Peter Harris Coaching - Disappointed

Peter Harris Coaching - Disappointed

Lender · Fort Worth, TX · Member since 2014 · 70 posts · 67 votes

Peter Harris, for those that don't know, is the co-author of Commercial Real estate for Dummies book. I have read it multiple times and I even watched all his videos on YouTube. One day I finally went to his website and it talked about his coaching program. So I inquired about it. By the next day I was contacted by someone to get more information on me and what I have done so far in real estate investing. That interview lasted about an hour. I was contacted a couple other times in between the first and second interview and was told many times that the only way they get paid is from splitting your deals that you work on together. Which was fine with me. I was happy about this cause some coaching programs wanted $10k - $30k up front which I don't have. I even mentioned this to them and they said, "we work differently than other coaching programs".

Then the second interview came a few days later. And they ran through how their coaching program works. They talked a lot about working under fire. Meaning they don't just sit you down to teach you, they teach you by you actually going out and working on live deals which they help you with. They pretty much take you by the hand and walk you through the deal. They teach you how to look for deals, analyze markets, how to structure the deal and present the offers, how to do due diligence, and how to manage the properties. And every other aspect of commercial investing. You get 2 coaching calls (apparently with Peter himself) per week, which has a few students on the call, and a one on one call as well (not sure how often). They also talked about some deal assessment review board that helps you run the numbers of your deals.

Then the disappointment came. They told me that I would need to put up $10k - $20k up front for the training. And on top of that, I would also have to pay $197/month for "tool fees". I assume this means paying for their software that they use (e-partner software). I was like WTF? They had told me that they only take the split of the deal and that "they were a different type of coaching program" to find out that they are just the same as everyone else.

I was so disappointed. Looking for a good mentor that will help you through deals for only a split of the deals is very hard to find. I had one when I started doing residential back in 2001. And finding one for commercial now is nearly impossible. So when I found Mr. Harris's coaching I was excited, only to be let down.

I hate when people / companies mislead people. If they would have told me up front what their real fees were, I would have said thank you and been on my way. I could have respected that. But they (Peter Harris and his company) quickly lost any respect I had for them. Instead I wasted a bunch of time on phone calls for them to hype up their program only to be let down.

Just thought I would post my thoughts here for anyone considering their coaching program so they are not get misled like I was.

Karma

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Investor · Sherman Oaks, CA · Member since 2008 · 6k+ posts · 3k+ votes
12y

I was being conversational. I felt the OPs frustration.

@Rick H. that was a generous response.

Very few folks at BP have had true training in Mortgage Origination, Probate, BKs, Divorce, Wraps, AITDs, CFDs, Lease Options, Title Problems, Sub2 and Land Trusts, negotiating with the seller, DOTs and Mortgages, subordination of notes, substitution of collateral, etc.

Residential is where the OPPORTUNITY is, to solve problems for home sellers.

I HEAR you getting dissappointed, I hear it all day.

I had a student contact me that she paid $30K to learn REI from a very well known GURU. She was an experienced flipper, and then 90 days later she found out the hard way her "coach" was in a cubicle reading out of a book, never done a deal. It is the industry plague.

She was pissed, felt duped and conned. And unfortunately it happens every day.

Mind set is key, as Rick said. Finding a "mentor" is not easy. There is a thread about "finding a mentor" here

http://www.biggerpockets.com/renewsblog/2014/04/16/finding-mentor-real-estate/

Being a bird dogger for a wholesaler and making a small amount of money might be an answer.

Working at a title company or real estate attorney's office might be an answer.

Even working as a realtor's assistant might be an answer.

@K. Marie Poe undefined

Here is my favorite inspirational source, the late Jim Rohn.

“When you know what you want, and want it bad enough, you will find a way to get it.”

“You cannot change your destination overnight, but you can change your direction overnight”

“You don't get paid for the hour. You get paid for the value you bring to the hour.”

“Success is doing ordinary things extraordinarily well.”

“Let others lead small lives, but not you. Let others argue over small things, but not you. Let others cry over small hurts, but not you. Let others leave their future in someone else's hands, but not you.”

“If you go to work on your goals, your goals will go to work on you. If you go to work on your plan, your plan will go to work on you. Whatever good things we build end up building us.”

“To solve any problem, here are three questions to ask yourself: First, what could I do? Second, what could I read? And third, who could I ask?”

“If you don't design your own life plan, chances are you'll fall into someone else's plan. And guess what they have planned for you? Not much.”

“Without a sense of urgency, desire loses its value.”

“Discipline is the bridge between goals and accomplishment.”

@Karma Senge MAN I love your name! Go get em brother!

