I am looking for some advise please

18 Replies

Matt Jones - 

Agreed, my BIGGEST fear is needing someone to hold my hand and lead me to my first deal. I am 9+ years in 'trying' this thing out and I am just not where to go when I run into this or run it to that.

Thank you for your honest feedback.

@Brian Trickett , there's lots of previous threads about Phil and his "program/s" going back many years here on BP. (He likes to say that he's not a guru, but...)

There are many "gurus" who lure folk in with the promise of 100% transactional lending of wholesale deals (if vetted and approved by them). The issue many here at BP have with this marketing ploy is that regardless of whether any deals are subsequently found, there is significant coaching/training/education fees, upfront!

Brian, I reckon your "skin in the game" should really be the deposit you've saved (over the last 9+ years) to directly buy property that you want to invest in!

Why would you want to "sell" any fantastic deals you find, to other investors?

Yes, I know that Phil has a program whereby he recommends getting properties under contract at cheap wholesale prices, and simply list them on the MLS and sell your "vested interest" to retail Buyers. [He's said as much on BP. Look it up]. But because Phil knows that if anything is done incorrectly along the way, you could get into a lot of trouble if accused of brokering Real Estate without a License, he justifies his 50/50 split of the many thousands of dollars profit that would otherwise be going to just you, by suggesting that he can give you the secret sauce that will allow you to not break those brokering rules.

But I agree with Matt Jones' point. [Here's an idea: Why not just get your RE License?] My 2c...

@Brent  Coombs, 

Good stuff and thanks a million! Are you an active investor? If so, what is your model? How many deals have you done in the last 5 years? I know that Phil takes your money up front and that is the tough part, but if he teaches me and leads me to my first profitable deal EVER, why wouldn't that be worth some money?

Regarding getting into a lot of trouble for brokering real estate with a license, I am a bit confused about that statement - can you shed some more light on it please? I thought that is what investors did, buy, fix and flip houses.

Thanks again Brent!

Brian,

If you are in the philly or pittsburgh area -- i dont mind working with u and hand holding.  No one taught me but i have been burned and bruised enough that i am better investor atleast thats what i hope. So if ur in those areas let me know.

Cheers

Amit

Originally posted by @Brian Trickett :

@Brent  Coombs, 

Good stuff and thanks a million! Are you an active investor? If so, what is your model? How many deals have you done in the last 5 years? I know that Phil takes your money up front and that is the tough part, but if he teaches me and leads me to my first profitable deal EVER, why wouldn't that be worth some money?

Regarding getting into a lot of trouble for brokering real estate with a license, I am a bit confused about that statement - can you shed some more light on it please? I thought that is what investors did, buy, fix and flip houses.

Thanks again Brent!

That was "brokering real estate without a license". But if all you want to do is "buy, fix and flip houses", why do you fear that you might need Phil for that? I assumed, perhaps mistakenly, that you were tempted by his "promise" of 100% funding? [If I'm wrong in suggesting that he only funds very short term intermediary "transactional" loans, then I apologize to him]. Or is it that you think he might find the actual deals for you (of which, I am unaware of such a boast)? 

What is so complex about buying property? What is his bait that you're considering biting?...

[I'm not actively investing at this time. But, I like buying fixer uppers for less than land value!]

Brent -

I appreciate all that you are stating and I am a bit skeptical myself. If you are not investing, then what are you doing buying 'fixer uppers' then? Have you ever been mentored for any reason?

I beleive a mentor is, at times required. In business and other things a mentor will assist in helping overcome obstacles and cut down on costly mistakes as well, at least that is my belief. 

Again, thanks for your feedback, it is greatly appreciated!

