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Real Estate Investing- Getting Started on the Road to Riches

By October 26, 2017 General, Real Estate

Real Estate Investing- Getting Started on the Road to Riches

I really want to make money investing in real estate.  To achieve this goal, I have been learning about real estate investing in my spare time.  As I mentioned in a previous post, I am doing this while also working towards getting my California real estate license by studying California’s Real Estate Principles.

A few weeks ago, I received Larry Goins’ Filthy Riches real estate investment program in the mail.

The Filthy Riches investment concept is basically a proven method of buying cheap $5,000 houses and then reselling them at 3 to 6 times what you paid without cash, credit or a buyers list.

Now That’s Great Service!

During the first week that I received the Filthy Riches program, I received a call from my assigned Education Consultant- Dean. I was so happy to receive the call since I had begun reading the main manual and had several questions. I wanted to know things like: Is it possible for me to find one of these real estate deals in California? When will I need a proof of funds letter? When would it be necessary for me to obtain transactional funding?

Dean was very helpful.

The first thing that Dean did during the call, was to make sure that I was aware of all 10 ways that I could get my course deposit fee refunded. I was pretty impressed by this since it definitely demonstrated to me that Larry’s folks weren’t just looking out for themselves and were trying to help me succeed.

Money Back Guarantee

The 10 ways to get your refund are as follows:

  1. Bird dog a Filthy Riches house for Larry Goins’ group to buy or…
  2. Buy a Filthy Riches financed house from the group or…
  3. Buy a Filthy Riches note from the group or…
  4. Sell a Filthy Riches note to the group or…
  5. Become a private money lender for the group or…
  6. Buy a wholesale house from the group or…
  7. Sell a wholesale house to the group or…
  8. Let Larry Goins fund your first Filthy Riches deal or…
  9. Refer 3 Filthy Riches Customers or…
  10. Do a deal and send a testimonial

Taking Action One Step at a Time

After Dean covered the various ways that I could get my money refunded, we went over the Filthy Riches Action Plan.

 

As simple as this may appear, I find this action plan to be the most useful part of this program so far.  Honestly, without this, I think that I would have been completely overwhelmed by the sight of everything contained in the Filthy Riches program.

This action plan breaks the entire Filthy Riches program down into tasks which, to me, makes it way more doable.

Can I Get a Deal in California?

After covering the refund options and the action plan, Dean asked me if I had any questions.  I told Dean that I hadn’t had a chance to read much so far but did have a few general questions.

The first thing I wanted to know was, “Can I get this kind of real estate investment deal in California?”  As I had suspected, according to Dean, it would be pretty much impossible to find a Filthy Rich deal in California.

According to Dean, the rule of thumb is to search for these properties in states that are east of Colorado. I was a bit disappointed about this since I was hoping to be able to personally view the property when I close my first deal.  Hopefully, I will come across some awesome realtors who will be willing to take some video footage and pictures of the houses that I am interested in buying.

I went on to ask Dean the rest of my questions which he was able to answer. We then ended the call and Dean let me know that he would be calling again the following week.

So Far So Good!

Although I have just started the Filthy Riches program, I have already covered a great deal of information.  I have read the sections covering mobile homes, the types of homes to look for and the various ways to profit from the purchase/sale.

The material is simply written which makes the complex nature of the subject matter a bit less confusing. Compared to the California Real Estate Principles textbook, the Filthy Riches materials are written much simpler.  For me, this makes it so much easier to understand.

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Real Estate Investing – Filthy Riches

By September 26, 2017 General, Real Estate

Real Estate Investing – Filthy Riches

As I mentioned in a previous post, I really want to get involved in real estate investing.

Although I recently signed up for an online California real estate course, I still have yet to start it.

I guess the real problem is that I need to make money now!

I have a friend who obtained his real estate license a few years ago.

Not too long ago, he and I met up and chatted about how things were going in the business. For him personally, things were going great. He told me that he had tripled the amount of money he had been making while employed by the “secure” government.

 

Getting Over the Hurdles

When I told him I was thinking about getting my real estate license, he was excited for me. He then shared some important advice. He told me that getting started was not easy; there was currently a lot of competition and the start up/annual costs were steep (e.g., real estate courses, state exam application, fingerprinting, Board of Realtors membership, Multiple Listing Service (MLS) membership, lockbox key, errors and omissions (E&O) insurance, brokerage membership fees, marketing fees, etc.).

Well…that was not what I wanted to hear. At the time of our discussion, I wasn’t in a great place and my only focus was replacing the income I was currently receiving from my 9 to 5 so I could quit. At that point nothing else really mattered. I had been working for the same branch of government for the last 27 years and-to put it mildly-I was completely BURNED OUT!

To give up everything I had centered my life around was a difficult choice, but I was done with the rat race and I just couldn’t shake the feeling that there was something more.

