How much Education is enough? - by Becky Sanders

One of the nicest things about this business is that you all have enough education to get started in this business and the RE investing business is very forgiving.

If you've been to a bootcamp and have read and used your manuals, you know enough to get started and nothing should be stopping you. However, I strongly believe that you should continuously "feed your brain" (as Ron would say) so that you can improve and expand. I guess it all comes to down to how dedicated you are.

Some of you already know this, but I first learned about this business through Carleton's Sheets course. I read it and watched the video tapes and did nothing. Next I attended a national convention and was introduced to Ron LeGrand. I bought all his courses and then later began attending his bootcamps. Over this period, I also bought several other gurus' courses, but it was SDI's bootcamps that really got my business going.

Cameron said at my first bootcamp that, statistically, the investors that come to SDI functions at least 3 times per year become successful in this business. I believe that's true. But adding to that, I believe that those who get involved locally with their REI associations will be even more successful. This is not only an indication of how dedicated you are, but it necessary for "feeding your brain" and expanding your invaluable network.

I'll just add here that I am not an employee of SDI and I am not paid to say these things. I am simply a student who's been around the block a few times. I look at things from this perspective. If you are a doctor, you spent 4 years of undergrad, 4 years of med school, 2 years of internship and 4 years of residency to become a doctor. A doctor makes between $50k and $1.5 million per year (depending on their specialty and whether they're in private practice). And don't forget, they're still slaves to their practice, job, and/or pager. The beauty of RE investing is you don't need all those years and expense of education, and you'll eventually be a slave to nothing except your spouse and kids. But you already know this.

You also know that you need to continue your education in order to expedite and grow your business. But you don't need all that to get started. The best education is in the doing. Go out and find your properties, advertise, network, make offers, hire professionals to help you with the things you can't do yourself. You'll make mistakes, yes, but this is the best education you can get. Doing these things will get you out of your comfort zone and make it easier. Furthermore, if you follow the techniques and formulas you learned at the bootcamp(s), then your mistakes and the impact of your mistakes will be minimized.

Remember how you felt when you were on your way home from the bootcamp? The excitement and exhilaration! These things fade if you don't keep feeding your brain. Listen to tapes as often as you can. Reread your manuals to enforce what you've learned. Make friends with other motivated investors so that you have someone to boost your motivation and confidence, not to mention to do business with. Continue to go to bootcamps, conventions, and local events to expand your knowledge, boost your psyche, and make new friends.

I also recommend that you learn a little about bookkeeping (even if you have a good CPA) and use a software program (such as Quick Books or Quicken). You also need to master using a financial calculator. If you don't know how to use a financial calculator, you really should buy Cameron's course. This will be essential to you in number crunching during your negotiations. This will be particularly critical when you're negotiating owner financing, discounting a mortgage, buying or selling notes, etc.

I hope you've already set goals for yourself with regard to your business, but you should also set goals for your education. What are you doing this week? I spend an average of 3 hours a day on my business (talking to sellers and buyers, contractors, arranging financing, taking care of my advertising, and doing paperwork). I spend about an hour per day networking with others over the phone, on this board, and by e-mail. Then I spend about 2 hours a week reading, another few hours listening to tapes, and I open up my manuals a couple times a month. I've been to 3 bootcamps this year and will also next year. I go to my local REIA meetings nearly every month and I also attend my state REIA convention once a year.

You don't need to do exactly what I do - we all have different time and money constraints; but you can and should be doing something. If you put your goals on paper, you're more likely to reach them. So write down what fits your needs and is acquirable. In fact, write down goals that are a little beyond what you think you can do. Ask yourself if you are doing the things that will help your business grow and succeed.