Dave Lindahl - Sponsor Guarantee

Sammamish, WA · Member since 2018 · 8 posts · 4 votes

Hello, has anyone had success with Dave Lindahl's sponsorship program that guarantees a sponsor for 12mos ? I going to jump into the program. I'd love to hear your experience, good or bad. It appears the reward out ways the risk for someone who gets after it and finds the deals that pencil out. Please let me know.

Best,

Chad

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Caleb Heimsoth

Rental Property Investor · Durham, NC · Member since 2016 · 7k+ posts · 7k+ votes

Yikes so many things not to like about this. So you pay someone 5k to find a deal for them? How about instead of doing that, you give me a hundred bucks and a pizza? Much cheaper and if you find a deal you can keep it. What a deal.

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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
8y
is it free or do you have to pay to be a bird dog.. ?
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Chad Cudworth
OP
Sammamish, WA · Member since 2018 · 8 posts · 4 votes
8y
Yep, they are charging $5k for 12mos. Deals must fit within ~8% cap, ~12% coc, 1.60 dcr.
0 Reply
Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
8y
just curious why would you pay them to do this.. as a broker you would make big money brokering these.
and on the west coast 8 cap is big huge pipe dream same with most of America
I heard a lot of good things about lindahl.. but I see this as a money grab.. charge you 5k then set the bar so high that it can rarely if ever for a beginner in this market be reached..
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Charlene McNamara
Rental Property Investor · Nevada City, CA · Member since 2017 · 74 posts · 70 votes
8y
I don't know anything about his program, but Michael Swan swears by his book. Maybe you can reach out to him.
0 Reply
Nick C.
Investor · Tampa, FL · Member since 2011 · 2k+ posts · 3k+ votes
8y
Soooo you pay him to find deals for him? Usually it's the other way around...
3 Reply
Chad Cudworth
OP
Sammamish, WA · Member since 2018 · 8 posts · 4 votes
8y
From what I understand, the sponsor program is supposed to get you access to PM investors that have the net worth and real estate resume to get financing for non-recourse agency loans. The deal would need to be syndicated with ~25-30% equity to managers (myself & sponsor) + the acquisition fee ~3-5%, the rest to limited partners (class B members). Of course the allocation of cashflow, equity, and acquisition fee I would adjust to produce a strong ROI or IRR to Limited Partners and Managers. The managers (myself & sponsor) would split the ~25-30% equity 50/50.
I'm hungry and getting out there to find the deals. Understandably the 8% cap is a serious challenge and I've found deals ~6.5-7% caps and yield ~18-19% IRR with 5yr holds, according to my "conservative" underwriting. Biggest hurtle on my end is sourcing private money, that's why this program is intriguing.
My background is FP&A and Operations and my strengths are the financials and tenacious at sourcing the deal. Weakness is sourcing private money.
Open to further advise or partnering with someone strong where I'm not.
1 Reply
Eric James
Investor · Malakoff, TX · Member since 2017 · 2k+ posts · 2k+ votes
8y
Just curious....are there stipulations on what markets these can be in, or property sizes?
0 Reply
Chad Cudworth
OP
Sammamish, WA · Member since 2018 · 8 posts · 4 votes
8y
Multifamily property size 50-250 units, emerging markets (Buyers II, Sellers I).
0 Reply
Grant Rothenburger
Investor · Taylor Mill, KY · Member since 2016 · 2k+ posts · 964 votes
8y
@Chad Cudworth If you find a deal, finding a sponsor or someone to syndicate and in turn bring you in on the GP side (for free) will be relatively easy compared to finding the deal.
1 Reply
Caleb Heimsoth
Rental Property Investor · Durham, NC · Member since 2016 · 7k+ posts · 7k+ votes
8y
Yikes so many things not to like about this. So you pay someone 5k to find a deal for them? How about instead of doing that, you give me a hundred bucks and a pizza? Much cheaper and if you find a deal you can keep it. What a deal.
6 Reply
Kurt Jones
Investor · Longwood, FL · Member since 2017 · 108 posts · 78 votes
8y
Went to one of his free seminars at a hotel one time. He's a good marketer... for himself. If you're a total noob and have very little understanding of the business, it's still an awfully expensive way to learn.
0 Reply
Lane Kawaoka
Rental Property Investor · Honolulu, HAWAII (HI) · Member since 2011 · 4k+ posts · 2k+ votes
8y
Chad Cudworth starting out you have to start somewhere. Mfh is different than sfh. You have to get into the club somehow.
2 Reply
Steeve Breton
Investor · Natick, MA · Member since 2013 · 108 posts · 69 votes
8y
@Chad Cudworth I'm not familiar with the program structure/cost. What do you get for the $5k? Will you have access to video training that covers multifamily & syndication soup to nuts? Does that include comprehensive deal analysis software/spreadsheet? Does it include periodic group coaching calls? Would you have access to a closed Facebook or Slack group where you can accelerate your learning, bounce deals off of fellow students & coaches, etc. If all of this is included then $5k is reasonable.
