All Forum Posts by: Wesley Whitehead

@Joseph Fenner good on you for the ambitious goal but I would focus on getting my first property. That sets the tone for learning about the future.

All the advice here (and there are great insights) will not substitute going out and getting a deal.if you are serious about a future in RE, you will learn from your mistakes in your first deal and you will use those mistakes to help you in your second deal and so forth.

Most importantly you will if you enjoy the journey of RE investing. Cash flow/FIRE is awesome and most investors start out with this goal in mind but RE investing is work and if one doesn’t enjoy walking the path that RE leads to, RE investing is just another cruddy job. I buy rental properties because I love the process and the hours I put in do not adversely affect my W2 career/time with my family which I enjoy even more.

Find your WHY and then get that first deal done. If you end up being hooked like many investors here are, your desire to learn strategies to achieve your goal will only grow.

So had a phone conversation this morning with @Miron Briley In our conversation Miron did the following:

1) explained how he heard about Pace's membership
2) what he has learned through the mentorships and some drastic steps he took to achieve success.
3) basic financials of some of the deals he did (purchases prices, interest rates negotiated for seller finance, some bird dog fees for bring the deals to other investors, units he has bought a buy and hold investor)
4) a very interesting story about his experience about his initial meeting Pace

What he did not discuss on mention

1) a plug for me to be  sign up for the mentorship
2) a pitch for gator lending

He said to call him if I was curious to talk in greater detail, even mentioning going over deals I find to see if it would be a good SubTo deal.  Now I have no plans to join to the mentorships but after speaking with Miron, I can see how a person (with the right drive and plan) could not only get value out his the mentorship but also scale very quickly.  I appreciate you taking time out of your day to speak with me Miron and applaud you taking what retired LCDR Willink refers to as extreme ownership of you RE future.  

WD

 As someone who drives a 2018 Kia Picanto I take offense.  Kidding.  Sent you a DM Miron (it's nothing malicious).  Hope to hear back from you sir.

How's this for a chirp.  I'd like to set up a zoom call and here about your experience and ask about some of the deals you've done.  I can promise 1) I won't debate you on the validity of Pace's mentorship 2) I will ask many in depth questions and ask if you do JVs.

I have do something similar with Pace's students through both BP and his FB page.   The BPer and BP bailed, the FB person tried to sell me on the gator lending method even though I mentioned that I am only interested in being an end buyers for Sub To deal.

Ball is in your court Miron, you gonna talk as confident as you sound behind a keyboard or scurry away.

Jiminy

 Not how I would have put in but I do agree with you statement.  Heck, I fell for the guru gimmick as well when I first started investing and like you mentioned I didn't own a home (I was contracting overseas). On a positive note, I also won't fault the gurus for their MLM philosophy.  People will hear what they want to hear and if they hear "I will make 100K/month in passive income by signing up for this program and not really have to work hard" that's on them not any guru. When  need to ask themselves hard questions about whether they will do what it takes to reach the level of success they envision and also be realistic about what strategies they are implementing to achieve their level of success.

@Daniel Netzer I look for a CoC returns that us greater the current inflation and thus is after taking away vacancy loss/CapEX/Maintenance & Repairs/PM/P&I/Taxes/Insurance. My metrics were the sane when I bought my first place in 2018. Now I'm not familiar with STRs but as long as my loan is getting paid off with someone else's money, I'm satisfied. I bought 3 properties that did not meet this metric (for a variety of reasons) so I sold them and stuck with my original plan.

WD

@Angel Hagen Best part about your REIA is you didn't have to drop 3K. I find it comical that the proponents of these programs mention the network/community and everything they've learned first as opposed to posting hard facts about THE DEALS THEY HAVE DONE (if they have done one). If someone were to post the number of deals they have done and give hard facts (cash invested, $ in cash flow, CoC return, door acquired in a specific timeframe) then detractors like myself would disparage these programs less.

Glad you enjoyed it. Curious what were the other mentorships that you joined. Have acquired any deal as a result of any the courses? Have you recouped the expenses paid on these programs? Don't want to rain on anyone's parade but I've noticed many folks who rave about reviews. They mention everything they've learned/are learning but never provide any substance as to what they have actually accomplished, such as saying "during the year I have been in Pace's Sub To programs I have acquired 6 properties netting me $1800/month in passive cashflow for a CoC return of 18%". Coincidentally the majority of these comments come from BP members with less than 10 total post...on the forum in general. I'm hoping that @Samuel Elizondo can provide more insight as opposed what sounds like a canned testimonial. 

@Bradley Shuhart no one here knows what the market will be like in a couple of years. Maybe you’re market appreciates maybe it doesn’t but you individually control that. However you do control 2 things 1)picking a strategy that allows you to cash flow in your local market or 2picking a market that cash flows.

Best of luck

 Won't hold my breath.