Quote from @Sung H Kim:
Quote from @Sung H Kim:
Hi im a noob. But starting and learning terminology now. Really excited. This seminar I attend offering mentorship program for 40k for 2 years. Is this good deal?
Thank you all for your time to give me advise! I wont pay for mentorship haha! I really wanted to learn about real estate and I saw Instagram page ad and signed up here. Like I said, im a noob learning terminology and just learned Cap rate and debt ratio yesterday 😂😂 wish me luck!! Love this BP community cheers!
Wow! I looked away for 1 day and didn't know I got this many replies.
thank you all! Love this BP community already. I know I got lot to learn. I will stay humble and will absorb much as i can!
I feel like I owe you all what was the mentoring about and what was the deal and what went down at seminar. This is my gift to BP community. I will write down my experience detail as possible even with the numbers and leave comment and my opinion next to it.
*comment, (My Opinion)
It was Dave Lindahl program. I saw the Instagram and Facebook ads and got intrigued. First it offered 2 hour free in-person seminar. Google review looked good so I signed up and went to the meeting.
At the meeting, they upsell 3-day boot camp program. They did their pitch 2 hours showing that how Dave Lindahl made fortune and how we can do it too. It was Multi-family unit real estate boot camp. They were looking for 100+ units and showed how it is the money and how to get paid but no details. 3-day boot camp was $1,000 and I signed up. Like I said, I am very noob and I wanted/needed to someone to mentor me. when they said they will do it in-person, that's part that sold me.
*Boot camp venue and my house is about 3 hr distance. I had to book a hotel at same place they holding:
Total expense: $1000 + $500 + Food/Toll/Gas = about $1,800ish
Schedule : 8:30am to 5pm. Fri-Sun. $1,000. No lunch provided ☹ (I didn’t like that lol)
Day 1:
Gathered at 8:30am and watched few promotional videos (how everyone got involved and got rich) and gave us the booklets. There were about 70-80 people in the room. About they are going cover the case study books. After that we started learning about the Cap rate and NOI how to calculate those. Moved on to CoCs, Acquisition Cost, Debt ratio etc.. all are new terminology for me, so I was happy that I was learning those that this point. Nobody really sit me down and taught me those so. We did the few case studies together and try to calculate Cap rate and find out NOIs and stuff.* after that, they taught us how to raise capital for the project. There were ‘mentors' that helping around the event. They called each one of us out and did some counseling. Such as what drive me to do this, what is the my dream and goal etc..**
I remember they were strongly saying that I have to be good underwriter. (Is this true?)
*I have a banker friend who is credit analyst, we go back and forth texting while this was going on. He told me this is real basic stuff LMAO. He thought I was crazy to pay $1,000 from the beginning.
**I been to some pyramid scheme events in the past they always asked something similar so I didn’t like that.
Day 2:
Everyone gathered again and watched promotional video for few mins and start getting back to where we left off. We were looking deeper into the numbers and underwriting. Learning new terminology such as ‘repositioning’, ‘concession’, ‘service contract’, etc… and ways to find properties and checklists.
Before lunch, they dropped $40k ‘Diamond mentorship program’. That’s what stunned me and started looking online. That’s when I found this BP community and left the comment.
From the beginning, I don’t have 40k to drop. But I wanted to know if this is the right price from the industry. They are saying you are going to get 40k back way more than you invested and joining the RE mentor family network. Their selling point was they have network all over the US and have latest information on everything. Rent price, labor price, insurance price etc…
I finished 2nd
day and reading the comment I left on BP community and everyone says no. At this point I just wanted to pack up my stuff and go home. But I decided to stay and take all the courses. Because I am still noob and there was actual stuff I can learn. (even if it is smallest and most basic thing)
They passed around application to join their diamond program. I checked box ‘I don’t have any resource at this moment’ and after that, they didn’t really bother me. They just left me alone.
Reminder that there was realtor, house wholesaler, small unit owner (4 unit), doctors, real estate agents were in the room. People who actually owns property at this time.
Day 3:
I just wanted to go home at this point. I didn’t want to attend because of annoyance that they will try to upsell hard. I decided to showed up and learn the last day. I realized that about 10 people are gone. 3rd day we went over the Due diligence and few more case study. At some point, they offered deep dive of underwriting for $3,000 3-day boot camp event. I didn't sign up.
There were 7 people joined Diamond program before the days over. I think few more joined after boot camp is over.
I asked one of the guys who joined.
Earlier at boot camp, they showed everyone some sort of the map that shows path of progression. It is colored town by town, show demographic and income of the neighbor. It shows every town in US. So it makes easier to target next town to find deals. They claimed it is RE mentor proprietary software and database. It is updated regularly (every 6 month I think?) getting into access of the map is extra $4000 top of $40k. Totaling $44k. with 44k, you are joining their network and they said they will even sponsor the deal up to $1 Mil if we find a good one. Some guys think that map access has the worth the value and some sees the value in joining the network.
*Some looked like they can afford. Some looked they are giving their bloodline money. I don’t know.
I saw somebody in BP left comment like 2008 or something asking about Dave Lindhal. It was exact same how they did back then and doing it now. you don’t even get to see David Lindhal himself! If you type in David Lindhal or Dave Lyndhal you will see those comments. Some comments are gone I don’t know why. Long story short, they said the problem with diamond program is new comers can’t really find deals that qualifies their wants and time is running out with mentors.
Over the weekend I am glad I learned new real estate terms and meeting this amazing new BP community. For that, I can gladly absorb 1k I spend. I have lot of questions now I will start asking in different thread. Looking to meet new people and network here! Hope you enjoyed reading. Cheers!
