I'm a current member and will give you my thoughts. I joined after attending Del's two day class at the upgraded PIG membership simply because the multifamily route was a no-brainer to me. The education that is available on their website is extremely detailed, and I have not found it elsewhere. Some of the videos are not terribly professional, and some could be updated, but there's a lot of content. Many of the classes I have been to have been just ok, while some were very good. Several have said that everything they offer is available at BP; I strongly disagree, speaking strictly about evaluating, buying, rehabbing, operating, and exiting an apartment property of 60 units and up.
Here's the biggest thing: Several times a month I am in the same room with like-minded individuals who have money to invest, have been educated and would easily meet the SEC "sophisticated investor" criteria, and that I have an existing relationship with; also an SEC requirement. Of course I could go out and get other investors without them but it would be much more difficult. I'm sure there are people in such a position to have tons of wealthy friends that trust them due to their job or whatever and could do it easily, but not me.
Another poster was correct when they said Lifestyles will not call you after you join, you HAVE to make it known what you are looking for, and stay after them. If you have $50 or $100K to invest you can definitely get into a property with a few other investors, but you are going to have to make it happen. They will not just give you a big list of available properties and say here ya go. One benefit to joining for me is their relationships with local multifamily brokers. You have a much better chance of being taken seriously going through them than you do as a random individual they don't know. The problem in DFW right now is that people all over the country are paying stupid prices for our available apartments and making it very difficult to get offers accepted. That is not Lifestyles fault, but hopefully they aren't selling memberships and telling people otherwise.
There are some "rules" I don't like at Lifestyles, but they are in place to protect the passive investors. My biggest problem is that if all you want to do is be a passive investor, with no desire to sponsor your own deal, you still have to join at the $12000 (or $15000 if no special at the time) level. Thats not terribly fair. HOWEVER--there are MANY I now know and consider friends that are THRILLED with the returns they've gotten by doing just that. Again, its getting tougher as the REO properties dry up and competition is crazy here, but they've made a killing the last few years.
I know that BP is VERY anti "guru," and pretty negative about paying anybody for anything, so I guess I better say what its done for me. I've spent almost a year now immersing myself in learning the apartment business. I wish I would have jumped in and gotten involved sooner because I likely blew it on several properties I could have been a part of right now. I'm not like that. I'm an extreme type B that has to learn and analyze a ton before moving. For the last 3 or 4 months I've been actively searching for and touring properties. I've made one offer on a 108 unit property at $2.6M dollars, and currently have one in on a 60 unit at $2.3M, and there are two more properties I'm seriously looking at. There is absolutely NO WAY I would have EVER been able to say that without the education I've gotten over the last year. I do not have the funds to purchase a deal like that on my own, but am comfortable making offers because I have a large list of qualified investors I've spent a ton of time building over the last year. This is STRICTLY due to the groups that I paid to belong to.
Full disclosure on all this is that I also have been working with another "guru" in town. Again, I'm the type that can't get enough information. But once the decision was made to involve other people's money, I looked at the expense as insurance to protect them. It has already paid off in keeping me OUT of a deal that I was prepared to make an offer on. I won't go into a lot of detail, but @James Mudd send me a message if you want more insight and I'd be happy to meet with you.
