Lifestyles Unlimited by Del Walmsley
Rental Property Investor · Baytown, TX · Member since 2008 · 94 posts · 21 votes
Lifestyles Unlimited by Del Walmsley
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Don KonipolBusiness Member
Investor · The Woodlands TX / Avon, CT · Member since 2009 · 6k+ posts · 10k+ votesAlthough I was never a member of Lifestyles, a few years ago I taught some classes for them as a guest lecturer and attended some others. I also got to know some of the members as well as Del and others working for him. I do not think Lifestyles is in the same category as many of the other guru and mentoring programs, in that Lifestyles provides a hands on approach with very specific guidance and an emphasis on the actual purchase of residential properties. Their emphasis seems to be on realistic approaches to real estate investing, unlike many of the easy money (and useless) methods taught by the "gurus".
On the down side I have found that Lifestyles "over promises". Hence they are able to lead an inexperienced real estate investor to believe that obtaining "the lifestyle" i.e. passive cash flow is much easier than it really is. A number of the members I am personally aquainted with have purchased a large number of multi family units, however, for the most part these have been management intensive apartment projects that do not lend themselves well to absentee ownership. I know quite a few ex members who said that they were able to obtain positive cash flow from their investments, but that the passive part was a myth, that they were spending lots of time putting out fires at their properties. The truth of the matter is that Lifestyles bread and butter are C and D apartments, in these absentee management usually means profits are absent also. Further, Lifestyles tag line is that they can teach anyone enough so that anyone can be successful as an investor in real estate. My experience in the business (30 + years), has shown me that this is absolutely incorrect. Just like not everyone can be a successful surgeon, airline pilot, or major league baseball player, not everyone can be a successful investor. Better to find out if you have the capacity for success in real estate before you invest your money, find out if any of the ingedients you might be missing are obtainable and then figure out if they can cost effectively be obtained.
Jody, Lifestyles may very well work for you in your ambition for real estate investment success. Lifestyles is certainly a much better choice than most of the other so called guru or mentorship programs. However, I think you are currently suffering from myopic vision, seeing only the positive and not the negative. I'm afraid the tone of your posts are similiar to those of new multi level (network) marketing recruits, i.e. Amway, or whatever their name is this month. It sounds like an almost religious feverence, Del is a deity whose only purpose is to help people, the mentors at lifestyle do it to give back, not the money, etc. The truth is Lifestyles is a business like any other business, despite what they may claim or it's membership wants to believe, they perform their service for the same reason we all work , THE MONEY.
155 Replies
- Real Estate Investor · OH · Member since 2008 · 4k+ posts · 1k+ votes17y
Then, I would suggest that you do spend the $10K. Maybe they'll explain cash flow and expenses at that level of training (or maybe you'll need to join the $25K level to get that) - LOL!
Now THAT IS FUNNY! You certainly didn't need the training on evictions since proper tenant screening eliminates that for you!
What exactly did they teach you at LU? I'm sure that everyone reading this would love to know! Why won't you answer that? You and the other ponies have done a lot of advertising but haven't provided any answers.
Mike
- Altus, OK · Member since 2008 · 2k+ posts · 690 votes17y
What's that I smell is that the stench of BS spewing in here from guys like Charles who let's face the facts must be a shill for Del and his ilk :roll:
- Real Estate Agent · Tampa, FL · Member since 2009 · 456 posts · 123 votes17y
unlimited lifestyles? wow can you get unlimited trojans too?
Guys - I'm all for debating facts/semantics/etc. but please be respectful in doing so. Just a reminder . . . Thanks!
- Real Estate Investor · OH · Member since 2008 · 4k+ posts · 1k+ votes17y
Can Trojan even protect newbies from this type of dog and pony show?
- Real Estate Investor · ten mile, TN · Member since 2009 · 1k+ posts · 374 votes17y
As I pointed out (about the roof) there are going to be many unexpected expenses that will occur over the next several years. Pipes bursting, carpets replaced, floors replaced, ect. that you have not put away for from your listed cash flow.
This will inturn reduce your next 7 years to little or no cash flow which when averaged out over the entire period will be exactly what we have said it to be.
If you plan to refinance for those repairs, you just might be found in a position as many, many owners who cant refinance and then your income will cease because no one will rent your holy, leaky, house, and it might even be condemned. These contingencies are true expenses that will come and if not planned for will sink you very quickly, especially if you are heavily leveraged.
Most people who teach about reducing expenses to their miminum do good for a while, but can not sustain it do to the poor and or few repairs.
Also you mentioned about wallmart not listing expected income as expenses. Yes they do, as all business do, it is called theft expense. You will have some of that also.
I will look forward to your updating this thread seven years from now with your true expenses.
- Investor · Houston, TX · Member since 2009 · 40 posts · 9 votes17y
Wow I go to Vegas and things take off. Back and forth. Mike tell me about the type of investing you do?
I would like to know what other investing you guys do? Flip, rent, commercial real estate. What do you find the most effiective way to invest in real estate?
