All Forum Posts by: David C.

@Brian Eastman  Thanks for the advice - that was helpful!

Doesn't that apply to anything in life, even buying a pair of underwear?

BP Crew,

I am currently interested in creating my self directed IRA, but have read some posts where people have had interactions with questionable, and outright unscrupulous SDIRA entities. For those who created SDIRAs, can you provide me with your experience, insight and recommendations? Thanks!

To the BP Crew,

While I have a great deal of experience in the STR/LTR side of SFHs, but am now just entering the multifamily sector. I was wondering who might be brave enough to share any unexpected pitfalls/struggles that they encountered by being their own property manager of a multi unit apartment.

As I began thinking about managing a multi-unit (especially one such as a 10-30 unit dwelling), I tried to think outside the box about possible unforeseen challenges outside of the typical calls "my sink doesn't work" or "my toilet doesn't flush".  While there are some rather obvious pitfalls, others may not be so evident.  One that happened to cross my mind (which may seem silly), was somthing as simple as "What happens when someone drops a jar of pickles on the floor in a common area?"  Are you running out in the middle of the day/night to clean it up so someone doesn't slip?  Let's suppose it damages the flooring/rug in the common area, is the property owner going to be stuck with the damages, or the tenant who dropped it?  How can you prove it (unless you have security cameras)?  How many owners have their common areas monitored with security cameras?  And on, and on, and on....   

Anyone willing to step up and share?  Anyone...?  Anyone...?  Buhler?  :)

@Isaac S.  I did exactly as you said and watched a great Youtube on the subject.  It is so very true.  One of the most interesting comments I saw posted below the video was this one:

"they always lead with “look how much money I have” and my first question is “ if you’re already so rich, why are you trying to get my money? You seem needy to me.”

Every guru I had come across talks about how successful and rich they became, so why would they be asking for $20-40k for knowledge that we could get here on BP ?  The only answer I could come up with was this:

"They are either living off of their overpriced education fees and/or they use this money as seed money for their own private deals."  Anyone care to weigh in on this ?

@Account Closed  Thank you so much for the offer - I will definitely take you up on it.  I appreciate it.

@Reginald Ross  Very good advice.  I have reached out to some folks on BP regarding this and have gotten varying degrees of assistance.  One of my biggest dilemmas are those who I encounter who tout using the $20-$40K gurus to have them teach/coach and help make connections.  I am not afraid to invest in myself, but with that kind of price tag, I find myself skeptical regarding the value it would bring me.  If anyone has advice on this, I am all ears.  Thanks to the whole group!

Fellow BP-ers,

I have been in the short term vacation rental and SF long term rental business for 10 years now, and am entering the multifamily side of REI in an effort to scale and expand my business.

I have read a multitude of books, listened to numerous podcasts and reviewed as many resources as I could find on Multi-family/apartment investing to further educate myself.  Along the way, I found that there was a veritable horde of people willing to train individuals on the subject, with many of these having very large price tags.  

What was surprising to me was that many of these services did not seem to have a very long list of closings/deals, visible resources and/or proof of concept that I could see.  Has anyone else experienced this?  How does one separate the wheat from the chaff?

@Brian Burke

So very well put.  I can't thank you enough for the outline - This was fantastic.  

I'm not sure if I will get beaten over the head by BP for mentioning this, but I purchased your book "The Hands-off Investor" and it was absolutely fantastic!  Packed full of valuable information from soup to nuts.  It was clear, detailed and concise.  I have referred back to it several times as I enter the multifamily arena and syndication investing.  Thanks for writing it!

(Disclosure: I have no financial gain/ties to Brian Burke other than to say that his teachings are fantastic!)

Dear BP gang,

I have been in real estate for 10 years now and have thankfully done well for myself with short term vacation rentals and SFHs for LTRs.  Looking to scale into the multifamily arena, I began investigating services that offer opportunities to join their community and "be coached" to achieve this task more effectively.

Most of these services charge upwards of $20k-$40k.  As I researched these, I received nebulous answers as to what you were really getting for your money and how I would be assured that what I was investing in was actually worth its salt.  In many cases, I felt that the tactic was "buy the shiny box now, and then you can open it up and see what's inside" - almost like the old Time Share traps - "Get free show tickets if you attend this 90 minute seminar".  In my opinion, a service that cannot be clear at the onset, doesn't foster confidence for me.

As I thumbed through similar threads in BP, I found one service that was mentioned in other posts which had cost $1500-$2900 about 3 years ago, but then the cost jumped to $20k.  Could a service truly warrant a 10x jump in price? Could a service really offer that much content to justify it?  Or is it a MLM approach, providing a main source of income for the gurus/coaches to go fund their own deals?   I realize that people need to make money/eat, but so do we all.  $20-40k saved is $20-$40k earned if the service is a waste.  But with the answers I have received from those services that I investigated, I would never know if it was worth it or not, based upon the lack of substance that was presented to me upon initial contact.

I also found that many of the people singing the praises of particular coaching services tend to be the ones working for them, which to me lessens credibility IMHO.  I am far more interested in hearing from one of the "common folk"(like me) who can perhaps share the nitty gritty/nuts and bolts results that they actually achieved.  To me, that is far more valuable than hearing about how great a service is from the same people receiving the $20-40K.

As we all know, each individual will have different goals and different levels of involvement and hustle.  As such, results will depend quite a bit upon an individuals energy and effort that they put into it.  That being said, would anyone care to share their experience using a coach/coaching service that they can back up with some hard evidence to show that a coaching service was well worth the investment?  Conversely, can anyone offer any differing opinions on the subject?  Thanks!