A simple mans guide to Realestate By Bill Vaughn

Real Estate Investor · Arvada, CO · Member since 2009 · 68 posts · 5 votes

I just purchased â€œthe simple manâ€™s guide to real estate.â€ Has anyone tried it? I looked at several others before purchase. It cost about$110.00. I got a manual, a contract maker, and I paid $10 to get a coach for 2 years rather than just 1 year. It is also a not for profit. I guess I had little to lose. Tell me your thoughts?

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Cornelius Garland

Wholesaler · Charlotte, NC · Member since 2015 · 398 posts · 680 votes

11y

I realize this in an older thread, but hopefully the following information can assist someone who is considering purchasing Bill Vaughn's course.

Overview of the Course Materials:

I read through the Simple Man's Guide to Real Estate three times and also listened to the audio CDs multiple times. The course comes with several smaller bonus books that cover topics ranging from handling short sales to creative problem solving. Like most novices, I bought the book with the intent of learning primarily about wholesaling; however, the book only touched on the topic briefly. Nonetheless, this provided me with enough information to begin the process of thinking like an investor and learning the REI vernacular. Mr. Vaughn places an emphasis on unconventional and creative deal making (e.g., discounted mortgages, triple-net-lease agreements) and deviates from the typical approach most gurus pitch to new investors. The contract creation software is solid and well worth the price of the course. The purchase contract has enough weasel clauses to buy you 130 days until you're required to close a deal; of course, doing this will be very unfair to the seller.

Overview of the Mentoring:

I purchased the VIP membership with the course since it was only one dollar and received my 20-minute phone consultation with Mr. Vaughn a couple of days before I was to be charged $45 for the next month. I was on the fence about canceling the membership, but decided to keep it for another month after I spoke to him. He gave me some great advice, and I will go into detail about what we spoke about. I prepared some questions regarding wholesaling, and told him I planned on targeting vacant homeowners using direct mail. Surprisingly, he stated that direct mail was not a good marketing method and he found little success in his campaigns. He then stated that I should target homes listed on the MLS or FSBO homes and create motivated sellers by calling these homeowners and offering to purchase their property 80% below FMV. He then stated I should turn around and sell the homes to a family who is planning on living in the property, not an investor. What he said contradicted what I've been learning from the experienced investors on Bigger Pockets and my REIA. While I am not disregarding his suggestion due to his extensive REI experience and familiarization with the North Carolina market, I do believe Mr. Vaughn is a bit removed from updated practices in the REI world. I'm assuming he lives in a location where dilapidated blue-collar properties are not as abundant as they are in my area. Also, I did not ask him how I would actually motivate these sellers to sell at such a discount. However, I understand how purchasing a home that requires no repairs and has 20% or more in equity is advantageous to an investor or homeowner, which is why I am currently considering this approach. Lastly, he stated that he should have covered negotiating more in the book and indicated that 90% of his success is credited to his ability to effectively negotiate. He encouraged me to read every book I can find on the topic.

Summary:

Mr. Vaughn's course is definitely worth the price; however, I cannot justify spending $45 on the VIP membership. If you happen to get him as your mentor, then I see no need for the monthly phone call. If I have a deal that needs evaluating, I can simply send the information to him via email and use the money I saved on other business expenses. Overall, it is a great place to start, and I will experiment with some of the techniques in the book later in my career. It is worth a read and priced reasonably considering the quality content you receive. Let me know if you have any specific questions regarding the course.

