Skip to content
Multi-Family and Apartment Investing

User Stats

19
Posts
9
Votes
Mike Garofalo
Pro Member
  • Rental Property Investor
  • Long Island, NY
9
Votes |
19
Posts

Multi family paid mentoring groups?

Mike Garofalo
Pro Member
  • Rental Property Investor
  • Long Island, NY
Posted Jun 1 2023, 18:55

Hey everyone, 

I’m interested in investing in a multi family apartment complex out of state such as Florida possibly.  I’ve come across some investment groups that state they have investors in it and teach you along the way and have a cost to join.  Grant cardone has his for a very expensive price (not interested in this way too expensive).  There are other groups that promote the same type of groups also for a high cost of entry, but a fraction of what GC asks.  I sat in on one of the zoom meetings and I thought it was very good.  Just wondering what people in this group think of possibly joining one of these groups or just looking to find information on this type of investing in a local Real Estate Group locally  for free?

TIA for any help

-Mike

User Stats

4,191
Posts
4,074
Votes
Mike Hern
Pro Member
  • Investor
  • Scottsdale Austin Tuktoyaktuk
4,074
Votes |
4,191
Posts
Mike Hern
Pro Member
  • Investor
  • Scottsdale Austin Tuktoyaktuk
Replied Jun 1 2023, 22:02
Quote from @Mike Garofalo:

Hey everyone, 

I’m interested in investing in a multi family apartment complex out of state such as Florida possibly.  I’ve come across some investment groups that state they have investors in it and teach you along the way and have a cost to join.  Grant cardone has his for a very expensive price (not interested in this way too expensive).  There are other groups that promote the same type of groups also for a high cost of entry, but a fraction of what GC asks.  I sat in on one of the zoom meetings and I thought it was very good.  Just wondering what people in this group think of possibly joining one of these groups or just looking to find information on this type of investing in a local Real Estate Group locally  for free?

TIA for any help

-Mike

The value in joining an expensive group is to become friends with people who have money and want to invest. To learn to think like they do. There's no guarantee that is what you will find, but some people do find that in some groups. 

The information is readily available outside of those groups, so if you are seeking information only, it doesn't make sense to join the expensive group. Some people need someone to hold them accountable, if that is what you are looking for join a REIA and make some friends.

User Stats

643
Posts
1,123
Votes
Arn Cenedella
Pro Member
  • Rental Property Investor
  • Greenville, SC
1,123
Votes |
643
Posts
Arn Cenedella
Pro Member
  • Rental Property Investor
  • Greenville, SC
Replied Jun 2 2023, 04:23

@Mike Garofalo

Joining a MF mentor group is a good idea. 
Of course you need to put in the work to make the group work for you. There’s no “secret sauce”. It’s all about networking and finding the right partners. Joining a group will help with this. 

Most mentor programs are expensive figure $10,000 to $20,000 minimum so you need to be committed. 

My other suggestion would be to take the time to find the right group for YOU. 

What’s your vision moving forward? What markets do you want to work in? Are you going after $3M mom and pop properties or $50M trophy properties? Are you wanting to be a lead operator or focus on capital raise?

Each group is different you should try to find the one that fits for you. 

I would encourage you to attend some conferences to get a first hand feel for these groups. 

Best Ever

MFINCON

Deal Maker Live

Brad Sunrock

Jake and Gino

And countless others. 

These conference typically run $500 to $1000. Go to three or four of them and check them out. 

See who you connect with. 

Good luck. 

Host Financial  logo
Host Financial
|
Sponsored
15% Down DSCR Loans 80% Cash Outs Mention BPFORUM500 at Quoting to Wave $500 Processing Fee

User Stats

342
Posts
234
Votes
Justin Moy
  • Investor
  • Kansas City, MO
234
Votes |
342
Posts
Justin Moy
  • Investor
  • Kansas City, MO
Replied Jun 2 2023, 05:10

I'd recommend joining a paid group. You can accomplish the same goals with free groups and education but the paid ones will introduce you to more serious investors right away with their high financial barriers. There is also more structure and accountability to see you succeed.

