All Forum Posts by: Eddie Starr

@Shiloh Lundahl:

Finally! Someone who actually answered the question I posted: Has anyone actually had success with any gurus?

There are tons of posts here on BP about people who haven't had success with gurus. I've seen a few of those gurus here, respond, as well, and various long time BPers respond to them with their own beliefs in the guru's provisions.

So, what program did you go through? Is it through something local--REIA, MeetUp, or such--or something else?

Do they provide, or have in their network, lenders?

Do they have any 3rd/neutral party reviews/accreditations?

Anything else to share about this network?

If I do all the grunt work, and they decide that they don't want the deal, even though it matches what they say their criteria is, then they, at best, aren't communicating. When one can go on the web, and find pages of people complaining about them, saying the same thing, it's not the students, it's the "teachers." If a "guru" is "teaching something, and numerous people have had agents, contractors, and lawyers tell them it's illegal, then no, it's not the students. May want to re-read what I posted.

I find it hilarious that the ones who want to compare the college to guru thing, tend to be (but not always) are promoters of guru programs, that lots go into the above, where the gurus don't deliver, are never available, don't have actual lenders (I had one, and the phone number of the lender went to an employment agency)! You're wanting to compare something that's been around for centuries, that has verifiable track records, government regulations (if you're going to state universities, as opposed to for-profit diploma mills), and thousands of people that can say "I got my degree, and have a job," or "I got a degree, and still with spit." I have yet to actually have anyone actually show details that they've worked with gurus who have made them a success, and I'm not alone.

Now, that's not to say there aren't legitimate *mentors.* People in professions or entrepreneurial environments, who will actually teach. Those are the ones who will one-on-one. If there's a question, they're there with either an answer, or "I don't know the answer, but I'll get an answer for you asap." 

Gurus, even if they don't claim to be, are those that sell products (maybe services, if you're lucky), and then that's it. They limit what all they provide you, and if you want more, they charge more. They have no true interest in their students, and are only interested in making money off their garbage.

Greetings. I've read a good deal here on BP, and read about various companies providing SDIRAS & Soloks, and different recommendations for companies to go with.

I would like to see what opinions people have on companies that provide HSAs and HRAs for the small business owners. I was also reading that FSAs aren't available for "self-employed," but wonder if there are options, as I would like to really explore all the options.

Thanks!

There are way too many RE Gurus, both "individuals," and "companies," to even attempt to list them all.

I've tried my fair share, and haven't come across one successful guru that's been able to actually help. My experiences:

- They offer teaser items that are "affordable," but then, to get the "real help," you need to be on the hook for usually +5 figures. That's not something I'm willing to risk. I may as well go try my luck in the casinos, and blow it there. I say this, because I did try a couple of 4-digit programs, and they were as much garbage as the "affordable teasers."

- They offer a lot of vague, and general advice. Usually, I find the info on sites like BP, an REI group, or such. Of course "I don't know what I don't know..." but that doesn't help with the deals.

- They claim they have resources to provide you with the funding to do the deal, and don't. Or, they have what amounts to their own transactional funding, and would take a sizable amount of the fee, charge a "monthly membership fee," and months pass, with no deal.

- They have a "give me the deal." You provide things that meet their criteria, but they hedge on it. I had one "end buyer" that didn't want a wholesale deal, because it had a swimming pool, which they didn't want, due to the insurance hassle...and they never mentioned that there were insurance risks they don't want. You would think a legit buyer would let you know something that vital, in advance.

So, I've read the stories (and experienced a few) of guru failures. I'd like to hear from anyone who has actually had success *and made money* from a "guru" they worked with.

@Jerry Lucker: My question to you is how would you benefit from the relationship?

Next, do a search here on BP, and if you want, a larger one, for Renatus. They are flooded with bad reviews, people accusing them of scamming, etc.

Their "essentials," when I tried them, years ago, was between $2k - $3k. It does have a lot of useful information--it was the first place I heard about SD-IRAs--but that's it. If you want to actually do REI, you need to upgrade to the "Advanced," which I want to say was $15k, at the time (maybe more).

A lot of fluff, but when it comes down to it, they don't deliver. I had my "team lead" help me with my POF, and the second I sent that to the realtor for the property, they immediately ceased any and all communications with me. I looked up their number, and it went to an employment agency in KY. On another, working with a different realtor on what would probably be a tear-down (the owner's extended family tore out the copper tub, with a huge whole in floor), I had the realtor tell me to find a different mentor, because he was wanting things that were flat out illegal. Add that to the KY employment agency, and I decided to stay away.

And the problem is, they seem to be everywhere. I find a lot of REI groups in the area, especially via meetup, to be tied to them. They're also pushing the "velocity banking," which I'm not convinced is the best strategy to "pay off your mortgage in 7 years." Of course, if it's a rental, and it's student housing, with enough rooms, it could work, but otherwise, I'm on the skeptical side.

Not sure if this is the proper forum to post this to; move if needed.

I was looking at the various rules, and as you may imagine, it's a little confusing. I was looking over Title II - IV, and some others.

What I'm wondering is, if I have a certain percentage of funds, say through a HML, would I still be subject to any SEC rules, for finding my remaining funds through a 3rd party?

I was told that since I would be doing a "partnership," or maybe a "JV," the SEC wasn't applicable. Others have said that even if I have that sort of situation (forming a partnership, or investing company, with multiple members), since I didn't previously know the people, and have an "established relationship," that I could run afoul. Still others have said if you know them for a set time (ranges from 30 - 90 days, or have "at least 3 contacts, between in person, phone, and/or virtual"), then that covers the "established relationship."

Then, there's the "it depends...it's complicated...there's not hard set rules..."

Can any experienced members, who've had to make sure they don't run afoul of SEC, give their 2 cents and their actual experiences?

Any updates?

In addition to section 8, you may want to look into VASH. This is "section 8, for veterans." Just be aware of the ups and downs, like in this thread, for section 8, in general, and VASH.

Visit MeetUp.com and EventBrite, as well as see if there's a local BP meet in your area. Start there. Beware, though, that if they mention Renaus, then run! They will take your money, and leave you with spit. If it's a legit meet, you'll be able to ask questions, and ask people if you can help them on their projects, and learn.

Some of the education is good, and it does put some info into place that may be difficult to find out; as someone said "You don't know what you don't know." I had never heard of SDIRAs (and by extension, SoloKs). Yes, the info is in BP, but I never would have known to look for it, or about it. Similar with using funds in an HSA.

BUT: when it comes to doing deals, you have to upgrade from Essentials to Advance. IDK what it is, now, but a few years back, it was in the 4-digits to get essentials (they encourage going into debt to get'er done!), and the Advance was in the 5-digits; and they essentially require you to have the Essentials before Advance. It does make sense, in it's way. But if we had 4 or 5 digit figures, we'd be better off either with a REIT, or attending a local MeetUp or the like, and offer to "partner up," and help provide some of the financing, imo.

My biggest issues were that the "mentor" I had, when it came to it, wanted me to bypass the agent I had worked with, and pissed of the agent, who told me the guy was a scammer. Also, when I looked up info for the alleged lender, the number went to an employment agency in Kentucky!