Hey Natalie - Can you start a new thread for all of those questions or contact the members directly. Thanks. Lets try and stay on task.
- Investor · Houston, TX · Member since 2009 · 40 posts · 9 votes17y
Not exactly sure this is a question for everyone in this thread who has commented. There is obviously some passion behind their questions. I was wondering what type of investing they all do. How would I go about asking that to everyone in this thread?
Not a big blogger. - Rental Property Investor · Mercer Island, WA · Member since 2008 · 22k+ posts · 14k+ votes17y
Natalie, this thread is about "Lifestyles Unlimited by Del Walmsley", not the types of investing done by the people who have responded. Underneath everyone's avatar (the picture) in each post is a "xx posts". Click on that and you can read through that person's post. The people your question is targeted to have hundreds or thousands of posts, and its pretty easy to get an idea of their background, experience and type of investing from reading even a handful of their posts.
Since this thread is specifically about Lifestyles Unlimited, it would not be appropriate to change directions to having people discuss their own investing approaches.
- Investor · Houston, TX · Member since 2009 · 40 posts · 9 votes17y
In that case... Any questions that I can help anyone with in regards to Lifestyles Unlimited?
Hey Natalie - it might be helpful if you take the 5 or 10 min. necessary and read all the posts in this thread....
It will become clear to you if you have anything of substance to contribute or not.
- Investor · Houston, TX · Member since 2009 · 40 posts · 9 votes17y
I did read the threads. Thanks anyway.
Natalie - Can you share how you used the information obtained through this program to be successful? How is your business going? How much of that can be attributed to LU?
I think that information would prove to be useful. Thanks.
- Investor · Houston, TX · Member since 2009 · 40 posts · 9 votes17y
Thanks Josh. More than happy to share. The information through our group is valuable for a number of reasons. Now we do not pretend to have a secret or anything special that nobody else can do. You can learn everything we teach on your own. We just help expidite the learning process.
We have lots of classes taught by vendors, members, and staff that will cover a variety of topics. Depending on thier area of expertise. Our vendors do not sell books and tapes in the back of the room. The members get access to a strong vendor list for each market, unlimited phone calls to active investors in their market. We specialize in buying and holding onto SF and MF. We do not go outside that box. Standard bread and butter deals. 3.2.2. Our members are a very active group and do a pretty good job of retiring themselves.
My investing is good. I enjoy what I do. My SF houses are the easiest thing in my life considering all the rest.
A lot of my success can be attributed to LU. The contacts you make up here are invaluable plus the information you learn is much quicker than a trial and error method. When the market changes you are on top of it because your vendors are on top of it as well.
Real estate is great and so is information. What is important is what you do with the information you learn and how you implemement it. Nothing is ever handed to anyone. You must go out and get it. That is true with our members as well. The ones that take the informaiton and grow. Look for ideas and information usually do very well. As long as they do not get analysis paralysis. Which happens to people who get too much informaiton and do not know how to move forward. That is why we have a very detailed MAP that members are to follow the first few deals.
The RICH club in Houston has also been invaluable for learning how to flip, wholesale and understanding other ways to invest.
LU has also helped with capital. Member have their money in the stock market and want to move it over and lend out as a private money lender or as a hardmoney lender. They do this through self directed IRAs and cash.
Hope this helps.
Natalie Thanks for the info, Natalie.
Perhaps you could explain further how the program works? I don't fully understand how vendors are teaching classes. Can you provide an example?
Also, do you work for LU or make money referring people there? Just curious because of the use of "we."
Finally, you mentioned that your success can be attribute to the company. Can you go into more detail as to that?
- Investor · Houston, TX · Member since 2009 · 40 posts · 9 votes17y
The program is a mentoring base program there are 3 different levels you can participate in. With the basic membership for 500 for the first eyar you get unlimited q & A with mentors/investors. You get 30 guest speaker nights where 3 speakers come up and educate the members on the topic of choice. 3 hours in one night. You get 12 case studies, members get up and talk about the deals that they have done. Usually 2 to 3 single family then one multi family presenter.
You also get a property locating class, Single family action plan class, 2 day class (this is where you get the map-how to buy the single family and basics on multifamily). We also have an evaluating software that taps into MLS that you can subscribe to so that you can run your own comps.Yes I work for Lifestyles. I gave a background on me a few post back... Member first saw an opening came to work here.... so on and so on.
Information is the key to success. I kind of touch on that in the first post to. A friend of mine that owns 80 or so houses told me I needed to become a member of the group (take action) then he would help as I needed to.
The group has a good reading list and gola setting work shop to get people going and thinking in the right direction. It is more than just real estate focused, It is having a good life in the process. Buying your life back from corporate america one rent house at a time.
Since working here I have added a few more single family houses and commercial properties. With out getting into too much detail the contacts made here. Helped me to be able to move forward with the commercial deals. Finding partners. Financing. Information. All of it is important in assisting with investing.
