Lifestyles Unlimited

By
Real Estate Agent with The Good Home Team with Keller Williams Realty TREC# 0549135

Has anyone heard or is anyone apart of the Lifestyles Unlimited group?  It is a group for investors and they have a radio show that is actually pretty good and informative.  

 

Just wanting to know the feedback on this group and if it is worth the $740 member fee?  I know that there are some groups out there that will kick you out of the group if you have not done a deal in the first 6 months... I don't think this group does that but I don't know much else about them.

 

***UPDATE August 2012****

Thank you for all the great comments and posts left below.  Be sure to search for your DFW investments properties by going to http://activerain.searchdallashomesnow.com.  We've had several investors pick up $300+ monthly cash flowing properties in 2012!

Posted by

The Good Home Team

Keller Williams Realty

Nick Good- Broker Associate

Austin Good- Broker Associate/Investment Specialist

 

 

 

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Anonymous
Jim

I'd like to hear how the Doc is doing after a couple of years. If I recall he was trying to move into PIG for MF properties. Has that goal been achieved?

 

I am actually thinking of going to the 2-day seminar soon since I've got my first house rented out (finally).

 

Remember, right now is the 'perfect storm'....

June 27, 2012 06:21 AM
Anonymous
Rich P

Wow, this is quite a thread.   I must admit, I hear Steve Davis on talk radio a lot and even signed up to watch the free 7 day online videos.   I suppose there is some value in paying the $500 to get all the information delivered in a packaged form, but its all definltely available in books and online.   I personally would not pay for it since I have an MBA and like doing my own research.   

I recently bought a newer house and instead of selling my old house (which is worth about $120K), I refinanced the 95K loan balance into a 4% mortgage and rented it out.    I make about $300 a month renting it out.    So between my current house mortage and the rental, I am carrying about $200K of debt (although my savings and 401K more than cover it)   I am definitely not comfortable taking on any more debt.   My plan is to sell it when my renter moves out to get my equity out and put it towards paying down my current house faster.   

Its funny that I listen to Lifestyles show on the same radio station that broadcasts Dave Ramsey, who preaches getting out of debt and paying cash for real estate.   Pretty ironic.    I personally favor the Ramsey approach.   If you can pay off your house before retirement, you should be able to live off savings, 401K, plus Social Security (if thats still around).    

 

 

August 02, 2012 06:00 AM
Anonymous
cool_dad@hotmail.com
Hi all, I listened to Lifestyles Unlimited's infomercials for years on the radio and then I finally booked their workshop in Austin.  There, they basically repeated the same pitch that I had heard on radio. But, I thought $500 for 2-yr membership was not a big deal, so I paid it and "joined" them.  I was told to register for a 2-day seminar in San Antonio since that would be the very first and a must do thing before any new "member" can get started with their program. So, about 2 weeks later, I went to San Antonio to attend that seminar. Toward the end of the first half of the second day of the seminar, they told us, to be full member with assigned mentor and other privileges (can't think of any!), we must pay $10,000 up front for a year or 2-yr membership! Everyone was mad, but no one said anything. On the second half of that day, only a few people came back to the class. And of the large group from the first day, none joined. I suppose I could write the DA or OIG Office to complain. My basic complaint would be they did not tell you the real cost when you paid $500 to join. And the refunds are only available within 3 days, if you canceled the membership--whereas the workshop that will tell you the real cost won't happen until at least 2 weeks later. Too late for refunds then!! I know my rant about this firm is not very popular since they are "real pros" and therefore know how to cover all the basis... But does anyone on here have any suggestion on how one can still possibly get his/her refunds from them? :-) Thanks, NT
August 02, 2012 04:54 PM
Anonymous
Stephanie

 

I am a member of Lifestyles Unlimited and I think I can give a rather balanced assessment of their program. First, I admire Del Walmsley for his ability to enthusiastically teach, share and introduce real estate investment to the masses. And, what I like about his approach is that he doesn't whip up a bunch of hype, sell you a $2,000 program and leave you without additional resources after 30-60 days. At a pretty reasonable annual membership fee he offers unlimited mentoring via a call-in line where you speak to one of his investor-mentors. You also have the benefit of periodic seminars where they present some useful topics.

