All Forum Posts by: Neil Schoepp

Good for you doing your due diligence. In full disclosure I am a Jake and Gino student so you will get a first hand account. I'll tell you my story and let you decide.

I was born and raised in NYC, so I saw first hand the shell game being played on the streets and how scams were ran. It was a way of life, something you always kept an eye out for. If it seemed to good it was. Then I became a NYPD Officer and then a City Fireman. This just proved to me (especially being a cop) how evil some people were. In short I had a lot of limited beliefs and a very tall very thick wall around me.

I investigated Gino through emails, post like yours and even taking a ride up to his restaurant about an hour north of the city. Everyone I spoke to spoke highly of him. Almost to kindly. Then they held their first event in Knoxville and I flew out to meet him in person. He made time to speak with everyone. There was just something in his way and in Jake's that sold me. It's hard to describe but after dealing with so many criminals you kinda get a feel for people. These guys were legit!

I continued to follow them and ask questions they always responded in a genuine helpful manner.

I once was down in Florida and just shot off a quick message to see if Gino was available to meet and to my surprise he was. That was when he shattered all my limited beliefs he introduced me to mindset and I was off to the races. He got me focused and led me in the right direction. If not for him and the entire WBP program I would not be where I am today.

The academy is amazing. It brings you from knowing nothing to having a solid foundation. The depth of knowledge you will gain access to is amazing. Choosing a market, Interviewing a PM, learning the basics of underwriting, interviewing a lender, forming partnerships it's all covered. Mindset, worksheets for picking a market, monitoring your time scheduling your week all covered. Monday calls are the best it's a live group call with a topic covered and then a question and answer portion at the end. Every question is addressed each and every week.

The group is more like a family then a group. It's amazing how everyone, staff and students are extremely helpful. Questions get answered, recommendations for brokers, lenders, PM's are given freely. MF is a team sport. If I don't have an answer I have access to the information just by asking. Now I can just pick up the phone as I have built out many solid relationships with very knowledgeable investors. They also hold money mixers and bootcamps where you can get to meet those members that you have been chatting with online and over the phone. This is where you can really excel your network. If you are visiting an area just shoot out a post someone is bound to be able to meetup with you while you are in town. Students are closing deals all the time. Both in syndication and on their own.

So the bottom line is this: Is everything I have access to worth 20K. By now I'm sure you can guess my answer. It is yes. Just the mindset growth I have taken is worth the 20K. The friendships I cannot put a price tag on. The key is that when you join the group you MUST take action and get involved.

I am much more successful now then I was when I first joined. I contribute a large portion of that success to my mindset, my proximity to other like minded individuals and to Jake and Gino whom gave me the push I needed. They are the two most genuine people you will ever meet, that really do care about your success and in providing tremendous value.  

To your success

Neil

P.S Just one last quick story to give you an idea of who Gino is.

This pass November my father passed away and through conversation with a third party Gino found out. How many "Gurus" actually care that much to take a few moments and write a handwritten note of sympathy. Gino is the real deal plain and simple.

Please feel free to reach out to me if you have any other questions.

Start shopping for a new lender. Depending on how patient the seller is. There are lending institutions the will accept your present lending package that you compiled for your present lender, they may need a few extra pieces but I'm assuming all the heavy lifting has been done. 

The only other options at this point is  PVT money from a connection you may have or hard money and pay the increase interest and points to get it over the line then pay the hard money off with financing from a lender. 

Your Expenses are WAY TO LOW.

As a general rule expenses are 50% of GPI. 

I would expect a well ran stabilized property to land between 40-45%  You are at 20%.....5% vacancy+5%opex+10%PM

Each market and class of property will have a per unit cost for expenses My market is 3900 - 4200 this includes everything but CapEx and Debt Payment.

Is this an all cash deal? If not then You need to show debt servicing in your numbers. 

Using your GPI and a 6 cap with 45% expenses I value this property at 816K at stabilization.

Op cost included: Taxes, ins, utilities, marketing, professional fees, contract services (lawn care, trash, pest control) Unit turns, repairs and maintenance, property management. All of these numbers are market specific but in my market just the taxes on a property this size would be 5-7% of GPI

Agreed! A strong responsive team is a must. I will second Doug's recommendation Ashlee and Josh are solution focused, not problem focused, it makes a huge difference when things come up and the deal is on the line. This is a killer property in a great location.  

Very inspirational! I love the break down and how you seaked out a Mastermind and community of like minded individuals. Masterminds Absolutely work. 

5yrs from now people will think you're lucky. They will ask how you did it. "Well remember back in 2020 when everyone thought the world was coming to an end? I just put the blinders on and did it for family brought a 44 unit after that it was off go the races"

Looking forward to seeing you crush it even more in 2021.

@Michael Smith First go at this yes absolutely. In some states it's required other are not, I'm not sure what Oregon does. I wouldn't trust contracts just anyone, sometimes there is local nuances that come to play. You may also be able to leverage the attorney for recommendations to lenders, accountants, contractors etc. 

so you have a verbal acceptance on a price?

1. sign and have the seller sign a Purchase and Sales Agreement (PSA) The PSA is a standard form based on your state. Any real Estate attorney will be able to draw it up for you.

Now that you are under contract (MAKE SURE YOU HAVE APPOPRIATE clauses in there)

3. Get inspections completed (scope the sewer lines and if the property has a septic mound make sure the mound passes) title work and financing in place. You can start building those relationships now BEFORE you have a property.

4. Be clear on your plan for the property and be ready to implement it the day of closing.

Pros: It works

"cons:" It will take multiple touches to get leads. It's a long game. If you are not capitalize to do a mailing a moth for 6 moths (12 is better) then don't even start. 

I would create a strong online presence first. Now a days the first thing people do is a google search.

There are get Yellow letters companies that can automate this for you. So you go in choose which piece of mail you want shipped for each mailing and then hit "run" so you essentially spend a bit of time up front to set it up but then it's automatic for as long as you set it up for.

I'm going to throw some ideas out there one to give this a bump to the top of the list the other because one of these may work. First you running into this road block is actually great news. It keeps competition at bay. People give up way to easily. You just by this post you are not one of them. 

First thing I would do is in some counties you can look the property up in the GIS system so search for County name, state GIS 

You may also by able to find information on the county tax assessment site. Again county, state tax assessment.

What you are looking for is the sales history. With a trust a lot of times it will be smith trust but when you go back in the sales history you will see peter smith was the previous owner before it was smith trust. 

If you meet a dead end on line You can go to the county records and look up previous owners you are looking for the recorder of deeds office. 

Another option is to visit a title company and ask them for guidance (essentially they are going to do the immediately previous step I suggested) the difference is this is what they do day in and day out AND they may even be familiar with the property in question. It's the quickest and best way in my opinion, besides if you end up acquiring the property you will need title work.

Well the hard part is already done. You are ahead of 96% of the people out there. You have clarity!!! I would add a bit more clarity and add units to that. Do you want 10 SFR, 10 duplexes, 10 tri plexes. Or does it even matter? Get really really clear and become ahead of 98%.

That's two properties a year. How will you acquire 2 a year? Work more overtime in your W-2 to have the funds, form partnerships, build strong relationships to get leads? Build a list and mail/cold call hell door knock. Build a solid process trust the process and then work that process and don't stop!! (if you don't understand that search "three feet from gold")