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Should You Pay for an Expensive Real Estate Education Course? - YouTube
Channel: BiggerPockets
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No doubt you've seen expensive coaching
and training programs advertise on
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late-night television or internet banner
ads. Real estate guru is claiming to be
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able to teach you become filthy rich to
real estate investing. Is that real?
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Can you really learn from these guys?
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Well my name is Brandon Turner, the
author of the book on rental property
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investing. Today, I want to talk about the
Guru trap. So, let's get to it!
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Alright, so the first thing I want to
explain is how the industry works.
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It just kind of coaching and training.
Typically involves several layers like
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an onion as you peel them away the
education gets more and more spendy. So
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let me share the most common layers
you'll be able to recognize them in the
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future.
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First of all, the free class. You might
have come across an advertising on the
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radio or on television or in your local
newspaper or your favorite websites
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something like free real estate seminar
at a local hotel or conference center.
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The marketing teams behind these gurus spend
a ton of money to drive traffic to these
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free seminars hoping to pack the room
with "wanna be" real estate investors then
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they get him in there and step number
two comes the hype. In the seminars the
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real estate gurus create massive hype
around what real estate can do showing
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photos of their properties citing
impressive numbers and how much profit
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they make and telling how easy it really
is.
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They tell stories about past students
having massed fortunes from investing and
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he pushes all the right pane points about how
hard being broke is and you're not
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taking care of your family good enough
and you're missing out on luxuries in
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life then he pitches hard for you to attend the
weekend boot camp usually for a small
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but not that significant chunk of money
maybe two to three four five hundred
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dollars and then after the pitch
he'll encourage the attendees to
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run to the back of the room and sign up
quickly and many people do. Now, we get
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the step number three at the boot camp.
At the boot camp, the Guru goes into more
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details about what real estate can do
shares more numbers related to what is
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done and we'll probably spend this
amount of time showing you a high-level
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overview of the kind of investing that
he's counting as the best way to invest
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in real estate.
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They may even talk about numerous
different strategies people used to
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build wealth in real estate. Some gurus
are even known to spend a significant
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amount of time teaching those present
how to negotiate and as a test, they
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encourage their attendees to call their
credit card companies and get their
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credit card limits raised significantly.
However, the Guru's only goal is to get
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you to sign up to the next level
training which is typically $20,000- 50,000.
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More of an in-depth coaching program
with some live
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events may be built in. Now, I have no
doubt that many though not all of these
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real estate gurus have a good
information to share.
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I totally believe that. However, the
problem lies not so much in "what" as the
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"how". These people are expert marketers
and manipulators and they know how to
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touch all the right pane points and cause
your emotions to lead you to make an
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expensive purchase. Their pitch logically
makes a lot of sense because with just a
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twenty-five-thousand-dollar investment
in your future
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you'll be making much more than that
from real estate you'll learn everything.
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So what's 25,000 50,000 100,000 when
you'll be making millions of dollars
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investing in real estate
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So the problem in my opinion is two-fold.
First, I believe that the vast majority
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of those who attend these events will
never actually use the information
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presented and second, the information
people learn from those programs could
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easily be learned elsewhere for free
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such as on biggerpockets.com. So does
coaching work?
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Sure, for some people. I totally believe
that that said I believe anybody who can
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succeed because they took some expensive
guru training program could have also
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succeeded without that program.
In fact, it's not the program that
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makes you successful.
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It's you that make yourself successful.
Real estate programs offer education
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motivation and accountability which can
all be obtained for much lower cost than
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what the salesman is charging. Rather
than helping most people get ahead, these
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programs simply plunge many Americans
into further debt and despair when they
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end up spending their life savings and
maxing their credit cards on coaching
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for an activity which they ultimately
are not gonna be able to succeed at.
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That said, do programs like these have a place?
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Sure, I believe so. Successful coaching
has been demonstrated in almost every
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industry there is as far as getting
people motivated moving towards their
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goals. I have a lot of coaches
for different areas of my life. However,
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people who get the larger benefit from
coaching are the ones who have already
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found some success already in what
they're doing. They've proven themselves
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to be someone who take action, is a
self-starter, is willing to work hard and
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most importantly they have money to
spend on those coaches and it's not
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coming from a credit card. So, to
summarize should you pay for one of
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these courses or expensive coaching and
training programs may have a place but
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they're probably in my opinion not
appropriate for you investors.
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Real estate gurus have a
terrible reputation for taking gullible
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low-income people pitching them hard to
pay for overpriced training that they're
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not ready for that will only put them in
a worse situation in the end these gurus
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provide no more than an organized
version of what in interested
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individuals can already get on their
loan education accountability and
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motivation. Now, if you want to save your
money and get all these benefits get
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active in biggerpockets and use our
information for your next big investment.
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It's not gonna cost you anything.
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Now, before we get out of here i want to
ask you three small favors. Number one
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call your mom she hasn't heard from you
in forever
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Number two, could you click the thumbs up
sign on this video and let the world
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know that there's a little bit of value
here in this video number three
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do me a favor and share this video on
your facebook wall and save one of your
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family or friends from falling victim to
the hype behind a guru trap and with
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that let's get out of here for bigger
pockets . com
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my name is Brandon signing off
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