Has anyone bought Michael Blank's Apartment Building Course?
Kim HandelmanPro Member
Real Estate Agent · Guilford, CT · Member since 2014 · 193 posts · 88 votesI"m on the fence. Bought a Guru course a few years back and was completely burned. I've been listening to Michael Blank's podcast and really like his style and knowledge but after listening to his webinar on Wednesday I was really turned off by how "Guru" he seemed to be. I'm thinking of buying the course because I know myself. I need structure and support. I was thinking this might be right for me. Input???
I thought there was a TON of useful info in the webinars that he does. I purchased the Syndication Deal Analyzer (SDA) so that I could follow along as he evaluated properties. This was extremely useful.
The way that he discussed his next level (Mastermind), it sounded as though this would be great as a next step to launch someone interested in syndication. Specifically, it suggested that Michael and his team would partner with you on any deals that got the green light through the SDA. So, this was a HUGE seller for me. I signed up for the mastermind level. I was instantly connected to the forums that all of his members use. I could also submit SDAs for feedback, watch exclusive webinars that dive a little deeper into some of the deal evaluations that he has done. You also have access to a POF letter from Michael that you can use for any of your deals requiring Proof of Funds up to $1mm. There is also a template for a LOI and cover letter, as well as a presentation for investors looking to consider the syndication that you have available. So, this all seemed really great!
HOWEVER, the forums were a group of people all wanting the same thing...to submit their deal to Michael in order to get their leg in to the syndication world. There were coaches that would give feedback on the SDAs, but if you wanted any type of real consideration, you had to pay by the hour to have a coaching call, OR you could upgrade, yet again, and then you would get 1 coaching call.
THEN, I learned that Michael doesn't actually HELP you raise the funds, nor does he commonly partner with any of these members on deals. It is a very rare occurance when this actually happens. At that point, I realized that this was about selling a system, and not really helping people through it.
I still see a value in the SDA. I think that was $129, but I may have found some type of coupon online to make it closer to the $100 mark. I got to try the matermind level for 30 days for $7, which I took advantage of, but quickly discovered that this was not going to help me advance in my syndication business.
My opinion..... having the SDA, or something like it....TOTALLY worth it. Watching his webinars....TOTALLY worth it (many are available free on youtube or by googling his name) but beyond that, the money is better spent learning through other's experiences here on BP or around the web.
BTW, setting up a syndication deal is EXPENSIVE!!! When speaking with Michael's attorney (Oh yeah, that was another value that I took away), it was going to be about $10K to set everything up for 1 syndication deal.
99.9% of all guru programs are overpriced and only share information you can learn for free with a little research. I looked at all of them starting out, and decided to invest the money into my first property instead and learn on the go. Best decision I ever made.
I have purchased some good books of course, but the programs that charge thousands of dollars are for suckers. IMO
I've been considering starting a mentoring program where there's NO COST up front, and in return for my time, we split profits on deals I help my students with, until they're comfortable enough to start doing their own deals. I think this is how a guru/mentor program should be set up.
I'm also interested in any reviews. I can't seem to find any online.
Also, do you think the information in the course can be found with google searches?
How did the course go for you?
I saw this post a while back while I was also looking for information on Michael Blank's course. I started my education in the space by reading several of the typically recommended books (Ken Mcelroy's, Steve Berges, Brian Murray, David Lindahl), but after awhile you kind of start to see the same information repeated so I ended up buying the course after I had already purchased the SDA Michael has.
I am pretty close to being done with the course, and from my personal standpoint it has been well worth it. It goes into detail about some of the procedural stuff that no other book I found went over (specifically operating agreements, PPM, How to approach brokers etc). I probably could have googled all of them at some point, but the course really puts it in an organized sequence which is how I learn. I believe the course ultimately sped up my understanding while also provided more up to date information ( a lot of older books are a little outdated on the financing end). Basically I had the feeling after reading several books of "what next", and the course really helps lay out what I needed to do. There is a lot of information on how to analyze the deals which is probably the most important section. I will say that I highly recommend reading several books prior to taking the course to learn some of the basics about Cap Rates, NOI, and operating expenses (and to just gather more knowledge on how others look for value). I would specifically start with Steve Berges book as I found it was the best one. For me I felt that it just helped soaking up more of the knowledge since its mainly a video based course.
If you have any other questions feel free to send a message.
I thought there was a TON of useful info in the webinars that he does. I purchased the Syndication Deal Analyzer (SDA) so that I could follow along as he evaluated properties. This was extremely useful.
