Because of my position at the Real Estate Club, of course I am asked all the time which speakers products I recommend and which ones are duds. Even though I am completely honest and upfront with everyone in one on one conversations on this topic, I have hesitated in writing about it on my blog.
But the fact remains that I started this blog so that I can share the immense amount of information that I am lucky enough to be a part of.
There are several issues and misconceptions that are the same for every newbie or newer investor.
Before I get into this - I know there is the rare bird who studies what he needs to know to get started and goes and there in the real estate world and starts doing it!! I was not one of them - nor are hundreds of newbies out there. I write this blog for us :)
Misconception #1: There are many speakers out there that have what seems to be a similar product. Let's take short sales and foreclosures. The question I get most often is which product should I buy and study? The truth is that we should study as many different speakers programs as possible. If you want to learn everything that there is to learn on the subject then you should study everyones approach. Most everyone has a slightly different take and in the programs I have studied so far - I have learned something new from all of them: Dwan Tywfords, Ron Legrand and Jeff Kaller, Michael Quarles, Lee Arnold. And there are more to follow!
Misconception #2: Once I buy and listen to a product then I'll know everything I need to know and will be ready to go out and make millions doing it! This is the most harmful misconception to any newbie.
More than likely - now that you have a little bit of knowledge you are probably even more nervous or scared to get started and you don't know where to begin - so you don't! We become like a deer in the headlights. Have you ever heard of the term Paralysis of Analysis? Or we do start to brave the new world and discover there is so much more than what is taught in most (or let's be real - ALL programs), that we start to make mistakes or worse - get into some real trouble that potentially could stop us from venturing out on our own for sometime. Quoting a famous "guru": Ask me how I know this?
Misconception #3: If I go to a meeting once a month and talk to one or two people I am creating a team and a network. It is amazing to me that there are folks who are desperate to be an investor, but only come to a meeting every other month. They don't talk to people and network, and then month after month, they are still in the same position.
If I can accomplish anything at the club manager of REIC, I have come to realize that this is what I am here to change. From my experience - I have realized one of the most important reasons why I am able to "get out there and DO IT" is because I am constantly talking and networking with other investors. I start study/masterminding get togethers which help us all learn from and encourage each other to DO IT!
The information that I get when I network with people is imperative in my learning and growing as an investor.
But the bottom line to all this is that no one will ever be an investor until they get out there and start doing it! Sure you will make mistakes, sure you will be scared, and sure you will probably not make the amount of money you thought you would on your first deal. But who cares! If you don't get off your butt and get out there and start SOMETHING now - you never will. Believe me - it took me 6 years from the time that I was last in real estate investing to now when I am "back in the game". Why? Because I was scared to make any more mistakes, I wasn't sure I knew what I was doing, and I didn't have a network of real estate investors and mentors who I could count on. Now that I do have my network and mentors and have a lot more education - I have no excuses!
