Niceville, FL · Member since 2016 · 6 posts · 5 votes
Hi BiggerPockets community,
I have spent some time and been successful in the residential market (flipping homes) and wanting to diversify my real estate investment portfolio by venturing into rental apartments. I know that the world of residential and commercial are two completely different animals so making the transition is really scary and intimidating. I started doing some research and happened across Peter's website and founding myself watching all of his video's on youtube - which I have really liked and liked the idea of his mentor-ship (ie: protege) program. I think he does a great job explaining and keeps it interesting. After doing some further research on BP and Google, I have come across some forums that talk about Peter with mixed reviews (for the most part positive) but I have not seen any that talk about actually signing up with his protege program. Does anyone have any thoughts about the protege program? Is it worth the investment?
Like I say, I am a newbie to commercial any feedback, advise or direction you could provide would be great,
Hello I know this is kind of an old thread now, but I just wanted give some feedback on his protege program. I took a leap of faith investing my time and money into it, however I have no regrets. I'm still fairly new only about a month into it, but so far it all seems like a pretty legit operation. I have a solid curriculum to follow and I get 2 coaching a week with Peter practically unlimited. The way the program works is you put a minimum of 10,000$ down to prove that you are just as involved in this as Peter and his team are. Then you get set up with this incredibly complete, user friendly REI software called epartner. You are given about a week or 2 to become familiar with the software and then you get a 1:1 call with Peter Harris for a strategy session to figure out how he is going to be able to help you in your individual situation. You have so many tools and resources with the software and you basically get your hand held through the entire process of finding a deal, making an offer, closing and so on. The catch is you have to split your profits with Peter 50/50 until you reach 500,000$ profit, and once you have made that mark you get a check written to you for the initial 10,000$ you used a kind of collaterol. At that point you can choose to end your professional relationship with Peter and his company or you can choose to keep him as business partner for future deals and have access to all his resources such as investors, lenders, etc. Because I have no capital to begin investing my own money, Peter is going to teach me how to wholesale and build up revenue to eventually invest in a commercial property of my own to buy and hold. He is a really good teacher. He's patient and kind and transparent. I personally am looking forward to what doors this protege program will open for me. I hope this helps anyone who is considering his program, and good luck to you on your journey!
I know this is an old thread but are there any success stories to report on Peter's program?
It's 2023 and I'm in the same boat as I was a year ago when I first discovered the program (haven't made my move yet). My intent is not to have the forum make a decision for me, rather to confirm that someone has actually hit $1mm mark in profits to be able to end the relationship. I fear this may be a lifetime of commitment with no outs. I love the reply in this thread (and Peter's quote) that 50% of something is better than 100% of nothing. I have the funds to move forward with the program and those success stories he posts are too convincing. Maybe what I really need is a testimonial from someone who's come out of the program successfully and could share their 2 cents with the forum. TY GB.
Hello BiggerPocket team, it's been a while since I have been here, and interested in real estate considering all the paperwork included with a deal. But I once was a quick thinker and very ambitious like most following this thread.
Peter is a guru at what he does so you should decide on how that works for you and oh, did I mention is a guru at what he does...for him. Why is everyone missing this? BiggerPockets is a guru at what it does for BiggerPockets and it's free to chat and explore new ideas and relationships. 10K is a drop in the bucket if you have the desire and will to make that turn into 500k, so don't get twisted as passive income you will not work for and make mistakes.
People charge 10k for single-family wholesaling I have looked at many programs as I didn't know where to start and think of the mistake I would have made if I bought the wholesaling program. There is another single-family program going for 60k and I won't mention the company name as I'm not here to discredit any entity from doing what it does best for itself.
Now for the dummy side, the term Commercial Real Estate is not clearly defined when thinking about residential property, and I bet no one knew that. Banks were renting spaces to get business back in the 20s, hence commercial, and they rented to clothing, shaving, and shine boutiques and whoever else wanted to pay for a space.
Some banks will treat anything over a single-family home as a type of commercial property as you are technically renting space as commercially defined.
So I'm done talking about this topic and I clearly should be investing in real estate and have talked with real estate lawyers, agents, title companies, and all the wholesaling meet-ups and all the paid realty group meetings.
It doesn't matter if you are willing to do the learning I have for free, you will learn about how to complete your first deal and it won't cost you a dime.
If you have 10k to blow, you could have put that into a multifamily you could live it for a year and start building equity or do what I did. Waste into an Acorn account, which devalued by 2k at one point but at least I did give it away or maybe I did by not doing what I'm telling you to do?
Things to learn for multifamily: 1) find who will give you the money for the purchase if you can't cash out 2) Know the area you're buying (A, B, C). A) property has less equity as appreciation is consistently high than in any other area. B) No less than a "B" school and no crime more server than vandalism and home values 75% of an "A" area. C) property needs to have signs of city improvements and be close to a popular area or near the downtown area in that city or town. The schools should have a "C" rating or slightly better and crime can be sporadic in this area but no murders in the last 2 years. Home values will be up and down but should be 100%, 75%, or even 65% of a "B" area. Buying a Multifamily or home in a C, D, area should come with a lot of equity as it is the only reason to get into any deal for these areas as you don't want to spend more than upfront out-of-pocket cost.