-Cornelius

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Derrick Webb
Plainsboro, NJ · Member since 2015 · 8 posts · 0 votes
11y
Ok. I totally understand and appreciate the information. I actually wanted to start with wholesaling myself since I did not want to fork over any of my own money, but rather take a deal and re-sell it before the original ink dried on the first contract. In my area there are areas that are very affluent (due to farming and the school system being tops in the state), and then there are areas that are not very fortunate due to the economy (everyone in that city is leaving and selling their homes dirt cheap for the northeast markets, and the schools rank a "1" out of "10" with "10" being the best.). So I also will have to make sure I am careful in where I invest - start small and then branch out to county to state to region to nation (it is a vision that I am shooting for).
As to a business plan, without giving me any private info from yours, but how or what exactly did you target as your goals, albeit financial and/or investment deals that would be reasonable to reach when starting off? I work full time and am raising a newborn with my wife that will be 6 months old soon and we also have an eleven year old as well.
0 Reply
Cornelius Garland
Wholesaler · Charlotte, NC · Member since 2015 · 398 posts · 680 votes
11y
@Derrick Webb Wholesaling generally works in any market. The main differences between markets are the average wholesale fee and how much you need to pay in marketing dollars to generate one deal. For instance, there are areas in California that investors are spending around 10k in direct mail to get a deal. However, those deals are generally less frequent but average 15k or more. Conversely, investors in smaller cities will likely only net 3-5k per deal but can send out less mail to get a deal.
To answer your question regarding my goals (which I'm more than willing to share!), my business partner and I were reasonable when setting them. Our main goal is to escape our 9-5 jobs so we're working extra hard to make this possible. I'll give you a little background on my situation so you can understand how we are targeting this goal. We started our REI journey in JAN 2015 by attending one of those guru weekend seminars. Long story short, they gave us the sales pitch and we declined. I was still very interested in real estate investing so I researched everything I could through Google about the topic. Thankfully, I found BP. I cannot overstate how grateful I was to find this site. From there, we were in research & analysis paralysis mode for 2 months until we decided to take some real action in mid-March by driving for dollars around our city. We did this about every weekend up until May. I also went to the various counties in my area to obtain the code violation lists, and we cold-called equity owners to see if they wanted to sell. After receiving abysmal results, we decided to invest in a 7-month marketing campaign so we can have the leads come to us rather the contrary. Pull marketing is so much easier than push marketing. Currently, we are 3 weeks into our first marketing campaign and have another 500 letters going out next week. We have yet to close a deal, but we already have several motivated sellers in our pipeline. Effectively structuring the deals is currently where we're getting hung up on, but I sought out a mentor at my REIA to assist with this process.
I say all of that to indicate we are making it up along the way, and there is nothing wrong with this. You don't need to be able to see step 20 in order to take the first step. My business partner's goal is to quit his job after our first deal. He can do this because he's single and has very little expenses. I have a plan to quit by the end of the year. I can do this because I am also single and have no huge commitments. In your case, I would attempt to save up at least your year's salary before you think about transitioning. That doesn't mean to not invest. I would pour every free dollar you have in your business. That is what I'm doing. Instead of shopping or traveling on the weekends, I use that money to invest in direct mail campaigns or products to automate my business. It's important to work overtime for YOU. It's going to be extremely uncomfortable and you're going to just want to go to bed after you had a long day of work instead of working on your business. You will also have people around you that are not supportive. You have to be able to see the vision and have faith that this system works. Make a plan and stick to it because this is temporary pain for long-term gain! Make sure your wife is on board and budget accordingly. I hope I was able to answer your questions, and please don't hesitate to ask me anything. I love sharing what I know with others and motivating them!
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Curt Smith
Rental Property Investor · Clarkston, GA · Member since 2012 · 2k+ posts · 1k+ votes
11y
I'll toss a general comment on this thread. I buy stuff all the time just to read it and pick it apart. It's apart of the 10,000 hrs rule (googleable re Gladwell).
I feel to become self sufficient in REI, IE quit the day job (and stay quit), you'll need to invest the time and cash $$$ to have gotten a Masters Degree from a decent university. I don't feel this is an over statement. It's my experience volunteering in leadership at my local REI that there are very few examples of students going from zero to quiting their job on only a few $100's of training and in only 6 months. I personally spend at least $2k a year, some years it's been $12k (my partner (wife) and I). I've been at this for 4 yrs, clawing my up adding 3-6 new rentals a year.
What motivated me to write is reading about folks parsing whether $45 is worth it for this or that. If I read $4500 was worth it I wouldn't have been moved to write. Folks when I said it takes a Masters Degree in REI and $1000's on continuing education I really meant it. $45 is not even worth debating. New folks should have a mind set that you need to invest in training your brain #1, practice talking to sellers #2, practice structuring deals #3. Hiring a mentor (yes yes, the right mentor) can be the smartest thing an ambitious new person can do. It can shave years off your path and maybe get you over the hump where you'd never make other wise and you'd just keep that day job.
Given my role mentoring yellow letter programs and new folks in general, there's many gorillas in the room. One of them is: Wholesaling is just another job. Wholesaling does NOT generate wealth. Where creative financing like buying subject too, seller financing, joint ventures etc do create wealth (equity) and often with little cash input. This is why the old timers spend so much time on creative tactics... Because it allowed them (and hopefully you) to quit your job and enjoy mail box money (true freedom).
I know of only one wholesaler who does not have a day job and things have gotten hard recently for him to keep his income up. Everyone else does a deal every few months and you can't live on that,,, with today's low assignment fees.
I'll mention that you need to join your local REIAs. If there's more than one, join them all and network like a madman for old timers who don't have a day job. :) (this comes from Tie Lopez's 33-33-33% rule also googleable)
Much success folks!!
4 Reply
Bill Gulley
Investor, Entrepreneur, Educator · Springfield, MO · Member since 2009 · 21k+ posts · 12k+ votes
11y
Hope you all look at what edition these books might be, this thread is 5 years old!
To my knowledge, there are no new guru books on 'creative financing" that will be compliant with the laws passed in the past 3 years.
Learn wrong, do wrong! :)
1 Reply
Cornelius Garland
Wholesaler · Charlotte, NC · Member since 2015 · 398 posts · 680 votes
11y
@Curt Smith I absolutely agree with your statements, especially the one regarding creative financing. This is the main reason why I sought out a mentor from my REIA. I was only making cash offers on properties and the sellers weren't too enthused about them. I spoke with my mentor, and he suggested the seller financing/lease option approach. He's doing several of these deals per month and is very familiar with all of the legalities concerning these transactions. No amount of reading, even on the great BP forums, could have accelerated my knowledge unless I consulted a mentor. I think newbies get hung up on find the Holy Grail of real estate literature that will give them a step-by-step guide to success. I strongly believe it takes reading multiple books, as you suggested, coupled with persistent action and a local mentor to be successful. Thank you for the input Curt! I'm grateful that experienced guys like you are on BP providing guidance to us new folks.
@Bill Gulley I should have started a new thread on this topic instead of revivingit a couple of months ago. Some of the posts on here are from 2009 (YIKES!). I actually spent several days looking on Amazon, eBay, the library, etc. looking for post-Dodd Frank books on creative financing and did not find any. Publishers that are still selling these older books should really take them down. Hopefully some new investor doesn't take that antiquated information and attempt to structure a deal.
1 Reply
Bill Gulley
Investor, Entrepreneur, Educator · Springfield, MO · Member since 2009 · 21k+ posts · 12k+ votes
11y
Yes, and those publishers could probably care less, they are in the book business, not really real estate or finance.
That's why you really need to know an author, their experience (which is not from making or taking a billion bucks from some strategy, as well as when it was written.
Most that you find probably belong in the fiction category, not education. :)
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Bill Vaughn
South Hill, VA · Member since 2015 · 21 posts · 30 votes
11y
My name is Bill Vaughn, and I have tried hard to be patient and forgiving. But "Cornelius" and "Clary C" are both disingenuous, to say the least.

