In this penultimate part of the series I discuss Real Estate Investment Workshops. For once, this post does not start in Hong Kong, but in my native land of England. When I was self-employed I had the opportunity to attend workshops and seminars, and over the years I went to a couple of Real Estate Investment Workshops. Both were an experience I will never forget, and neither enticed me to part with my money!
In the first workshop, I was struck by how young all three of the presenters were – all in their twenties. Although their presentations were very polished, it quickly became obvious that there was quite a lot of information that was not being delivered. I think the most memorable part of the seminar was when they encouraged people to get a mortgage on a high-interest credit card. Over the years, I have had plenty of credit cards, but a high-interest credit card, and for something as colossal as a mortgage?!? Needless to say, I was not impressed.
A few years later I attended a 3-day event which included numerous presentations about making money online. Strange as it may seem, one presenter was indeed talking about Real Estate Investment. How is this related to making money online? Again, I was struck by the speakers attitude towards risk, debt and how everything was being done on the cheap. MDU’s (Multi-Dwelling Units) seemed to be his favourite, and I certainly wouldn’t want to end up as a tenant in any of his properties…
Whilst there is obviously money to be made in Real Estate, (probably not so much at the moment though), it seems to me that there is also a huge amount of risk. Racking up huge credit card bills and hoping that your tenants do not bail on you or trash the place would give me insomnia for at least one lifetime, if not more!
I was quite surprised that none of the speakers I have listened to ever encouraged people to do the work themselves. That would be the part I would quite enjoy – doing up a place and turning it into something nice. However, these presenters seemed focussed on buying multiple properties all at once, leveraging their credit to the hilt, and getting tenants in there as quickly as possible. All I can say is: not for me!
Have you had any experience in Real Estate Investing? If so, please leave a comment in the box below.