 

hey teach an aggressive, long-term investment strategy, proper deal analysis, and attention to cash flow - all leading to what they call a lifestyle of passive income and freedom. I also like their approach to property rehab; they place a lot of emphasis in presenting attractive, problem-free and functional properties on the market for their renters.

If I had the capital I would invest in their PIG program because it offers A to Z guidance to investors who are interested in multi-family properties which is the ultimate prize, in their philosophy. I also like the fact that they rebate the fee back to members as they purchase properties through their in-house realty group.

The bottom line is that LU is a great resource for beginning investors who want to get steeped in investor education, as well as more advanced investors who have the capital and would appreciate the added resources (e.g., their realty group who finds deals for investors) and camaraderie with other seasoned investors. The two-day class is eye opening and should be considered by any newbie.

Hope this helps!

August 02, 2012 06:05 PM
Anonymous
John

@stephanie. That doesn't sound like a balanced review or not a review at all.  What is the 'reasonable' fee.  Sounds like a lot of sales drivle.  Let's be honest, you're trying to offset/dilute the negative comments. I wouldn't be suprised if you're a employee or contractor paid to mitigate negative online reviews.  Please provide more substance if the opposite is true.

August 02, 2012 06:49 PM
Anonymous
John

High pressure sales and bait and switch should be a red flag.

John

August 02, 2012 06:51 PM
Anonymous
Tom Cox

I've caught the Lifestyle Unlimited radio program several times while close enough to Houston to pick it up. It always gives me a few chuckles. I've been involved in real estate investment since the late 1960's. Beginning with buying and rehabbing single family homes and small apartment complexes in California, I got my feet wet in the industry and began to build a net worth. Around 1970, I was approached by a couple of guys named Howard Ruff and Al Lowery to teach a series the William Nickerson Real Estate Programs. In the 60's Nickerson had written the book How I Turned a $1,000 Into $1,000,000 IN Real Estate (In My Spare Time) which was probably the first of the "how to" real estate books.The classes were a great source of investors and I began to syndicate small (20-100 unit) apartment projects in need of renovation. In 1971, I came into contact with a California syndication firm and I contracted for and flipped them several larger apartment projects. After a short period of time, I joined them and spent the next five years acquiring for various public partnerships they sponsored. Over the next three or four years they grew to become the country's then largest sponsor of public real estate investment programs, and by 1976, in addition to sizable positions in commercial, retail and industrial properties, had accumulated well over 100,000 apartment units located throughout the US. In 1976, following the REIT induced real estate collapse, I formed my own company and began to acquire distressed properties (primarily multi-family) in various multi-state locations. Over the next 10years, or so, we successfully acquired and renovated approximately 20,000 apartment units; bought, planned and developed or sold 1,000's of acres of raw land; developed 1,000's of apartment units; acquired, rehabbed, and/or developed numerous commercial projects; acquired several 1,000's of hotel rooms (including what was then the largest hotel in Southern California; built one of the largest and most successful property management firms in the country; acquire large ownership positions in various banking and thrift companies; and founded and operated a large oil and gas exploration company. I say this only to illustrate that there are few things in real estate investment I haven't experienced (the good, bad and the ugly), and to perhaps provide some credibility for the following comments.

I know nothing about the Lifestyle principals and I suppose there is a vague possibility they are exactly what they represent themselves to be. Unfortunately, whether they are or not, their spiel (at least the one I've heard on the radio) is oversimplified to the point of being dangerous. Yes, I do believe that real estate is perhaps the most consistently predictive and productive avenue to wealth for the average man. I can't even begin to count the number of wealthy individuals I have known who began by doing small real estate deals. But, that said, I've also know a bunch who absolutely imploded. The truths are these: Real estate is a management intensive business; rentals are not always rented; markets wax and wane; real estate brokers, while valuable in sourcing deals, always have a bias and in many cases aren't particularly competent; a good fee management company is hard to find; unless you know your business, contractors will screw your socks off; the creation of a good deal for a buyer does not necessarily require sticking it to a seller; financing sources are critical; good deals are usually won by those who are able to react, commit, and close quickly; and I could go on and on. In closing, however, with reference to the Lifestyle message let me simply say ..... the returns they pitch will not be generally experienced and, as a matter of fact, will almost assuredly be significantly less. Vacancy, maintenance costs, and occasional little surprises are omnipresent and unless you understand that you'll get your posterior handed to you. On the other hand, you don't need those unrealistic returns to become very successful in the business and, yes, to become very wealthy. I truly believe, sans a lottery win, patent, or a lucky inheritance, it’s the surest way for the average guy or gal to get there. Beware guys like Lifestyle and take the time to learn what you need to know by doing. Good luck

August 10, 2012 08:25 AM
Anonymous
C

I joined Lifestyles Unlimited two years ago after listening to them on the radio for about a year.

