Investor · Bowie, MD · Member since 2011 · 81 posts · 17 votes
OK, I have been going it alone attempting to wholesale for about 3 months now and I have not made that first deal yet. I live about five minutes from DCREIA and its "Dean" Sherman Ragland lives in my development on the next street. I have heard so much about him and his programs and finally gave in and joined the DCREIA and signed up for the 90 day apprentice program. In this program I am assigned a RE agent, hard money lender, wholesaling mentor and form a mastermind group with my fellow apprentices and we get that first deal during our 90 days. I know naysayers will say that I don't need a mentor or the support I will get in this program, but going it alone is difficult and I know folks who have been successful in this program and now regularly do deals. I am determined to succeed this year and will do what it takes to make that happen. I will let you know how successful I am (because I WILL be successful) during this 90 day program. Wish me luck!
Investor · Sarasota, FL · Member since 2008 · 18k+ posts · 17k+ votes
14y
Originally posted by Derek Smith:
ANd to me is that all of this only costs $1600 dollars.
...
I am excited. I have folks I know who are in his 1 year VIP program who have done 5 deals and made crazy money. This program costs $11,000. But next year I am there.
Here is my issue with mentoring. It sounds like this guy has both a $1600 course and an $11,000 course. What does he teach in the $11,000 course that you're not getting with the $1600 course? And doesn't it bother you that this guy is mentoring you but holding back certain information because you're not paying for the premium course?
Seems like for $1600 he should be willing to tell you everything he knows.
I'll tell you everything I know for free if you ask...
Real Estate Investor · Columbus, OH · Member since 2011 · 74 posts · 25 votes
14y
Wow Derek that is great!!! Are you still working on some deals since then? I would love to set up a mastermind group like this in Columbus. Can you tell any of the activities you did to be so successful, besides having all the key players in place? This is definitely a program that I think could be duplicated all over the country with similar success.
Wholesaler · Largo, MD · Member since 2008 · 98 posts · 11 votes
13y
I am former member of DCREIA and can vouch for Sherman's training. He's one of the few trainers who warns you of the risks involved in investing so I respect him for that. what i DON'T like is his prices. His stuff is wayyyyy to high for my blood nowadays, but i digress................
I too did his 21 days to a deal program back in 07 and it's legit. If you follow the steps it works, but you will get discouraged after putting out a lot of offers and not hearing any feedback.
As a wholesaler/rehabber, the one skill most gurus dont spend enough time on is analyzing deals and estimating repairs and that was true of the program when i took it. if more time was spent on that i would've made better offers and gotten more deals, but that's part of the learning experience, and it's helped me as I'm now rehabbing and can get within $1000 of a contractor's actual repair estimate.
Congrats on your success Derek. It's good to see people take action and make things happen. #salute
Real Estate Agent · Atlanta, GA · Member since 2014 · 66 posts · 8 votes
12y
@Derek Smith I am new to PB and was reading up on this REIA/DC club you went to, are you still doing great with what you have learned? What are you doing now?
I understand that most newbies start with wholesaling first but I prefer to do flips then buy and holds, did this program teach you about this kind of stuff? I am not sold on paying for this type of program but I was curious on how you have grown from it now.
New to Real Estate · Lorton, VA · Member since 2008 · 34 posts · 11 votes
10y
@Derek Smith, I know it has been like 4 years but how it is going now? How many deals did you do your next 9 months and a how many are you doing now? I am in your same position. I live in the DMV and have been wholesaling for about 3 months also.
Investor · Bowie, MD · Member since 2011 · 81 posts · 17 votes
9y
Hi Folks, sorry I have not been checking on the comments. I did quite well with wholesaling and even took on some mentors. I go tired of the bandit signs and such and I switched gears lease options. I hired a VA from the Philippines and got myself a great free mentor (we split deals instead) named Joe Bodek. Now I don't look at houses, I do everything from home. It's great. I am also buying and holding for my retirement.
Rehabber · DC/MD/VA · Member since 2016 · 19 posts · 9 votes
9y
Thanks for the update, Derek. I came here to BP to learn about people's reviews of Sherman Ragland's program. I once had a mentor who I didn't pay, but I split the deal with. I definitely recommend that people try that route. Nonetheless, I'm wondering what to expect if I attend Sherman Ragland's meetings. Will I benefit enough without buying anything (because I don't plan to buy anything but a piece of property! ;-)
How many starts (out of 5) would you give Sherman's 3-month program?
Aldie, VA · Member since 2017 · 24 posts · 5 votes
9y
Yes, thanks for the update, Derek. I was skeptical about the 90-day program but still wanted to take my chances and see where it got me. Plus, I'm more of a hands-on learner so this would be a good starting point for me too.