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  • Rental Property Investor · NJ/PA · Member since 2016 · 555 posts · 149 votes
    9y

    1. What is the real COST for this program?   Worth it?

    2. Any other programs , better than this for newbies?

  • Investor · New Britain, CT · Member since 2016 · 25 posts · 8 votes
    8y

    I was accepted into the program a couple days ago and have found mixed reviews but nothing clear for those who have gone through it besides the negatives. I have the extra money for the fees and retainer (15k). Just want to make sure I’m getting great content I can put my hard work into and over time get results. 

    From what I’m hearing it doesn’t sound to personal with a limit on calls with Peter. It’s weird they’ve been doing this for 8 years but I can’t find any success stories besides the ones they provide. I’m lost and have to make a decision real soon. Any help is greatly appreciated. 

  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    8y

    @Sam Ojo  I read through the 3 years of posts so I kind of understand.. if this program is touting no money down owner finance commercial real estate.. well that's a tough one to a non starter in todays market.. sellers are not that desperate .. you can do that in areas that are dead and dying but who wants to buy that stuff.

    and when you can pay 10k up front and then they talk about splitting 500k.. this is simply reminds me of a very successful syndicator I worked for in the 80's he had a billion dollar portfolio then I did acquasitions for them it was a great job as I was a RE broker and got my commish when they took the building down.. no risk on my part.. work as a broker plus he paid me monthly and health insurance LOL.

    But that all said

    he had a phrase... : DROWN THEM IN FUTURES  "  this to me is like that take folks that have rally no experience in something that takes a ton of experience to get good at @Joel Owens give them a cheap buy in .. lead the carrot with the 500k which is more money than most of these folks have ever made or dreamed of and yes they jump in... to me just same ole same ole guru stuff.. and the Guru makes most fo the money on the 10k and monthly other wise why charge either of those if they are making 250k per student.. that would be the big money.. why because they don't do a ton of it ( maybe ) I just don't see this in todays market as being real.. or achievable for folks that don't have like Joel says significant liquidity to buy commercial and experience...

    you want expe3rince in commercial get a license go work for a commercial broker get paid to do your apprentice work and like many of us 10 years  into the career you start making some significant coin.

    if it was as easy as pay 10k and 197 a month.. there would be NO commercial property to buy you guys would own it all.

    And again if this is all about nothing down owner finance that ship sailed over the horizon many moons ago.

    my 2 cents.

  • Investor · New Britain, CT · Member since 2016 · 25 posts · 8 votes
    8y

    @Jay Hinrichs Thanks for your thoughts and view. The contract states the retainer fee (15k) in my case gets returned when the mutual 500k is reached. Also not focused on, no money down strategies if it all. They supposedly help you raise the capital for deals from there source of relationships. Getting my license and working for a commercial broker is a great idea. I appreciate all your feedback.

    Thanks,

    Sam

  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    8y

    @Sam Ojo  OK if you say so... but reality is and based on my 40 some years of doing this.. banks are not going to be lending someone who has no liquidity and no experience any money to buy commercial deals... at best I see this as this company creating a bunch of bird dogs.. and you paying to be a bird dog.. and if you happen on a screaming deal ( which can happen maybe they take it down)...

    I mean if you have some experience and liquidity you can get funding from many of the crowdfunders.

    but anyway.. just my reality check..   but either way good luck hope it works for you.

    also being accepted into a club in my mind is still just sales pitch and illusion of exclusivity I suspect all you need to be accepted is to contact them and actually have the 15k... do you have any special skills that would set you apart and why they would pick you ?? think about it..

  • ARRT, RT(R) / Rental Property Investor · Newport Beach, CA · Member since 2017 · 360 posts · 242 votes
    8y

    @Karma Senge,

    I am really amazed that ANYBODY would spend 10K, 20K, 50K, 100K on ANY real estate program. Maybe it's just me, but wouldn't somebody think logically and say to themselves "Why am I spending thousands or tens of thousands of dollars on this program when I SHOULD be investing this is real estate?" It is really sad and heartbreaking when someone spends their hard~earned money on some program that just enriches the founder of the program.

    Unfortunately, this will continue until the end of time. Thankfully, we have BiggerPockets to guide us all away from those who would rip us off blind. Not sure how people sleep at night that steal from people like that.

    Caveat Emptor!!!

    BiggerPockets Pro Member

  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    8y

    @Daniel F. Harb  not all paid for education in the real estate industry is bad out of hand.

