Invest with Ace vs. Sam Primm Faster Freedom mentorship program

[Becca F.]

I've been following Elliott@Invest with Ace for a while now and Sam Primm on Instagram recently. Invest with Ace's spreadsheets look really clean. He offers his spreadsheets and information in a la carte form.  I attended Sam Primm's webinar and was on a call with one of his reps. He talked about using private lenders to help fund rental property purchases and using the BRRRS (Buy, Rehab, Rent, Refinance, Scale) method. With the mentorship program, the private lender (Sam in this case) would lend me the money to buy a distressed property, then the rehabbed property would be appraised and then the lender/bank would give a loan based on 75% to 85% of the appraised value. Someone would hand hold me with buying properties with the mentorship program.

I've heard a lot about using Other People's Money such as private lenders and hard money loans. I currently own 2 rental properties with one that is cash flowing and one that I just recently renovated - I'll have a renter in there soon but will need more tenants so that I can see a good amount of cash flow. I'd like to expand my portfolio but finding properties is difficult and I don't know if a bank would approve me for anymore loans and right now I don't have the cash to put 25% down on more investment property. I own property in the San Francisco Bay Area and my current rental that's cash flowing is in the Midwest - definitely think that the Midwest is great for being a landlord whereas California is more friendly to tenants. 

Is it worth the money to go through a mentorship program? What the the pros and cons of using private lenders? What's the difference of hard money loans and private lender money? Has anyone gone through the Faster Freedom mentorship? 

[Osazee Edebiri]

Quote from @Becca F.:

I've been following Elliott@Invest with Ace for a while now and Sam Primm on Instagram recently. Invest with Ace's spreadsheets look really clean. He offers his spreadsheets and information in a la carte form.  I attended Sam Primm's webinar and was on a call with one of his reps. He talked about using private lenders to help fund rental property purchases and using the BRRRS (Buy, Rehab, Rent, Refinance, Scale) method. With the mentorship program, the private lender (Sam in this case) would lend me the money to buy a distressed property, then the rehabbed property would be appraised and then the lender/bank would give a loan based on 75% to 85% of the appraised value. Someone would hand hold me with buying properties with the mentorship program.

I've heard a lot about using Other People's Money such as private lenders and hard money loans. I currently own 2 rental properties with one that is cash flowing and one that I just recently renovated - I'll have a renter in there soon but will need more tenants so that I can see a good amount of cash flow. I'd like to expand my portfolio but finding properties is difficult and I don't know if a bank would approve me for anymore loans and right now I don't have the cash to put 25% down on more investment property. I own property in the San Francisco Bay Area and my current rental that's cash flowing is in the Midwest - definitely think that the Midwest is great for being a landlord whereas California is more friendly to tenants. 

Is it worth the money to go through a mentorship program? What the the pros and cons of using private lenders? What's the difference of hard money loans and private lender money? Has anyone gone through the Faster Freedom mentorship? 

 Hey Becca,

Congrats on having two rental properties already. Depending on the cost of the program, I would say that's money you can use to your investments. Have you looked into pulling out money from your properties already? 

What I would do is work with a lending team that can get you creative financing and an agent that knows how to find solid investment properties. 

[Becca F.]

Hi Osazee,

Ace's course program is $495 and he offers products a carte such as a spreadsheet to analyze potential rentals for $40. Sam's program is $6000 and has lifetime access to his video courses. That's very pricey and I could use $6000 towards a downpayment on a property. Both of them have a lot of free videos on Instagram and Sam has many videos on YouTube. I'm still getting used to all the terminology: CAP rate, cash on cash return, DSCR (debt service coverage ratio) and how to analyze properties.

I pulled out money from a cash flowing rental (did a cash out refinance) to help me pay for a major renovation for a single family home. I also did a HELOC against this property owned free and clear. I didn't want to finance it but if I didn't my savings account would have taken a bit hit - the renovation cost a lot more than the original estimate since all the electrical wiring was old. I will have one tenant in soon and will need to get some roommates for my tenant in order to start cash flowing paying off the HELOC. I'm looking to possibly do future purchases in Indiana since I already have a property manage there. I've also heard Ohio, Kentucky and Tennessee are also good markets. With California I'm thinking Central Valley past Tracy into Modesto or Fresno (I don't know anything about those areas and if they are good rental markets, just brainstorming).