And I must say I am completely amazed that so many people on this thread listen so intently, even in awe, of someone who, to the best of anyone's knowledge has never closed a single real estate investment. What is even more concerning is that not one of these good folks have even bothered to ASK if he has ever purchased a piece of real estate, yet look to him for advice over others on BP who, like myself, are actually successful investors.

Where to begin? Cornelius says he purchased my program to learn "wholesaling". ALL real estate investing is a form of wholesaling - buy low, sell high. Like many novices, he is fooled by all the hype by the infomercial gurus. What they call wholesaling is actually ASSIGNING, a specific form of wholesaling.

Where Cornelius really went astray was when he insisted on a consultation before he had even read the materials, so it was doomed from the start. A person needs to be "on the same page" with their coach. I advised him exactly how to pull off assigning, in great detail, but that is not what he wanted to hear. He wanted to hear how the phony gurus teach it (which is now illegal in 2 states, with more getting on board). He also insisted on using a direct mail campaign which, as experience shows us, is both expensive and unfruitful.

He then states that I appear to be "removed from updated practices". Really? I don't think so. I invest all the time, and have been very successful. I'd say I stay in the groove.

He said I told him to "create motivated sellers". Not true. What I tried to teach him is how to LOCATE them.

He then states that he is scheduling another call - not! He quit after his first call. As I indicated, he was totally unprepared for his first call as he told me he had not yet bothered to read the materials.
Then he said I told him about an "MLS Strategy". I have no such strategy. The MLS is nothing more than a solid source for finding sellers and detailed info on what they are selling.

Then he shows his lack of knowledge when he questions "What Realtor will help you negotiate?" It's called a Buyer's Broker - and he would have known that had he read the materials. And I never said I worked with the same Realtor for 40 years. The longest I have ever worked with a single Realtor is 11 years.

He goes on to suggest my method of wholesaling is called "wholetailing" - whatever THAT is. He still does not understand that ALL real estate investing is a form of wholesaling, and each has a specific name. He continues to show his lack of knowledge. For the record, Cornelius has never used his consulting privilege with me using his free email access. Not once.

Forgive me, folks, but I have to laugh that Cornelius' picture has "PRO" written on it. How can anyone who in all probability has never purchased any real estate be considered a pro? He keeps talking about his "plan", but never any mention of having DONE anything.

Look, folks, I may sound critical, but these things need to be pointed out. Almost everyone on this thread seems to hold Cornelius in some sort of reverence for his "valuable advice". But not one has even bothered to ask him if he has ever closed a deal, or how many. Amazing that so many people pay him so much heed when he appears to have done nothing - but talks a good game.

There are many REAL experts at BP. If you want to learn real estate, learn from them, not from some phony. Like my Daddy used to say, if you want to learn how to make a lot of money, learn from someone who has MADE a lot of money.

As to Clary, he states the mentoring is "so-so" and my "assistant" (Chuck) is a jerk. He also claims to have used the mentoring for a year. Not true. He used it a couple times in March 2014 and once in April 2014. That's it. And he claims the mentoring process is complicated. Really? Here's how complicated it is - put your assigned mentor's keyword in the subject line and send your message. FYI - a computer routes emails to the mentors according to the keyword in the subject line, that is why it is necessary. But it is NOT complicated.

Check out this last thread between Cary and Chuck - does it sound like Chuck is out of line, or Clary is having a hard time with him?

