship to my wife, and how I am going to prosper. This may seem silly to some. But your subconscious drives most of you decisions. You need to create a habit to make sure your conscious will allow you to reach your goals. Basically, this will help me get "into the zone" for buying real estate.
  2. Generate a weekly goal sheet and track the progress. They showed the format and how to do this effectively.
  3. Forgot about the power of wholesaling! This will be implemented into my exit strategies.
  4. Include driving the neighborhoods for wholesale opportunities (run down/boarded houses)
  5. Email investor that took Scott's course.. Ask him if he would like to trade some of my courses, for his commercial analyzer and legal documents
  6. Send website to guy who asked for bandit sign prices..
  7. "WE BUY HOUSES" message is getting old, being different may help marketing. Stop foreclsoure, etc...
  8. New ideas for direct mail, instead of sending plain jane letters, use lumpy mail, or include simulated lotery tickets, etc...

There's about ten more things I have written down that I can't remember.

Since this is a blog, I would like to help investors decide if they should take a REI bootcamp.

If the investor asked me, " Brian, what is th fastest way for me to start my investing career and get into this business" I will have to say , go to a bootcamp and learn.

Here's another key, if you find a company that offers mentor services, look into that seriously because they will make sure you do deals!

Here's the two negatives of my advice:

  1. You may go to a bootcamp that teaches a certain technique that isn't the best for your market! What if short sales is the thing to do, but you spent 5k on wholsaling. what are you going to do now?
  2. The reality is many, of you will come back and never do a deal, so you wasted $5000 dollars. That would be sad.

I talked with a guy that lives in Tucson that will be moving to Vegas to become a full time investor. He has been a successful business owner in another industry. He told me that he will be taking 9 bootcamps this year. He was bragging, "I'll be taking 90k worth of courses this year"

Damn, I was thinking, well good luck, you'll probably not use 80% of what you learned.

If you spend 5k, make damn sure your going to work your ass off, because the odds are against you to making any money.

|| Bginvestor, 11:43 AM

2 Comments:

I personally believe just about any system will work if you really work it. I also don't think it’s possible to have too much knowledge in any one area. However, I do think it's very easy to get buried in books and seminars and never actual go out and do it.

Your enthusiasm in REI shows through on this blog. Keep up the good work.
Blogger Scott, at 3:45 PM  
Brian -

It's amazing how much of a force written goals have over mental goals. So many people disregard writing goals, dreams, and plans down because they THINK they can remember, recall, and guage their progress in their mind. It simply does not work - or, at least, it does not work near as well as WRITING them down. I learned this years ago, and it's so simplistic that it's almost always ignored by people.

BTW, I checked on some commercial property (apartment bldgs, specifically) in my area, and the only one that came up was a $5.2M apt. complex with an 8% Cap Rate. Not sure if this is good or not. Let me know and I can give you the details.
Blogger Steve, at 7:28 AM  

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