I'm seeing a lot of investors say they use Other People's Money, which is usually private lenders or hard money loans. The private lenders gives them a loan, do the rehab, rent it out then refinance at the appraised value of the home (mortgage would be about 75% to 85% of appraised value). This seems to work well with lower priced properties like in the Midwest or the South in the below $200,000 range so pretty much nothing in the Bay Area. I was messaging a realtor and he had a motivated seller in the East Bay (San Pablo) but the house was $649,000 - I saw the pictures but didn't see the house in person but it look like a house with a lot of potential. That would be a lot of money to finance. I'm also concerned with being over leveraged. If I have too many loans, won't a bank say no? How are investors financing 20 properties? If the tenants don't pay the rent or major repair costs come up, isn't that risky? 

Thanks for your help.

[Osazee Edebiri]

Quote from @Becca F.:

Hi Osazee,

Ace's course program is $495 and he offers products a carte such as a spreadsheet to analyze potential rentals for $40. Sam's program is $6000 and has lifetime access to his video courses. That's very pricey and I could use $6000 towards a downpayment on a property. Both of them have a lot of free videos on Instagram and Sam has many videos on YouTube. I'm still getting used to all the terminology: CAP rate, cash on cash return, DSCR (debt service coverage ratio) and how to analyze properties.

I pulled out money from a cash flowing rental (did a cash out refinance) to help me pay for a major renovation for a single family home. I also did a HELOC against this property owned free and clear. I didn't want to finance it but if I didn't my savings account would have taken a bit hit - the renovation cost a lot more than the original estimate since all the electrical wiring was old. I will have one tenant in soon and will need to get some roommates for my tenant in order to start cash flowing paying off the HELOC. I'm looking to possibly do future purchases in Indiana since I already have a property manage there. I've also heard Ohio, Kentucky and Tennessee are also good markets. With California I'm thinking Central Valley past Tracy into Modesto or Fresno (I don't know anything about those areas and if they are good rental markets, just brainstorming).

I'm seeing a lot of investors say they use Other People's Money, which is usually private lenders or hard money loans. The private lenders gives them a loan, do the rehab, rent it out then refinance at the appraised value of the home (mortgage would be about 75% to 85% of appraised value). This seems to work well with lower priced properties like in the Midwest or the South in the below $200,000 range so pretty much nothing in the Bay Area. I was messaging a realtor and he had a motivated seller in the East Bay (San Pablo) but the house was $649,000 - I saw the pictures but didn't see the house in person but it look like a house with a lot of potential. That would be a lot of money to finance. I'm also concerned with being over leveraged. If I have too many loans, won't a bank say no? How are investors financing 20 properties? If the tenants don't pay the rent or major repair costs come up, isn't that risky? 

Thanks for your help.

Hey Becca,

You have a lot of questions going there. What I am seeing is you are just trying to figure out your next best and want to make sure it’s the right course of action.I don’t think you need to pay the programs to tell you what to do since you clearly already have investments.

Just take the funds you have currently and figure what’s the best ROI you can get with one of the strategies you mentioned above that you can actually make happen. 

As far as the loans, there are ways to figure that out and come up with strategies.

I sent you a message.

[Chris Seveney]

Quote from @Becca F.:

I've been following Elliott@Invest with Ace for a while now and Sam Primm on Instagram recently. Invest with Ace's spreadsheets look really clean. He offers his spreadsheets and information in a la carte form.  I attended Sam Primm's webinar and was on a call with one of his reps. He talked about using private lenders to help fund rental property purchases and using the BRRRS (Buy, Rehab, Rent, Refinance, Scale) method. With the mentorship program, the private lender (Sam in this case) would lend me the money to buy a distressed property, then the rehabbed property would be appraised and then the lender/bank would give a loan based on 75% to 85% of the appraised value. Someone would hand hold me with buying properties with the mentorship program.

I've heard a lot about using Other People's Money such as private lenders and hard money loans. I currently own 2 rental properties with one that is cash flowing and one that I just recently renovated - I'll have a renter in there soon but will need more tenants so that I can see a good amount of cash flow. I'd like to expand my portfolio but finding properties is difficult and I don't know if a bank would approve me for anymore loans and right now I don't have the cash to put 25% down on more investment property. I own property in the San Francisco Bay Area and my current rental that's cash flowing is in the Midwest - definitely think that the Midwest is great for being a landlord whereas California is more friendly to tenants. 

Is it worth the money to go through a mentorship program? What the the pros and cons of using private lenders? What's the difference of hard money loans and private lender money? Has anyone gone through the Faster Freedom mentorship? 

