Scott Scheel and Dave Lindahl

[emerican]

Hi everyone, I dunno if I should be posting this in this part of the forum, but if anyone had been to Scott Scheel's commercial bootcamp, I'd like some feedback on that as well as with Dave Lindahl's Apartment House bootcamp. If anyone has any feedback on this, please let me know!!

Emerican

[kmrei]

I've been to both bootcamps and they're ok but somewhat misleading.  They tell you to buy with other people's money which is private lenders.  Only investors with a lot of experience can get that much money from a private lender. 

I found a website that looks interesting.  I'm trying to get info on the bootcamp but they are all sold out.  Its on how to buy apartment buildings with no money.

http://www.passiveincomerealestate.com

Once I go to the bootcamp, I'll post my review of it.

[emerican]

wow, thanks for the info ill definately check out the site

emerican

[MissThing]

I went to the Dave Lindahl Bootcamp in January and I have his home study course.  I thought it was very informative.  Dave was very thorough in telling us his experience and in giving us advice.  He took the time to answer all questions from everyone who attended even though some questions were redundant.  I learned enough to feel confident to go ahead and take the plunge to look for multi-family property to invest in without feeling stupid.  After I do my first deal I will definitely want to go back because you always learn something new each time.  
I have not heard of Scott Scheel.
The only negative thing that I would have to say about Dave's course is that he brings other people up to speak and do their sales pitch for whatever product they may be offering.  But other than that, his bootcamp was very enjoyable and educational and I made some good contacts from it.
Missy

[$$$ Guru $$$]

I have used Scott's techniques.  Here's what you have to understand.  There is no such thing as a totally 100% no money down deal in this arena.  Now having said that, there are several ways you can do a commercial deal with none of your cash.

The best way I've seen it actually done is to form a LLC or LP with someone who can at least contribute 10% of the sale price.  Use one of the 90% LTV small commercial programs out here to complete the transaction.  Give your partner profits based only on there 10% contribution (NO 50/50).  You can also give them the tax benefits and/or depreciation.  After 12 months refi the property and take the partner off the deal.

[propertymanager]

There certainly are 100% loans for apartment buildings.  I've personally done several of them.  Buy at a big discount; go to a small local bank; borrow 100% of the money to buy the property.  It's just that simple (although not that easy).  I've actually borrowed more than 100% of the purchase price, with the rest of the money used primarily for rehab.  The key is that you MUST buy at a discount so that the loan to value is relatively low (70% or less).

I have not been to ANY bootcamps, but I have listened to Dave Lindahl speak at a REIA conference.   In my opinion, almost all of the gurus will give you basically good information, but they conveniently leave out the negative stuff regarding REI.  They don't include all the expenses that you should consider; they don't talk about the real world of landlording and all the problems that you will face; they minimize the work that is required to be successful; and they give an overly optimistic view of the money to be made.  

There is no big secret to investing in apartment buildings.  In fact, if you can successfully invest in SFHs, you have all the tools needed to invest in multis.  Just be aware that the tenants are worse and the headaches are greater.  The key points are the same:  buy at a big discount and insist on sufficient cash flow to ensure a profit (with the real expenses).

My suggestion is to save your money and join your local REIA.  

Good Luck,

Mike

[$$$ Guru $$$]

Going to your local REAI meeting is solid advice!  So many deals can be picked up at those it is amazing.

-PROPERTMANAGER
I curious as to which local bank you use.  I have been lending for more than ten years and even though I have heard people talk about structuring commercial deals with zero down and getting cash back at the close, I have never known one to actually do it.  Share the wealth!!!

[propertymanager]

I have actually used (and continue to use) two local banks to finance my deals.  Sorry, but I'm not going to post their names so that 100 newbies with no money, no credit, and no experience can pester them.  That would be a good way to ruin my relationships with these banks.  Relationships and trust are absolutely critical when you're dealing with small local banks.

This is not something difficult, unique, or cosmic.  I'm sure almost all small local banks that do commercial loans for their own portfolio do these types of deals.  They are still getting their desired LTV, so they have a lot of security.  In addition, I have excellent credit and have a longstanding relationship with the banks.  

Mike

[lovetoknow]

what are the creative ways of financing a big deal ? do you always use some downpayment of your own ?

[kmrei]

what are the creative ways of financing a big deal ? do you always use some downpayment of your own ?

You can definitely buy apartment buildings with no money down.  There are a lot of ways and I’m learning about them all now.  I highly suggest getting educated because I’m about to close on a large apartment building and I bought it without having to come up with any money at all including without borrowing money from anyone.

[$$$ Guru $$$]

Walk us through how you are structuring your deal.  We do need specifics (address, city, etc.).  Just run us through the numbers.

Just curious.

[kmrei]

Walk us through how you are structuring your deal.  We do need specifics (address, city, etc.).  Just run us through the numbers.

Just curious.

There are several steps to it and it depends on a lot of things.   There are different actions for different properties. 

- Karen

[dlang100585]

That’s amazing!  I'm a newbie and I would much rather have one 75 unit apartment building rather then 75 houses all around town.  

This is the first time I’ve ever seen a guru show the actual closing documents.  I always thought that anyone can show a check but who knows what it’s for.  This guy actually shows the check and the closing documents.  I'm impressed.  

Does anyone else know a speaker that shows all of the paperwork and not just a check?

[emerican]

yeah chuck smith shows a lawyers signed affidavit for houses  he profitted off of.

emerican

[The King]

Eh.  It's nice that Anthony Minnuto shows proof of his transactions and all that, but I'm skeptical.  I know the saying "if it looks too good to be true, then it probably is" is a bad ideal to go by in the business, but it's good to take everything with a grain of salt and all of that stuff on his page seems real salty.  Purchasing large apartment buildings without borrowing money from anyone or using your own money?  I don't know...