Thinking about getting started in Real Estate Investing? READ THIS FIRST!
You might have heard that 90% of all the world’s millionaires become wealthy by investing in real estate, and you would like to be part of that 90%. Or, maybe you have watched an HGTV show that makes flipping a house look as easy as making an omelet, and you think, “I could do that!” Or perhaps you are inspired by the broke and unemployed “loser” who made $100,000 in only 30 days! If you are looking for a way that this real estate investing might work for you, please take 5 minutes and read this article! I can relate to you and your dream to make millions in real estate. I am also driven by that goal. And, yes, it IS possible to make millions in real estate, BUT….(keep reading!)
Did you know that the real estate investing education business is a multi-BILLION dollar industry? That’s Billion with a “B”! As with any multi-billion dollar industry, thousands of dollars get spent on marketing and enticing the customer. Just think of the pharmaceutical industry…how many ads and commercials do you see promoting a new drug? The Real Estate Investing industry is no different. If you are getting invited to a “free” dinner or a fancy seminar in a plush hotel, they are marketing to you with the intent of getting you to purchase some type of education, software, coaching program or a combination of any of those items.
Did you ever attend a 3 day workshop where the advertising implied that the HGTV star would be there to personally share his/her secrets with you? Or what about a workshop that promised you a “free” iPad, gift card, or some other type of gift that sounded too good to be true? Or maybe when you got there you were told that the big TV Star you hoped to meet couldn’t make it but if you spend big $$$ then you can get “personally” mentored by that person? Reality check: The “TV Stars” and “Millionaires” have no interest or time to personally mentor you.
These companies are marketing machines and anyone hungry to become a “millionaire” is fresh bait. They hire very friendly “greeters” who are also highly trained sales people. The one making the big bucks is the one in the front of the room delivering a well scripted and practiced presentation with subliminal messages to make you buy. To their credit, these guys are GOOD! I have attended many sales presentations like this and am amazed at their speaking skills. However, here is the dilemma: do their amazing speaking skills translate into you making millions of dollars at whatever they are selling? Most likely no. Unless of course you pay them even more money for their “elite” coaching, which often consists of an 1-800 number you can call that is answered by “coaches” working out of a call center who have never done a real estate deal in their lives.
Once they get you to their event, they screen you based on your income profile and credit score. Did you know they can get access to your credit score without your full social security number? Yep. If you have a high credit score and can qualify for their $60k program, you get “special treatment”. You might be thinking, “no way, they can’t do that”. But yet, they do!
I have been watching, and participating in this industry for the last five years. On almost a monthly basis I meet someone who comes to me in tears because the $60,000 they spent to become a real estate investor has turned into monthly credit card payments that they can’t make. The “coach” tells them it is their fault that they have not been able to do a deal and that what they thought was a “money-back guaranty” in no way applies to their situation. However, if they only spend MORE money, then they are sure to get a deal. They continue to be sold with the hopes of getting a deal that at least helps cover their credit card debt. On top of that, many of these companies either expect a percentage of your deal, or make money on the money they are loaning you to do the deal! I have helped people fight to get their money back but it is an uphill battle. I have about a 50% success rate in helping people get their money back. I would love to see that percentage higher! However, instead of taking on losing battles, I am on a mission to help people BEFORE they end up being taken advantage of by these flashy sales companies.
Maybe you are reading this and you have already signed up for one of these programs. That’s ok…for some reason you found this article and I hope I can help you. Let’s talk about your situation and solution that can work for you and actually MAKE you money, rather than cost you money!
Sign up below to set up a complementary intro call with me, and for more information about an exclusive Denver real estate event I will be attending on November 9th where you can meet local real estate investors and start making deals!