All Forum Posts by: Dave Pate

I bought the Essentials for $2k. Wish I had my money back. After a short while of involvement with the group, it was crystal clear that very few members had any real estate experience and that they preyed on newbies who did not know better. Shameful. 

@Jason Chen and @Joseph Trubnick

I spent some money on real estate education recently. Wish I had that money back. I suspect others who spend large sums on guru education will tell  you the same. I learned more from reading BP and networking with real estate friends than I did from Renatus. Taking classes might make you more informed, but you have to have a "can-do" attitude and the ability to make a deal happen in order to be successful.

Don't feel like you have to spend money to get educated.  You can learn more here than spending money on questionable classes. I did. Now my passive income equals my W-2 income. That's what I love about real estate. It's what you make of it, not necessarily how much you can spend on education.

@WillBarnard  No, I'm not a licensed contractor. I think you are right in that purchasing subject to the existing mortgage is a better plan. I've not done a subject to purchase yet. And as for the 2-3 months, I was giving myself plenty of time. I can do it in 6 to 8 weeks for sure. 

Thanks all for the comments.

I bought some overpriced real estate education recently. Wish I had that money back for another down payment!

I think I would be willing to pay for all renovation work in order to get a near 50/50 profit split. She would agree to holding cost, and we may agree to splitting selling cost. 

I think it would sell for around $120k (maybe up to 130k). Her note payoff is about $45k. The net of $75k and a split of 50/50, each of us getting about $37.5k. I don't know if it would even sell now in the condition it's in. She really needs a rehab to sell it. 

I have a good friend who has a historic view condo in need of rehab. She has moved in with her Mom and the condo has been empty for a couple of years. She wants to sell. But it's not in good enough condition to retail. I'm thinking of making her a partnership pitch. Here's what I'm thinking:

She owes about $45k on the condo. She is not capable of participating financially or physically. It needs about $15k in rehab cost to get to retail condition. I will be her contractor partner, invest the full $15k in repairs and perform the work. It will probably take 2 - 3 months to complete rehab. I would like to propose splitting the profit after the sale. It should sell for about $120,000. Would it be reasonable to propose a 50/50 profit split? 

+ 1 more. I have replied here to a couple of posts about this company. A few years ago I was in between jobs and feeling pressured to do something. I can say, after experience working with the group, it is a multi-level racket. I don't see many of their bandit signs in my area. They use Craigslist for most recruitment. Just flag their ads.

It's true. Ceiling fans are a maintenance item.  I put them in my first rental. Now I do not. The way I look at it, why install something requiring maintenance when it already happens on it's own?

You might find local, smaller banks willing to lend on a small multifamily. I recently purchased a 10 unit. I assumed because of my good credit that my bank (Regions) would extend credit. While under contract I was very disappointed to hear them say they had no appetite for my building. My property manager recommended a small local bank 3 blocks from home. They were happy to lend and closed the deal on time. Ask realtors, property managers and other investors about smaller local banks doing commercial loans.