Don’t waste your money to get rich!

The phone at the MAREI office has been ringing off the wall . .. .

Real Estate Gurus galore all want to come to Kansas City and speak.  Now while this is one sure sign that the economy is on the mend, it also means there are going to be many more opportunities for you to spend $100s and $1000 on training.

While we here at MAREI feel very strongly that the real estate investors and landlords across the country do need to get an education, we strongly recommend that you get busy and do your homework BEFORE you see the speaker guru.

If you don’t know how the speakers work, we will give you a brief description.

1.  Come to town and speak at a local REIA group for about 90 minutes.  Now sometime they get into the REIA and other times they can’t get into the REIA or they by-pass the REIA all together and offer a bunch of FREE 90 minute presentations at local Hotels.  Just this past month we saw Kent Clothier here in town at KCIG with the 90 minute presentation and the Flip This House crew were here in town and all over Kansas and Missouri doing free 90 minute presentations at Hotels.

2.  At the free event, they are going to be teaching you a bit of this and a bit of that.  You will probably get one or two maybe even three interesting concepts that you could probably go implement.  These free events are designed to get you interested in learning more at an all day event.  Usually there is an all day training where the speaker teaches all day and offers for those people who want to have it all ironed out for them in black and white, they offer for sale a home study course or a bootcamp training.  Here at MAREI we had Eddie Speed just a couple of weeks ago teaching at an all day Saturday Event.

3.  Now the bootcamp trainings usually take place out-of-town for the most part and are usually on a Friday, Saturday and Sunday.  The Guru takes you through step by step what it is that they do and they break up the round of 1 single trainer by bringing in a few other speakers that have a topic that is related and also have a training package that you can buy.  They often also have higher cost mentoring available.

We want to stress that there is nothing wrong with attend the free things we have listed in number 1.  They are free, so why not go see what they have to offer.  If the cost is reasonable on the Saturday Event, then by all means go to that as well.  You are sure to learn something that you will find beneficial.

But before you go to #1 or #2, we highly recommend that you do a bit of research on the Guru to make sure you know what they offer for sale and what the regular price is so if they offer bonuses or special prices you can know if they are in fact offering you something special.  We also recommend tracking down reviews of the guru, and we mean reviews on websites that are not related to the speaker – we are not talking about rave reviews from past students on the speakers own website, but reviews on non-related sites.

Before we bring in a Guru speaker to MAREI we go through a few steps and we wanted to share them with you:

1.  First track down the speakers website.  Here at MAREI we try to get you a link to the speakers site so you can actually go and read all about their training programs and all the information the speaker has about themselves.  One thing we have found is that a speaker that has a ton of information on their website, usually know what they are talking about, while a speaker that has a very slim website is usually regurgitating training they picked up from someone else.

2.  Second find a couple of bios about the speaker.  You are looking for a speaker that has been a real estate investor a for a lengthy amount of time.  One that has been doing this for 10 years, probably knows what they are doing, one for 20 years really knows their stuff.  But the guy who started investing 3 or 4 years ago and has been speaking for 3 1/2 of them, probably does not.  One of the reasons we selected Eddie Speed here at MAREI was the 30 years of note buying experience he has.

3.  We usually Google the speaker’s name in several ways to see what we can get:

  • “Firstname Lastname”
  • “Reviews of Firstname Lastname”
  • Scams “Firstname Lastname”

We like to scroll three or four pages deep on Google and get past the websites promoting the speaker and find the sites where people feel free to talk about the Guru.

4.  Next if you can find some materials from the speaker to see what a small sampling of their training might look like.  Here at MAREI we try to get an e-book that we can give away so you can read it before signing up.

5.  We also like to search for the speaker on YouTube to see if they have any free videos that you can watch and see their speaking style.

If you go through these 5 steps before going to a free or low-cost training event, you will be prepared to make a very informed decision about buying training materials from the guru speaker.  Also keep in mind that some groups may or may not vet their speakers.  We do try to screen our speakers at MAREI, but sometimes we make less than perfect choices on speaker.  You may also find that your taste in speakers and training are not quite the same as other’s.

We want to recommend that when you purchase training, that you try to go through the REIA group.  Think about this – if you buy a coffee maker from Joe Sixpack off the internet, well you may be stuck if it does not work.  On the other hand if you buy it from Wal-mart and it does not work, then you can take it back.  The similar concept works at the REIA. If you buy training from a traveling real estate show and you have issues, you are stuck dealing with the traveling real estate show.  While if you buy the same training through your local REIA, they make the speakers offer a return policy and can go to bat for you if there is an issue that needs to be resolved.

Every Year in June, we here at MAREI attend the National REIA Mid-Year conference for REIA group leaders and we spend almost 2 hours in a session called “the Good, the Bad, and the Ugly”.  This is where REIA leaders from across the country share names and reviews of speakers who were good, that their members liked.  Those that were  Bad and were not liked.  Those that they had a horribly Ugly experience with.  We take a lot of notes at this event and speakers do not want to end up talked about at this event as the bad or the ugly so they work very hard to keep the REIA’s and the REIA members happy.

*REIA – Real Estate Investor Association

2 thoughts on “Don’t waste your money to get rich!”

  1. Going to the big Fortune Builders thing at Harrahs tomorrow. Got two PreHab houses for wholesale at 5000 and up. Email me if you want to finish rehabbing these.

    1. Alan, I hope you have fund at the Fortune Builders Event. Keep in mind that as a member of MAREI that we do have a member’s only message board for the posting of houses for sale where you can share complete details and it is emailed out to all the members. Replying to the random post on our blog site, may or may not get read. We also have a property posting tool for members only that allows a complete listing of the property to be posted, that is further sent out to our facebook, linked in and google plus pages, plus emailed out in our e updates and put in our monthly newsletter. So a post in our member section gets your property in front of about 4000 people – now we all know that 4000 people probably will not see it, a much smaller fraction at about 200 or so. But 200 investors for an investment property can help sell houses.

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