I went to a real estate meet up and it was advertised as free and "don't bring your credit cards" I'm not going to lie I got my hopes up a bit. Sadly as I expected it was just another sales pitch for some guru coaching program except this one is lifetime access and actually works "unlike those other gurus" LOL Anyways it was held by these two Asian American brothers from Chicago who flew to San Antonio called the Kwak brothers, who are supposed millionaires at the age of 25. They flew all the way out here to help us out and teach us, yeah right they came to sell a program which they admitted makes them 30 grand in extra income a month. At least they are honest about that. They taught us Owner financing and made it seem all peaches and cream which it isn't, and as if that was the norm and was a brand new state of the art best thing ever way to take down deals. They offered a 20k course through myrenatus.com and were really pushing this thing called velocity banking which you could only learn through their education course. Has anyone heard of them or dealt with them before? I am going to start asking all the time when I run across these gurus because I want to know ya'lls opinions and help others learn more or avoid them in the future before making a huge financial decision.
Seems totally legit..
If you have 200 to 300k and you are sure what to do with it and feel they ok, I say go for it. If you only have the 20k I certainly wouldn’t risk it hoping their secret sauces is my flavor. I bought my first rental with 13k down. And my second for 1k down.
Good luck and don’t let emotion rule your wallet.
@Michael Guzik , you said it best when you wrote"yeah right"! And "LOL"!
Wannabes, all the way. You can certainly read plenty about "velocity" banking right here on BP, under threads like "Replace my mortgage with a HELOC?". Here's the gist of it: If you earn 150% of what you need to spend each pay, you can pay off your mortgage quicker by putting all of your income directly into your HELOC, and only withdraw the amount you need to pay your bills at the last available moment (to save on interest).
Now, was that last sentence really worth the $3k that most of these "programs" usually charge you for their coaching/training in such "velocity"? Answer: No!
Why? Because, what's stopping you from accelerating your mortgage repayments now?...
@Michael Guzik what type of investing are you looking to pursue
there are long threads on REnatus its a MLM style real estate scheme..
you make money signing up other people under you to drink their same cool aid.
its been said on BP their quality of education is very good however I have never personally seen it and
ground zero seems to be Chicago.
It was spawned out of another guru group or person who had one guru company that went under then started this one.. I have no doubt like all MLM style things.. the few at the top of the pyramid make HUGE money and its more FAR more than 30k a month.
I see ads for this same thing on Yahoo and Fox news as well as Facebook all the time. It's not a secret but I think it would definitely take discipline . If you have the willpower to take it slow and steady then I can see it working out. I think you made the right decision by not taking the bait. As @Brent Coombs said, it's all on here for free anyways.
@Josh C. Thank you for the comment and the advice! This is a business and you are right numbers don't lie!
@Lloyd Stanton LOL!!
@Brent Coombs Thanks for the comment Brent I appreciate it! I honestly had never heard of the term before so I really was intrueged. Thank you for the insight on it!
@Jeff Richardson Multifamily investing but I want to house hack my first deal!
@Jay Hinrichs Thank you for the comment Jay! I appreciate you opinion and informing me of what you know. I just really hate groups and people like this because they are really just taking advantage of others.
@Jimmy Watts Yes sir thank God for the BP community!!!
I would check out Lifestyles unlimited in your city. We signed on and they have a $500 2 day class of 16 hours, first day is learning how to find, fund, and run single family, duplex, triplex, Quad. The second day is the same information in regards to 5+ - 800 unit apartment complexes.
Not all gurus and mentoring programs are a scam...just check them out and talk to existing students (aside from the one or two at the event who are only there to help sell it). Any good program is still going to be around a few months from now. Nothing wrong with taking your time to make a decision. I don't know anything about this one but it doesn't sound so good based on the comments.
@Paul B. I agree with you there, I believe the good ones get overshadowed by the bad ones so everyone perceives them as negative..
@Michael Guzik you are right to LOL, I would try to stay clear from any that are offering a "class, or education course" Just get you're brokers license and join an REI team then if you are going to spend the money, just my opinion. BP is a much better and affordable way to learn about investing.
I would also look for local smaller meet ups on BP, I have attended a few and also my team hosted one last month and we all had a blast! We had a discussion panel about house hacking and I had it professionally taped, waiting for them to send it over to me so I can post it up here on BP. We are starting to plan for our second event in early February, just a great way to get a lot of like minds from here on BP together :)
@Lloyd Stanton Love the post
@Weston Harding Thank you for the comment and advice. That's how things should be in my opinion!
@Michael Guzik agreed! Always look'n out for a fellow Texan :)
I live about an hour South of Chicago. One of these brothers came to view an apartment that I had available, he claimed he was looking to attend the local university. He claimed that he worked for a large RE investor in Chicago. He didn't seem legit to me.
When I told him I managed the property and did not own it, he had seen enough. His name continued to pop up in my email as "interested" in different units when I had a unit open.
Something is "off" that's for sure…
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