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All Forum Posts by: Chad Michaels

Chad Michaels has started 3 posts and replied 14 times.

Post: Larry Goins

Chad MichaelsPosted
  • Saint Louis, MO
  • Posts 16
  • Votes 17

Okay, here is my experience with Larry Goins' Filthy Riches course:

I found out that in order to find $30,000 homes that are move-in ready and don't have any code violations and are in low crime areas and where the listing agent agrees to take 20+ pictures and guarantee in writing that there are no existing or pending code violations and put my signs in the yard and the seller accepts 25-35% of list price is going to be a full-time job. (According to my business advisor at the Goins group, most of the students fail to find good deals and it takes several Goins Group staff members a full time effort to find homes that qualify their own criteria.)

I put in 1,501 offers over the course of two weeks, which required that I essentially play hookie from my full-time job in academia in order to submit and follow up on all of the agents who responded to my initial offers. I'm glad that I wasn't put on academic probation. But now I'm still left empty handed without a viable deal according the Larry Goins. But that's just to put the amount of effort I put into Goins' program into perspective.
Now of course my "business advisor" is telling me that I didn't do the course right, because I didn't pre-screen the 1,501 properties to make sure they were in livable condition before making my offer.

That way I don't fit the criteria for a full refund per the 12-month $12,000 guarantee and have to pay the 10% restocking fee for the 30-day return policy.

Some of what Goins teaches in the course is outdated, particularly the talking point regarding the flat seller's commission. Most REO agents get a percentage and no longer get a flat fee from the bank. Also, the "business advisor" that gets assigned to you will tell you that he has personally worked the course, but this is doubtful when you begin to actually probe his knowledge of the course and of current market conditions.

Hey Jim, Thanks for the input!  I haven't bought the course yet.  As a gradaute student living on a $20K stipend, I did spend $997 on Larry Goins "Filthy Riches" course.  

I found out that in order to find $30,000 homes that are move-in ready and don't have any code violations and are in low crime areas and where the listing agent agrees to take 20+ pictures and guarantee in writing that there are no existing or pending code violations and put my signs in the yard and the seller accepts 25-35% of list price is going to be a full-time job. (According to my business advisor at the Goins group, most of the students fail to find good deals and it takes several Goins Group staff members a full time effort to find homes that qualify their own criteria.) 

(I put in 1,501 offers over the course of two weeks, which required that I essentially play hookie from my full-time job in academia in order to submit and follow up on all of the agents who responded to my initial offers. I'm glad that I wasn't put on academic probation. But now I'm still left empty handed without a viable deal according the Larry Goins. But that's just to put the amount of effort I put into the other program into perspective. That is, if I don't have the right resources and time to expend to get the desired result, then it probably isn't appropriate for me to pursue that path.)
Now of course my "business advisor" is telling me that I didn't do the course right, because I didn't pre-screen the 1,501 properties to make sure they were in livable condition before making my offer.

That way I don't fit the criteria for a full refund per the 12-month $12,000 guarantee and have to pay the 10% restocking fee for the 30-day return policy.

So that's why I want to find out what the true experiences of members who have purchased Rob Swanson's course is before plunging in and spending another $997.

Who here has purchased Rob Swanson and Steve Cook's Instant Empire Builders?  Are you building new construction yet with no money and no credit and low risk?  If you're successful doing it, would you say it is because you are an established real estate investor with money and connections?  Are there any newbies having success with this and not using any of their own personal resources to make it happen?  Is anyone, dare I say it, actually going bankrupt because a new construction deal went sour and they wish they hadn't listened to the pied piper?  I'm really curious to know what's going on out there with the course members.  There's no forum online where we can meet and chat.

Post: Is Jack Bosch just another phony?

Chad MichaelsPosted
  • Saint Louis, MO
  • Posts 16
  • Votes 17

@Rick H. I'm curious, how much did you spend on marketing and how much out of pocket did you pay for those two properties before they went to tax sale?  Also, any ancillary costs associated with researching the title and making sure there are no additional hidden liens you may be responsible for?

And making $62-63K profit per house (granted its CA) seems very lucrative, especially since you did not have to do anything to fix up or market or actively sell the properties.  Why on *earth* did you stop working the tax sale system and move back to probates or whatever other RE niches you used to work in?  On paper, this sounds like a really great, simple system that pays astronomical dividends given the initial time and investment.  Is there some hidden catch or hidden risk you were uncomfortable with that ultimately made you shy away from this technique?  Was there a lot of resistance or red tape from the tax assessor's office or whoever handles refunding the overages, or did a government agent start investigating you as potentially gaming the system?  Because this technique does seem a little too good to be true...