From: clary C <claryc*****@*******.com>
To: Administration <[email protected]>
Sent: Tuesday, March 18, 2014 6:11 PM
Subject: RE: Question regarding program guidelines

Hi Chuck

Thank you for your prompt response. I found the mentoring guidelines on the CD as you indicated. I see I am doing one or two things incorrectly and I will correct my submissions to my mentor. I will print these guidelines out and keep them next to my computer for a reference. Thank you for your help.

Regards

Clary

Date: Tue, 18 Mar 2014 14:44:26 -0700
From: [email protected]
Subject: Re: Question regarding program guidelines
To: claryc******@*******.com

Hi, Clary. As detailed in the instruction sheet, Mentor Guidelines can be found in the "library" on the computer CD, bottom of the page.

Regards

Chuck

Again, I strongly urge everyone to learn from those who actually DO what you want to do, not those who just TALK about it. Be careful when taking advice from someone without credentials.
1 Reply
Cornelius Garland
Wholesaler · Charlotte, NC · Member since 2015 · 398 posts · 680 votes
11y
@Bill Vaughn Mr. Vaughn. Thank you for providing the clarification! It's rare that a highly-respected mentor, like yourself, ever takes time to respond to criticism from students. I did not mean to offend you. I was merely attempting to provide an unbiased and critical analysis of your product, which very few members did before I came on this forum. My posts were not an attack on you, and I sincerely apologize if they were interpreted as such. I conducted a lot of research before deciding to purchase your product and I chose yours over many others. I still reference the book in attempt to comprehend the wealth of information you provided. Moreover, I'm not an expert and never claimed to be. On June 18th, I stated "We have yet to close a deal, but we already have several motivated sellers in our pipeline." I'm just trying to help other members out on this forum with my limited knowledge.
Very Respectfully,
Cornelius Garland
2 Reply
Bill Vaughn
South Hill, VA · Member since 2015 · 21 posts · 30 votes
11y
I do understand, Cornelius, but I do believe you should clarify to all as to your credentials, up front, so people know who they are communicating with. And I do not believe it to be a good thing to make suggestions as a "pro" when your knowledge of the topic is so limited, as it can easily lead others into making costly mistakes because they trust you, even though you, too, are a beginner. If you have worked a strategy and succeeded, by all means let others know. Otherwise, it is only fair to make it clear that you, too, are looking for answers.
I don't have all the answers, either - as long as I am alive I will continue to learn. And I will always do whatever I can to help others. But one thing I would never do is give bad, or flawed advice, nor turn my back on anyone looking for help. That is why my program is sold on a non-profit basis, and the coaching is always free.
Many of the so-called "gurus" who call "assigning" by the term "wholesaling" are not even aware that their method is legally flawed, and being outlawed, as it is in Oregon and Washington. When an "investor", seller and cash buyer all get together to pull off an assignment on a place that is seriously discounted due to condition, that is called collusion, and the "investor" is acting too much like a realtor, which is illegal unless you are a Realtor. I tried to show you a better, legitimate method that works. By the way, I put quotes around "investor" because in that type of assigning, you are not an investor - you are simply a bird-dog for the "cash buying investors". We do not teach bird-dogging. We teach investing. But if a person wishes to settle for being a bird-dog, that is their choice. They should just use great caution to avoid anything that even smells of collusion.
Again, newbies (perhaps including yourself) should spend their time learning from those who have succeeded in the endeavor (there are several here on BP), rather than spend time trying to teach others who are just as new.
I did not intend to offend you. But I felt a need to correct the record.
2 Reply
Cornelius Garland
Wholesaler · Charlotte, NC · Member since 2015 · 398 posts · 680 votes
11y
@Bill Vaughn Mr. Vaughn, please pardon my ignorance in the earlier posts. I admit I had very limited knowledge back then; however, I am now familiar with real estate terminology and investment strategies. Additionally, I do not want you to think I am inadvertently misleading individuals by having a "Pro" membership. I pay for my pro membership so I can access more information and resources, such as rental property calculators and discounts for investor-related products. Anybody can receive this membership if they pay for it. Separately, I made a goal to post on the forums at least once per month when I started my investment career. I'm an introvert and this was a way to challenge myself to overcome some of my fears. I made a commitment to only speak on the topics I had experience with so I would not provide faulty information. This is my way to pay it forward. Whether you are a novice or experienced investor, I vehemently believe I can learn from anybody. The moment I disregard the input of someone who I perceive is of lesser intelligence is the moment I stop learning. The input given from investors of different experience levels and backgrounds is what makes Bigger Pockets so great!
Very Respectfully,
Cornelius Garland
0 Reply
Bill Vaughn
South Hill, VA · Member since 2015 · 21 posts · 30 votes
11y
Understood, Cornelius. And best wishes in your investing career. You are intelligent, articulate and will likely fare well.
1 Reply
Brian Gibbons
Investor · Sherman Oaks, CA · Member since 2008 · 6k+ posts · 3k+ votes
11y
cc: @Bill Vaughn
This is my unsolicited opinion but I think "Simple man Bill Vaughn" is a wonderful coach. I read his materials cover to cover and there are many inspirational pieces to get you off your rear end and into the field.
Although I bought the materials back around 2007, before Dodd Frank and the SAFE Act, the theory is all very sound.
For the money,under hundred dollars I think it's a great value for the consumer to get a grounding in the basics of real estate investing
I have not experienced Simple Man's coaching want to but I can only assume that it's excellent
If anybody that follows me on BP is considering the educational product, I highly recommend that you make the investment
1 Reply

Clary C.

