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FIB - Scams 101 - Ye Olde Archives
Posted By: Larry Foster In Response To: REAL ESTATE MENTORS (clay)
Wednesday, 11 May 2005, at 9:55 p.m.
I can't tell you about mentoring packages but personally if the name Whitney is associated with any of them I wouldn't buy it.
As far as my disagreeing with Cathy and Mike, some of it depends on your investment goals. If you solely want to buy some property like Cathy and hold it like an IRA while you keep your job so that you have wealth accumulated, perhaps that's ok.
If you are looking to replace your job and go "full time" they gave bad advice. I'm sure not intentionally but still wrong.
One of them said about buying property and waiting for it to increase, I believe that is speculation not investing.
Also, as far as desirable properties, would you rather live in a home or an apartment? Most would rather have a home.
There are ways to "owner finance" properties that allow you the benefits of cash flow property without the landlord hassle.
When I started 3-1/2 years ago, the only thing I knew was rentals. In about 4 months I had 29 units and all "cashflowed" on paper. They did cashflow but in the wrong direction.
If you are considering going full time, make sure your living expenses are covered before you try to build wealth.
Being a landlord ain't all it's cracked up to be. The path is strewn with burnt out landlords.
As far as a local investment club, yes you should join but they have both good helpful people and vultures who will try to take advantage of you.
I always recommend Ron LeGrand and if you can find one of his intro free courses, go. I think they're 2 days.
Go to www.ronlegrand.com and check out his calendar.
He is the real deal. Take it from someone who has invested in m training.
Now, the intro courses are lead generators to sell boot camps. I would recommend attending a couple of them which is about the same or less than most mentoring programs.
The one thing I see here a lot is because it's expensive, it must be a rip-off. I have made my investment back many times after learning Ron's stuff.
As far as cost of education, do you think Harvard might be better than the local community college?
> I just did a search but didn't come up with much in the subject lines.
> I'm looking for advice on what to be careful of with "Real Estate
> Mentors". I would like to get involved with Real Estate but I want to
> steer clear of bad deals with sham Real Estate Mentors. I guess the
> question is...who do you rate at the top of the list of Mentors in what
> you get for the mentoring package?
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