Are Tyler Deveroux, Ryan Woolley, Multi Family Mindset a Scam?

[Zach Harsh]

Are Tyler Deveroux, Ryan Woolley, Multi Family Mindset and MF Capital a scam? Well, I wouldn’t go that far, people throw that word around too much these days but I would say they made a lot of promises that they haven’t kept and paint a very unrealistic picture with an extremely high pressure sales scheme that does a disservice to the vast majority of their students. Their main sales pitch is that they will teach you how to make more money by charging your investors double the industry average acquisition fee.  

I hate having to write all this but I feel bad for all the people who have given Ryan and Tyler money they don’t have to spend after listening to his high-pressure and very unrealistic sales pitch about making easy millions.

During the high pressure sales presentation they pressure people into finding ways to pay for their $35-40k program. They told them that this investment will change their life and that money in a retirement account or 401k is worthless. Urged them to make a withdrawal and pay the tax penalty because this program, training, education will change their life. They also told people to stop sitting on home equity and tap into that as an asset to use for education and build a better life. These things should NEVER be considered in an educational program much less a program that has self serving owners with over-hyped experience and credentials.

Students have been squeezed out of deals that their coaches are involved with. They have agreed to sponsor multiple deals with students and then backed out of them causing their students to lose significant amounts of earnest money. Other students have told us that Ryan Woolley one of the founders has bad mouthed his students to brokers. These particular students were so mad they broke their contract with Multifamily Mindset just to not be associated with Ryan and Tyler anymore.

When you ask their coaches and team members how many deals they have done and how many doors they are in it is very difficult to get them to actually tell you. The truth is very few of their coaches and staff members have much experience in the space at all.

I was really excited to sign up as I think their first student when they started making their rounds in the fall of 2020. I talked with Ryan quite a bit and he said that they would do deals with us and would sponsor us and wanted more than anything to help us get into our first deal. I wanted to get in on the ground level with the hopes of growing with their brand new education company but quickly saw how they operate and realized that’s not what I wanted. It immediately seemed evident that they were much more interested in taking the $35-$40,000 tuition than actually helping their students get into deals. None of the very small handful of students I have spoken with that are currently partnering with Ryan and Tyler on deals are happy with them and feel like Ryan and Tyler only have their own best interest at heart and don’t really care about their student’s success beyond lip-service.

We found a 188 unit deal in Columbia South Carolina and Ryan had actually already underwritten it but he missed the fact that the T 12 actually only had 11 months in it instead of 12 so we caught it and Multi Family Mindset's internal underwriter really loved the deal. My partner was messaging back-and-forth with Ryan, he said to put in the LOI and gave us the price to put it in at.

But then it was a nightmare of communication, we soon realized that we had to do a bunch of songs and dances to convince them to sponsor our deal, it took 4 or 5 days for them to make time to sit down with us only to tell us that we needed to schedule another meeting in another 4 or 5 days to get Tyler on the phone and let us try and convince them to sponsor us and by that time someone else was awarded the deal and we lost out. It felt like Tyler was in his ivory tower in Hawaii and too busy to waste his time with students after he gets us signed up. Furthermore, it sounded like they were mad at us for using their name on our pitch deck to the broker when we thought that was the main reason we are signing up with them, to leverage their experience and credibility as a sponsor.

We were super disappointed, but to make things worse I heard later that Ryan Woolley was telling other students that we didn’t have our act together and it was a bad deal. But it was our first deal of course we didn’t have our act together and his underwriter said it was an awesome deal.

Needless to say we were pretty disappointed, so shortly after that another student reached out to us and told us that Ryan and Tyler had agreed to sponsor them 4 different times and backed out of each one causing the students to lose earnest money. We decided to team up and try to take down our first deal together because they had reliable sponsors to sign on the loan and it seemed like we were working well together, at first at least.

During the same time a different student that came through the high pressure three day course with us found a deal and had my partner help him underwrite it. He said he would bring him on to the deal but a little while later we found out that they were awarded the deal, but they said that MF Capital, Ryan Woolley and Tyler Deveroux’s company took way too much of the pie for them to have anything left over to bring us in on. But we were lucky to not be a part of it. I have been told the students currently have about $200k sunk into the deal. Issues keep coming up and the students asked MF Capital to help with the $50k extra the lender is requiring. I was told they flat out said no and the student was pissed. Then one of their coaches threatened to back out but the student finally was able to get through to Tyler, they worked it out but now they need even more money for the contract extension. It has been super messy and if this doesn’t close the students will be whipped out and loose 100’s of 1000’s of dollars.

But we kept working with the former students, the other two students who lost the earnest money after Ryan and Tyler backed out. And one night they call us and told us one of her contacts partnered on a deal with Ryan and Tyler but they had to dump their ownership in it because MF Capital was not allowed to do business in Texas anymore. I have no clue if this is actually true or not but this is what we were told.

Then shortly thereafter the same person called both my partner and myself and said that my Multifamily Mindset coach had called her and was trying to “squeeze into a deal we were working and was asking how much value are we actually bringing and was trying to convince her to remove people from the deal”. She was super mad at my coach. She was being diplomatic and didn’t say specifically it was me and the other Multi Family Mindset student but we got the impression he was trying to get us pushed out of it so he could move in and get a bigger percentage.

A month or so went by and then next thing I know we had to learn by a social media post that my Multi Family Mindset coach had a new deal with the two former students who we had partnered with on this same deal. So, I called my coach and he got super defensive and was threatening that he was recording the call and was going to send his lawyers after me if I involved his name.

It just seems like it’s been one thing after the next, I recently spoke with another group of students that had an accepted offer and Ryan and Tyler and their partners backed out on that deal as well possibly ruining a broker relationship for their students. It just seems like they are very reluctant to do deals with their students and help them succeed. But the problem is none of their coaches can/will sponsor deals either. I just feel like you’d be way better off joining one of the larger multifamily networks that has actual resources and successful students.

I really truly believe that Ryan and Tyler started off with good intentions, but I feel they saw how much money they can make off of tuition and have made a ton of promises that they haven’t kept. I have tried to get on the phone with Tyler to talk through this with the hopes that he can make corrections but to no avail. He does a great job of acting like he cares but when it actually comes down to action it’s a whole different story. I have talked through all this with another student and he feels like what they are doing could be considered criminal and is talking to a friend of his at the FBI. I don’t really know about all that but I do know I’m super disappointed in the whole thing. 

Tyler, you were called for so much more than this, I believe you have an awesome heart but all this got away from you. Ryan, you don’t need to make dirty jokes all the time and then turn around and talk about your faith.