Launch Pad Direction…
For around 18 months, I have been conducting individual, couple and group Launch Pad sessions. If you are unfamiliar with Launch Pad, it is a thorough process designed for new investors to put a workable, realistic plan in place to reach their real estate investing goals. After each session I reflect on what transpired and the outcome of the viability of the plan for that unique investor. If the testimonials are an indicator, we are really hitting the mark for virtually everyone.
What has truly amazed me is not once has anyone come into their Launch Pad session with a basic understanding of how real estate investing works and how investing leverages certain items to reach exceptional results when implemented correctly.
I have said many times and I have heard others say it as well, “Anyone can be successful investing in real estate, but not everyone will.” The fact that fundamental financial education is not taught to us in school tends to favor those who become fortunate enough to learn it from someone else. Maybe a parent, but not if they never learned it. Maybe in their job, but doubtful unless they are in some sort of financial position. Maybe from a friend, but again, unlikely as friends don’t tend to educate each other on financial matters. So, most people never get it.
So, without the basics many people find themselves in financial stress because they never knew how to avoid the stress in the first place or how to get out of it. At some point in time many are led to real estate investing. While I don’t know for sure, it is very possible that late night infomercials are responsible for peeking an interest in some for real estate investing. Or, maybe a radio commercial for a “free weekend seminar” to follow an easy step program to success in real estate. Maybe someone recognized how well a friend is doing financially and knows they are a real estate investor. Or, I hope, an AZREIA members suggests they attend a meeting. Or, some other reason.
Being introduced to real estate investing is one thing. It is entirely a different matter making it work for you to accomplish what you need. For me, one thing is certain especially for people new to investing. They need a plan. More than that, they need a plan that is specific to them and their needs. They need a plan that fits their current life, the hours they have available and the resources they bring. They need guidance that only a well thought out plan can provide. Also, as part of the planning process, they need an understanding of the basic financial working of real estate investing. In almost every Launch Pad session there is a moment when the “light blub come on”. This is usually when I have stopped the session and given a quick lesson on how real estate investing works and they see how it can work in their life in their unique situation.
I believe Launch Pad is the best available process for that type of plan development at the current time. I am, with the help of the AZREIA team, hard at work trying to find a way to implement much of the Launch Pad process online to reduce the time of a session and to lessen to cost. I believe this will make it available to most everyone that wants to participate and thereby giving their investing a great opportunity for success.
It is a difficult task. Currently, Launch Pad take around four hours to complete, comes at a cost of $100 – $250 and requires a deep dive into the person’s life. Providing the benefits of a live “counselor” to an online process, may prove to be too much. We’ll see. For the time being, we are actively working on the components that can more readily be converted to an online delivery platform. At least in this way, we can begin to help others get started.