All Forum Posts by: Don Montgomery

@Christopher Goldie when you were doing those Hud homes, what kind of LTV were you purchasing them at during that time?

I have not looked at HUD homes but it seems that everything around me gets bid up.

@Leland Barrow I agree with you big time regarding Armando's courses. Though I have never taken any I have heard from what people have said there is not much value in them at all. I am strictly defending the fact that training in any business has value. 

I have been a life long entrepreneur and fortunately have only had to submit a couple of resumes in my life. Personally I thrive everyday to insure that I will never need to work for someone else but I realize that being an entrepreneur is not for everyone. 

I also agree with you that you should do your research on the person that you are looking to do business with. And most importantly as I am sure you do, research the company you are going to work for before you submit your resume. 

Not sure about the real estate investing not being a challenge though. If that was the case then I wouldnt hear all these stories of people losing tens of thousands of dollars because they didnt know what they were doing nor would there be a need for a site like this, would there? 

How is it that there are tens of thousands of people on BP all looking for information if real estate investing was that easy? I believe that this business needs to be approached with caution and respect because if you get reckless then it can cost you. My opinion. 

@Chris Bingham thats great information. I agree with you that many people do get paralysis of analysis. 

Correct me if I am wrong but one thing that most people are missing is the ability to close on these properties. They usually dont know if they have a deal at 60% or 160% of the value of the home. If they did have a good deal they dont have nor do they know where to go get tens of thousands if not hundreds of thousands of dollars. 

Would you agree that these are the areas that are keeping people from moving forward? 

I also can relate because I have been working on getting more into internet marketing and creating my own real estate education programs. It is challenging to set aside things that you are working on everyday to work on something new. 

@Billy Gulley I read your  post and not sure how you arrived at many of your conclusions. Most importantly I would encourage others reading this post to remember that these are of one persons opinion and not to take them as concrete. 

To say that training should only costs a few hundred dollars in a business where you can make six figures on one transaction seems to me not thought through. 

Would you go to a doctor that paid $500 for his medical degree? 

Regarding FTC filings and other government agencies attacking businesses, doesnt necessarily mean that that business is doing anything wrong. We have government overreach like never before and are set to target and shut down businesses. I wont get political. Again I am not defending Armando. If he is hurting people then I hope his is punished. 

Regarding partnering with an experienced investor, what value are you bringing to the table? If you found a property, great then I am sure that will work. But you have to find the deal first to get in the door. 

Great training will cut years off of your journey to success. Over the shoulder, step by step training in a business that has great upside is priceless. 

I do agree with Billy Gulley in that I have been reading some threads and it is obvious that someone read something on a subject and was now sharing it as a proven tactic. Question everything that you read especially if its from someone that has no or little experience. 

I am new to BP and I am enjoying the conversations that are on here. Great site!

It's kind of strange reading all these posts so negative about someone looking to assist you in your dream of becoming a real estate investor. Yes they dont do it for free, so what. This is a big money game so it comes with big money education. I am not defending Armando by any means, but I am a big believer in coaching and mentoring. And they costs lots of money. 

I dont work for any guru's. 

So funny I havent seen anyone complain about getting ripped off from a University. Arent they charging absorbent tuition only for their students to come out with nothing to show for it? I believe that is the biggest scam running right now. I just spoke with a gentleman that graduated from UCF with a 4 yr degree. He questions why he went because he feels like he didnt gain anything. 

I have been investing for a long time and I still attend trainings. I found that the alternative is to scrounge around for a piece here and there and try to fully understand it. A good instructor will put all the pieces in one place and give you step by step instructions on how to do it successfully. Helping you avoid pitfalls and mistakes.  And yes for that value you will and should have to pay. My opinion. 

I will close with I have an acquaintance that called me and asked me to come look at a property he had. I went and found that he had purchased it partnering with someone that clearly had no idea what they he was doing. Unfortunately my friend didnt either and was relying on this persons expertise to succeed with this deal. Turns out they are buried in a property that has many problems and they are looking for a way out. My suggestion was to cut and run before a bad situation gets worse. My friend lost $32,000 on that deal. Had he hired someone for guidance he would possibly still have his money and the knowledge to do it correctly every time. 

My suggestion is if you dont want to pay for training thats great, but dont blindly demonize someone for wanting to be compensated to teach you. 

Thanks for reading. 

Hello John, 

I know Foster very well and I am looking to establish relationships with other wholesalers as well. Thanks for the recommendation.

Hello,

I am seeking quality wholesalers that can consistently bring me properties that I can rehab. 
I have cash and financial backing and can close fast. Looking to purchase Orange, Seminole, Volusia, Lake. 

Really dont have any specifications other than the property must have a good amount of equity. I understand that there are many newbies on here and you may come across a complicated deal or not know what to do. Thats ok, bring me the property and I will work it with you and you will of course still get your assignment fee. 

I look forward to hearing from you.

Sydnie, 

I know you post was sometime back but if you have any properties that you are looking to wholesale please let me know. 

I am currently looking and have cash and am ready to purchase. Of course I will purchase from others as well that may ready this posts. 

Thank you.

I'm just curious for those that are just getting started in real estate investing, what do you feel is the most challenging obstacle in getting started? 

Also what are some questions that you have when getting started in Real Estate?

I have anticipated a large interruption in the Realtor business for sometime now. To say that its not already happen is to be blind. I have been an investor for over 20 years and of course back then there wasn't any internet, so every REO, handyman, etc went on the MLS for Realtors to capitalize on. Today a small fraction of REO properties go on the MLS and the rest hit auction sites.

The difference with the auction sites is that the Realtors get 1% comm if that. 
The problem is that this business interruption is also hitting us the investor as well. Between auction sites, banks fixing their own properties and selling retail, selling REO in large blocks rather than 1 at a time, this has taken many properties out of the small investors hands.

With the large attraction of being a house flipper (Shows, Infomercials, and hot real estate markets) the industry has once again been flooded with wide eyed newbies. With limited inventory to go around, you must rock at marketing and conventional business to survive or you will starve. Realtors are also failing because of lack of inventory to sell and sellers having so many other avenues to sell their property online and get great exposure. 

In my opinion, this business has become a 2 tier challenge now. You must not only know how to flip, fix, and acquire. You must also be an expert at social media marketing, build market alliance, online marketing, Building marketing funnel systems, direct mail, etc.