Perseverance

After talking to my real estate agent friend, I realized that becoming a successful real estate agent was not going to happen overnight. If I was going to be a successful real estate investor, I would need to be diligent and focused. Even though this is the case, I was still interested in getting my license. Getting my license would add one more component to my future financial freedom. So, I went ahead and registered for an online course.

Just after doing this, I came across an ad for one of Larry Goins’ webinars. Before discovering this ad, I had never heard of Larry before- but after watching his video, I wanted to know more. I signed up for Larry’s webinar on his Filthy Riches program which was scheduled for a few days later and guess what? I actually watched it!!

Like I said before, I am a sucker for products with money-back guarantees and the Filthy Rich program has one-actually, not just one-there are ten (yes 10!) different ways you can get your money back. One of those guarantees is that if you don’t make at least $12,000 in the first 12 months, you can return the course and get your money back.  Who does this? Well, Larry does.

 

It seemed like a no-brainer to me, so I signed up. I received the materials in just a few days.

As a student of the Filthy Riches program, you are personally assigned an Education Consultant who will call you to get you started with the course. Now that’s customer service!!

I am really excited about this program and can’t wait to get started. Stay tuned for more updates as I embark upon my path to financial freedom!!

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My Real Estate Adventure Begins

By September 22, 2017 General

For some time now, I have wanted to get involved in some form of real estate.

At the beginning of this year, I came across an advertisement for a workshop on real estate investing. It looked interesting and I had A LOT of free time on my hands (stay tuned for that story – it’s REALLY good 🙂 ) so I signed up for and attended the “free” workshop.

At the “free” workshop, I heard enough about wholesaling to seriously pique my interest, but definitely not enough to even get started.  At the end of the workshop, a 3-day seminar was introduced (SURPRISE!! – There is ALWAYS a catch!).

Since the suspense was KILLING me and I am a sucker for money-back guarantees…I paid the $495 fee to register for the 3-day “Academy.”

I attended the first day, which was great-tons of information about wholesaling.

The second day-not so much… Except for that I learned that if I spent another $2500+, I could really learn everything I needed to know to make money wholesaling houses.  Plus there was a lot of time spent during the second day on unrelated topics including the promotion of a third-world charity.  Now I believe in paying it forward and giving back, but that was not what I was there for and I have a healthy disdain for false advertisement.

But wait-let’s back up just a bit… remember that money-back guarantee that I mentioned earlier?  Well, it was a legit money-back guarantee, but in order to take advantage of that guarantee, you had to request it before the end of the first day (Can you say GOTCHA??).

 

 

 

 

By the conclusion of the second day, just after learning that if I wanted to know EVERYTHING about wholesaling I would have to sign up for yet one more training program, I had enough.  I felt duped.  Because I felt duped-I chose to cut my losses right then and there and not return for the third day.  Not sure if what I missed out on during the third day would have made up for the second day-that I will never know-but I doubt it.

I don’t consider this experience a complete waste of time or even money since you don’t know what you don’t know-and I knew nothing about this particular real estate investment concept before attending the academy.  Plus, because I was now aware of the wholesaling concept, I was able to research it a bit more.

When I started researching the wholesaling topic, it quickly became quite overwhelming.  Thankfully, every video I came across on the topic warned that it could be overwhelming but not to let it stop you.  Well, I kind of did.  It didn’t really stop me, but it did stall me a bit, lol.  It just seemed like a lot to do alone without having done it before AND being completely new to the world of real estate.  I mean, I had handled the purchase of both of my homes, but that’s only one small part of real estate.  Signing a contract, that I wrote up myself using a template I got at a real estate academy, to buy a house and then turning around (very quickly) and selling that contract to a rehabber just didn’t seem like something I should or even could do.

I say could because I like to sleep on any kind of decision-even something as simple as which type of creamer I am going to have in my coffee tomorrow.  I just couldn’t see myself making decisions on the fly without knowing EVERYTHING there is to know about real estate first.

Sooo long story short-my indecisive nature led me to deciding to finally sign up to get a real estate license.

In California, the Department of Real Estate requires completion of the following coursework to become eligible to take the State’s Real Estate Examination:

Successful completion of three college-level courses is required to quality for a real estate salesperson examination.

  1. Real Estate Principles and
  2. Real Estate Practice and
  3. One course from the following list:
  • Real Estate Appraisal
  • Property Management
  • Real Estate Finance
  • Real Estate Economics
  • Legal Aspects of Real Estate
  • Real Estate Office Administration
  • General Accounting
  • Business Law
  • Escrows
  • Mortgage Loan Brokering and Lending
  • Computer Applications in Real Estate
  • Common Interest Developments

I had number 3 covered since I had recently taken a Business Law course-so all I needed to take was the Real Estate Principles and Real Estate Practice classes.

Some time ago, while doing a search for some real estate info, I came across several companies that offered the real estate courses online.  I read the reviews of  a few and decided to go with Licensing Solutions.

I received my materials in the mail a few weeks ago, but haven’t had the chance to get started.  I plan to do so soon though, so keep an eye out for future posts on this 🙂

 

 

 

 

 

 

 

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