I initially signed up for the FFP and found the training (initial seminar and bi-weekly classes) to be excellent, but I still had cold feet.  About eight months later, I upped my membership to the Challenge Group.  As part of that membership, I was sent information on 5-6 properties per week that my mentor thought I might be interested in.  On many I was too slow to respond and the deal went to someone else.  They typically send the e-mail out to the group and then provide the detailed analysis to the first handful that reply.  I don't have a problem with that, and don't see a better way of doing this.  I don't want to be put in a queue and wait for my turn, I want to be able to move agressively. 

That handful of people then had to decide if they wanted to make an offer.  On the properties that I was quick enough to respond to, I would typically look at the property that night after work.  Again, the first to notify Lifestyles that they wanted to make an offer 'got' the property (an offer still had to be made and accepted).  I got my first property this way.  My mentor even advised me on what to offer for the property.  I spent $16K out of pocket for the purchase and rehab and captured $22K in equity.  The rental income is $4,426 per year (27.6% return), so I am very happy with that property.

On my second year, I went back to the FPP (I no longer needed to have my hand held by a mentor).  I found a property through agent contacts.  The equity I captured was equal to my investment (brutal appraisal by the re-fi bank's appraiser) but still brought in $3,636 in the year I've had it (16.% return).

I'm now looking for a third property and expect to have something in the next 30 days.  After this, I'm hoping to do a deal every six months.

I do not do real estate investing full time, I have a 55 hour a week job.  But I'm hoping that over the next few years, I can have enough income from property that I can quit the job and do this 'full time', eventually getting into the preferred invvestor group as a lead.

As far as the Preferred Investor Group (PIG) goes, the initial cost is intimidating.  During the bi-weekly classes, case studies, and social gatherings, I've talked to 5 or six investors.  Two passive, three leads.  They were happy with their investment.  One of the passive investors said she initially felt 'ripped off' because she could not get into a deal.  She later realized that 'passive' did not mean that deals would come to her, she still had to be involved (go to investment group meetings and 'field trips' to see the propoerties and do her own assessment as to whether she wanted to join a group that was being put together.  She got into a group about a month before her membership expired and was very happy with the way the project was going. 

One of the leads was a passive investor on his first deal.  He said he spent a lot of time following the process so he could be a lead investor on the next deal.  When he approached Lifestyles about being a lead, they told him he had to go through some of the additional training (online mostly) before they'd move forward.  He said he was initially angry about that, but after going through about 20 hours of the online training, realized there was still a lot for him to learn before he could work with the money of the passive investors.  When I talked with him, his group had just refinanced the first property (he got back 60% of his initial investement just from pulling cash out from the re-fi), and was halfway through the project on the second propoerty (that he's the lead on).

In my opinion, the FPP is great for a small investor who will actually follow the plan and are confident in their abilities to handle everything involved with locating / financing / rehabbing / refnancing n their own.  The Challenge program is good for someone (like me) who wants to have their hand held through the process, at least initially). 

I would only recommend the PIG for those that have the money to invest and who like the idea of being part of a group of investors rather than having to do all of the work involved in the project.  Of course, being the lead investor is the most lucrative role, but not everybody is cut out for that, especially for their first investment.

August 22, 2012 10:09 AM
Anonymous
Ann S.

