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All Forum Posts by: Account Closed

Account Closed has started 22 posts and replied 348 times.

Post: GURU SCAM ALERT: Brian Gibbons

Account ClosedPosted
  • Real Estate Investor
  • Shelton, WA
  • Posts 369
  • Votes 639

@Tommy Spijkers @Steve B. He made claims about his product, took payment, didn't deliver, and kept the money. You can call it whatever you want. 

Post: GURU SCAM ALERT: Brian Gibbons

Account ClosedPosted
  • Real Estate Investor
  • Shelton, WA
  • Posts 369
  • Votes 639

@Jay Hinrichs 

I am grateful for what Brian has provided on here for free; however, it doesn't change the fact that he over-promised, very much under-delivered, and now wont make it right. If you're presenting yourself as a professional coach and mentor with 30 years of experience, I would expect there to be some semblance of 'structure' to your program. There was nothing of the sorts. Bottom line is, I shouldn't have to chase my paid 'coach' down and pull information out of him. 

As far my experience with Sub2 deals, most of them were situations that required very little in the way of negotiation. So when the tougher ones came around, I found myself losing out because my 'pitch' and rebuttals to objections weren't working.. i simply wanted to step up my game.

I absolutely didn't want it to get to this point and gave Brian several opportunities to resolve it. I merely asked for a partial refund and to part ways on good terms.  I honestly don't give 2 sh!ts about the money; my problem is with the fact that he's perfectly ok with.. just keeping it. 

Post: GURU SCAM ALERT: Brian Gibbons

Account ClosedPosted
  • Real Estate Investor
  • Shelton, WA
  • Posts 369
  • Votes 639

.

Post: GURU SCAM ALERT: Brian Gibbons

Account ClosedPosted
  • Real Estate Investor
  • Shelton, WA
  • Posts 369
  • Votes 639

Post: GURU SCAM ALERT: Brian Gibbons

Account ClosedPosted
  • Real Estate Investor
  • Shelton, WA
  • Posts 369
  • Votes 639

Brian claims that he's "never had to refund a student's fee". This is true!

.. not because they haven't asked, but because he pulls the classic 'bait and switch'; gets you sold on his bs program, gets your fee upfront...  and once you find out his 'coaching' is a crock of crap.. he keeps your money. BE WARNED.

https://www.biggerpockets.com/forums/79/topics/506318-brian-gibbons-just-another-guru-hustling-you-out-of

Post: Sell flip at a loss or turn it into a rental?

Account ClosedPosted
  • Real Estate Investor
  • Shelton, WA
  • Posts 369
  • Votes 639

@TD Wolf Thats correct. If you get 3.5% down, it would count as their down payment with an FHA loan (once they get approved for financing). Don't take an 'unreasonable' amount, to avoid 'equitable interest' issues down the road.

You can offer seller concessions to cover their closing costs in lieu of offering 'rent credits' which can be viewed as a 'financing agreement', and subject to lots of fun rules.

Keep the lease completely independent of the option; don't tie performance of the lease to the performance of the option. 

Take potential tenant-buyers to a RMLO to get pre-screened to establish their ability to get financing in a reasonable amount of time

As far as seasoning goes, my lender requires 12 months of being on title before they'll cash out refi, whether its leveraged or not. Some do 6 months, definitely check with yours.

Post: Sell flip at a loss or turn it into a rental?

Account ClosedPosted
  • Real Estate Investor
  • Shelton, WA
  • Posts 369
  • Votes 639

@TD Wolf Sounds like a solid BRRRR candidate (Buy, Rehab, Rent, Refi, Repeat)! But with 'Rent to Own' instead of rent. If you're going to rent it, but want to sell, consider offering it as a lease w/ option to purchase. Get 3-5% down from a tenant buyer at full market rent with a 1-2 year option to purchase at full market value. Wait until you meet your lender's seasoning requirements and cash out refi 75-80% LTV out.. then keep it as a rental until the tenant-buyers get financing. Good luck!

Post: Brian Gibbons - Just another 'guru' hustling you out of $$$

Account ClosedPosted
  • Real Estate Investor
  • Shelton, WA
  • Posts 369
  • Votes 639

I reached out to Brian in September after having done some self-assessing of my real estate strengths and weaknesses. I have done about a dozen Sub2 deals up until this point; however, most were a last resort type situation for the seller where the finer points of negotiating creative real estate weren't necessary. As I had decided to shift my business model specifically towards potential Sub2 deals, I determined that refining these negotiating techniques would be extremely beneficial.

I contacted Brian and discussed my needs with him. While I made it clear that I was looking for a very specific course of instruction and coaching, Brian pulled out the guru spiel and convinced me that his full one-year coaching program, for $7,000, would be in my best interest. It wasn’t exactly what I was looking for, but as with any con artist, he knows how to sell it. I reluctantly agreed, and Brian immediately shifted gears and insisted that I go to the bank right then and wire his money, almost crossing the line into 'pushy' (red flag #1). I told him I was busy the rest of the afternoon, and would go Monday. 