- Real Estate Investor · ten mile, TN · Member since 2009 · 1k+ posts · 374 votes17y
Sounds like exactly what is going on here one Biggerpockets, except that Josh does not charge anyone anything unless they choose to contribute!
- Investor · Houston, TX · Member since 2009 · 40 posts · 9 votes17y
Mastermind Groups are important. So are vendor contacts, localized groups in the same market. It seems Josh does have a neat blog and information. I am not a big computer person. I like one on one. Pick up the phone and talk to. Whats important is the information is out there. Get out there and apply what you learn.
- Investor · Houston, TX · Member since 2009 · 40 posts · 9 votes17y
One other thing. When you are doing single family it is relatively simple. The thing that really set us apart is our MF group. Our apartment owners are brilliant. The group shares a lot of information. There is a lot of capital to go in and get these loans. Our MF owners buy everything from small mom and pop garden style apartments to porfolio transactions. They really move a lot of d, c, and b properties in Texas.
That is one thing that sets us apart from a lot of other companies. Our members buy apartments underperforming and increasing their value by improvements and increasing their NOI then refinancing returning capital, retiaining ownership and cash flowing quarterly.
So they do both the Value Play (described above) and the yield play when they buy just the cash flow.
Hope this clarifies.
- Real Estate Investor · ten mile, TN · Member since 2009 · 1k+ posts · 374 votes17y
Natalie, I noticed something in your posts that is interesting.
Apparantely one of your "affiliate" vendors programs that you do sell "in the back of the room" is a subscription to a service provided by one of your vendors?????
How many more possible connection vendors do you support while not teaching the students about expenses.We had an interesting conversation previously with one of those members that definately showed that he did not understand that basics even of what constitutes operating expenses.
- Investor · Houston, TX · Member since 2009 · 40 posts · 9 votes17y
Yes we do have a software evaluation service that is not sold by an outside vendor. It is not a requirement for anybody to be a part of, just an additional service. Not saying you cant use a realtors comps. Its what works. Yes our vendors have a variety of services and our very important to anybodys team as I am sure your team is important to you and your rehabs, purchases and so forth.
Our members are actually very active and very informed considering alternatives out there. They understand investing. Take a look at the HAA and NAA independent owners group. The paragon award winners from the 2 previous years. I am not going to get in a tit for tat and do not understand the animocity some of you have.
I think this website is neat to share ideas, not tear ppl up and put them down.
Have a great day. - Real Estate Investor · ten mile, TN · Member since 2009 · 1k+ posts · 374 votes17y
Actually, right now, realtor comps are usually too high and do not work. It is the actual value that the property comes in at, when that valuation is recieved for mortgage purposes, that the banks go upon to decide the value of the loan, and not comps.
As for tearing people up or putting anyone down, they do that themselves when they can not respond to the simple questions asked.
Yes we do share ideas here for all to evaluate, which is the purpose of those questions, so all the newbies can evaluate the information being given for its validity.
So far from the information given we understand that at least one of your students does not totally understand the expense side of the equation of investing properly and that your company is a 3 tier company that suggests that you sell additional services to those tiers that will be needed by your students to "properly evaluate" the deals they come across.
Would you like to go back to all the posts and answer any of the other questions that have been asked and not answeres so that we can understand better.
I guess I should add another one here.
You are a realtor then or at least have your realtors liscense?
- Real Estate Investor · OH · Member since 2008 · 4k+ posts · 1k+ votes17y
One of the strengths of BP is that people trying to fleece newbies do not get a free ride. What we have seen over and over is that someone wanting to promote the latest guru business will come on the forum and ask a question. That is followed by a series of one-post wonders coming on to answer that initial question and sing the praises of the guru. That is how this thread appeared to start out and why it has drawn a lot of attention. It looks like a dog and pony show.
What really attracts the sharks is when someone sings the praises of the program and it is blatantly obvious that they don't understand the basics of the business. That completely destroys their credibility and makes us wonder whether the guru actually understands the business or whether this is just the typical information marketing scam that we see every day.
Again, I'm not saying that this is the case here - I don't know anything about the course or the guru. However, I do know that some of the people who have posted on its behalf don't understand even the most basic parts of the business and have posted contradictory information about the cost. That sets off alarm bells for me!!!
Mike
I attended one of Lifestyle Unlimited's free seminars last year. The speaker gave a canned presentation about how much money you could make in their network and how ridiculous it was to work in corporate America. After the presentation, he disclosed the cost to join their network. I think I remember it being $500 for the first year. It might be a good program for some, but I left with a negative vibe. They used high pressure sales tactics by telling those in attendance that we could get this great deal only if we joined THAT night. The price goes up after that. I asked several of the people "working" there how many deals they had done since joining and all said none. They all had various excuses. I received several phone calls over the next few days from the salesman apparently “assigned†to me. If I would join, he had special permission to offer me the same great deal I passed up at the seminar. No thanks.
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