Multifamily Investing Coaching
Member since 2018 · 2 posts · 0 votes
I'm looking for a recommendations from people that have received coaching for investing in multifamily apartments. I know that there are coaching programs out there like Brad Sumrok and Michael Blank. I have looked into them. They are all really expensive but if it results in acquiring a large asset (or many), it is an investment I will gladly make. Please provide some reviews of coaching programs that you have been a part of.
Many Thanks.
@Brett Richardson I pay over 6 figures per year in self development. No lie! :)
I have a personal coach, biz coach, personal trainer, spiritual group for men and one for my wife and I together. I'm currently in 3 masterminds. Of all this only one mastermind is mfam related and it's the least expensive one. The rest are focused on personal growth and development as well as scaling a true B quadrant (see RDPD cash flow quadrant) business.
Could I "do it" without all this? Sure. However; the tools above get me there faster. Wisdom is learning from others' experiences/mistakes.
Real estate education is relatively simple. Mindset, daily discipline, refusal to give up, and having the life (healthy marriage, kids and self) you want is much more difficult in practice and often requires a teachers. :)
Joe Fairless, Rod Khleif, Michael Blank (in no particular order). Look NO further for apt education. Before taking the dive though listen to a great apartment course/video/cd (if they still have those) 10 times. please don't skip this step! You may find your investment in education would be better spent on other areas where you need accountability for improvement. :)
All the best on your journey!
Ivan
@Brett Richardson check out
https://www.multifamilyfoundat...
They do a great job at a very reasonable price.
There are lots of options out there. I'm in Joe Fairless's program and it's going well. I've reached general partner status and am growing my syndication business every day.
I've heard the pitch from most programs, and a lot of them promise to do all the work for you. From what I've seen, none of them really do. Either way, you're going to have to commit and put in the work.
@Brett Richardson do your homework and talk to references before you commit to a program. Also find out how many deals the coach is doing a year to ensure they are an investor first and a coach second.
@Brett Richardson
I never had a coach but I’ve had several mentors who I worked for or partnered with. I taught myself to underwrite deals using Micheal Blanks Syndicated deal analyzer. Can’t beat it for $129. I don’t doubt that coaching is worth it to scale up quickly but might be good to do a lower cost options and buy a duplex or two at a minimum if you haven’t done so already. Make sure MF syndication is the route you want to go.
@Brett Richardson what has been your real estate experience so far?
@Danny Randazzo yes! There are so many programs out there who are run by folks who are coaches first and investors second.
@Brett Richardson I signed up for MB program and I received a ton of value from it. The biggest skill I acquired was underwriting. And joining into the deal makers mastermind made my skills super sharp on how to evaluate these deals understanding financials without even having a finance degree ...lol
I am a Brad Sumrok student, have been working with him since 2010. I am an "active" passive investor. As I've not been in all the various mentor/coach programs, I can't say the others aren't good. What I can say is that Brad's Network of students has allowed me to meet his many students both sponsors and passives and invest in many deals and make a lot of money. In the 50 deals, I have worked with about 100 sponsor and it's been their first deal for 20+ of them. As they are Brad trained, I have a "sleep at night" confidence.
As a passive investor getting a mentor is a cost/benefit decision: money for training, experience, access, and therefore speed. As a sponsor, it adds credibility. By the way, I knew nothing about RE when I started, owned my home.
The group, that is, sponsors in the group, did 50+ deals in 2018 and is trending toward 75+ this year.
The Sumrok network is welcoming and helpful. I like the camaraderie, folks help each other with issues that arise.
It is my anecdotal observation that in some groups, folks mostly invest with the main character, who gets rich(er) and the folks make some money. In Brad's group, he trains folks to become the rich dude and even the investors do well as the deal fees are reasonable. Mid-2018, there were 70+ millionaire sponsors. He didn't announce the millionaire passives.
Clearly, Brad is not a charity, he charges and has benefited from his vision!
Regards,
Charles LeMaire
@Brett Richardson I will start off by saying yes a mentor or coach will help you a lot but is certainly not for everyone. If you have time on your side and flexibility in your schedule I would suggest finding a local firm that you can intern or work for. This will teach you the business in a hands-on way that no coaching program will do. If you do choose the coaching or mentor route, keep in mind that 99% of the "gurus" that you will stumble across have been in the business only throughout this last upswing and haven't been through multiple market cycles. Those same "gurus" also make more in coaching than they do in real estate. They teach their students enough to be dangerous but not enough to do deals on their own so the student 9/10 times brings the deal back to the "guru" to help close it taking most of your deal you worked your tail off for. In short, they are creating bird dogs with their programs throughout the country.
I personally chose to seek after a firm that was doing deals but not offering a coaching program. I paid them for their time and had no problem doing it since they were not local to me so I couldn't exercise the option to try and work for them to learn the business.