I gave it some thought over the weekend, and being that I have a functional knowledge of and experience with Sub2 deals, the marketing already in place, and the team needed to close these type deals, I decided that a full year of coaching just to go over these topics again, was not the highest and best use of my time.

I reached out to Brian the following week, and told him I was looking to focus solely on the mechanics of negotiating creative deals and asked if he’d be willing to coach on those topics only. Brian agreed to 25 hours of content and coaching calls for $2500. I agreed and wired Brian $2500. I was promised an updated contract and a ‘syllabus’ so to speak, neither of which were ever received (red flag #2).

After some confusion about scheduling the first call (I expected there to be a schedule, there was not), I received my first and only PDF of course material. Honestly, It was great content, and so was the accompanying phone call the following day (9/27). Unfortunately, this is where things just… fell off. I entered into this coaching arrangement with the expectation that a professional coach with ‘decades of experience’ would have an established coaching program; a course syllabus of some sort, course material, homework, a coaching call schedule, etc.. but I soon came to realize that Brian is effectively ‘winging it’.

At the end of our first call, Brian told me he would text me the following Wednesday morning, and we’d have a call Wednesday evening. I wasn’t sure why we couldn’t just set a time right then, but hey, he’s the coach, ill roll with it. The next Wednesday morning and afternoon (10/4) came and went, no contact/no material from Brian (red flag #3). Another week goes by, no word from Brian. At this point im debating on seeing how long it would be before i heard from my 'coach' again, after he got my money, but as i had deals in the works, i attempted to reach out to him. Friday morning (10/13) I get on his website, (now that it’s working), and find no calendar for students (There was no information provided on how, when, or who was to initiate contact), only his “introductory call” schedule, and schedule a call for 330 that afternoon as it’s listed as available on the schedule. 330 comes and goes, and at 420pm that afternoon, I get a text from Brian asking If Im available 3-4 hours from then. It was a Friday evening and I had dinner plans, so it wasn’t an option. I told him I would be available Monday or Tuesday and we agreed to 7pm Tuesday 10/17. Tuesday rolls around and we get on the phone for the 2nd coaching call and its… almost identical to the 1st call 3 weeks prior.. and it seems very much like Brian was just ‘winging it’. We go over the PDF..again, he asks a few questions and.. that was it. I waited 3 weeks and received no new material, nothing new on the call, no ‘homework’ provided, no future call scheduled, nothing. Needless to say I was quite underwhelmed. I decided to cool off and think on it a few days. A week and a half goes by and I hear nothing from Brian. At that point I decided that having to chase my coach down and pull information out of him.. was not the type of program I wanted any further participation in.

I sent Brian a text message Friday (10/27) very respectfully explaining that I didn’t think we were a good fit, and that I was expecting a lot more structure with the content and coaching. I then asked Brian to refund the coaching fee, less his hourly rate for the 2 one-hour calls and the PDF content. Knowing how persuasive he can be on the phone, I politely told him no additional discussion was necessary. He twice sent texts telling me he would ‘respond’ to my request when he was free; however, as I previously mentioned, I told him that his response was not needed. I simply wanted a portion of my fee refunded and to part ways on good terms. I had made up my mind and additional discussion wasn’t necessary. I gave Brian ample opportunity to resolve this offline and in a civil matter, but he has refused.


I fully expect Brian to get on here and offer his side along with his list of wonderful ‘reviews’, and that’s absolutely fine; I would do the same. 

I honestly didn’t want to have to post this as Brian is a very active member on this forum and has given much to the BP community free of charge. That said, I believe the ‘free content’ he provides on here is nothing more than bait to lure in students and fleece them out of their money. Brian is just another guru out looking to hustle you out of your money. 

Post: Best website to advertise my rentals?

Account ClosedPosted
  • Real Estate Investor
  • Shelton, WA
  • Posts 369
  • Votes 639

@Benjamin L. Definitely join and post in local 'buy sell trade' groups on Facebook. People will comment or message you directly giving you a chance to 'see' who your potential tenants are prior to a showing.

Post: Direct mailing scripts

Account ClosedPosted
  • Real Estate Investor
  • Shelton, WA
  • Posts 369
  • Votes 639

@Account Closed Im gonna have to disagree with the 'no script' approach. Do you think academy award winning actors just wing it as to sound more natural? Nope, they have a script that they rehearse over and over and over again until it can be spoken with the right inflection and timing.. so write out your script, and read it out loud..over and over again. Write down every question you think a seller might throw at you, and write out your rebuttals.. and then practice those too. Good luck man!