Michael Blank and Rod Khleif have similar programs but they do not guarantee a sponsor... which is of no concern. As @Grant Rothenburger and others have stated, if you find this rare bird of a deal, and you've been networking, you'll have no problem finding a sponsor to help you take it down. The main concern for a sponsor is that you have been properly trained, are ethical/principled, and have the strong work ethic needed to make the deal a success.
1 Reply
Omar Khan
Rental Property Investor · Dallas, TX · Member since 2017 · 1k+ posts · 1k+ votes
8y
@Chad Cudworth The bar is set unusually high. As @Jay Hinrichs has pointed out the game seems to be you pay them the money, fail to reach their "high" standards and lose your "investment".
I have a finance background - CFA, M&A, sell-side equity research - and I can tell you tenacity is severely overrated. You can be the most tenacious person in the world but if you keep bleeding cash nothing will save you.
You should also read the fine-print. We have many successful clubs in Dallas but there are strict stipulations on how deals are run once you raise money from these clubs. It doesn't mean it's a bad deal, just that it isn't as clean and simple.
I would pass if this is just $5k to give you access to their closed group of investors. You will be disappointed. But if this includes coaching calls, education on underwriting principles (please, don't rely on guru/mentor spreadsheets - they are too generic, simplistic and entry-level), post-deal analysis including managing renovation projects and financial reporting - then it could be a good deal.
5 Reply
Ivan BarrattBusiness Member
Investor · Indianapolis, IN · Member since 2015 · 764 posts · 953 votes
8y
@Chad Cudworth As @Jay Hinrichs mentions; in most markets right now an 8 "going in" cap and a 12 CoC year 1 will get you a deal in the hood. My advice: stay out of the hood. C+ to B+ Assets are trading in the high 6's to low 7's if there in well located MSA's.
On that note @Lane Kawaoka is correct. You need to find a way to break into the game. 5k IMO is a small investment if you get a well heeled co-sponsor that will invest some $$ as well.
I personally met a few of Dave's "Sponsors" at his last UP event. I think the biggest fish only had a net worth of 5 million. That's not bad but not great either.
Go to UP in September and meet his "sharks" and you can probably work with them directly to make deals happen. Dave has great education and most of the meat can be found on e-bay cheaply. Take coaching programs with a grain of salt. I love coaches but work hard up front to make sure you'll get value.
All the best man!
1 Reply
Chris Tracy
Specialist · Plainville, CT · Member since 2015 · 478 posts · 389 votes
8y
@Chad Cudworth- First off, good luck finding an 8 cap in 2018. Secondly, save your money and just go to all the guru events and network- starting with @Brad Sumrok's events. There will be 400+ high net worth people there (like shooting fish in a barrel). Then go to Dave L's event in Sept- there will probably be even more people there that you can partner with. If you use that $5k for hotel, airfare and admission to events, you will have YOUR OWN database of potential sponsors and investors with more private money than you'll know what to do with. Seriously. Not to mention all the people on this forum that you could reach out to that have the ability to sponsor a deal for you!
Need to "break into the game"? Simple fix= bring value to people that are succeeding at what you want to do and it doesn't always need to be money. Right?
3 Reply
Robert LindsleyPro Member
Real Estate Investor · Orlando, FL · Member since 2016 · 185 posts · 53 votes
8y
Hey there!
I went to one of Dave Lindahl’s events a few years ago. They were asking for $1,500 for a binder of document templates and a CD of his motivational speeches. Where I found interesting about the program was they were promising access to their private lender network, which I really needed at the time. I don’t remember the exact terms of the private lending deal, but after the math is figured out I would get about $100 per door if I didn’t put any money down.
Once I signed up, I got a call from a point person and she started asking me “how committed am I financially to the Dave Lindahl program” and “how much would I be willing to spend for education and mentoring?” I got such a sales pitch that made me so uncomfortable, I immediately canceled everything and got my $1,500 back.
I imagine this program is good for some people, but it wasn’t for me. Now that I have a couple of MF buildings under my belt I’m confident when I get the right deal I can find my own private money on my terms.
Good luck!
Robert.
2 Reply
Catherine Coy
Huntington Beach, CA · Member since 2012 · 73 posts · 57 votes
7y
I’m sitting at this moment in a Dave Lindahl 3-day workshop. I’m the guest of a paying attendee, so it’s not costing me anything to pick up some tips. The whole shootin’ match—coaching, access to PM, sponsorship if you find a deal, etc—now costs $38,995—today only, of course.
2 Reply
Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
7y
Originally posted by @Catherine Coy:

I’m sitting at this moment in a Dave Lindahl 3-day workshop. I’m the guest of a paying attendee, so it’s not costing me anything to pick up some tips. The whole shootin’ match—coaching, access to PM, sponsorship if you find a deal, etc—now costs $38,995—today only, of course.
I think most will realize its painfully obvious the money in real estate is charging for training.
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1 Reply
Catherine Coy
Huntington Beach, CA · Member since 2012 · 73 posts · 57 votes
7y
The speaker--Dave Lindahl himself no longer conducts the boot camps--said that each of the coaches--that is, the people who run around setting up the room, interviewing potential students, etc.--"are all multi-millionaires." I find this hard to believe. If you were a multi-millionaire real estate investor, would you travel around the country shlepping workbooks, checking the sound system and making sure the candy dish is filled?
2 Reply
Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
7y
Originally posted by @Catherine Coy:

The speaker--Dave Lindahl himself no longer conducts the boot camps--said that each of the coaches--that is, the people who run around setting up the room, interviewing potential students, etc.--"are all multi-millionaires." I find this hard to believe. If you were a multi-millionaire real estate investor, would you travel around the country shlepping workbooks, checking the sound system and making sure the candy dish is filled?
news flash most of them are actors at least the set up ones are.. Once you get to the training or 3 or 5 day event those will be farther along but I am in your camp. I know many that do this they make good money doing it hundreds of thousands a year.. as a peice of the pie for the main guru.. and maybe some are retired and looking for something to do.. who knows..
every single training company that has feeder events then main event is pretty much run the exact same way.. its MLM for real estate get the masses in sell sell sell. but to be fair some people paying for these get a benefit.. its just not every one in a room of 300 investors that paid to be there is going to go out and kill it.. there is not enough property in america to buy if every single student of each genre IE wholesaling flipping notes foreclosures tax deeds you name it.. there simply is not enough real estate to go around..
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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
7y
@Catherine Coy however to be fair and balanced like Fox news I did have one client that has done very well and he credits his Lindal course.. but that was years ago.
Also i have funded literately hundreds of deals for guru students.. One just has to realize what it is.. and that you simply cant sit through a course for 3 days and sprinkle water on it and then be making 100k a month flipping houses.
in theory you can but most dont do the math and or understand the capital needs..
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2 Reply
Bryan Ayres
Rental Property Investor · Phoenix, AZ · Member since 2017 · 7 posts · 5 votes
7y
@Catherine Coy you would be surprised at the number of employees that also own and invest in apartment complexes (of course not everyone). Every one of us started somewhere with education and you can go faster with proper education, a mentor, and a sponsor. Yes you can do it yourself, but sometimes the opportunity cost and time lost trying to piece it together on your own is higher. All of the sponsors are former students that have gone thru the same training and made it in the industry with thousands of doors. It is their way of giving back for the opportunity and training they got from Dave's program. Plus there are a lot of GURU's out there that started with Dave's program.
@Chad Cudworth the main takeaway would be what are you looking to buy. We had a ton of experience fixing and flipping with single family homes but that did not mean anything to Fannie Mae when we purchased our first 68 unit apartment complex. We had a sponsor that had the experience, net worth, and liquidity to qualify for the non recourse loan and mentor us along the way. That is worth more than $5,000 in my opinion to jump from sfh to larger apartments. And Yes, you can still find properties that meet that criteria. Our property was a 10 Cap, 12.1% coc, and 2.1 DSCR in 2018 so they are still out there.
2 Reply
Beth Cooper
Developer · Atlanta, GA · Member since 2015 · 21 posts · 5 votes
6y
I just finished the 3-day bootcamp and have signed up for the mentoring that includes sponsorship, etc. Should I be concerned that the sponsorship is a red herring enticement? Comments appreciated!
0 Reply
Ashish Mike Angelo
Investor · Chandler, AZ · Member since 2018 · 25 posts · 8 votes
6y
@Catherine Coy how is it going? Any deals close?
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