Any one use chris mcclatchey's wealth building real estate program aka My Real Wealth? I attained his presentation in Chicago. He claims $ 00.00 out of your pocket and using seller financing approach. He claims his system runs on automation as power of zero. Any one has use it? Please give your thoughts.
he's selling a program saying you'll make a fortune in real estate using only seller financing?
Hello Darmi, Sorry I didn't respond sooner, I only recently found this chain. I appreciate you doing your homework. It's show diligence on your part and I respect that. If you would like, I can put you in contact with over 100 people that can tell you how my program works. These are not handpicked people, they will be random. The one thing I would caution is who you take advice from. Mr. James Wise is not a client of mine nor did he purchase my product. Therefore, how can he know if my system works? Just because owner financing may not be for him, doesn't mean it's not for you. Please feel free to contact me if you wish additional information.
Thank you for your comment
A few questions.
1. I see your from florida. Why do you have a program specific to Cleveland? Do you have a lot of experience in Cleveland?
2. If millions can be made without using any of your own money why are you eating scraps by selling your system? Why not build a multi million dollar portfolio instead? Are you just that nice of a guy?
Mr. Wise. I do not normally address issues like this in public. However, because Bigger Pockets is used as a credibility forum, I believe I must address these.
1. First and foremost it is obvious you have no idea who I am or what I teach. If you did, you would know that I am originally from Ohio and was a litigation attorney in the Cleveland area for over 9 years. I started my investment career in Cleveland and still own property in Ohio. The reason I live in Florida is because I retired from the legal profession because of my real estate holdings.
2. My program is not specific to Cleveland, it actually works all over the country. I can provide student successes in almost any market you would like.
3. I am not eating "scraps" as you put it. If you are questioning, my investment portfolio, I am more than willing to give the name, address and phone number of my accountant. In fact, I will give him authorization to show you the exact value of my portfolio and you will see that your comments come from a place of ignorance. In fact, my accountant's office is in Cincinnati so it is only 4 short hours from the Cleveland area for you to inspect my portfolio.
4. Mr. Wise, I have no problem people doing their due diligence when asking about trainers and teachers. There are definitely some charlatans out there. However, I assure you that I am an investor first and teacher second. I take my reputation very seriously, hence my response to your uneducated comments. I would suggest to you that before you comment on whether someone is the real deal or not, that you at least do some preliminary research on who that person is and what they teach. If you had, I don't think you would have made the comments you made, because I assure you, my students are happy and I would bet you would have a hard time finding someone who had a bad experience. That says something in this business. Please feel free to reach out to me privately if you wish me to back up my assertions.
I am not going to contact your accountant or drive 4 hours to tour your properties.
You are correct that I do not know you and what you do. However, I do know a lot about owner financing. I have done many deals with owner financing and I can tell you that it is very difficult to pull off and I spend thousands of dollars every month marketing for sellers.
The notion that someone can spend zero dollars and put in zero time because you have developed an automated process is pie in the sky.
Maybe this is not what you sell? I don't know. I am going off what was presented. What was presented by the O.P. was a "no money down process that works on automation"
The fact remains that someone selling such a program must make more money selling this program than implementing it. A process that truly allows someone to spend zero time and cost zero capital but still brings in deals is just not realistic.
She came here looking for an unbiased opinion, I looked at what she presented and gave her one.
I seem to recall from my high school history lessons that those that got rich in the California gold rush were not the miners but those that sold the mining pan's hardware tac and other services to those that wanted to strike it rich.. ( now to be fair I went to high school in Cupertino CA and we learned CA history)...
I have no clue on this system or this individual however its just a general comment that while folks can and do achieve great things in RE its generally folks like @Christopher McClatchey who have formal education means ( which is important) and ability to execute that get rich in Real Estate.. And or like in my day were you started as a RE agent and worked hard and worked your way up and after a decade or a few you actually were doing pretty well... Rich maybe ,, and certainly if you played in the SF Bay Area at the right time....
I for one am not anti guru per se or anti paid mentor by any means.. As I do know of some folks that have done really well with high paid mentorship programs. Generally as stated this particular website is not very receptive to any kind of paid training ( the thought being you can learn everything you need to know to succeed for free by listening to pod casts and reading blogs and following those with a lot of experience here on BP) Now for me I disagree with this thought process I do believe BP has some very great points but it takes a lot of time and effort to figure it out.. And some of the Pod cast folks are just regular Joe's that I would not listen to or follow by any means but just by the virtue of being on a pod cast the less initiated in Real Estate seem to think them experts.
It is a new day in Seller financing with the new rules in many states Not sure if Ohio is one. But if Mr. McClatchey is selling a nationwide program then he probably knows that seller financing in any greater volume then the states exclusion numbers requires licensing or a RMLO at the least to do your paper work then the qualified mort rules etc.. so Its not much fun anymore in my mind like it used to be or you need to pick the under regulated states.
