All Forum Posts by: Becca F.

This is kind of a late reply. I am wondering this also. I attended Sam Primm's free webinar and got on a call with his rep. I'm not sure if I'm allowed to mention the cost of the mentorship program but it's $6000 so less than the $10,000 programs. He talked a lot about private lenders and Sam would help me evaluate potential rental properties. I hear a lot about people using private lenders instead of their own money- it's still debt that I owe in addition to the bank loan. 

I own 3 rentals and have a mortgage on one and a HELOC on another (soon to be rental). I'm hesitant about taking out more and more loans - it's starting to sound a bit risky to me but this seems to be how to acquire more rentals from witnessing other investors. I don't see how a bank would think I'm crazy for taking out another mortgage on a new rental property.

@Will Kaehler  Hi Will, I'm also wondering about Elliot with Ace Properties. I like his Excel template - I think it's $40 to purchase and may wind up buying that. I'm using my own rough spreadsheet to calculate rental property expenses and income. I currently own one property that's cash flowing and recently renovated another property that hopefully will have tenants in soon. I haven't taken the course. It looks like the 8 hour course is $495.

I've been following Elliott@Invest with Ace for a while now and Sam Primm on Instagram recently. Invest with Ace's spreadsheets look really clean. He offers his spreadsheets and information in a la carte form.  I attended Sam Primm's webinar and was on a call with one of his reps. He talked about using private lenders to help fund rental property purchases and using the BRRRS (Buy, Rehab, Rent, Refinance, Scale) method. With the mentorship program, the private lender (Sam in this case) would lend me the money to buy a distressed property, then the rehabbed property would be appraised and then the lender/bank would give a loan based on 75% to 85% of the appraised value. Someone would hand hold me with buying properties with the mentorship program.

I've heard a lot about using Other People's Money such as private lenders and hard money loans. I currently own 2 rental properties with one that is cash flowing and one that I just recently renovated - I'll have a renter in there soon but will need more tenants so that I can see a good amount of cash flow. I'd like to expand my portfolio but finding properties is difficult and I don't know if a bank would approve me for anymore loans and right now I don't have the cash to put 25% down on more investment property. I own property in the San Francisco Bay Area and my current rental that's cash flowing is in the Midwest - definitely think that the Midwest is great for being a landlord whereas California is more friendly to tenants. 

Is it worth the money to go through a mentorship program? What the the pros and cons of using private lenders? What's the difference of hard money loans and private lender money? Has anyone gone through the Faster Freedom mentorship? 

@Moira Baggett This is what I did also. I bought an umbrella a policy. I called my lender on my first rental property about 2 yers ago about having it under an LLC. They said I would need to refinance it. Other investors I've known with anywhere from 1 to 5 rental properties said they didn't do LLCs. They said the filing taxes and the paperwork associated with LLCs would be complicated and expensive. There's no way I'd refinance a property now to a higher interest rate. I have 2 rentals now solely owned by me with a possible third rental (trying to sell this property right now) and another multi-unit co-owned with four other people. I'm wondering if umbrella policies offer enough protection over LLCs. Also do I have to get a separate LLC for each property?