Friends,
As I stated before, my prior post is MY personal opinion. Please use your own judgment in regards to this product. Here is the full email exchange regarding myself just trying to get started using this particular product.
These are the emails I had just trying to get started.
Now please remember I was new to this and I only wanted help in getting started. here is the email exchange.
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From: clary <clary****@***l.com>To: "****@yahoo.com" <***> Sent: Wednesday, March 5, 2014 8:17 AM
Subject: Question
Hello,
I'm wondering how do I submit emails to my mentor? I spoke with bill for the first time on monday and I want to email him some of my deals for his guidance but i dont know which email to use and what to put in the subject line. I looked in the manual and I cant find it for some reason. Can you help me? Any help would be appreciated. Thank you
regards,
Clary
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Date: Wed, 5 Mar 2014 05:30:20 -0800
From: ******@yahoo.com
Subject: Re: Question
To: ********@********.com
Hello, Clary. It's in your FOOLPROOF instruction sheet - inside page, right side, about half-way down.
Regards
Chuck
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From: clary <***@******.com>To: Administration <*****@****.com> Sent: Wednesday, March 5, 2014 8:37 AMSubject: RE: Question
Hi chuck,
Thanks for responding. I actually dont have the physical book but the E-book on my desktop.which page would it be on? Thank you for your help.
regards
clary --------------------------------------------------------------
Date: Wed, 5 Mar 2014 05:30:20 -0800
From: ******@******.com
Subject: Re: Question
To: ******@*******.com
Hello, Clary. It's in your FOOLPROOF instruction sheet - inside page, right side, about half-way down.
Regards
Chuck
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From: clary <****@*****l.com>To: Administration <*****@*****.com> Sent: Wednesday, March 5, 2014 9:30 AMSubject: RE: Question
Chuck,
I am looking thru thru zipped folder that I downloaded after purchasing the course and I still cannot locate it. Can someone from your organization please email me the FoolProof Agreement Maker Instruction sheet? It is my first time contacting my mentor via email so once I know the proper protocol I will be all set and locked in and I wont need to ask again. Any help would be appreciated. I also attached to this email a screen shot of the zip folder so you can see what I am seeing. please help. Thank you Chuck.
Clary -----------------------------------------------------
Date: Wed, 5 Mar 2014 06:40:18 -0800
From: ****@****.com
Subject: Re: Question
To: ****@*****.com
It is not in the zip materials you downloaded. It is in Instruction Sheet that comes with the package you receive in the mail.
Chuck
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From: clary<*****@****.com>
To: Administration <****@*****.com>
Sent: Wednesday, March 5, 2014 9:48 AM
Subject: RE: Question I currently dont have that sheet with me and i dont recall it being in the package I received. is it possible to have it emailed to me? Or can someone from your organization give me the email address and or instructions for emailing my mentor please? Any help would be appreciated. Thank you.
Clary ----------------------------------------------------
Date: Wed, 5 Mar 2014 07:00:08 -0800
From: *****@****.com
Subject: Re: Question
To: [email protected]
Your package did have it - every package is checked three times prior to shipping.
It cannot be emailed - sorry! Email is not secure enough to transmit the confidential keyword info. I can MAIL it to you, but you would have to send a self-addressed stamped envelope to:
I*****
*****
Li***** ME 040**
Sorry for any inconvenience, but keywords provide unlimited access, and therefore must be protected.
Chuck
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From: clary <*****@****.com>
To: Administration <*****@*****.com>
Sent: Wednesday, March 5, 2014 1:13 PM
Subject: RE: Question I sent an overnight package to the address you emailed me with a return prepaid overnight envelope. I have the tracking number if you need it. Please put the information that i need in that envelope and drop it in the mail back to me ASAP.
Clary This exchange shows you what I had to go thru just to get started with the mentoring. I personally don't think it should have taken all of this emailing back and forth just to get a key word but as I stated in my previous post this is just my OPINION. It could have been taken care of with a simple phone call, text message, etc. in my opinion. I was new to this course and extremely eager to learn and get started. Now here are some emails regarding my mentoring....
From: clary<*****@****.com>
To: "****@****.com" <****@****.com>
Sent: Tuesday, March 18, 2014 1:37 PM
Subject: ******
Hi Bill,
Its clary. I have been studying the materials and want to proceed with submitting my first offer. I want to assign a contract to a property once I have it under agreement and I need your help evaluating some properties. My friend david who is also a realtor is ready to write my offers for me and submit them. I told him I have you as my mentor to help me evaluate the deals and help me put together my offers with the appropriate "weasel clauses" so that im protected. I also want to submit my offers under my massachusetts LLC which is called ********. I also have a small list of cash buyers who are looking for deals in my area who will look at anything I present to them. According to my cash buyers they will pay 65 cents on the dollar for real estate deals in my area. Here are the first deals I have freshly listed on out MLS here in masaschusetts. Please let me know which one is the best option for us.
Here are the MLS links to 6 properties Im intersted in below. The links have all of the property information from the MLS.
CTG - $100,000 - 1 4 room, 2 bed, 1f 0h bath Cottage New Listing
NEW - $89,900 - - 2 unit, 9 total room, 4 total bedroom 2 Family ** this propery has a second floor tenant still there**
NEW - $135,000 - - 8 room, 5 bed, 2f 0h bath Colonial
NEW - $149,900 - - 12 room, 4 bed, 2f 0h bath Colonial
NEW - $130,000 - 33 - 3 unit, 15 total room, 6 total bedroom 3 Family
PCG - 
$125,550 - - 6 room, 3 bed, 1f 0h bath Ranch
Any help would be appreciated. Thank you Bill.