    I know I have paid for training many times over the years. in niche's I needed to bone up on.

    what strikes me with this particular deal is as stated the suggestion of rich's beyond what most of these folks can imagine.. also your the lucky one to get in our club now send us 15k and pay 197 a month so we know your serious.. I get it .. but I also know how tough this business is and 97% of the people simply are not going to buy their way to success.. just like 90% of the newbies that post on BP will do exactly NOTHING in real estate we all get fired up.. but there is only so much of it to go around.. its FAR harder than it looks and it does either take some real good innate skills or lacking that some good liquidity so you can buy into the market.. 

    thats why the Vanilla rental house game is so huge right now.. anyone who can fog a mirror can understand.. buy a rental put a tenant in it.. collect rent... 

    past that when your talking about these more complicated transactions pretty tough to have no experience and just pay a few bucks and your going to be knocking down 250k profits.. 

    its no different than the wholesaler guru who pitches making 20 to 40k a month .. can U yes how many do maybe 1% who try... or the guru who teachs flipping and making 50k per flip one a month... again how many can do that not many... one they don't think it through.. if your going to do 50k flips and one a month and you have 6 to 9 month cycle you need to buy 6 to 9 projects before you turn one.. how many starting out can do that.

    it would be more realistic to say hey start with one in 6 months then do 2 and maybe in five years your doing 10 to 15 a year.

    and or it really depends on markets... but gurus talk like all markets are interchangeable and they simply are not.

  • ARRT, RT(R) / Rental Property Investor · Newport Beach, CA · Member since 2017 · 360 posts · 242 votes
    8y

    Very well said @Jay Hinrichs.

    I would have to amend my post, there are some very worthy RE programs out there. It is just beyond me that a person would pay tens of thousands for a program. I guess I am like you, I do heavy research before I spend on ANY program. Thank you for your words of wisdom.

    Best to you, Jay!  $$$

  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    8y

    @Daniel F. Harb  just like wholesaling guru's who say you can wholesale in any city with no money and no credit.. how far is that going to get you in Newport Beach..

  • ARRT, RT(R) / Rental Property Investor · Newport Beach, CA · Member since 2017 · 360 posts · 242 votes
    8y

    True, @Jay Hinrichs. Is there any recourse for one who spends 10K or 50K and has buyers remorse or just simply wants their money returned?

    Who's to know?

  • Investor · New Britain, CT · Member since 2016 · 25 posts · 8 votes
    8y

    @Jay Hinrichs I agree thanks for your advice. I opted out and decided to stick with my routine and trust the process. I was approved for a loan on a 5 unit building but For me being new to commercial I figured going bigger with guidance was a better option. Hence why I came to the forums before leaping into a sales coaching program.

    I appreciate everyone's time

  • anywhere, MA · Member since 2015 · 116 posts · 61 votes
    8y
    Originally posted by @Joel Owens:

    Hi Karma,

    It says on your website.

    "To date we have completed more than 319 real estate transactions."

    I know before you mentioned those were residential. If that's the case where are the properties owned or the money made from those transactions??

    Even if 3,000 a deal was held back that with no growth that is close to 1 million dollars cash to play with for investing. You are saying you do not have 20k to 30k etc.

    Time is money. I get offers all the time from agents wanting to learn commercial. They act like they want to do it and then 1 week later thinks it's too hard and quit. I waste a week of my life I never get back that I could be working with my clients on. These days I just say 25k or higher upfront non-refundable rebated back off your split as an agent when your first deal closes. This gets them to go away.

    Closing commercial deals is a lot of work and takes time to put together. If you have considerable money to invest then just use a commercial broker who will help you learn the ropes and they get a transaction or two out of it. Of course you would have to show bank statements, personal financial statements, and retirement accounts with also stocks etc.

     Where do you possibly expect a non-rich person to get $25K and up from? I KNOW I am serious and not a time-waster and I do not have $25K and up. That is completely unreasonable. 

  • Flipper/Rehabber · Madison, WI · Member since 2018 · 6 posts · 1 vote
    8y
    Some of these people get the majority of their income from coaching because they aren't doing deals as much anymore and selling a program is much easier, especially in an overall hot market where everyone wants to jump into real estate. That's why the fees are so high.
  • New York City, NY · Member since 2013 · 114 posts · 20 votes
    8y

    @Karma Senge Hi. I am not surprised that Peter Harris commercial coaching costs that much. But recently he started a new program a "pre-protege" training program where he focuses on wholesaling commercial property as a way to raise cash on eventual full on purchasing of commercial properties. Did you ever look into that program instead of his full "protege" training? It is supposed to cost $997.

  • Investor · Las Vegas, NV · Member since 2015 · 5 posts · 1 vote
    7y

    Conway 

    No never offered to us 

  • Member since 2020 · 2 posts · 4 votes
    6y

    Hi,

    I came across the "Protege" mentorship program being offered by Peter Harris.

    It is more greedy than I thought.  It is asking for around $30k up front for support and then 50% gross profit on the first $1 million dollar revenue.  While I was up and fully understanding the 50% split, why would a program or mentor charge an upfront fee of $30k for someone who is going to work their buttocks off to make them money?


