St. Louis Workshop building up a full head of steam - Posted by Perry IL
Posted by Perry IL on April 29, 2000 at 06:23:16:
Heading out the door for my twice daily 144 mile commute to and from the St. Louis workshop. Business / employment obligations require my presence at home daily.
Terry and Ed are at their customary best with their rapport not only between themselves but they are equally as amicable and enlightening with the audience /students.
Great questions from the students due to the high degree of experience collectively.
BIG improvement over the past Atlanta lender’s workshop with regards to the hotel accomadations / accoutrements.
Some of the regulars are Millie & Chuck-In., Stacy Az, Steph Tx, Robert McNeely-Oh., Jim Raynor, Jim Piper, Rose Leopold-FL., Aussies JoAnn & Ian, (now resident aliens) Eustis also from down under. 7 returning alumni, myself included, from previous workshops. 83 students total.
Hugh Bromma of Entrust basically fried what available brain cells were left from the days gathering of materials in class, with the multitude of options that one can avail oneself to in the course of sheltering RE profits in various kinds of IRA’s.
Terry and Ed are specifically taking us from structuring / financing deals as low as 30K for sfr’s to commercial deals well over one million dollars.
Jim Raynor provided details of phenomenal deal. He said he looked / analysed over 300 deals that came across his desk using his own formula and rejected 295 of them. The 5 deals he did do however kicked some major buttocks. Netted around 1.2-1.4 million.
One 24 year old attendee worked the following deal. He and a partner now own over 250 units in one deal. Per door cost to obtain was $2,894. Fix up costs were $8,700 per door. Appraised value approx. $33,000 per door X 250 units for the value. Figure an 80% LTV on some financing to pull out your profit and do a 50-50 split. Good enough !
Missing out on perhaps one of the greatest features of the workshop, NETWORKING with like minded investors in the evening, due to commute home.
In class, 3 people held up their hands when asked who had money to loan out. Possibly my favorite question so far !
7-8 mortgage brokers in attendance as well. More opportunities to partner up / network.
Well I have to get on the road. I’ll try to post again soon. Not quite enough hours in the day.
Later, Perry IL