Lindahl's Multi Family Millions bootcamp in Phily PA - 11/18

[Alina Trigub]

Is anyone interested in attending Lindahl's Multi Family Millions 3 day bootcamp near Philadelphia PA on 11/18 - 11/20 and splitting up the cost of training with me?

Details about the bootcamp: This is a live, 3-day boot camp designed to show you how to conquer your fears of owning multi-family properties; invest safely & profitably; and never deal with tenants except to deposit their checks into your bank account. You will leave this event a multi-family investing profit expert!

[Michael Gansberg]

@Alina Trigub, it's great that you're on the path to increasing your real estate knowledge. Have you considered taking the $38k that you plan on spending on your class and putting it into an actual home purchase? Then renting that home out, and using that experience as your education?

Before doing that, it'd probably be good to spend $20-$30 on one or two good real estate books to learn the basics. Some people use(or even max out) credit cards to take these courses- and I doubt these classes offer much more than a good book on the subject. If you max out your consumer credit, and are paying the typical rate for consumer debt, it will make it much more challenging for you to obtain a loan when you're ready to move ahead with your real estate career. Think about it- you could be paying up to $10,000 per year in interest on a deal like that!! I can't imagine any value, any information, any thing that they could tell you to overcome the negatives to your balance sheet and cash flow that come with a thirty-eight thousand dollar hole and ten thousand per year in carrying costs. Also, maxed out cards are bad for your credit score, potentially impacting your future ability to obtain a loan(mortgage) on good terms.

Consider the alternative- a 20% down payment with that sort of coin could land you a house which sells for $150k. Or you could buy a really lousy foreclosure for $20k, and bootstrap with your last $18k to rehab it(or rehab one of the two units and get it rented.) Even if you did a lousy job in either of those circumstances, you'd probably be way better off than if you flushed $38k on one of those silly courses. I linked a thread about Fortune Builders below- it kind of sounds like what you're thinking about doing. These operations tend to be pretty boilerplate, I suspect- it's just real estate, after all, not rocket science. Good luck!

MG

Fortune Builders?