All Forum Posts by: Mark Freeman

@Ron Drake  I had a $4k limit on my Amex at the beginning of the 3 day seminar. They instructed us all to go home and ask for a $100k limit on each credit card! (I think Amex was my only card.)  I got on the phone that night and asked for my $100k limit. (The presenter told a story about an accident he had with no insurance, but he was able to put $20k on his credit card and get the best surgeon around - so you never know when you will need the extra credit availability. (Ya in about 2 days!!))  Amex upped my credit limit to $35k without income verification or anything! They said it would take income verification etc. to get higher. I kept the higher credit limit for peace of mind, but didn't spend it on the "ADVANCED TRAINING" Thank goodness.

@James Wise  Good point.  We'll take all of your money and credit and let you prove that you can do deals with no money down and terrible credit. It's too easy otherwise!

@Ron Drake  No it wasn't. Did you notice that the guys buying into the big $30k-40k packages were almost all total newbies? I felt like they tried to go fast and talk over peoples heads (I went to the Rich Dad 3 day event years ago for $100).  The people who had no clue what was going on felt like they had to pony up for additional training to have a chance.

One guy from the 3 day event called me 9 months later saying his accountant said he couldn't write off the $25k he spent on his training package because it wasn't an accredited program. He asked me how I handled the write off and I told him I didn't buy into the advanced training. He said "Lucky you!" I asked if he had gotten some good information from the training and he said he hadn't had time to take any of it!!!  (Most of the "advanced" training was offered far away, so you would have to fly in and book a hotel.)  This poor fellow spent the whole 3rd day trying to get enough room on credit cards to buy the program!  What a waste!!

@James Wise 

I have been to Armando's free seminar and quite a few of the others. (Sometimes I get this weird desire to sit in a room full of people that are so eager to do what I'm already doing). It's kind of motivational in a way. I have never seen the actual Guru at one of these things, even the one time I paid for an upgrade to the thee day event.

The last one I went to, not Armando's, had a guy talking about different deals that had been done, including a house that was bought at a tax sale for about $1,500 (not by the presenter or the Guru). They had a picture on the overhead of a decent looking little house and thought that they were pretty great. (I.E. this can be done!)  I just sat there thinking I would love to hear from the guy/gal actually doing the deals and not a bunch of stories about deals other people have done!! I can't remember him mentioning even one of his own deals!  It seemed like I had way more experience than the presenter because I could get up there and talk about my own deals - not deals done by someone else!

I guarantee that Armando will not be there in person!!  (It's so much easier to rip someone off for 10's of thousands when you don't have to face them in person)!

@Wendell De Guzman 

1. Yes.

2. As  interest rates come up. (Mostly dictated by the Fed. Res.) The 2nd half of 2015.

3. Be careful! Short term plays should still be good. Don't get into deals that take a year or more to complete! Buy and hold only at good discounts to the current market unless there is at least a 10 year commitment.

@Tim Hagins 

Sounds like a good deal! Do you have the cash to buy it? It would help to narrow down how much rent you can get for it. Are you going to manage it yourself? If so, you might want to get some help on how to screen applicants and leases etc.

You DON'T have to start out wholesaling! (It's not for everyone). If you have some money, you can get in the business just the way you are thinking. Good luck!

@Kenton C. 

I think that with no assets you are just about judgement proof. Why go after someone without any assets? No lawyer will take that on a "I only get paid when we get a judgement" basis so you would really have to piss someone off for them to come after you. Having said that, I think the $500k would more than suffice.

Just my opinion. No legal advise given.

@Pavel Sakurets

Sounds like you have an incredible story, and you gave some amazing advice! Have you ever thought about writing a book? I don't understand how SO MANY people don't see any opportunities here anymore and stand around with their hands out! You come here from another country with $50 bucks in your pocket  and buy over 60 properties with millions in equity, at the time, in less than 10 years!

@Jonathan Napper 

A fair price is established when both sides agree on a price and neither side is coerced in any way. I buy all of my properties at substantial discounts and they are all at fair prices.  Wealth and cash flow will come much faster if you consistently buy at substantially discounted fair prices!

I agree with Andrew. You don't need them on houses under $200k. If you're doing it yourself you can put up a nice $10 dome light in 10 min.  A fan takes over an hour and costs a lot more.  I say, "why do it if you don't have to."  It won't help your appraisal and if you can sell without it, you've saved a little.