User Stats

175
Posts
111
Votes
Senate Eskridge
Pro Member
  • Investor
  • Twin Falls, ID
111
Votes |
175
Posts
Senate Eskridge
Pro Member
  • Investor
  • Twin Falls, ID
Replied Jun 2 2023, 07:57

@Mike Garofalo First a disclaimer I am a BIG fan of mentorship groups.. With that said.

I do not believe you need to join a group just to invest in deals out of state. If you want to be a passive investor there are a ton of free resources out there for you to learn from. 

If you want to be an active investor and buy your own deals I would absolutely recommend you find a mentorship to join. There are some really good ones out there but before you choose one it's important to define your goals, values and time commitment. I have researched all of the groups out there and would be happy to visit with you and give you a recommendation.

User Stats

19
Posts
9
Votes
Mike Garofalo
Pro Member
  • Rental Property Investor
  • Long Island, NY
9
Votes |
19
Posts
Mike Garofalo
Pro Member
  • Rental Property Investor
  • Long Island, NY
Replied Jun 2 2023, 09:21
Quote from @Mike Hern:
Quote from @Mike Garofalo:

Hey everyone, 

I’m interested in investing in a multi family apartment complex out of state such as Florida possibly.  I’ve come across some investment groups that state they have investors in it and teach you along the way and have a cost to join.  Grant cardone has his for a very expensive price (not interested in this way too expensive).  There are other groups that promote the same type of groups also for a high cost of entry, but a fraction of what GC asks.  I sat in on one of the zoom meetings and I thought it was very good.  Just wondering what people in this group think of possibly joining one of these groups or just looking to find information on this type of investing in a local Real Estate Group locally  for free?

TIA for any help

-Mike

The value in joining an expensive group is to become friends with people who have money and want to invest. To learn to think like they do. There's no guarantee that is what you will find, but some people do find that in some groups. 

The information is readily available outside of those groups, so if you are seeking information only, it doesn't make sense to join the expensive group. Some people need someone to hold them accountable, if that is what you are looking for join a REIA and make some friends.


 Thanks Mike I plan on finally attending the local groups the next time they meet, appreciate the input.

User Stats

1,221
Posts
687
Votes
Jeffrey Donis
  • Investor
  • Durham, NC
687
Votes |
1,221
Posts
Jeffrey Donis
  • Investor
  • Durham, NC
Replied Jun 3 2023, 11:54

Hey @Mike Garofalo! Joining a group is a good idea, depending on the size of the apartment complex you're looking to buy. While some of these may be expensive, it's really just an investment. With smaller multifamily deals, you might be able to win it by going direct to seller or even through a realtor/broker if you can leverage any experience you've got doing smaller rentals or investing in the single family space. When it comes to larger multifamily, a majority of transactions (over 90%) are done through a broker (as mentioned in Beau Beery's book, Multifamily Investors Who Dominate). These brokers and the sellers they represent want assurance of close. If you've never done a deal of that size, it can be hard to get them to take you seriously. This happened with my brothers and I. It wasn't until my brothers and I joined a mentorship program where we leveraged our mentor's track record and experience in order to partner with him on deals and submit LOIs alongside him. This is how we were able to get our first LOI accepted on a 100+ unit apartment complex, and eventually went on to win it!

So yes, these groups can be expensive. And some are better than others, so it's important to do your own due diligence. Find out what the relationship will be with your mentor, whether they partner with students, what kind of deals they do, etc. My brothers and I identified what we were looking for, and decided Think Multifamily was a good fit for us. But it might not be for you, and you might find that another group is more aligned with your goals. Either way, ask around and interview other students, and as long as you utilize the resources offered through the group, don't see the membership fee as a cost - but as an investment in your career as a multifamily investor!

Best of luck!

User Stats

19
Posts
9
Votes
Mike Garofalo
Pro Member
  • Rental Property Investor
  • Long Island, NY
9
Votes |
19
Posts
Mike Garofalo
Pro Member
  • Rental Property Investor
  • Long Island, NY
Replied Jun 3 2023, 13:06

Thanks for the advice Jeff!