PS - I flipped a few properties in your neck of the woods (Warrenville Heights and Shaker Heights)

Best, Brian ~

@Brian Trickett , my first primary, and my first investment property, were both bought for less than land value. My current property was bought for a little more than land value at the time, but 14 years later, the same land would cost nearly three times what we paid, and the "free" 4 bedroom 3000 sq ft home is still a bonus, even though it could still use some more "fixing up". [Spoiler alert: it's not in Cleveland/Ohio, but I am interested to invest there - in future. I'm surprised your profile doesn't indicate where you live / want to invest].

My question is: have you bought your primary yet (and have borrowable equity)? Cheers...

Brent -

I live in a small town about 40 miles northwest of Boston (yup a Celtics fan). I have purchased my primary a few times and yes I have plenty of equity which I will not use to invest with, it's a rule my wife and I agreed upon many years ago. you still haven't addressed my questions regarding a mentor.

@Brian Trickett I think it's a good idea to hire a coach or mentor to help you accelerate your business growth and potential. You must make sure the coach actually does what you are trying to achieve. I'm not recommending Phil or his program because I know nothing about him. Do your homework and speak with references in the program to understand what you'll get before you join.

They way I think about it is: Tiger Woods is one of the best golfer in the world and he has many coaches to help his game. You can be successful alone but if you have others help you, you will go further faster. Good luck!

@Danny Randazzo Thanks for your honest feedback, I appreciate your 'due diligence' advice! It is a fair amount of dough to get on his program form $10 to $25K depending on what level you enter at but his promise is to mentor me until I reach $250K in profits. Even if I enter at the HIGH level, my initial investment is only 10%, that a pretty good ROI, I think.

Tiger Woods or any professional has a good coaching system behind them.

Thanks again Danny, Brian!

PS - Do you live and invest in Charleston?

@Brian Trickett , you wrote "if he teaches me and leads me to my first profitable deal EVER", but, that's a big "if"! [Basically, I reckon programs like this just want people like you to be their bird dogs. In his case, he gets two bites at the cherry! One, for his "mentorship" fees, and two, for passive (largely-unearned) reselling property for profit!] 

ie. To the best of my knowledge, he doesn't "lead you" to specific deals, but supposedly teaches you how to find them (for a significant upfront fee)? But that sort of information is free, all over the internet, and especially here on BP. My understanding is that the mentorship information that you'd be paying for is largely generic, but maybe tailored a bit for individual state laws.

My comments are not based on actual experience from any "apprentice course", but mostly from the cautionary tales I've read on many different threads here on BP.  And, common sense.

Please tell me you have at least looked up some of those other relevant threads. Good luck...

Brian, take that 25K and buy a property.  You will learn tons by doing.  Tons.....even tons of tons.

Look at it this way:

You can give the 25K to whats-his-name with a possibility he will give you what he promises.  In my past life in the guru business (as you well know) I found they rarely delivered anything close to what they implied or even promised. If you give him your 25K, you could end up with knowledge and you will definitely be out 25K.

If you buy a property, you will definitely end up with knowledge and you might even keep the equity and even make more.  Or you might lose the 25K but definitely, not possibly, end up with knowledge.  

Either way, you could lose your 25K.  But which outcome sounds better to you?

@Ann Bellamy - As always, I really appreciate your feedback and take it to heart! I've been reading a third party review about 'what's his name' and all the reviews are great, except for one. The price point is not $25K, it is $10K to $25K and at the $10K level, there is enough 'hand holding' on deals that it is well worth the money (in my eyes and several other students). He works with you until you reach $250K in profits and also refunds the original up front money. 

I am not 100% on board yet,  I have more research to do. 

PS - As you know, I've been looking for a mentor for 10 years and no one out here (at REI meetings, the internet etc.) will hold your hand, fund the deal and be there to work directly with you. I feel this is a way for me to FINALLY get a nudge in the right direction.

Thanks again, Brian

Originally posted by @Brian Trickett :

@Brent Coombs, not all of us are perfect like you I guess. Thanks for all of your negative feedback and ZERO helping hand!

 That's my way of positively suggesting that you don't need a $10k-25k "helping hand" invoice...

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