The way that he discussed his next level (Mastermind), it sounded as though this would be great as a next step to launch someone interested in syndication. Specifically, it suggested that Michael and his team would partner with you on any deals that got the green light through the SDA. So, this was a HUGE seller for me. I signed up for the mastermind level. I was instantly connected to the forums that all of his members use. I could also submit SDAs for feedback, watch exclusive webinars that dive a little deeper into some of the deal evaluations that he has done. You also have access to a POF letter from Michael that you can use for any of your deals requiring Proof of Funds up to $1mm. There is also a template for a LOI and cover letter, as well as a presentation for investors looking to consider the syndication that you have available. So, this all seemed really great!
HOWEVER, the forums were a group of people all wanting the same thing...to submit their deal to Michael in order to get their leg in to the syndication world. There were coaches that would give feedback on the SDAs, but if you wanted any type of real consideration, you had to pay by the hour to have a coaching call, OR you could upgrade, yet again, and then you would get 1 coaching call.
THEN, I learned that Michael doesn't actually HELP you raise the funds, nor does he commonly partner with any of these members on deals. It is a very rare occurance when this actually happens. At that point, I realized that this was about selling a system, and not really helping people through it.
I still see a value in the SDA. I think that was $129, but I may have found some type of coupon online to make it closer to the $100 mark. I got to try the matermind level for 30 days for $7, which I took advantage of, but quickly discovered that this was not going to help me advance in my syndication business.
My opinion..... having the SDA, or something like it....TOTALLY worth it. Watching his webinars....TOTALLY worth it (many are available free on youtube or by googling his name) but beyond that, the money is better spent learning through other's experiences here on BP or around the web.
BTW, setting up a syndication deal is EXPENSIVE!!! When speaking with Michael's attorney (Oh yeah, that was another value that I took away), it was going to be about $10K to set everything up for 1 syndication deal.
Thanks @Thomas Glenn and @Cara Lonsdale for your input/feedback. I have really liked Michael's approach and have learned a lot from his free and inexpensive info. My next step is to purchase the SDA. I have been considering his course where I believe it costs $995? Is that the one you took?
Thank
I actually started with just purchasing the SDA which comes with about an hour and a half worth of videos plus a bunch of other case studies where Michael goes over how to analyze several different buildings. I really enjoyed the way the material was presented which ultimately helped me to decide buying the full $995 version. It should be noted that if you buy the SDA, and decide you want to purchase the full course the price of the SDA will be taken off the full course (although I believe there is like a month time limit on this, but could be wrong).
For me the course along with some other supplemental books has been very much worth the price, and I has helped me to have confidence reaching out to brokers, PMs, etc to start searching for a deal.
Happy to lend a helping hand to those of you looking at Michael Blank's "Ultimate Guide To Buying Apartment Buildings." I was a student of Michael's from April 2016 to April 2017. I closed on my first apartment deal in October 2017...a 9-unit property in Pennsylvania. Couldn't have done it without Michael's help...
Michael puts out a lot of great content for free!! Check out his website, listen to podcast or read his articles on Bigger Pockets. I began by taking advantage of the free content. Then, I purchased the Syndicated Deal Analyzer (SDA), took part in some webinars, purchased the Ultimate Guide To Buying Apartment Buildings and then decided to enter the coaching program.
If you're looking to invest in apartment buildings, I think Michael's program is the most comprehensive training program on the market. In fact, I still find myself referencing his training manual as I look to acquire additional units.
Do you need this program to achieve your apartment building investing goals? That depends. I can only speak from my experience. And, if I didn't have a blueprint to follow with Michael's program I may never have closed on my first apartment building.
If I can assist further let me know...I'd be happy to help.
@Cara Lonsdale I joined Michael's Deal Maker Mastermind Forum in June 2016 and had my first deal under contract on New Year's Eve of 2016. We went on to close that deal, a 69-unit building, in April of 2016. Michael raised 100% of the equity needed to close on the building, while I paid for the majority of the due-diligence costs which I was reimbursed for upon closing.
After the 69-unit deal, I worked with Michael to close on a 57-unit, 80-unit and 321-unit property in 2017. Michael and his equity raising partner's raised 100% of the equity for these deals, while I again helped with due-diligence costs which were always reimbursed upon closing.
In order for a deal to be considered for partnership, you must be a member of his Deal Maker Mastermind Forum (~$50/month) and own his SDA (~$100). It is also true that you must pay for an hourly coaching call when submitting your deal for partnership with Michael so him and his staff can vet the transaction and confirm that it meets the criteria of their investors.
There is no other program that I have seen in the market that delivers on it's promises as Michael's program has for such a reasonable cost. It's a no-brainer for those looking to get started buying multifamily with the help of experienced syndicators.
@Cara Lonsdale I joined Michael's Deal Maker Mastermind Forum in June 2016 and had my first deal under contract on New Year's Eve of 2016. We went on to close that deal, a 69-unit building, in April of 2016. Michael raised 100% of the equity needed to close on the building, while I paid for the majority of the due-diligence costs which I was reimbursed for upon closing.