I've asked people in the business to mentor me in exchange for 50/50 split plus offered do their admin work but had no luck. One told me he charges $10,000, and another one recommended me a book to read ( which I started reading). So, I decided to attend one of the Meetup events to socialize and learn about the business and find me a mentor. The drive was about an hour, but I was determined and I wanted to learn about how to find and how to analyze them. I told the event organizer, and everyone else, that I recently moved from overseas, I'm new to the business, currently unemployed and I'm very eager to learn about REI and it would be great to have a mentor I can work with. The event organizer said to come and talk to him after the meeting and we'll figure out how he can help me. Long story short he told me 1. unless I come from a family with money or have $300K-$400 in my bank account, I should forget about buying and holding 2. If I'm ready to really work, he will hire me as his bird-dog to find him ugly houses and he will pay me a finder's fee. 3. He told me I should invest in a Scooter and ride over 30 minutes to his location to find him deals (icing on the cake). Oh, and I will need to wear a t-shirt that says "I buy houses" on the front and back. WOW! So I was very disappointed but he was like fuel to the fire.
I know I'm going to be very successful in this business, it's just a matter of time.
New to Real Estate · Falls Church, VA · Member since 2016 · 51 posts · 23 votes
9y
@Kebron Girma you can do those things driving and finding the worst of the best on your own. Then you need to do your due diligence on the properties. Do you know how to do that? The biggest thing that I am finding difficult is contacting the owners. I am in Orlando and I have come across 2 properties in which the contact information isnt in the US. So the steps are something like this.
1. find the property.
2. contact the owner of record.
3. make offer - counter offer.
4. Depending on what your strategy is and the funding you have will determine what you do: wholesale, fix/flip, BRRRR.
Aldie, VA · Member since 2017 · 24 posts · 5 votes
9y
@Sean Phillips yes, I have found a few properties, mostly FSBO, and did my due diligence on the properties. I've used real estate agents to run accurate comps for me and have made offers on those properties, but I haven't been able to close on any of them. I'm not sure what I'm doing wrong. I'm hoping this program will stir me in the right direction.
New to Real Estate · Falls Church, VA · Member since 2016 · 51 posts · 23 votes
9y
@Kebron Girma Have you talked directly to the Owners. How are you making your offers? Thru the agent?
So it sounds like you can or have the funding. All Cash or would you finance? how far off on the offers from the asking price are you? Also where are the Owners on the taxes? Have they paid? Are there any Liens? I find that I get great response when I find information like that.
Aldie, VA · Member since 2017 · 24 posts · 5 votes
9y
@Sean Phillips yes, I've talked to the owners. When I started I only made cash offers, but now I offer all cash or lease option. The plan is to get the owners under contract and then before/on closing day assign that contract to my cash buyers. So, I'll be using the buyer's money to pay the owner. And no I don't offer through the agent.
My offer price depends on the comps and how much repair the property needs. So I normally take 65%-70% of the ARV - est. repair cost-my fee.
When I first talk to the owners, I do go through series of questions...if they have any liens, the kind of loan, fix or adj, monthly payments and if payments are currrent. The FSBO I've dealt with ask for more than what the property is valued at and so when I send them my offers, it's like an insult to them.
Investor · Bowie, MD · Member since 2011 · 81 posts · 17 votes
9y
There is one guy that will work for you very cheap and split the deals. He is very good and I have been working with him for several years. His mentor program is only $25 per month and he teaches wholesaling and lease options. His name is Joe Bodek and I highly recommend him. Sherman is great too, but it is going to cost you. The meetings are very valuable, but ultimately Sherman is running a business so of course he wants you to buy something.
Investor · Bowie, MD · Member since 2011 · 81 posts · 17 votes
9y
Honestly I love the folks at Realinvestors, but I wanted to put the money I was spending there towards doing deals. You will learn a great deal though and make excellent contacts.
Aldie, VA · Member since 2017 · 24 posts · 5 votes
9y
@Derek Smith thank you for your referral. I will definitely reach out to Joe.
I signed up with Sherman 90-day program today and it starts this Saturday. I thought it was an every day or weekly course, but we meet in Upper Marlboro once a month and then meet with our designated team members once a week. It's an investment and worth the shot. If I'm going to doing something, I like to do it right, learn from the best and have the right team players around me. Like Gary Keller said in his book, "To move forward in life, everyone has to learn from mistakes. The only question is whose: yours or those of the great achievers who lived before you?" :)
@Derek Smith My name is Carl and I've recently posted on how to find a mentor. Lo and behold I came across a 5 year old post of yours "OK,next Step...Mentor Sherman Regland" Great post and feedback. I felt as thou this was speaking directly to my situation! At this very moment I'm researching my next move, Mentor or Coach. I've hit that wall in my education and am eager to move forward and break through. Soooo, first of all , it's been 5 years. Where are you now in your REI. Secondly,in retrospect ,do you still feel what you did was the right move , with the coach (paid) as opposed to mentor (unpaid,offering your time/work) or going it alone.Any and all feedback would be greatly appreciated. Thanks,
Germantown, MD · Member since 2017 · 3 posts · 0 votes
8y
@Kebron Girma, I'm curious. How did this work out for you? I'm also in the DMV looking for mentorship. I'm willing to spend money for the education if it's quality. I think i'm more interested in flipping than wholesaling. Is the latter Sherman's specialty?