We bought the sales pitch hook, line and sinker, invested big bucks in the PIG membership and have lost big bucks - our retirement money. Getting involved with this organization was the worst decision we have ever made.  We have had one MF deal go into foreclosure and another one in which our money is tied up and we just hope to get out within the next two years with our original investment.  We were erroneously under the impression that the lead investors were vetted/background checked and met the standards and expertise we thought LU stood for.  We thought that the membership meant that LU was looking out for our best interest - wrong.  If you attend a seminar, ask why LU does not have a database or any stats on the performance of all the deals or the leads they have been involved with over the years.  If you consider investing, be sure to get together with other passives in your deal and spend more money with an attorney/CPA to advise you so you have someone looking after your interests.  You need to determine if the deal makes sense and is bought low enough to make a return for the passives. (LU makes money on every deal - so do the leads since they are also the management company and charge a percentage set up fee). You also need to be sure that the operating agreement is structured to benefit the passive investor so you can gain control if needed and not lose everything like we did.

September 18, 2012 01:41 PM
Rainer
538
Justin Bell

Hi all,

Need some practical advice. I was searching around the internet and came across LifeStylesunlimited.

I like their approach and the $500 fee. The only problem is i am not in Texas (live in Maryland). Would you recommend

that i fly to Texas for the 2 day session? What level of support would i get in Maryland? I know the basics of real estate investing but not much more. Thoughts?

September 30, 2012 09:04 PM
Anonymous
Lynn Andris
I am a member of Lifestyles Unlimited for the past 5 years and mentor and radio host for them for the past 3 years. Here is my input on some of these comments: 1. Yes, Lifestyles Unlimited is a business. I am surprised anyone might think otherwise. 2. We are an education and mentoring company. For $500 you get a 2 day seminar packed with information on the model we have used for 22 years to successfully invest in single family and multifamily real estate. The seminar begins by having you turn to the back cover of your workbook and write "i will not do what what Del Walmsley tells me to do." Because people will sit through this seminar and then go out and do something different. Yes, some real estate deals do go bad. We do talk about them, in fact last year in March our founder Del Walmsley met with the multifamily investors in Dallas and ran down the issues with some of the deals that were done here just before the crash. The thing not mentioned here is the large number of successful deals. Lifestyles Unlimited does not provide fairy dust. If you follow our methodology, and ask for help when you need it, you will be successful. Plus you get one full year of question and answer with our Financial Freedom Program Mentors. You can call, email or drop by and ask your question and we will answer it. Plus you get 12 case studies, one each month, where you can network with 250+ investors, dozens of vendors, and mentors while listening to two recent single family investors and one multifamily investor share the details of their deal. Plus you get 4-6 guest speaker events per month where experts in real estate related fields come to talk about their area of expertise. Each Guest Speaker Events are 3 hours long with 3 speakers for a total of 12-18 expert speakers each month. Plus 6-8 Special events per year like Goal Setting Workshops, Wholesaling Classes, Financial and Rehab Roundtables and more... All for $500. And renewals are $240/year! 3. Our Preferred Investor Group (PIG) program includes both single family and multifamily mentoring and education. This program costs more because mentors who are successful need to be compensated for their time and keeping a set schedule to meet the needs of our members. It is the least expensive program of its kind that i have seen. This program offers additional classes, road trips and special events. Our realtors will find properties for members. Again, this is not fairy dust, and several deals were done before the crash against our advise. We can not control what members do, we can only provide our advise. Members do have to stay engaged in the process. If you are a member and need help finding a property CALL or email me! Depending on your situation the amount of time to get you in a deal may vary. Deals do not go to "insiders" or special friends. Single family deals go to the member who submits a deal first ( in the case of the previous post my guess is that when the Broker called he also told you we had made a mistake...we are human and that does happen) or to the member who responds to our email blasts first, or to the member we are working directly with. Most single family deals are acquired by working directly with our realtors to find a property for you. If you have credit issues, high debt to income ratios or limited cash reserves it will take longer to find a deal that meets your needs. If you are sitting on a lot of cash more deals, with higher cash out of pocket, are possible. Multifamily deals go to the lead investors who have pre-qualified with a multifamily lender, and have the knowledge and experience and ability to raise the money necessary to do the deal at hand. A brand new multifamily investor with few contacts within the group and $50k in cash will not be put on a multimillion dollar 400 unit deal because they will not be able to close on it. Multifamily investing requires you to work very closely with the mentor to size your deal to your knowledge, experience and financial resources. Last year our multifamily mentor Julian Alexander sold more deals, in a larger range of price and size than we have ever sold in DFW. If you want to get involved contact us!
January 27, 2013 05:02 AM
Anonymous
Al

