Every so often I like to mosey in to a motel and listen to those free 90- minute “Get Rich with Real Estate” pitches being offered by several so-called national education groups. A full page advertisement in the Sacramento newspaper said the founder had accepted a challenge to create 1000 new millionaires in the next twelve (12) months. The paper said you could do this with no money down, no experience and even if you had lousy credit. I fully expected my tenants might show up since most of them fit this description.

The seminar leader apparently had not read the full page million dollar challenge ad because he started right out telling all of us how we could earn three million dollars in the next 12 months. Naturally we’d need some specialized training, he said – then the lights went dim. Suddenly, by remote control, appeared giant color slides showing the state capital building and the projected housing appreciation numbers for the entire Sacramento area. I must admit, the numbers were quite impressive, but what really sold the deal was a smiling photo of our “Girlie-Man” Governor beneath this giant headline which read — “‘WE’RE BACK AND WE’RE NUMBER ONE”. Obviously I did learn something new since I hadn’t realized we’d been anywhere! Education, don’t get much better than this!

Being a fast learner, 15 minutes was all the education I needed! I ducked out just before the slide show started up again. I have never figured out how those folks operate so fast – but before I could even drive back to my hometown, only 160 miles away – there was already three separate messages waiting on my answering machine. They all said about the same thing. I could still attend a $7500 specialized training camp in El Paso, Texas, for only $4900 full price. It occurred to me – why do I need to go to El Paso to learn about buying California real estate? Worse yet, what would my Governor think!

One of the most powerful pieces of advice I can give any investor in the early stages (that means starting out) IS to, choose your teacher and/or mentor with the same due-diligence you would use in searching a heart surgeon for yourself or a family member. Folks often ask me — How can I find a good teacher when I’m just getting started? Exactly the same way you find a heart surgeon when you first start having chest pains. You start calling around, and you ask people. Make a list of the names you hear and keep cross-checking them with everyone you talk to. Certain names will begin to appear more often as you collect various opinions! You are searching for a teacher who invests in real estate – and is successful doing it. As one old man of Babylon instructed — If you would desire to know the truth about sheep, go directly to the herdsman. As for real estate investing, there can be no substitute for a successful investor teacher who does the same things he teaches.

Fixer Jay's Telephone Mentoring