Look up Cap rate, Cap Expense, Insurance Expense, Vacancy Expense, Tax Expense (which should include a licensed pro at some point), Real Expenses in relation to owning Multifamily real estate, and other things you don't what to be surprised about before doing your first deal.
If you own a home, you are over half the way there and just need to replace the home purchase terms with commercial ones. Homes are easier because of the equity that can be tied to them versus multifamily unless you find a very, very motivated seller as most multifamily don't get repoed like a single family, so Cap Rate is your best friend here.
Now, get back out there paying for all your guru plans or "Call-to-Action plans" as I call them because if you're like me a fence sitter, you'll need one. But I have more people bugging me about how to buy versus what's the best program to join. But when it is asked, I always say every one to teach you is at your local REIA meeting and they still want your money though but it will be cheaper and more beneficial to you if you start there.
Hello I know this is kind of an old thread now, but I just wanted give some feedback on his protege program. I took a leap of faith investing my time and money into it, however I have no regrets. I'm still fairly new only about a month into it, but so far it all seems like a pretty legit operation. I have a solid curriculum to follow and I get 2 coaching a week with Peter practically unlimited. The way the program works is you put a minimum of 10,000$ down to prove that you are just as involved in this as Peter and his team are. Then you get set up with this incredibly complete, user friendly REI software called epartner. You are given about a week or 2 to become familiar with the software and then you get a 1:1 call with Peter Harris for a strategy session to figure out how he is going to be able to help you in your individual situation. You have so many tools and resources with the software and you basically get your hand held through the entire process of finding a deal, making an offer, closing and so on. The catch is you have to split your profits with Peter 50/50 until you reach 500,000$ profit, and once you have made that mark you get a check written to you for the initial 10,000$ you used a kind of collaterol. At that point you can choose to end your professional relationship with Peter and his company or you can choose to keep him as business partner for future deals and have access to all his resources such as investors, lenders, etc. Because I have no capital to begin investing my own money, Peter is going to teach me how to wholesale and build up revenue to eventually invest in a commercial property of my own to buy and hold. He is a really good teacher. He's patient and kind and transparent. I personally am looking forward to what doors this protege program will open for me. I hope this helps anyone who is considering his program, and good luck to you on your journey!
@Michelle Bueno how did it turn out? Did you manage to get enough funds from wholesaling to move to investing?
I am also very interested in commercial real estate and the Commercial Property advisors protege program. I'm going to call them within the next few minutes for my initial consultation with them and see how it turns out. I'm actually just getting started with investing. I really have education overload and analysis paralysis right now and have been studying Peter's videos on YouTube. I'm ready to just jump in. I'll let you guys know how the consultation goes and what comes of it.
UPDATE: I joined the program last year in July, and so far have got under contract once, but backed out due to excessive deferred maintenance. I also offered another contract on another mixed-use property but the seller is balking at this time.
Just get into the program if you're serious about CRE. I would never have even tried to close a deal if I didn't have Peter's backing.
UPDATE: I joined the program last year in July, and so far have got under contract once, but backed out due to excessive deferred maintenance. I also offered another contract on another mixed-use property but the seller is balking at this time.
Just get into the program if you're serious about CRE. I would never have even tried to close a deal if I didn't have Peter's backing.
Hello Anupam, Did you make any deal yet? How good is the program and did you have a join a joint venture partnership with Peter harris company?
UPDATE: I joined the program last year in July, and so far have got under contract once, but backed out due to excessive deferred maintenance. I also offered another contract on another mixed-use property but the seller is balking at this time.
Just get into the program if you're serious about CRE. I would never have even tried to close a deal if I didn't have Peter's backing.
Hello Anupam, Did you make any deal yet? How good is the program and did you have a join a joint venture partnership with Peter harris company?
Not yet. Been under contract twice, but pulled out due to sellers not being upfront with some of their deferred maintenance.
UPDATE: I joined the program last year in July, and so far have got under contract once, but backed out due to excessive deferred maintenance. I also offered another contract on another mixed-use property but the seller is balking at this time.
Just get into the program if you're serious about CRE. I would never have even tried to close a deal if I didn't have Peter's backing.
Hello Anupam, Did you make any deal yet? How good is the program and did you have a join a joint venture partnership with Peter harris company?
Not yet. Been under contract twice, but pulled out due to sellers not being upfront with some of their deferred maintenance.
Hope to do one soon.
Would you recommend this program. I am on the verge of enrolling but worried about the profit sharing.
I thought about joining Peter Harris program and actually went through different phone calls with one of Peter's recruiters and the director of finance. It's like they tried to make believe you should feel so lucky they accepted you in their mentorship program.But the end, I think the truth is anyone willing to pay 40k,25k or 15k for their program will get accepted regardless..lol
Red flags for me:
* Avoiding to talk about how much the program cost but until last phone call
* The terms of the contract 50/50 on the profit up to 500k plus the cost of the program seems to be a little excessive.
* They tried really hard to put me not on the least expensive plan but the 25k or 40k plans.
* Once the recruiter learned I wasn't sure about signing up for the program, he turned mean and arrogant towards me. He even said that I had a consumer mentally and that 25k or 40k was nothing in his mind..lol