Lifestyles member but only a couple of months. It does take some time (3 hours seminar, 2 days of calsses, more classes and many videos and spreadsheets.
The $500 to join for answers to questions although no help, other than explanations of model. you have to find the properties and evaluate them and finance them etc. they do have on-line 'classes' on all these things so they do give you the tools you need to do a deal by yourself.
If you want the handholding/evaluation of your deal, then $6k for SF deals and $12K for MF. then, you have to go on a few road trips (for SF, its is 6hours) for MF, it is about 4.
For SF deals, you will probably have to meet with a mentor to get a deal going. For MF deals, if you want to be a passive, you must go on MF trips (or attend the PIG passive investor night) to find some leads (the ones who will be putting/purchasing a deal together with the LU mentors) with whom you can invest. i am about to get into my first MF deal and have put in many hours so far with watching the educational videos and attending the classes and going on 2 field trips. probably about 45 hours in all by this time. its called passive income but it does take work. a recent SF purchaser said they put in about 2 days of work to rehab a sf house (that time was in managing the contractor who did all the actual work) and now they just get the money deposited into their account, cash flow about 260/mo. of course, there was probably about 2 days of work in getting/evaluating/gettingloan/settingupbankaccount-they used the easiest way to get things done (which costs more but you trade money for time).
for $500 you get a solid system. for more, you get hand holding and less work yourself. whats in your wallet (time or money)?

March 25, 2013 06:42 PM
Anonymous
joe wilson

Try RICH lub first -- they are chaeper and have more experienced investors - and thier own mentoring program..

www.richclub.org

April 11, 2013 08:15 AM
Anonymous
LoveRE

I also own real estate.  But then I came across LU and realized I was doing/buying it the WRONG WAY!  I joined and paid the 10k in June of 2012.  Ouch, that was a lot of money but it has been worth it.  I now am a passive investor in 344 apartment units and I'm not looking back.  The combo of my other real estate and the apartment units has retired me just like that.  My passive income now exceeds my monthly bills so guess what I don't have to do Monday?  That's right: go to work.  I will continue to work, however, because I want to buy more apartments.  For me, not having to work means I have more time to spend with my family, more time to spend on my health, and go back to doing the hobbies I used to do as a kid.  Real estate is probably one of the scariest things you can do with your money so I understand the hesitation.  Having a team like LU on your side will take much of that fear away.  So get educated and get some income producing property. 

April 21, 2013 08:29 PM
Anonymous
Timothy Joost

I very rarely take the time to post negative reviews about products/services. But in this case, I feel obliged to do so in order to warn others before they put down $10,000 of their hard-earned money.

I have been a "Preferred Investor Group"(PIG) member in San Antonio for a little bit over a year or so and have purchased 2 houses thru Lifestyles.

I choose to post with a psedo identity as it is not pragmatic to criticize a organization after paying a hefty sum in advance (which effectively precludes you from using services from other organizations).

I disagree with some of you who may claim that some of the below points are trivial. When you are being charged $10,000 a year, the service/product provided has to be top notch. I have paid less than $10k a year to other
organizations (not RE orgs) and have received far superior services/customer service.

- Reponses via email or phone from the realtors at LS is not of top notch quality. I have had to email/phone/leave voicemails repeatedly to get traction on deals that i have been interested in.
There have been numerous occasions when even a courtesy response was not provided to let me know that another member was already working on a house or the house was already under contract(and no, the Quest tool still indicated that the house was available for members).
It seems like the organization does not feel the need to send even a courtesy response if a property is no longer available for LS members . The exception to this experience has been Dennis M. He has been prompt and courteous and
goes the extra mile.

- Properties on the MLS are "tagged" by the realtors within LS. And a property can be tagged by only one realtor. And once a property has been tagged, you HAVE to work with the realtor who tagged it and not with any other realtor
within LS. This shifts incentive for the realtors within LS from providing good service and bagging repeat business to just be agressive in tagging properties.
This is in stark contrast to the vendors who are not allowed to tag properties and thus always have an incentive to provide good service and gain repeat business.Remember you have already paid $10k, so you are going to work with the realtors within LS rather than external realtors.