I also am not one to espouse that one can get rich quickly in RE with no money or means. I think there will always be that lucky one.. But for everyone of those there are 1,000 that never do anything.
However to be like Fox news and be fair and balance I will take a look at the Real Wealth website out of curiosity..
However I would encourage Mr. McClatchey if he wants to participate on this web site to share a little of what his strategies are so we can all see what he is promoting and teaching that would be great.
I did go to your website.. and I applaud you for a few things.. One your prices are there for the public to see. .And in my mind 1k a day for training is fine as long as there actually is training and not just constant upsell...
Being that there is nothing new to be learned in Real Estate these days that has not already been done is being done or will be done.. I suspect your teaching standard RE techniques.
I will though disagree that one size fits all in other words no money down zero interest financing on deals can happen in any market.. you would be hard pressed to find that kind of deal in the Major WEst coast markets .. your not going to stroll into SF and get some seller you sell you a property for no money down and zero % interest neither here in PDX.
But I can certainly see how that would work in under served or stagnate mid west markets or a market like Florida a year or two ago that was coming out of Crushed re values status.
I think what folks really miss the point on and what is lacking in our RE community these days is there is an apprenticeship that needs to take place. one can't go to your seminar or any seminar and come out the other end and be a millionaire in 12 short months or that type of thing... Unless they had a million to start with or some very lucky circumstances.
So from what I have seen price seem fair if the product is TOP shelf if its just retread of owner financing... fact that you can lend money in a SIDRA or other very basic topics then a trip to the library would suffice.
Although the camaraderie at these can kick start someone.. but usually it wears off in a month or so and they are just out their dough... that's the rub on paid RE education in todays market place.
I'll drop a brief two cents in here.
I've met a local couple who have been through @Christopher McClatchey's training and use his course on seller financing. They are quite happy with what they learned, and I do know they've acquired a couple properties.
I looked on my bookshelf, and I have his course on Automating the business from 2010. By 2010 I was pretty busy, and looking to reduce my workload. Although, I no longer remember the details of the presentation, I do know this: If he had said I could do this business with zero money out of pocket, and putting in zero time. I would have walked out of the room.
I read the course back then, and it helped me get a handle on what I needed to do. Instead of automating, I took time to focus on other activities, and I have not attempted to implement it yet, so I can't provide specific feedback. Systems and Automation is a high priority task for me this year, and it is one of the references I will use.
I know I personally have purchased seller financed properties with zero money down, and a couple times even had the seller give me a check to finance some of the repairs. Some of those were great deals, others were great lessons.
I agree many folks pick up good things from
RE Educators and it can really only be one little thing that resonates that propels one foreward.
I have mentioned many times I have run into folks that swear by their Highly Paid Mentor and would not be where they are without them. Its finding the right one that is the chore.
And like I said with this Gentlemen he is up front with his schedule of fee's so you know going in or you should and you have absollutly no beef if you claim you did not.. He puts it right on his website what its going to cost and what courses etc.. Can't really ask for more.
Again not having sat through one I can't vouch for how good any of it is.. And most RE scheme's or methods don't work on the West coast in our UBER competitive all cash market.. But I can see them working in your area were there are thousands upon thousands of properties looking for new owners.
It was disappointing to see the direction this thread took with the interaction between Chris and James, however I appreciate Jay taking the time to interject.
I think James read more into Chris' program due to his statement: "The notion that someone can spend zero dollars and put in zero time because you have developed an automated process is pie in the sky." I agree that is "pie in the sky" and also know this is not what Chris promotes. Chris specializes in owner financing with zero down and zero interest... this doesn't necessarily mean that there is no money put down on the transaction, but that HE doesn't put any money into the down payment. Perhaps also he can expand more on how automation plays a PART in his business.
Although I have not signed up for Chris' program, I have talked with many of his students that are involved, have taken action, and succeeding with his method. I've heard him talk on many occasions at our local REIA, and seen actual case studies of the deals that he completes (not just teaches.)
While BiggerPockets provides excellent information that you can implement and be successful, some people just need that added support system of a coach. This is where Chris excels since he is very "hands on" and involved... I hope that level of service continues as he takes his training to the national level.
I always enjoy seeing James' involvement and contributions to this site, and hope that he is able to know Chris on a more personal basis and learn that he is not your "typical guru." And it's good to see Chris become active with BiggerPockets, as I know his knowledge will be valuable to all of the members.
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@? I'll take you up on your offer Chris and have sent you an email. I look forward to hearing from you.
I will be attending your 3-day Instant Impact Event out of Phoenix this weekend. I'll enjoy the opportunity to provide a review whether good or bad.
Stay tuned Bigger Pockets...
@Christopher McClatchey I think that it is very diligent of you to keyword your own name. This gives you a good opportunity to monitor what is said about you. However, I think when someone is looking for advice from others about your programs, you should hold tight and let it happen. Bigger Pockets is a great place to seek this sort of consul. I dont think @Darmi Parikh . Just my two cents.
