All Forum Posts by: John B Clark

Quote from @Remy Piazza:

Hi BP community. 

Is anyone working with or has worked with the Wicked Smart coaching program? I learned about them from a Rent to Retirement podcast where they interviewed a former W2 FT sales guy in tech (that's me today...) turn real estate investor. He talked about getting coaching from them, and how beneficial it was for him. Truthfully, I am not that big on coaching programs BUT, I can understand the benefits of having someone in your corner teaching and coaching you on the ins and outs of real estate investing every week. I met with Wicked Smart today and was told they help you set up a lead sourcing system, help you structure creative financing - which is essentially lease option/purchase, subject to and owner financing....all strategies I am interested in learning more about. There is a not so inexpensive fee - anywhere from 5k to 100k depending on the program and they take a % of each deal. 

Looking for current or past students to chime in....Thank you!  

 I’m currently working with them and they are the real deal. They give you and teach you all of the tools you need for creative financing and are in the trenches with you.  They will match effort for effort jumping on seller calls and helping you close deals, walk you through contracts, make connections to attorneys, etc.  The community, coaching and support really are second to none, and I always gain valuable insights from the masterminds and every interaction I have with them.  You profit share with them for the first 10 deals (at the higher levels) because they really are right there with you holding your hand, and as I mentioned, doing three way calls, etc. every step of the way.  They’ll coach you right into it being your own business that allows you to leave your W2, if that’s your goal. 

Quote from @Joshua Messinger:

Hey @Stephen Ryan! 

I would recommend talking to your local credit unions as they offer very good financing for STRs and have been the main type of lenders that we use for a very large portion of our investments. 

If you're located in the Northeast I have a great recommendation for you! Otherwise, feel free to reach out if you don't know how to identify credit unions in your area. 

-

Josh 

Hi Josh,

I live in the Northeast (MA), and would appreciate if you’d be willing to pass along the info of your lender.  Thanks!

I use a management company and am still netting almost $50K. Could it be more? Yes, of course it could, but then it wouldn't be passive income for me. I get to be 100% hands off and still make almost $50K net, after paying them and all expenses, including mortgage, maintenance, CAPEX, etc. Reach out to me directly and I'll tell you who I use and the markets they are in…they are a smaller company, so they're only in a couple markets.

Quote from @Darryl Griffin-Simmons:

Quote from @John B Clark:

I’ve attended and it’s super informative and helpful.  Matt, Justin, Herve and the team are awesome teachers, share great examples, and provide a lot of real world data and documents you can learn from. There is also the opportunity for networking with your classmates via Google Classroom and Zoom (and in person if you’re investing in your home state).  The only thing to be aware of is that it’s definitely geared toward larger multi family deals, as opposed to residential units in the 2-4 range. That being said, a lot, if not all, their strategies do carry over to the smaller deals.

@John B Clark thanks for the response. It is very helpful. We do have plans to venture into larger multifamily deals in the future. When you reference larger MF, are you talking 20+ units or closer towards syndication level around 50+ units? I looked at this Bootcamp as a spring board to learn more about multifamily investing quicker thank Google / YouTube searching.

Did you quickly leverage the information to do a deal shortly thereafter or feel more confident doing so prior to attending the event?

Thanks again for your insight along this journey! 

 Hi Darryl, the info can definitely help with both, but I think, at least from my perspective, it was more geared toward the 50+.   I’m just not there yet - I only own 4 single family rentals, but it was still helpful for learning how to research markets, what goes into deals, etc., and I do think a lot of it will carry over into smaller multi family deals. 

I’ve attended and it’s super informative and helpful.  Matt, Justin, Herve and the team are awesome teachers, share great examples, and provide a lot of real world data and documents you can learn from. There is also the opportunity for networking with your classmates via Google Classroom and Zoom (and in person if you’re investing in your home state).  The only thing to be aware of is that it’s definitely geared toward larger multi family deals, as opposed to residential units in the 2-4 range. That being said, a lot, if not all, their strategies do carry over to the smaller deals.

Wow!  Congratulations!

Quote from @Wayne Brooks:

Quote from @Leon Chappell:

Quote from @Jocelyn Kaufman:

You were right in going to an attorney, this seems like a sticky situation. I would do whatever your attorney advises. What date does the offer expire? Also if they didn't sign is it binding? 

Some people are horrible, I am sorry this has happened. 

Good luck!

That's the thing that's killing me. The contract didn't have a expiration date on it. 

it doesn’t matter.....you can withdraw any offer before you receive a notification of acceptance, and it is if it never existed. A contract should have an address/method for notifications, if not, send it to any last known address/email, sleep easy and forget it. Also, without a specific expiration date for an offer, it would still automatically expire after a reasonable amount of time, to be determined by a judge, if it ever became necessary.

Wise advice!  Any contract requires offer, consideration and acceptance to be a valid contract. If no money changed hands, and no one signed to accept, there are two pieces missing to make this a contract, but even just one missing still means it’s not a valid contract. I agree - still consult an attorney, but it sounds like you’re good to move forward, and as suggested, I would send notifications of cancellation to last known addresses (physical or otherwise).  Again, consult an attorney, though, as none of us are yours.  

Quote from @Marc S.:

If you become a Pro member on this site, they have every tool and spreadsheet and analysis you need. With unlimited usage! 

Marc

I agree with Marc, and the tools alone pay for the membership, but there are tons of other valuable benefits for pro members as well.

Congratulations!  Sounds like a great first deal!

I don’t have anything valuable to add, but I just have to say that getting to learn from folks like you and the other people on here with many years of experience is what makes this forum great for those of us with only a few deals under our belts!