- LS uses a catch phrase "Real Estate is Easy, People are difficult" implying that RE is easy, you just need to be able to deal with various temperaments of various people involved in the sealing of a deal. Yet the San Antonio office has only 1 Single Family Mentor, Jim V. If for any reason, you and him are not on the same wavelenth, you can be rest assured, you will have to really really go the extra mile to ensure all the i's are dotted and t's are crossed during the various phases of a deal. He does not have any incentive to proactively ensure your deal is succesfull. $10k/year definitely should earn you multiple mentors(with a reasonable level of proactiveness to return phone calls/emails and ensure that you are not forgetting to dot the i's and cross the t's that you are unaware of) to work with.

May 04, 2013 05:10 AM
Anonymous
New Member 2013

I joined Lifestyles in July 2013 and went to to the two day seminar in August 2013. Yes it does cost $500 dollars to become a member at its basic level. There are different levels that cost different amounts. The next level of membership costs $6,000 and you get mentoring, and they are supposed to "hold your hand" through the deals, help you negotiate, find contractors, etc. The next and highest level costs $15,000($12,000 if you sign up that day). That level deals with multi-family housing deals.

I am a basic member, but I think for $500 it is pretty good for the information that you learn. They provide a list of vendors, contractors, etc, to help you get started. You can choose to use them or get your own. It's up to you. The things they talk about were eye-opening(for me) in regards to how to get the property rented quickly, tax exchanges, etc. They talked about a multitude of other things as well, but are are too many to list here.

I think this is a place for someone who wants to get into real estate but doesn't know where to start. I think at the $500 level you learn alot of information that would save you thousands of dollars in the future. I am still deciding on whether to pay and move to a higher level.

As with anything, stocks, real estate, mutal funds, IRA's, etc, there will be risks and potholes along the way. He does tell people to take their money out of 401k's and he explains why. It's up to you if you want to do it or not.

I understand that everyone may not have $500 dollars to spend. I actually went to a Free meeting on a Saturday and then another Free meeting on a Tuesday, and they still give some helpful tips that will probably save you money and help you get started.

I hope this helps. If you have any questions, I wil do my best to help out.

 

August 12, 2013 06:29 PM
Anonymous
Norman

We've owned rental real estate for about 20 years now, but stagnated over the past several years. We had enough passive income to get by, but not enough to really live life well. We let a decent life get in the way of living a great life!

I started listening to the Lifestyles Unlimited radio shows during a trip in November 2012. What they said really hit home and motivated my family to get started again. We paid the $500 and joined in order to get the hand holding and online training.

I got exactly what was advertised. Yes, there is a multi-family level of membership that costs A LOT more, but I chose not to join at that level just YET. Does this club have multiple income streams? Probably, but they deliver a service that I believe is VERY valuable to those that can and will take advantage of it.

We live out of state, so we can't take full advantage of all membership benefits, but their enthusiasm and knowledge have rubbed off on us, and we've added 10 rental units and $5,000 per month to our income (after expenses!!) between December 2012 and April 2013. COULD we have done this without paying the membership? Absolutely, but without Lifestyles Unlimited and their abundance philosophy we WOULD NOT have the success we're currently celebrating.

Is owning rental real estate for everyone? I hope not... I still have one vacancy!! And I do plan to jump up to apartments soon! Lifestyles will be there every step of the way,

