Join now or save for down payment?

[stevegwhite]

I`m a bit torn on how I should proceed over the next few months.

I`m completely sold on the idea of joining REIN for long term success and am eager to meet fellow investors, but I`m having a bit of trouble justifying the cost to join right now.

I`m wondering if members could provide some advice. I`ve read the 97 Tips and am half of Real Estate Investing and am getting a good grasp of the concepts. I`ve actually had an area in mind and have run the numbers several times and the Cash Flow Zone is actually between 17-24% and after some tests I`ve run I know I can get 100% tenancy on at least two houses. Seasonal ownership is important because it will be a student rental.

I`ve also recently purchased my first family home earlier this year and my savings are beginning to recover.

With this in mind, do members suggest I use the system and knowledge I have now to save as much as possible for the down payment and purchase the first house to begin generating cash flow and then join REIN? Or, are there enough benefits that I should invest a major portion of my first income property down payment to join first? The risk of joining first is that I may miss purchasing in early summer and will not have enough of a down payment/closing/staying power fund/etc. In which case I`d need to probably wait another year before purchasing.

Thanks in advance,
Steve

 

[tonypeters]

Steve,

My name is Tony Peters and I am a veteran (almost 10 year) REIN member. I would encourage you to join REIN before you start investing in real estate. Please click on my profile and read what I have to say, as I am positive this will help you with your decision.

QUOTE (stevegwhite @ Sep 3 2009, 11:25 AM) I`m a bit torn on how I should proceed over the next few months.

I`m completely sold on the idea of joining REIN for long term success and am eager to meet fellow investors, but I`m having a bit of trouble justifying the cost to join right now.

I`m wondering if members could provide some advice. I`ve read the 97 Tips and am half of Real Estate Investing and am getting a good grasp of the concepts. I`ve actually had an area in mind and have run the numbers several times and the Cash Flow Zone is actually between 17-24% and after some tests I`ve run I know I can get 100% tenancy on at least two houses. Seasonal ownership is important because it will be a student rental.

I`ve also recently purchased my first family home earlier this year and my savings are beginning to recover.

With this in mind, do members suggest I use the system and knowledge I have now to save as much as possible for the down payment and purchase the first house to begin generating cash flow and then join REIN? Or, are there enough benefits that I should invest a major portion of my first income property down payment to join first? The risk of joining first is that I may miss purchasing in early summer and will not have enough of a down payment/closing/staying power fund/etc. In which case I`d need to probably wait another year before purchasing.

Thanks in advance,
Steve

 

[markl]

Hi Steve,

If you join now you will be ready and have the expertise when the down payment money comes. Or you will gain knowledge and you will find the money will find you. In any case getting educated will be the best thing you can do for yourself.

Regards,

 

[invst4profit]

On the other hand if you feel comfortable with the knowledge you have now you could move forward with your first purchase and wait to join REIN when you feel you are ready to move to the next level....JVs.

What province are you in? If you are in Ontario students pay for the full year.

 

[Thomas Beyer]

For success in real estate you need:

a) knowledge

b) a team

c) access to money

d) a system to help filter locations and properties

e) a system or team members to impeccably manage the assets once you own them



Money is needed, and should initially come from your own jeans to build credibility and a track record .. but in time can be provided by partners !



REIN helps you with a) to e) .. so obviously save money but also work on a) to e) .. and REIN will help boost that space by a factor of 4 to 10 .. depending on your involvement ..



related decent read: http://myreinspace.com/public_forums1/General_Discussion/61-3347-5_ways_to_make_money.html

 

[gwasser]

Rather than join REIN now, you could also attend REIN`s ACRE program instead. You will learn a lot about real estate. It is a one time expense and only when you feel confident that you can afford the membership join REIN.

Price: $587.00

ACRE System Live
From the author of Canada`s #1 all-time best-selling Real Estate books and Canada`s most successful Real Estate Investing System, the A.C.R.E.™ Program is coming to Calgary, AB, on November 7th and 8th. This is the 17th annual conference and it sells out each and every year. We do not sell Real Estate so we are brutally honest with our research. You get the unbiased truth about the market and what the future holds for Canadian Real Estate…


I do strongly suggest that before making a move, study as much as you can and then... take action. You never will know everything, but you should know enough. From personal experience: after ACRE System Live, I am confident you`ll have the tools to plan and execute your first real estate investment.

Hope this helps.

 

[owalters]

Hi, I am in the similar boat? I too have read the book Real Estate Investing in Canada, have very little cash and very weak credit and can`t decide whether to continue to work on paying down my debt or spend quite a bit of it on a membership which will make it take longer to get out of debt.

 

[LifesMoneyPeople]

I am also in this position I have read all 3 books and many others

I have debt but also some savings now my problem is choosing between joining up or get my first place

Other things to factor in is if I join I wont be able to make a meeting because it is 10+hrs drive to be in one even though I will have more access on the forums

Also I dont have the backing like some others on forums have like OPM I dont have rich parents, uncles etc I hope to start my journey when I am young and transfer my knowledge to my close family that is willing to learn to help spread the wealth and help all my close family

Chris

 

[jseib]

I just joined a few days ago so I can`t yet say this has been worth the investment but I can say compared to other training programs this community is far more active and full of people who actually know what they are talking about.

Which is one of the good things about the cost, not to many people are willing to pay $200/month to just give opinion so I don`t believe we have many armchair landlords.

Ultimately the cost isn`t really going to impede your ability to make a purchase and if it does then I can only more strongly suggest the membership because that means your financial resources will be stretched when buying so you need to make the right purchase and learn how to manage it from the get go.