All Forum Posts by: Account Closed

While discussing the course and your real estate needs, Jason states numerous times that your ‘blueprint’ will be ‘built out' specifically for you, providing very few details of what you’re actually receiving, leading prospective students to believe that the product is going to be tailored to their niche, market and investing goals. None of which is true. Everyone gets the same played out cookie cutter guru garbage as everyone else.

I went into the course assuming I was paying $10k for a streamlined acquisitions process but what i got was two days of narcissistic self-aggrandizing guru garbage, a “mind map” that looks like it was thrown together, 34 “strategies” that can be found for free on BiggerPockets sprinkled with juuuuuust enough guru gimmick word vomit and hand waving to impress the eager and inexperienced, several of which were repulsive and absolutely predatory..

• Instructing students who get their offers turned down by a seller to walk out of the appointment, get in their car and blast out the property out to cash buyers anyway..  knowingly not having it under contract.
• Instructing investors to set up fake ‘tax relief’ companies In order to intentionally & maliciously misrepresent themselves to tax delinquent distressed homeowners. (If you can't get in the door on your own merit... maybe you shouldn’t be doing this.)
• Encouraging students to utilize his private Facebook group members to post fraudulent reviews for other students websites in order to boost their search results and by doing so intentionally misleading sellers as to the students knowledge, skills and ability to close
• Instructing investors to deliberately target and befriend nursing and assisted living home staff in order to gain their complicity in preying upon patients and residents. .... Im all for creativity to get deals, but this ..this was vile.

Jason spent less than an hour at the end of the class half-@ssedly rushing through his biggest selling point.. a negotiating strategy he calls the 'seller waltz', which turned out to be nothing more than rushing through the list of creative real estate structures should the seller not accept your cash offer…

“Oh, you don’t like my cash offer.. what abouuut this?! No? …whhhhat about this?!

Jason is essentially the Rex Kwon Do of real estate negotiating.

Honestly, you can get 10x the negotiating education by spending an hour on John Martinez's YouTube, BiggerPockets or any number of $20 books.

You don’t get access to your actual blueprint until the very end of the course, after you’ve already forked over $10k and spent two days drinking guru kool-aid. He claims he doesn’t allow access until the very end so you don’t get distracted and bombard him with questions while he’s teaching, but the truth is he doesn’t want you to see you bought yourself $10k worth of recycled guru garbage until its too late.

The positive reviews you do see are the direct result of Jason coercing students with continued access to him and his private facebook group by insisting you leave him positive reviews … before you actually see what you’ve paid for..

Walk away.

Following up with a sketchy prospective tenant when i first rented my personal house out. Previous landlord confirmed the tenant was indeed a scumbag, and i was about to hang up when he said..  "Hey! You wanna buy some rentals?"  

Follow up with every previous landlord on every rental application you get.

Those who can, do; Those who can't, guru.  

They're not going to show up to your project, hop out of a Cadillac dressed in track suits with Louisville sluggers

Unless its a friend or relative who doesn't know any better, most private/hard money lenders are going to require some due diligence on the project before funding it, especially if you're new. If there isn't enough meat on it, they're going to let you know as its their capital being risked. 

Do the best you can with the numbers, have another investor look it over if need be, trust the numbers and then pull the trigger. Get it under contract, take it to HMLs at your local REIA and i promise they're not going to pull any punches with ya about it.

Last year i did a cash out refi of 3 rentals. 75% LTV with a loan amount of $232,500. Within a week of closing, a neighbor inquired about buying one of the rentals for his daughter. The appraised value at the time was $95k, and at 75% LTV the lender told me the pay off would be $71,250. The deal fell through and i've been paying promptly since.

Yesterday that same property was supposed to close. The settlement statement showed up in my inbox for review and the payoff (one year later) was $80,000.00 even.

The loan officer who handled the transaction told me he just took the original appraised value of $100k (wrong) and took the original LTV of 80% (also wrong).. basically.. he just threw a number out. 

I just got off the phone with the president of commercial lending at the bank and he told me, verbatim, that they can make the payoff whatever they want........

Can someone with experience in commercial lending or portfolio loans explain this one to me?? 

Without going into the weeds on the 'why', Last summer I quit claim'd a non-performing rental (Mayflower) taken Sub2 (with a basis of $65k) back to the original seller, in exchange for them forgiving $42k in notes for 4 other properties purchased from them, due to them in 2020. I then immediately sold one of those other properties (Kingsbury) which previously had a note due for $27k, and walked away with a check for $37k, all other variables aside, I assumed that i made a profit.

Fast forward to tax time / refinance time, my accountant is telling me that the profit from Kingsbury, was actually a loss associated with quit claiming Mayflower back to the sellers. Even though i physically took in $90k from the sale of real estate in 2017, my taxable income is $20k.. which by tax returns alone, looks like sh!t compared to the previous two years. I'm perfectly fine with paying less taxes, but my concern is my ability to cash out refinance my rentals and buy a personal residence this year. 

My question is, do lenders look only at the tax returns, or would they take the circumstances/HUD-1s into consideration when approving loans?

Thanks much @Brandon Purdeu and @Adam Schneider No judging on the FB page! lol just making sure I had the right one

@Lasandra Sutherland Feel free to reach out when you get into town! 

My name's Lloyd Stanton, Im a former 18 series dude, and full time investor here in TN. I'll be moving back to the greater Ft Bragg area next month to start a HVAC business with a former teammate of mine and I'd love to connect with all the Bragg area investors! In the mean time, Im currently looking for:

• An investor friendly closing attorney / title company; specifically one familiar with Sub2 deals.
• When / Where are the Bragg area or Raleigh investor meetups? 
• Are there currently any REI Facebook groups for the area? I found one that didn't seem very active
  
  Also, if anyone has NIIIICE low/no equity potential Sub2 leads in Moore County, let's talk!
  
  Look forward to doing deals with you all!

Nice find! 

Please ask them the following:

1. Do you tell sellers you're a cash buyer, even though you don't have the means to purchase the property?
2. Do you tell sellers you're buying their house, even though you have no intention on actually closing?
3. Do you advertise/market the property before you own it?
4. Do you tell sellers you're bringing 'partners' or 'inspectors' to the house in order to show it to perspective end-buyers?

If they answer yes, ask them to explain how what they're teaching, is not fraud in the inducement and brokering real estate without a license. 

If they answer yes, it will tell you a lot about how they operate. 

Im all for off-market deals, but if you're going to do it, i suggest you get your funds together or learn how to get on title. Buy it and then do whatever you want with it. Why?  Because the explosion of guru boot camp 'fauxsalers' in every market, out and out lying to old folks and people in distress just to get a deal under contract, with no intent or ability to close... gives us ALL a bad name. Every time a fauxsaler burns a seller, the reputation of EVERY investor in that market takes a hit.