NH
Ohio

August 13, 2013 02:02 PM
Anonymous
jukyankles
LoveRE: I'm debating joining the PIG. Before I do, Im trying to gain an understanding of the process. I also want to be a passive investor in apartment units in DFW. Can you walk me through your experience from the day you signed up for the PIG to the day you became a part owner in 344 units?
March 05, 2014 06:52 PM
Anonymous
LoveRE
Jukyankles: First of all, I don't live in Texas. I learned about LU through the web after listening to hours and hours of the podcast. That alone led me to sign up for the PIG membership. I spent the next 4-5 months watching the over 200 hours of online videos. But I wasn't going anywhere with my investments until I took a week trip to Houston. During that time I attended the 2 day seminar taught by Del Walmsley (awesome), went to a MF road trip (only PIGs are allowed) and went to a case study in San Antonio. A month later I went to Dallas for another Multifamily road trip and met with some of the lenders that work with LU. The most valuable experience for me has been attending the MF road trips. They are usually attended by members interested in being passive investors and by members who are lead investors and may be looking for passive investors to get involved in the "next" deal. I had 300k sitting in a CD so in very little time I jumped into 3 deals and started networking with other lead investors as well. In my opinion, as long as you have money to invest, you will find more than enough deals. I'm speaking about MF here. I think single family investing is more challenging (finding deals that is). If you have the money (100k or more) don't bother with SFH and go straight to MF. It is way easier! You do have to do your due diligence on your lead investor and make sure you're familiar with the operating agreement which is a document explaining how the deal is structured. I'm in 5 deals so far and we had to remove the lead investor in one of the deals. He looked great on paper and seemed to have plenty of experience to do the job. It was a little hairy as the bank was breathing down our backs but we did it and now our investment is back on course. So yes, bad things can/do happen but most problems can be fixed. Hope this was enough detail for you. Good luck!
March 05, 2014 10:16 PM
Anonymous
Brandon
How beneficial the group is, depends on how much YOU utilize the information and assistance they offer. I've seen many people join at the $500 FFP level who did absolutely NOTHING with their membership after the 2 day seminar. For them, I would say it was most likely a waste of money. I've seen others learn from it and take what they've learned and wisely invest in real estate; buying over 20 houses or several money making apartment complexes… and for them it was probably a VERY wise investment! I've also known members who invested at the "Challenge" level. This level is for people who only want to invest in single family residential investments at this time. The membership dues are less than the PIG (Preferred Investors Group) level by about half and I believe is the most beneficial membership level for new members wanting to start out. When you join at the Challenge level, you not only get access to the experienced mentors, team of vendors, 2 day seminar course, local property bus trips, etc. but you also have the investor friendly agents that work for Lifestyles Realty finding investment properties for you. From this point, not only do they write the offers and negotiate on behalf of the member, line up the inspection, but also helped teach the members how to safeguard themselves through the entire investing process. Getting the inspection done, written estimates for repair - rerun the numbers, desktop appraisals - rerun the numbers, hard or private money lenders, refinance into long term 4% loans, locating tenants, all of this can become overwhelming for new people and they are always there for their members. They not only help the members obtain the properties, but they are always there for the members after the sale to help them make sure they did not over-improve the properties, and keep them in the right mindset. Now, someone posted that they would take the money Lifestyles charges and put it into a property, after finding some "hungry" Realtor to work with. Here I can tell you that I brought other regular RE agents to the "case study nights" and I always heard the same thing "I don't even know what they're talking about" and "this sounds like way too much work". The truth is most outside RE agents do not understand the investor math, let alone working with a hard money or private money lender who will lend up to 70-80% of the ARV. Ask most outside agents how much it will take to make a property "rent ready" and they'll throw a number out at you based on nothing!!! Most outside agents simply do not have the proper investor training. Real estate investing is NOT something they are taught to get their license, so if that's the route you choose to take be prepared to have to teach your agent the math, that the comps on the property need to be for after repaired value, and good luck getting them to understand hard money at all. LU has the top real estate investor friendly agents that I've ever seen! They will blow you away. Another plus, if you want to call it that, of working with the Lifestyles agents is that they have worked with ALL the vendors on the vendor list and can help point you to the right one for the job. Overall, speaking as a current member, my recommendations are: 1. If you fully plan to invest in multi-family (apartments) properties within the next 1-2 years, but want single family properties now (and be VERY realistic in your time frames), figure you will have 10 properties within the next two years, then join at the PIG level. 2. If you eventually plan to invest in multi-family properties, but want to invest in single family residential properties now, want QUALITY RE agents who know how to evaluate and find goof deals and help safeguard your interests through the process. Then I recommend the Challenge membership. 3. If you are certain you know how to run the numbers youself, are good at estimating repair costs to a property yourself, have an agent who understands hard money (and really test them on this prior to letting them write an offer for you), and can build a spreadsheet to evaluate properties, then go with the FFP level. I hope this helps!
March 08, 2014 08:32 AM
Anonymous
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Rainmaker
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Nick Good

www.TheGoodHomeTeam.com
Sell Your Home For Top Dollar in 42 Days or Less GUARANTEED!
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