Real Estate Agent · Attleboro, MA · Member since 2014 · 91 posts · 15 votes

11y

Friends,

As I stated before, my prior post is MY personal opinion. Please use your own judgment in regards to this product. Here is the full email exchange regarding myself just trying to get started using this particular product.

These are the emails I had just trying to get started.

Now please remember I was new to this and I only wanted help in getting started. here is the email exchange.

---------------------------------------------------------------

From: clary <clary****@***l.com>To: "****@yahoo.com" <***> Sent: Wednesday, March 5, 2014 8:17 AM

Subject: Question

Hello,

I'm wondering how do I submit emails to my mentor? I spoke with bill for the first time on monday and I want to email him some of my deals for his guidance but i dont know which email to use and what to put in the subject line. I looked in the manual and I cant find it for some reason. Can you help me? Any help would be appreciated. Thank you

regards,

Clary

-------------------------------------------------

Date: Wed, 5 Mar 2014 05:30:20 -0800
From: ******@yahoo.com
Subject: Re: Question
To: ********@********.com

Hello, Clary. It's in your FOOLPROOF instruction sheet - inside page, right side, about half-way down.

Regards

Chuck

-----------------------------------------------------

From: clary <***@******.com>To: Administration <*****@****.com> Sent: Wednesday, March 5, 2014 8:37 AMSubject: RE: Question

Hi chuck,
Thanks for responding. I actually dont have the physical book but the E-book on my desktop.which page would it be on? Thank you for your help.

regards

clary --------------------------------------------------------------

Date: Wed, 5 Mar 2014 05:30:20 -0800
From: ******@******.com
Subject: Re: Question
To: ******@*******.com

Hello, Clary. It's in your FOOLPROOF instruction sheet - inside page, right side, about half-way down.

Regards

Chuck

--------------------------------------------------------

From: clary <****@*****l.com>To: Administration <*****@*****.com> Sent: Wednesday, March 5, 2014 9:30 AMSubject: RE: Question

Chuck,

I am looking thru thru zipped folder that I downloaded after purchasing the course and I still cannot locate it. Can someone from your organization please email me the FoolProof Agreement Maker Instruction sheet? It is my first time contacting my mentor via email so once I know the proper protocol I will be all set and locked in and I wont need to ask again. Any help would be appreciated. I also attached to this email a screen shot of the zip folder so you can see what I am seeing. please help. Thank you Chuck.

Clary -----------------------------------------------------

Date: Wed, 5 Mar 2014 06:40:18 -0800
From: ****@****.com
Subject: Re: Question
To: ****@*****.com

It is not in the zip materials you downloaded. It is in Instruction Sheet that comes with the package you receive in the mail.

Chuck

-------------------------------------------------

From: clary<*****@****.com>To: Administration <****@*****.com> Sent: Wednesday, March 5, 2014 9:48 AMSubject: RE: Question I currently dont have that sheet with me and i dont recall it being in the package I received. is it possible to have it emailed to me? Or can someone from your organization give me the email address and or instructions for emailing my mentor please? Any help would be appreciated. Thank you.

Clary ----------------------------------------------------

Date: Wed, 5 Mar 2014 07:00:08 -0800
From: *****@****.com
Subject: Re: Question
To: [email protected]

Your package did have it - every package is checked three times prior to shipping.

It cannot be emailed - sorry! Email is not secure enough to transmit the confidential keyword info. I can MAIL it to you, but you would have to send a self-addressed stamped envelope to:

I*****

*****
Li***** ME 040**

Sorry for any inconvenience, but keywords provide unlimited access, and therefore must be protected.

Chuck

---------------------------------------
From: clary <*****@****.com>
To: Administration <*****@*****.com>
Sent: Wednesday, March 5, 2014 1:13 PM
Subject: RE: Question I sent an overnight package to the address you emailed me with a return prepaid overnight envelope. I have the tracking number if you need it. Please put the information that i need in that envelope and drop it in the mail back to me ASAP.

Clary This exchange shows you what I had to go thru just to get started with the mentoring. I personally don't think it should have taken all of this emailing back and forth just to get a key word but as I stated in my previous post this is just my OPINION. It could have been taken care of with a simple phone call, text message, etc. in my opinion. I was new to this course and extremely eager to learn and get started. Now here are some emails regarding my mentoring.... From: clary<*****@****.com>To: "****@****.com" <****@****.com> Sent: Tuesday, March 18, 2014 1:37 PMSubject: ******

Hi Bill,

Its clary. I have been studying the materials and want to proceed with submitting my first offer. I want to assign a contract to a property once I have it under agreement and I need your help evaluating some properties. My friend david who is also a realtor is ready to write my offers for me and submit them. I told him I have you as my mentor to help me evaluate the deals and help me put together my offers with the appropriate "weasel clauses" so that im protected. I also want to submit my offers under my massachusetts LLC which is called ********. I also have a small list of cash buyers who are looking for deals in my area who will look at anything I present to them. According to my cash buyers they will pay 65 cents on the dollar for real estate deals in my area. Here are the first deals I have freshly listed on out MLS here in masaschusetts. Please let me know which one is the best option for us.

