A simple mans guide to Realestate By Bill Vaughn
Real Estate Investor · Arvada, CO · Member since 2009 · 68 posts · 5 votes
I just purchased “the simple man’s guide to real estate.†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?
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
I read or skimmed most of the reviews now. I'm going to buy the guide!! Listen, good or bad it's $100. Like someone says, if that causes you problems, you have bigger problems. Besides, it's tax deductible. If you learn just a few key things or gain self-confidence I'm sure it pays for itself. If we were talking 1500 or 10k, that's another story. I haven't started his program so I can't give commentary, and I easily get distracted with many irons in the fire. I know that my strength is life curiosity but that is also my weakness. I know that will likely be my weakness going in, but good lord a hundred dollars or thereabouts. Shrug it off. Myself I have optimism going in, but if it doesn't live up to my hope and optimism, it's just the cost of one month's internet, but I am sure it will at least give enough value to cover the $100 if not much much more. I believe it will give me enough tools and info to succeed if I push myself and I believe the biggest hurdle will be my ability to push myself and stay focused, since I'm not desperate. Dan Pena, who I haven't paid a cent, says the two motivators are inspiration and desperation, and most who come to him are motivated by desperation. For me I want to succeed in real estate and learn how the game is played and it all works. I have a few properties actually- four to be precise, including the one I live in, but they are all traditionally financed by and hold, and acquiring them that way, unless you have an executive's salary, is a long slow process and that's what I want to find alternatives to. I have also been learning construction and engineering principles and ideas, because I am passionate about that, even though I didn't study it formally, as well as DIY projects which I tackle at my own house, so I think I might be suited to a rehab property, which is what I am kind of drawn to. I don't know if Bill specializes in or encourages that. Fine if so, fine if not, I just think it would be particularly fun and fun to have that life accomplishment and experience under my belt, where I do as much as I can myself and oversee others doing the rest. To me it's about money but it's also about growth. I grew with my first personal home, and hacking that, and I grew with my townhomes, and I want to keep growing in life and in business and career and in real estate as part of that so I'm about to RISK a whole $100 and however much time I care to spend, knowing I get out what I put in. I don't understand how people can be so bitter about this but that's just me. I would understand if it were 10-100x the cost but what do you expect. I know there is that seminar/guru circuit in this field as well as others but the cost is so low. I have no affiliation with Bill Vaughn or any other educator in the field, I'm just your average guy with his .02 opinion.