Sincerely,
Clary
Date: Tue, 18 Mar 2014 12:09:12 -0700
From: ****@******.com
Subject: Re: *****
To: *****@******.com
Hi, Clary. First, yoiu really need to make an effort to follow the guidelines - mentors must be provided up to two days to respond before resending an email.
As to these properties, a couple of things
1) Nowhere do I see the most critical info required (perr the guidelines) - the actual market value. Without that, it is unwise to make any offer, and impossible for me to make valid suggestions.
2) Chances are these properties are listed at or near market - if so, while there is a minute possibility, it is most unlikely you will be able to make a profit by assigning to unconscionable investors who only offer 65% - which means YOU must offer only 50% in order to profit. Not likely going to happen.
EXAMPLE: The $100,000 property would have to be under contract for $50,000.
I can do a lot, Clary, but one thing I cannot do is provide market values.
And, frankly, that is why I always say "forget getting deals for investors - YOU be the investor." We do not train bird-dogs, Clary, though you can go that route if you wish.
I really need your help in deciding what I should do to start in real estate investing since assigning contracts or training bird dogs is not recommended by you.
[REPLY] Actually, that was not my recommendation - assigning contracts is great for newbies (and old pros, too). What I do not recommend is bird-dogging. There is a big difference.
> the reason I decided to go with assigning contracts was because it seemed like the quickest way to earn a profit
[REPLY] Generally true
>How would I find out the market value of a property? Should I have my friend the realtor do a comparative market analysis on each property?
[REPLY] As detailed in the guide - comping, appraisal, desk appraisal or Certified Market Analysis (often done by Realtors)
>Is Zillow.com a good source for this information?
[REPLY] It can provide comps, but does not actually comp them against anything - that is something you must do. Simply put, you need to add/subtract $$ according to the differences in the properties.
Bill ------------------------------------------
Bill,
Below is a property priced at $99,000 I'm interested in and I would like to submit an offer on with the intention of assigning the contract.
A) the market value of the property is approx. $200,000.00 after rehab and based on similar comparables in the neighborhood. The comparable my realtor found sold for $250,000 last October.
B) My plan (with your help) is to submit an offer to get this property under contract so that I may assign it for a quick profit
c) I cannot bring anything to the table in regards to cash or credit, but I have a realtor working very closely with me who will submit my offers under my LLC.
What is your opinion of this deal? Do the number look good for what I'm trying to do? Below is the MLS property I am interested in and Below that is the Comparable sent to me by my Realtor.
Any help would be appreciated. Thank you.
Regards,
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Date: Fri, 21 Mar 2014 17:23:57 -0700
From: ****@****.com
Subject: Re: *****
To: *****@*****l.com
Clary
It does not matter what it may or may not be worth after rehab - all that counts is the CURRENT market value, as-is. Anything else is speculation. Speculation is not investing. Furthermore, this is a short sale, and the lender will not even look at an offer not backed up by proof of funds and a substantial earnest money. Also, you need to ask yourself EXACTLY what (and how much) is wrong with the place, and how long it would take to finish it and get it tenanted - every month is money out of your pocket - mortgage, taxes, interest, water, sewer etc.
Since nothing here tells me what is needed for repairs, or the estimated costs, I really cannot suggest much else.
If you are CERTAIN about the costs, and if you can pony up the necessary funding, and the figures still comer out good, then go for it. But I do not have that info to make a judgement on.
Bill
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I called my realtor and asked him what was the current market value of the property and he did some research told me it was $139,818 as-is.
Also you stated in your last email that I needed to know what (and how much) was wrong with the place, and how long it would take to finish it and get it tenanted - every month is money out of your pocket - mortgage, taxes, interest, water, sewer etc.
My question is if I am going to assign a contract to someone else how does this information come into play? Please help me understand this.
I assumed based on what I've been reading about assignments that the person I am assigning the contract to needs to worry about those issues since they are the actual buyers of the property. Please correct me if I am wrong or there is something I missed.
I understand now that I wont be able to submit an offer on this property due to the bank wanting a proof of funds letter, but since I am going to start with assignments I want to make sure that I know why certain things like money out of your pocket every month - mortgage, taxes, interest, water, sewer etc. will pertain to me.
Lastly I have some other properties I am interested in that are not short sales and hopefully do not require a proof of funds letter (none were stated in the MLS listing), so I will gather up the required information, current market value as-is and submit them to you for your suggestions shortly. Thank you.
Clary ----------------------------------------------
Sorry I missed the part about assigning. But it changes little - in a short sale, if you cannot come up with proof of funds and substantial earnest money, the lender will not even allow your offer to be considered, regardless of your plan for the place.
Can you do that?
Bill
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After that last email, especially when the part about me wanting to go the assigning route was missed I was extremely frustrated, but I then turned to biggerpockets and learned a lot more and I'm still learning. I still ended up paying the monthly fees for the mentoring for a few months until I cancelled it but by then I had already made money in real estate from my efforts on this site and networking, direct mail and at local real estate meetings in my area. My point is this particular course may have worked for others but for me it didn't and not because of effort as you can see by my emails. Judge for yourself. But as I stated before this is my PERSONAL OPINION.