After the 69-unit deal, I worked with Michael to close on a 57-unit, 80-unit and 321-unit property in 2017. Michael and his equity raising partner's raised 100% of the equity for these deals, while I again helped with due-diligence costs which were always reimbursed upon closing.
In order for a deal to be considered for partnership, you must be a member of his Deal Maker Mastermind Forum (~$50/month) and own his SDA (~$100). It is also true that you must pay for an hourly coaching call when submitting your deal for partnership with Michael so him and his staff can vet the transaction and confirm that it meets the criteria of their investors.
There is no other program that I have seen in the market that delivers on it's promises as Michael's program has for such a reasonable cost. It's a no-brainer for those looking to get started buying multifamily with the help of experienced syndicators.
Patrick, just curious, (and if you're willing to share) - what kind of equity split did you receive for helping run these deals (and advance the due diligence costs)?
I'm considering his coaching program. I've been reluctant to pay for mentoring and coaching but have decided it is nearly required for me to begin with a strong foundation and to speed up success. Michael seems new enough to not have slipped into full-guru status, and perhaps he will remain authentic enough to avoid it, but only time will tell. I will be happy to report out results as I progress. I would value any updates from those above who have been through it @Thomas Glenn @Patrick Duffy @George Hoover.
I have a desire to one day provide education to people in my current position and plan to structure it in a way that will be most beneficial to the client/student. That's a long time from now, but as Covey teaches, begin with the end in mind.
Adam,
I haven't purchased his course yet, but may do so this year. However, I have purchased his Syndicated Deal Analyzer and I like it a lot. It seems very thorough and I need to refer to his videos on how to precisely use parts of it.
Let me know how it goes with the course.
Thanks
Do you mind to share what @Account Closed is asking? I would appreciate very much. I am considering joining Deal Maker's Mastermind.
Thanks in advance.
Hi @Harinath Pottam and @Account Closed,
I apologize for the delay in response - I check BP periodically and missed the notification.
Regarding equity splits, students can expect to earn typically between 20-33% of the GP slice for securing the deal, performing due-diligence and performing ongoing asset management and reporting to investors. This percentage split is based on a number of factors and responsibilities undertaken during and after closing. Contributing to the capital raising, to the extent possible, will increase a students % split of the GP and can exceed the range previously mentioned. As most of Michael's students are hoping to raise 100% of the equity through Michael, the 20-33% split is somewhat typical.
Thanks,
Patrick
@Patrick Duffy Thanks for the info. Is there any way I can call you? Or you can email me at first letter of first name and last name at gmail
Thanks.
Hari
I'm thinking of doing the coaching thing... It's quite pricy! But there are some guarantees. I'm wondering if anyone has had a bad experience, or has been burned by the program. I don't want to lose such a large sum of money so early in the game.
Michael's team seems very professional, and I don't they would ever do something to jeopardize their reputation, but I just want to feel things out and make sure.
thanks
After having troubles with their website trying to purchase the deal analyzer, I was finally able to purchase the following day. I also signed up for the monthly subscription plan (1st mth $7, $50/mth thereafter). Cancelled said subscription the very next day after finding out they charge a whopping, price gouging $500/hr for phone support! You have got to be kidding me!!! And now that I have unsubscribed to the monthly service, I can no longer even get into their website to watch the deal analyzer training videos that are suppose to be part of the deal analyzer program I purchased in the first place! Ugh. What a joke. I have emailed them several times today and nobody is responding.
Hello Guys, I'm also considering coaching, any updates? @Paul Sammons, did you do it?
Hello, I'm late to the party of multifamily investing and ran across Michael Blanks course offering. I'm wondering if anyone else that was considering the course purchased it? If so, I would love your feedback to see if there are any other success stories like the one @Patrick Duffy shared with the group?
@Melvin Franklin I am not a student of any of these courses. But I know people who have done or are doing all of the major players there, Blanc, Sumrock, Fairless, Jake & Gino, all of the people I personally know who have done those courses are now being GPs in their own deals. So each of them will say it is worth it. Some of them formed their partnerships with people they met while taking those courses.
However, that does not mean that everybody will get the same results. A lot of it depends on you and the time and effort you are willing and able to put into it. You can't expect to take the course and come out and have deals fall into your lap. You have to put in the effort as well. I am involved in some LP deals now and learning from them along the way to help act as GP in future deals. I would suggest reading some books like the Best Ever Syndication book by Joe Fairless as a starting point and get on some multi-family meetups, there are a lot of them out there, you can find many of them on LinkedIn, to start associating yourself with those groups and learn from just listening in, then when you feel the time is right you can pay for that mentorship if you want to possibly excel faster. But no guarantees. The networking connections are the major differentiator I think.