If I could offer some thoughts.
There is a difference between coaching and training. Coaching presumes an on-going thing. Hand-holding type of a thing. You have to ask yourself - who's got the time to hold hands, and if your coach has that type of time, do you really want them...?
Training is a class/course, etc. I do training. It's a month-long course. It has a start date and an end date. I charge $10,000 and I only do it with a minimum of 10 people in the class. I will not do coaching, and here's why.
I've been trying to do another class for 4 months. I've not been able to schedule it. Just as I was almost ready, I went under contract on 164 units. That always takes priority. Then I tried again, and just as I was about to announce the class, I went under contract on 94 units. I am closing this one in a month, and I'll try again.
But, I don't need the money bad enough to do it with 3 people in the class, thus the minimum attendance. And, I sure as hell won't agree to any arrangement whereby I owe someone my time on a prolonged basis.
I could do what Sumrock does and have someone else do the teaching, but I think that's wrong. I do the teaching.
There is a start date and an end date. I teach you what you need to know. The rest is on you.
@Brett Richardson I can certainly give you some insight. We believe in mentorship and have no problem paying for it if our expectations are met and the group or guru follows through with what we were promised and paid for. One group did not deliver on what they promised- not even close, and we wasted quite a bit of money. But fortunately we found someone who has over-delivered on what they promised us in mentorship and it's the best money we've ever spent. Whoever you choose, make sure that you do your due diligence on their character. There are key questions you'll need to ask about the group, the process, and of course verify their response with students. Feel free to reach out, happy to help however I can.
@Brett Richardson
I am in Joe Fairless’ program, and I can say for me it is great. My interaction is always directly with Joe. He only takes a certain number of students at a time, so you get his direct attention.
Also, so many other students in Joe‘s network are extremely helpful and everyone really seems to help each other. Within days of joining there were people reaching out and connecting with me to offer their help, advice, and value.
You have received a ton of great feedback. My suggestion is to come up with a list of questions that are important to you and speak with all these "gurus".
Then evaluate the responses and your long term goals to see if anyone in particular stands out and can bring you faster (!) to the level where you want to be AND their strategy resonates with you the most! This will lead you in the right direction.
Best!
@Brett Richardson I pay over 6 figures per year in self development. No lie! :)
I have a personal coach, biz coach, personal trainer, spiritual group for men and one for my wife and I together. I'm currently in 3 masterminds. Of all this only one mastermind is mfam related and it's the least expensive one. The rest are focused on personal growth and development as well as scaling a true B quadrant (see RDPD cash flow quadrant) business.
Could I "do it" without all this? Sure. However; the tools above get me there faster. Wisdom is learning from others' experiences/mistakes.
Real estate education is relatively simple. Mindset, daily discipline, refusal to give up, and having the life (healthy marriage, kids and self) you want is much more difficult in practice and often requires a teachers. :)
Joe Fairless, Rod Khleif, Michael Blank (in no particular order). Look NO further for apt education. Before taking the dive though listen to a great apartment course/video/cd (if they still have those) 10 times. please don't skip this step! You may find your investment in education would be better spent on other areas where you need accountability for improvement. :)
All the best on your journey!
Ivan
Wow, such great feedback. I really appreciate it! I will work hard to find the right path for me. Thank you!
@Brett Richardson - hi Brett! I'm a strong believer in coaching programs for the right student.
If you survey the landscape of coaching program graduates, a consistent theme emerges: those that "make it" tend to have the drive, curiosity, passion, grit, relience and focus to weather the journey... vs. a high-impact coaching program that makes it a cake walk.
I think this is an important call out and something worth reflecting on, before you (or anyone else) invests $x,xxx-$xx,xxx. I was told that this was helpful when I mentioned it on another thread, so here's a copy/paste. These are the things I did before I paid to join a CRE coaching program:
"Here's how i got started in commercial real estate:
1) read 24 books on the topic
2) listened to 400+ podcasts (starting with BP.com)
3) attended meetups and starting learning the lingo"
I certainly went overboard on the podcasts, but you get the point. I recommend putting in so much work that you can convince yourself that you truly want to walk this path, longerm. Then drop funds on that big coaching price tag.
Happy to chat more offline at some point if you any any insights on the programs i've used in recent years. Best of luck in the search!
Brett, I'm in the same boat as you. It's like "drinking from a firehose" with all of the information available. I'm sure each coach has similar, yet different approaches to coaching. I have defined what I need and will try to find "the best match" that will help me reach my goal.
I am looking for a coach that can provide the step by step education required, provide guidance on doing the first deal, provide favorable introductions for key connections and relationships, pass along potential deal flow, and possibly include themselves as part of my team to avoid the lack of experience issue.