@Brian Flack if you notice the timeline @Christopher McClatchey didn't "jump right in"... his response was 5 months later. I understand Chris wanting to clarify his credentials, and I also appreciate James' attitude when it comes to courses that promote "sitting around in your underwear" and running on automate without any time or effort required. @James Wise gave his response based on @Darmi Parikh 's post (which I don't believe accurately describes Chris' course) and things got a little sideways from there.
Welcome to BiggerPockets Brian, and I look forward to seeing future comments from folks that have first-hand experience with this investor/coach.
I just sent him and email, hope to attend one of his weekend seminars and will follow up with a review.
The 3 day “Instant Impact Event” is definitely worth it. It's definitely for everyone. That means both a savvy investor and newbie will receive valuable information about the power of 0 and seller financing techniques. You will hear everything from how to obtain the leads, write offers, analyze deals, and full hands on training. You could leave the last day of the event or even during the event and start making offers comfortably depending on where you are in your business and your motivation.
There are ways to make offers and close them without using any of your money. The power of OPM.
Chris McClatchey, is the real deal when it comes to teaching you about real estate investing using the seller financing technique from start to finish. He doesn't leave out any details and answers your questions as they come. I've been to other seminars where you think you are going to see the owner of the company and get to see or talk to one of the speakers they hired, but don’t. This is not the case with Chris. If you’re new, his program is definitely a great start. If you are experienced, then get out and learn something new at one of his events or learn it better than you did before.
Happy investing and I'll see you over the top!!
I joined Real Wealth last November.... I will be happy to tell you my experience thus far.....please let me know if you are interested in hearing how my "real wealth" has been!
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I just came back from Chris’ 3 day program in Plymouth Meeting, PA today. Because of this thread, I was given a complimentary ticket to attend and felt it is only fair that I post a review of what I discovered in return.
I consider myself a fairly experienced real estate investor. I do not know everything, but have done my fair share of deals. Because I am always interested in learning more about real estate, I have also attended quite a few of these types of real estate seminars. Consequently, I am pretty good at spotting a snake oil salesman fairly quickly.
Like many others, when I first saw the email from my local REA announcing Chris as our monthly speaker, I was highly skeptical of what the email claimed Chris’ system could do. Because of a scheduling conflict, I did not go to hear Chris speak.
A few weeks later, I got another email from my local REA announcing Chris’ one-day workshop. Because of another scheduling conflict, I did not attend this workshop either. However, as a result of receiving this email, I decided to Google Chris and found this Biggerpockets thread thereafter.
To be honest, I did not expect to learn much from Chris’ program, but figured that if I can check it out for free, there’s nothing to lose. I also thought that I would probably leave his 3 day program sometime around noon on Day 1.
I was pleasantly surprised. I am pleased to say that Chris is an honest guy and knows what he’s talking about. Throughout the 3 days whenever an issue came up relating to disclosing certain information to the seller, Chris always answered ethically. While you do not want to highlight certain information to the seller during negotiations, Chris told the class that if the seller asked, we must disclose the requested information honestly. He also answered every one of my questions to my satisfaction. In addition, he interjected his teaching with many examples of the past deals he’s done. On the last day of the class, we conducted a role-play exercise in which Chris acted as a hypothetical seller while the students pretended to be the buyer, and you can tell from how Chris played his role that that he’s dealt with many sellers before.
Having said that, I must say that his system – getting 0% seller financing in return for offering the seller a higher sale price – is not for everyone. It is a niche market - the # of sellers without a mortgage is a much smaller slice of the entire real estate market, and the # of sellers without a mortgage that is willing to offer seller financing is even smaller. Furthermore, in hot markets like Philly, while I can see his method working for single family homes, I think it would be a much more of a challenge to get a multi-unit apartment owners to bite because there is just so much money chasing multi-family dwellings in Philly these days.
Chris’ system also requires a lot of work. It is not meant for faint of heart newbies who are just tire kickers and don’t want to put in the work. However, this applies for any sector of the real estate market or any business for that matter – if you want to succeed, you’ve got to be willing to put in the work, regardless if you’re wholesaling or using Chris’ system.
Finally, for those of investors already specializing in a niche of their own, Chris’ system probably won’t work for you. For example, his system does not really apply to what I do – full gut rehabs. However, I still learned quite a few things that are worth their weight in gold: Making 3 simultaneous offers with different terms, reversing the amortization schedule, tips on negotiations and how to talk to sellers, etc. Trust me, it will be worth your while even if you are an experienced investor and don’t plan on implementing his system.
My last comment is that if you get a chance, try to attend his one day workshop before you sign up for his 3 day program. Because I did not do so, it took me a while to catch on to what Chris was teaching in his 3 day program.
I had a chance to see Chris, and must say that I was very impressed. Although I only attended a one day seminar, the amount of information was definitely worth my time. I would certainly recommend him.
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