Here are the MLS links to 6 properties Im intersted in below. The links have all of the property information from the MLS.

CTG - $100,000 - 1 4 room, 2 bed, 1f 0h bath Cottage New Listing

NEW - $89,900 - - 2 unit, 9 total room, 4 total bedroom 2 Family ** this propery has a second floor tenant still there**

NEW - $135,000 - - 8 room, 5 bed, 2f 0h bath Colonial

NEW - $149,900 - - 12 room, 4 bed, 2f 0h bath Colonial

NEW - $130,000 - 33 - 3 unit, 15 total room, 6 total bedroom 3 Family

PCG - $125,550 - - 6 room, 3 bed, 1f 0h bath Ranch

Any help would be appreciated. Thank you Bill.

Sincerely,

Clary

Date: Tue, 18 Mar 2014 12:09:12 -0700
From: ****@******.com
Subject: Re: *****
To: *****@******.com

Hi, Clary. First, yoiu really need to make an effort to follow the guidelines - mentors must be provided up to two days to respond before resending an email.

As to these properties, a couple of things

1) Nowhere do I see the most critical info required (perr the guidelines) - the actual market value. Without that, it is unwise to make any offer, and impossible for me to make valid suggestions.

2) Chances are these properties are listed at or near market - if so, while there is a minute possibility, it is most unlikely you will be able to make a profit by assigning to unconscionable investors who only offer 65% - which means YOU must offer only 50% in order to profit. Not likely going to happen.

EXAMPLE: The $100,000 property would have to be under contract for $50,000.

I can do a lot, Clary, but one thing I cannot do is provide market values.

And, frankly, that is why I always say "forget getting deals for investors - YOU be the investor." We do not train bird-dogs, Clary, though you can go that route if you wish.

From:	Administration (**@***.com)
Sent:	Thu 3/20/14 5:51 PM
To:	clar (**@**.com)

I really need your help in deciding what I should do to start in real estate investing since assigning contracts or training bird dogs is not recommended by you.

[REPLY] Actually, that was not my recommendation - assigning contracts is great for newbies (and old pros, too). What I do not recommend is bird-dogging. There is a big difference.

> the reason I decided to go with assigning contracts was because it seemed like the quickest way to earn a profit

[REPLY] Generally true

>How would I find out the market value of a property? Should I have my friend the realtor do a comparative market analysis on each property?

[REPLY] As detailed in the guide - comping, appraisal, desk appraisal or Certified Market Analysis (often done by Realtors)

>Is Zillow.com a good source for this information?

[REPLY] It can provide comps, but does not actually comp them against anything - that is something you must do. Simply put, you need to add/subtract $$ according to the differences in the properties.

Bill ------------------------------------------

Bill,

Below is a property priced at $99,000 I'm interested in and I would like to submit an offer on with the intention of assigning the contract.

A) the market value of the property is approx. $200,000.00 after rehab and based on similar comparables in the neighborhood. The comparable my realtor found sold for $250,000 last October.

B) My plan (with your help) is to submit an offer to get this property under contract so that I may assign it for a quick profit

c) I cannot bring anything to the table in regards to cash or credit, but I have a realtor working very closely with me who will submit my offers under my LLC.

What is your opinion of this deal? Do the number look good for what I'm trying to do? Below is the MLS property I am interested in and Below that is the Comparable sent to me by my Realtor.

Any help would be appreciated. Thank you.

Regards,
--------------------------------------

Date: Fri, 21 Mar 2014 17:23:57 -0700
From: ****@****.com
Subject: Re: *****
To: *****@*****l.com

Clary

It does not matter what it may or may not be worth after rehab - all that counts is the CURRENT market value, as-is. Anything else is speculation. Speculation is not investing. Furthermore, this is a short sale, and the lender will not even look at an offer not backed up by proof of funds and a substantial earnest money. Also, you need to ask yourself EXACTLY what (and how much) is wrong with the place, and how long it would take to finish it and get it tenanted - every month is money out of your pocket - mortgage, taxes, interest, water, sewer etc.

Since nothing here tells me what is needed for repairs, or the estimated costs, I really cannot suggest much else.

If you are CERTAIN about the costs, and if you can pony up the necessary funding, and the figures still comer out good, then go for it. But I do not have that info to make a judgement on.

Bill

-------------------------------------

From:	clary (***@***.com)
Sent:	Fri 3/21/14 9:00 PM
To:	Administration (***@**.com)

I called my realtor and asked him what was the current market value of the property and he did some research told me it was $139,818 as-is.