 Have not taken or heard of this course, but every mentorship or training that discusses "freedom", "independence" or is selling some type of lifestyle or increasing the speed to your "financial independence" is typically all catchphrase and no meat on the bone. 

[James Wilcox]

Quote from @Becca F.:

I've been following Elliott@Invest with Ace for a while now and Sam Primm on Instagram recently. Invest with Ace's spreadsheets look really clean. He offers his spreadsheets and information in a la carte form.  I attended Sam Primm's webinar and was on a call with one of his reps. He talked about using private lenders to help fund rental property purchases and using the BRRRS (Buy, Rehab, Rent, Refinance, Scale) method. With the mentorship program, the private lender (Sam in this case) would lend me the money to buy a distressed property, then the rehabbed property would be appraised and then the lender/bank would give a loan based on 75% to 85% of the appraised value. Someone would hand hold me with buying properties with the mentorship program.

I've heard a lot about using Other People's Money such as private lenders and hard money loans. I currently own 2 rental properties with one that is cash flowing and one that I just recently renovated - I'll have a renter in there soon but will need more tenants so that I can see a good amount of cash flow. I'd like to expand my portfolio but finding properties is difficult and I don't know if a bank would approve me for anymore loans and right now I don't have the cash to put 25% down on more investment property. I own property in the San Francisco Bay Area and my current rental that's cash flowing is in the Midwest - definitely think that the Midwest is great for being a landlord whereas California is more friendly to tenants. 

Is it worth the money to go through a mentorship program? What the the pros and cons of using private lenders? What's the difference of hard money loans and private lender money? Has anyone gone through the Faster Freedom mentorship? 

 @Becca F. seems like you really are not going to take as much away from these programs since you are already in the REI game. I agree with @Osazee Edebiri if I am catching his point correctly, that you need to worry less about the next best step and just focus on taking it one step at a time. Anything you have questions about that you have listed above can be found on BP using the search feature. I once closed a deal that "Ace" could not close because it was in my target area (knowledge) and I listened to what the sellers wanted. I didn't lowball them in a wholesalers shotgun approach and scored a great deal. Doesn't make these "gurus" bad necessarily but I would just take it with a grain of salt as they say. I also talked to him once on the phone and he seemed to want to boast more about his REI ego than about a deal and listening. Seems like a red flag to me.

[Bruce Woodruff]

No. Pass.......You can do this yourself. There is more info on this forum than you'll get with any mentor program...and it's free.

[Osazee Edebiri]

Quote from @James Wilcox:

Quote from @Becca F.:

I've been following Elliott@Invest with Ace for a while now and Sam Primm on Instagram recently. Invest with Ace's spreadsheets look really clean. He offers his spreadsheets and information in a la carte form.  I attended Sam Primm's webinar and was on a call with one of his reps. He talked about using private lenders to help fund rental property purchases and using the BRRRS (Buy, Rehab, Rent, Refinance, Scale) method. With the mentorship program, the private lender (Sam in this case) would lend me the money to buy a distressed property, then the rehabbed property would be appraised and then the lender/bank would give a loan based on 75% to 85% of the appraised value. Someone would hand hold me with buying properties with the mentorship program.

I've heard a lot about using Other People's Money such as private lenders and hard money loans. I currently own 2 rental properties with one that is cash flowing and one that I just recently renovated - I'll have a renter in there soon but will need more tenants so that I can see a good amount of cash flow. I'd like to expand my portfolio but finding properties is difficult and I don't know if a bank would approve me for anymore loans and right now I don't have the cash to put 25% down on more investment property. I own property in the San Francisco Bay Area and my current rental that's cash flowing is in the Midwest - definitely think that the Midwest is great for being a landlord whereas California is more friendly to tenants. 

Is it worth the money to go through a mentorship program? What the the pros and cons of using private lenders? What's the difference of hard money loans and private lender money? Has anyone gone through the Faster Freedom mentorship? 

 @Becca F. seems like you really are not going to take as much away from these programs since you are already in the REI game. I agree with @Osazee Edebiri if I am catching his point correctly, that you need to worry less about the next best step and just focus on taking it one step at a time. Anything you have questions about that you have listed above can be found on BP using the search feature. I once closed a deal that "Ace" could not close because it was in my target area (knowledge) and I listened to what the sellers wanted. I didn't lowball them in a wholesalers shotgun approach and scored a great deal. Doesn't make these "gurus" bad necessarily but I would just take it with a grain of salt as they say. I also talked to him once on the phone and he seemed to want to boast more about his REI ego than about a deal and listening. Seems like a red flag to me.

 I agree.