    I reflected on that and yes, Peter Harris and his team do have experience and can provide guidance and mentorship to some extent, but their "Protege" program is a really not fully of good intention but really based on greed.  I had attended past seminars where they pump the audience members and then at the end of it, they disclose the relatively high fees of the programs.  Same tactic here: they charge a high upfront fee and then if you are finding deals, you split at the end 50% of the first million dollars...Now, we all know what 50% of a watermelon is better than 1% of a grape (this was Mark Cuban's words on Shark tank and my interviewer used it too) but a Protege is there to hustle for you and there should be a much better win-win balance situation.

    Finally after reading all the posts, the only person who was pro for Peter Harris' program was likely a fake account.  The account is now marked as no longer a legit member of the website.

  • Member since 2020 · 1 post · 0 votes
    6y

    @Steven Mann Would you provide an update on working with Peter Harris with CPA?

  • Moreno Valley, CA · Member since 2019 · 11 posts · 2 votes
    6y

    I went through the orientation process with him and my experience was similar to Karma's. To Peter's credit though, the person I spoke to did disclose it would be about $20k up front. I love his teaching style and I may have bitten if it weren't for the 20K plus 50% of the profits. That just seemed a little too steep.

  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    6y
    Originally posted by @Derrick Jones:

    I went through the orientation process with him and my experience was similar to Karma's. To Peter's credit though, the person I spoke to did disclose it would be about $20k up front. I love his teaching style and I may have bitten if it weren't for the 20K plus 50% of the profits. That just seemed a little too steep.

    thats wild we do all sorts of 50% of profit deals with NO cost up front.. I guess I need to re evaluate if someone is willing to pay up front to just get an equity partner.. 

  • Jamane Y.Pro Member
    Greensboro, NC · Member since 2013 · 169 posts · 29 votes
    5y

    @Derrick Jones @Karma Senge thank you for updating this conversation. I hate applying for
    things only to find out late how much it cost. I found these conversations very enlightening and informative



  • Oakland, CA · Member since 2018 · 5 posts · 1 vote
    5y

    I'm not affiliated or compensated in any way by Peter Harris and/or his company for my contribution to this thread. I signed up for Peter's free CRE course... I imagine it could be a primer for his Protégé Program. I thoroughly enjoyed his recent case study he did with an individual who supposedly took his training/mentorship: https://www.commercialproperty...

    What I liked about that case study was that the mentee allegedly bought 7 units and then 66 units, in about 9 months (from scratch), and at the time of the interview, she was in contract to close on an additional 241 units soon. Wow!

    I don't know how good Peter's training/mentoring is but I would assume that if the case study I saw is true, then his mentee likely believes she made a good decision to work with him. 

    I'm sure I will explore what Peter can offer me as a Protégé in the future. I've also come across a few other mentors and their programs in the CRE space that I'm willing to learn more about as well.

    For example, Chad with https://37parallel.com/ from Bigger Pockets podcast episode #317 also is someone who intrigues me based on what he shared in that podcast interview. 

    At any rate, I agree with Karma, I don't like bait and switch tactics. If there is a fee, tell me upfront and show me why it's worth paying and I'll decide from there. As an aside, if the $15 - $20K Protégé program fee is refunded after hitting $250K in monies earned by Peter and me, I'm fine with that.

  • Member since 2018 · 1 post · 0 votes
    3y

    They told me $15k and that I would get it back after we made $500k together. 🤔

  • Dallas, TX · Member since 2014 · 517 posts · 106 votes
    3y

    @Peter Harris I am glad you responded to this post. I like your program structure so far. The weekly homework provide guidance and is very helpful. Had my first call with you and I am feeling hopeful.

  • Member since 2022 · 4 posts · 1 vote
    3y

    @Steve Mann

    Can you provide any feedback on how this have gone with Peter's program. I'm supposed to have my second call and wanted to see if there were any success stories or anymore horror stories. Thank you!

    Also, I appreciate you starting this thread 9 years ago @Karma Senge. 

  • Member since 2023 · 59 posts · 25 votes
    3y
    Quote from @Account Closed:

    I'm doing the mentoring program with Peter Harris, have been in it for a few months now and have had a great experience so far. There are barriers to entry to the wonderful world of commercial real estate, as there are in all other professions, and this is one of them. It makes sense (to me) for one's mentor to stand to gain on an equity basis, because for someone like that, that's their opportunity cost. Motivations are aligned.

    I'm sorry if you had a bad experience, Peter offers a great service and is a wonderful, professional guy. My 2 cents. Ken

    Hi Ken,

    How did you do with the program?  Did you graduate?




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