Jan 16, 2021
The number one question we get is “how do I get started in real estate investing?” Here is the answer I give everyone:
- Get information
- Get a coach
- Get going
Today I’m going to talk to you about how to select and hire a coach. Plus, coming up in a few minutes in our annual “Best-of” series, I’m going to share with you the best places this year to invest in multi-family. I’ve done the research, I’ll link some articles, and then you will know.
How to contact us
www.RogerBlankenship.com. Leave a voicemail right from the home page!
Facebook.com/flippingamericamedia
Twitter and Instagram @FlippingAmerica
Call our National Comment Line: 877-55-ROGER (877-557-6437) ext 1. Leave your message or your question.
Email your questions to questions@rogerblankenship.com. Please always tell us where you are from. We like to know where the show is being heard. And let us know how you found out about us if you don’t mind.
Sponsors
American IRA: www.americanIRA.com
The Flipping America Buyers Club bit.ly/flippingamericabuyersclub
Announcements:
- We’re kicking off a new round of coaching in January. In six months I will tell you everything you need to know about real estate and real estate investing to set you on the path to financial freedom and generational wealth. My coaching program starts with a one-on-one interview with you and based on the person you are and your life situation, we develop and agree on a real estate strategy that fits you. You then have access to a series of online training courses to provide content and context. And nearly every Wednesday evening there is a group coaching call. Whether you want to own income properties, flip houses, or invest passively, we have a proven plan that’s right for you. Go to bit.ly/sixmonthcoaching and sign up today.
News: Best Places to Own Multi-family
- CBRE weighs in on the multi-family markets nationwide. Consider secondary markets. https://www.cbre.us/research-and-reports/2020-US-Real-Estate-Market-Outlook-Multifamily#:~:text=CBRE%20Research's%20top%20four%20markets,households%2C%20employment%20and%20multifamily%20demand.
- Trier Capital has thoughts on multi-family (and is looking for accredited investors!) https://www.cbre.us/research-and-reports/2020-US-Real-Estate-Market-Outlook-Multifamily#:~:text=CBRE%20Research's%20top%20four%20markets,households%2C%20employment%20and%20multifamily%20demand.
- Globe St. says multi-family investors should look to these cities and avoid THIS one. https://www.globest.com/2020/09/03/here-are-the-markets-where-multifamily-investors-are-buying/?slreturn=20201122144848
- Mashvisor has a different take. And a quick read on five reasons why you should be in multi-family. https://www.mashvisor.com/blog/multi-family-homes-best-cash-flow-investments/
Topic: Hire a Coach
Topic: The Top Ten Ways to Know Your Real Estate Seminar is Actually a Con:
- The “nationally known” guru is not in attendance.
-
- Whose experience is being taught?
- Who has the experience to be able to credibly answer audience questions?
- What is the actual experience of the presenter and can it be verified?
- Where is their headquarters?
- Who is the person or persons behind this company? Someone did the work to gain the experience to teach.
- This can be taught from a curriculum and a powerpoint, but the most polished professional who is also inexperienced cannot truly serve a real estate audience.
- The name of the company behind the event is
vague, not mentioned, or purposely mis-leading.
- Does he or she provide addresses of actual properties flipped?
- The Presenter’s real estate credentials cannot be easily verified.
- The Presenter does this presentation more than once a month. If they travel and do this presentation more than once a month there is NO possible way they are actively fixing and flipping houses.
- Early in the presentation (usually within the first two hours), they will have you fill out a worksheet with all of your assets as possible funding sources. Available credit card spending, 401k balance, cash value of insurance policies, etc. Later they will use this information to prove to you that you actually can afford their 20-50k in training.
- They take time to teach you how to call your
credit card providers and ask for an increase in your limit. The
really sneaky ones will put you in a group, challenge everyone to
do it, bring you back and see if you collectively came up with an
amount that would buy a house.
- Results - lifestyle.
- Financial freedom
- Education of children - college
- Legacy
- They make lots of promises to you. And they will seem great!
- They have an emotional story of their own financial distress and real estate saved the day.
- They will not let you take photos of the screens or record the event.
- They want to sell you another more expensive course. Free - Low Cost - High Cost - Upgrade.
Ways to check ahead of time:
- Check the name of the company. Look at their website. See what they emphasize.
- Google the name of the company followed by the word “reviews.” This may not be helpful, but it can be. One company I researched had over 1000 hits on a website called “Ripoff Report.” Anyone can say anything there and not all of it should be believed. But 1000 reports?
- Ask in online forums - Bigger Pockets, Connected Investors, Facebook Groups, Google Plus Groups etc. What have you heard about …?
- At the event, get the presenter’s full name. Find out where he/she is from. Note as many property addresses as you can during the event. Check those addresses online for ownership and transfers of ownership. Look for an entity that owned the property for 4-6 months in the past two years. Later on, if you get a chance to speak with the presenter, casually drop the name of the entity you found and see if you get a glimmer of recognition. If you’re convinced they are lying, just for fun, make up an entity name (or use your own if you have one) and ask them if that was the entity that bought 123 Main St (or whatever). See if they say yes.
- Qualities of a good coach
-
- Experience
- Character
- Longevity
- Communication / teaching skill
- Understanding of different learning styles
- Characteristics of a good coaching program
-
- Personal contact
- Flexibility
- Personalization
- Mix of content and activity
- Price is reasonable
- Program is valuable
- What you will learn is shared in advance.
- There is no mystery about what happens next.