Just like any investment, this requires a good amount of due diligence and should provide a decent ROI. Best wishes to everyone in their endeavors.
John Chason
I totally believe that a person can invest a certain % of their income on personal development. If anyone follows Ed Mylett, he is and was a huge product of personal development coaching. He swears by it.
I just need to learn the basic. That's why I'm becoming a passive investor. I'm a busy Mom, wife and healthcare professional. Plus I manage my Single families myself. I can't travel much, That's why PI is good for my family. Any thoughts on how I could learn to analyze the deal or proposal without getting very confused with too much information? Thanks.
@Salome Ditmars
I sent you a direct message. I built a Google sheet worksheet to underwrite multi family.
I’m happy to share it with you.
All...thank you for responding to Brett Richardson's initial question. I have been scouring the interwebs (BP) all afternoon and reading comments.
I know I need accountability, help, guidance to be on track. I know myself and that is something that took me a lot of work, honesty, and focus about. I mean the real me...ha ha ha.
I flipped a bunch of properties before...put together JV development deals, and hustled my tail off from 2002-2008 when my daughter was born and the world fell out in finances. I stayed home with her to raise her while also persuing an acting and producing career here in Atlanta.
Now it is quite some time later and just in 2019 I got back into looking at real estate. I will mention that my father was in and out of real estate his whole life so I have it in me. Anyhow, i have flipped a few houses and have not bought any rentals for myself. I know, and have always known, that multi family is what I want to do in terms of what I own. My wife's grandfather owned many buildings in NJ and I have seen that 2 generations have lived off of what he did in one way or another.
Anyhow, after some "life" happened I do not have much or any extra. My credit isnt all that great (getting cleaned) and a deal I got last July is just now about to sell (SFR) as it needed a quiet title done...attorneys, government entities, and suing two banks and I navigated all that successfully. Ergo, all that time, Ill do OK on the deal but it made it more obvious I dont want that.
So...I keep watching youtube or hearing of "experts" and I get excited and look into them more and then find out its a free ebook, then a "training session" where someone tries to sell you something...that takes me back to these forums to read reviews and here I am...
I know I want and need a coach. I believe in them and know that they can bring value. I know it will cost money and large amounts if you mught want a real one. So....for a once-again newbie in this...what would you do? Knowing you want a mentor and or coach? Knowing it will require work and hustle?! The syndication scenario is viable of course but I will say....I dont know whom I know that would invest or have money so Id need to go to new waters.
I read someones remark of reading 24 books, podcasts, and etc before...so for now...that is what I am going to do! If anyone has any input or advice then let me know. I will listen, appreciate, and thanky uo for it.
P.S. Acting and producing still happens sometime as this is my WHY I want to own multi family...so I can do that more! You see...that is a great industry in either making none or a ton...there is little middle class. I have done 20-30 projects and won awards over the years but still.....I need to subsidize!
@Brett Richardson I signed up for MB program and I received a ton of value from it. The biggest skill I acquired was underwriting. And joining into the deal makers mastermind made my skills super sharp on how to evaluate these deals understanding financials without even having a finance degree ...lol
hi Hines, would you be interested to partner with GP based out of Tampa
@Brett Richardson I can certainly give you some insight. We believe in mentorship and have no problem paying for it if our expectations are met and the group or guru follows through with what we were promised and paid for. One group did not deliver on what they promised- not even close, and we wasted quite a bit of money. But fortunately we found someone who has over-delivered on what they promised us in mentorship and it's the best money we've ever spent. Whoever you choose, make sure that you do your due diligence on their character. There are key questions you'll need to ask about the group, the process, and of course verify their response with students. Feel free to reach out, happy to help however I can.
@Account Closed, I'm in the Houston area, which group did you join that is worth it?
Apartment Addicts with J Scott and Ashley Wilson.
I'm looking for a recommendations from people that have received coaching for investing in multifamily apartments. I know that there are coaching programs out there like Brad Sumrok and Michael Blank. I have looked into them. They are all really expensive but if it results in acquiring a large asset (or many), it is an investment I will gladly make. Please provide some reviews of coaching programs that you have been a part of.
Many Thanks.
I know that this original question is a little dated but I had the same question 5/6 years ago.
I searched through many different Multifamily Syndication programs. I have been to the events of about 4 different multifamily coaching programs.
The one Coaching Syndicator that I felt really spoke to me was Rod Khleif. I consider his coaching program to the be the best out there. The group is also known as the Lifetime Cashflow Warrior program. Besides having a one on one experienced coach, you also have many free weekly calls. It is a great group overall. Many of the warriors are very helpful and are often very giving of their knowledge. I joined the group just over 3 years ago.
Rod is still very active in still purchasing properties and is very down to Earth as well. I'm willing to chat more if you have other specific questions.