Also you stated in your last email that I needed to know what (and how much) was wrong with the place, and how long it would take to finish it and get it tenanted - every month is money out of your pocket - mortgage, taxes, interest, water, sewer etc.

My question is if I am going to assign a contract to someone else how does this information come into play? Please help me understand this.

I assumed based on what I've been reading about assignments that the person I am assigning the contract to needs to worry about those issues since they are the actual buyers of the property. Please correct me if I am wrong or there is something I missed.

I understand now that I wont be able to submit an offer on this property due to the bank wanting a proof of funds letter, but since I am going to start with assignments I want to make sure that I know why certain things like money out of your pocket every month - mortgage, taxes, interest, water, sewer etc. will pertain to me.

Lastly I have some other properties I am interested in that are not short sales and hopefully do not require a proof of funds letter (none were stated in the MLS listing), so I will gather up the required information, current market value as-is and submit them to you for your suggestions shortly. Thank you.

Clary ----------------------------------------------

Sent:	Fri 3/21/14 9:15 PM
To:	clary(c****@****.com)

Sorry I missed the part about assigning. But it changes little - in a short sale, if you cannot come up with proof of funds and substantial earnest money, the lender will not even allow your offer to be considered, regardless of your plan for the place.

Can you do that?

Bill

------------------------------------------------------------

After that last email, especially when the part about me wanting to go the assigning route was missed I was extremely frustrated, but I then turned to biggerpockets and learned a lot more and I'm still learning. I still ended up paying the monthly fees for the mentoring for a few months until I cancelled it but by then I had already made money in real estate from my efforts on this site and networking, direct mail and at local real estate meetings in my area. My point is this particular course may have worked for others but for me it didn't and not because of effort as you can see by my emails. Judge for yourself. But as I stated before this is my PERSONAL OPINION.

0 Reply

Mike HurneyPro Member
Real Estate Investor · Boston, MA · Member since 2009 · 2k+ posts · 542 votes
11y
@Clary C. WTF, this is like something form The Blue Vase.
What'd you pay for this "mentoring"?
0 Reply
Clary C.
Real Estate Agent · Attleboro, MA · Member since 2014 · 91 posts · 15 votes
11y
Too much Mike.
0 Reply
Jerome Brabham
Wholesaler · Newark, DE · Member since 2015 · 18 posts · 0 votes
11y
Originally posted by @Alberto Chavez:

Just jumped on the vip package, its going for under $100 at the moment. Vip for the 1st month is only $1! have to give it a try. Im sure if you do what those who are accomplished have done you will reach your goals. Stick to it! I will give you guys my story soon. Could not download course through mobile phone, so i am waiting for disks or email access to content. Their current special locks you in with a mentor and contact with Bill when he is available.
To your success! See you at the top ;)
@Alberto Chavez
I'm about to order Bill Vaughn "The Simple Man's Guide® to Real Estate I see you posted back in 2014 you had purchase the program.
Can you please give me your honest opinion on the training.
thank in advance JB
0 Reply
Rashida Bibi
Hayward, CA · Member since 2016 · 1 post · 0 votes
10y
hello, I am a rookie. Would like to Learn about real estate, Investing,buying flipping etc but have no clue where to begin. There are sooo many things out there. I was even getting drawn to thanmerrill, and than discovered simple man's guide...and landed here.
Where do I begin?
0 Reply
Gary Lee
Investor · Bell, CA · Member since 2016 · 1 post · 0 votes
9y
Hi,
I'm looking into buying A simple mans guide because of the guarantee if you do all, you'll make $100K or triple your money back. Or is that false? If you don't do something does the guarantee have a "Weasle Clause?"
0 Reply
Thomas Wilson
Riverside, CA · Member since 2017 · 8 posts · 1 vote
9y
A lot of these posts are pretty old. It's now 2017 and would like to read more recent posts. Big Pockets Blog by the way has a lot more information from people actually using the program. Lots of details that you just can't get from nay sayers, coach potatoes and wannabes .
The program by the way is now only $89 and if you want it ad just $1.00 for the VIP Club = $90. VIP is $49 each month after that.
0 Reply
William Fortina
Chicago, IL · Member since 2017 · 1 post · 0 votes
9y
Anyone who lives in the Chicagoland area?
We should get together and share experiences.
0 Reply
Bill Vaughn
South Hill, VA · Member since 2015 · 21 posts · 30 votes
7y
Hello again. I must say I am more than just a little irritated that "Clary" found my responses unhelpful, but the reality (as any experienced investor can tell you) I was spot on. You CANNOT get a short sale under contract without proof of funds. And no offer should be made unless you know actual market value, especially if you are an inexperienced newbie. And he asked why market value is important if assigning - I should think that is obvious. You are unlikely to find anyone to assign to if your contract is for too much money. If the property is worth $139K and your contract is for $139K, where is the incentive for a buyer to pay you for the contract?
A good coach first needs something to work with, and when the student does not provide the needed info, or is attempting something that is not possible, all the coach can do is try to redirect him. And when Chuck told him how to locate the mentor contact info, Clary did not tell him until a 3rd email that he had lost the instruction sheet, and then appears to blame us for it taking so long to get that info resent. It is not our fault if he loses the instructions, and it is not our fault that keywords for contact must be kept secure and not be sent to him via insecure email.
I am a pretty good coach, especially since I and all our coaches are unpaid volunteers. We are coaches. We are not miracle workers. The advice I imparted to Clary, given what little I had to work with, was sound. Especially given the limitations of email coaching, which is the format he chose
As for Mr Hurney, if he really thinks I could have somehow pulled a rabbit out of the hat or Clary, and could have done better, perhaps HE should spend 25+ hours a week mentoring others for free instead of just making a curt, unwarranted aside without offering anything better.
1 Reply
Clary C.
Real Estate Agent · Attleboro, MA · Member since 2014 · 91 posts · 15 votes
7y
Seriously? Wow...
You’re still talking about this? How many years ago was this?
Since you decided to bring my name up after a few years I will speak plainly. You can try “explain” all you want but I know the truth. Just move on. Let it go.
Your so called “mentoring” was not good. In fact it was garbage. I’m a US Marine and I know how to follow instructions Exactly. Your so called mentoring is a sham in my opinion. These are facts.
You can spin it any way you want but the truth is the truth. I’ve moved on and gotten REAL mentoring and I’m doing quite well in real estate now.
One thing to remember folks when someone drags your name up years later trying to prove a point that should tell you something. The truth hurts I guess. Guess enrollments in your so called “course” must be fading...
0 Reply
Bill Vaughn
South Hill, VA · Member since 2015 · 21 posts · 30 votes
7y
Cool. You are a Marine. And being able to follow direction is great. But the problem was not that - it was that a) you were unclear as to why you did not have the instruction sheet, b) that you did NOT follow the Mentor Guidelines and did not provide the required info, and c) were insistent upon doing something that was not possible. Like I said, we are not miracle workers. And I only brought this up "after so many years" because a client of mine brought it to my attention, and it is only fair to not let your comments stand without providing rebuttle. You are supposed to be a Marine - Marines I know do not piss and moan like you do. So you may want to refrain from making a bigger fool of yourself. BTW - Marines are our family tradition. In fact, my dad helped to lay the railroad tie roads when they built Parris Island...and somehow I doubt your real estate success, but if you have managed that, I applaud you.
I really don't like having to call people out like this, but you are obviously someone who cannot accept any responsibility for your issues - like when you did not advise Chuck that you had lost the instruction sheet, then complained that we did not get you another one fast enough. We mailed it to you the SAME DAY you advised us you lost yours. But hey, keep pissin' & moanin' if it makes you happy
1 Reply
Clary C.
Real Estate Agent · Attleboro, MA · Member since 2014 · 91 posts · 15 votes
7y
Wow you are a really condescending person huh?
You obviously know nothing about Marines. I think is fair to say I know a lot more about Marines than you do having served 8 years of active duty.
Bashing someone who disagrees with you shows your true character. The only one pissing and moaning around here is you.
If you want to sell you’re course that’s fine, but do it on it’s own merit and not on the backs of those who disagree with you.
But as I can see, your EGO can’t let it go can you? You are the one who brought my name up after so many years. I find this amusing because all you are doing is showing any potential “clients” how petty and arrogant you are.
All this BS about “not following instructions “ is nonsense. Here the definition of a coach for those who don’t know.
Coaching is a form of development in which a person called a “coach” supports a learner or client in achieving a specific personal or professional goal by providing training and guidance.
The only “guidance” I got was a bunch of nonsense. As for my current real estate success I owe it to a real mentor unlike yourself. As for this silly back and forth,I can do this all day. The only one this is hurting is you and your “future students”. So here is a word of advice.
MOVE ON!!! LET IT GO!!! Because honestly if I were someone reading this I would steer clear of your course because of your pissing and bickering. One thing you don’t know about Marines is if you attack one of us you attack ALL OF US.
But I get it because you need ATTENTION especially since sales of your “course” are slipping.
And as for accepting responsibility for issues, I think you should take a look in the mirror. Accept responsibility that some of us found your so called coaching to be nonsense. Man up and own that. But of course you can’t because it’s everyone’s fault but your own. Remember folks, he brought up MY NAME first after so many years.
If a so called “client” brings up my name to you then whatever, but the fact that after so many years you have to address it on a forum speaks volumes about the type of person you are.
One thing you obviously haven’t a clue about is that Marines fight back. And there is no way on earth that I’m going to sit back and have YOU ATTACK ME and not respond. Like I said I can do this ALL DAY. I will await your response because someone of your pettiness cannot resist.
By the way folks this is what you will get when you and your so called coach don’t work out,
Lastly thanks to everyone who sent me private messages of support. I appreciate that.
Obviously the more this person responds the more he is hurting his own brand. But I’ve met his type before. Nothing new here.
0 Reply
Troy Mcintire
Member since 2019 · 1 post · 0 votes
6y
And this, friends, is the down side to the internet.
1 bad interaction years ago can keep causing problems.
0 Reply

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