Dave Lindahl's Apartment House Riches - Posted by Loumar Grant

Posted by kevin d on February 23, 2008 at 20:24:46:


your post is old… so I hope you get this. I found this buy trying to research a couple of other named “commerical” re experts (i guess)… long and short, I may be gullible, but I find your comments believable (even though to your point… you Too are have something to sell). That said, here’s my question… I am a beginner and I know all the odds are against me so to speak (w/o naming the all)… so, what sector would you advise? what approach? ie, buy your course? a different course? no course and go to “clubs”? none of the above… all of the above? thanks for your time - Kevin D. (ps… I’m in Dallas/ft worth, TX in case that matters)

Dave Lindahl’s Apartment House Riches - Posted by Loumar Grant

Posted by Loumar Grant on August 08, 2005 at 10:08:09:

To Any CREOnline Member And Or Specifically Ray@lcorn:

I’ve received in the mail two offers to purchase
Dave Lindahl’s “Apartment House Riches”.

I went on the internet to see what else I could find
about courses on investing in apartment houses, and
that’s where I came across ray@lcorn’s blunt review
of Scott Scheel’s commerical real estate course.

The review was brutal but sounded very honest and
I was impressed, but now I’m leery of unsolicited
offers to purchase commercial real estate courses.
Do you know anything about Dave Lindahl’s course?

The website for Dave Lindahl is www.rementor.com.
There’s a link on his website entitled “Apartment
House Riches” that explains what he’s offering.

I’d appreciate it if you’d look into and assess
your opinion of it. Thank you!

Loumar Grant

Be Careful Dealing with this Guy and his Company!! - Posted by Terry

Posted by Terry on August 17, 2009 at 21:47:29:

If you try to sell a used copy of his course on Ebay, he will allege copyright violation and ebay will remove your listing. Trying to dispute this is impossible, his cronies dont respond. Anything to sell his course to you at 997 rather than buy an original, used course for much less! Shady organization big time!!!

Re: Dave Lindahl’s Apartment House Riches - Posted by Rebecca Peters

Posted by Rebecca Peters on February 10, 2009 at 12:52:58:

Trying to sign up for webinar…where’s the sign up??

Re: Dave Lindahl’s Apartment House Riches - Posted by DW

Posted by DW on August 29, 2005 at 14:39:14:


Do you have a marketing program included in your Commerical Real Estate Investing program?


Re: Dave Lindahl’s Apartment House Riches - Posted by ray@lcorn

Posted by ray@lcorn on August 10, 2005 at 18:56:44:


Sorry for the delay in responding.

As you have found, I tend to say what I think. But before I offer an opinion, let me explain where I come from when people ask me about one of the hundreds of courses and books out there.

I am first and foremost a practicing investor. I never really planned to join the “guru” ranks, and certainly never figured anyone would care what I think about others in the RE info biz. I offer my opinions here on the CRE Online Forums as those of an experienced investor willing to share what he knows, and one who hopes he always has a lot to learn.

That said, I’ve got shelves full of real estate texts going all the way back to the seventies. I’ve probably learned something from all of them, some more than others of course. My career has spanned across the entire spectrum of the business. I’ve attended way more seminars than I have given, and along the way I think I have heard every con, hustle and fast talking sales spiel there is.

Over the years I’ve developed an internal BS meter with a very high level of sensitivity. It insults my intelligence to read a sales piece from a ?guru? who has a few years in the business and even fewer deals done, yet claims to have discovered some magic formula for making money that those of us that have been here for decades somehow missed. A lot of these guys (and girls) spend way more time selling information than doing the thing they claim to teach.

That?s why I wrote the ?blunt? review of Scott Scheel. His article offended me on a visceral level, and I?m lousy at suffering in silence. He pegged my BS meter with a ?10? not only because of the mischaracterization of what constitutes ?income?, but also due to the over-emphasis on a high-roller lifestyle, emotion-based appeals and get-rich-quick mentality. I?ve also called BS on a couple of other well-known gurus who were teaching dubious strategies like straw man loans that will buy a year or so in your local Club Fed, and other shenanigans that can lead to the express lane for bankruptcy court.

In my view, this business is tough enough without having to wade through acres of prose to figure out if the author is another scam artist or the real deal. With that as background, I?ll offer this as an answer to your question.

I don’t know anything about Dave Lindahl other than what?s on his website, and hadn?t seen that until you posted the link. I haven?t read his material nor do I plan to. Not because I have anything against him, but because as of this past April I?m out of the apartment biz. His material focuses only on that property type and my current focus is elsewhere.

My overall impression of the web site copy is that it runs about a 4 or 5 on a 10 scale for BS, but that is mostly due to his following the standard direct mail format to sell the products?lots of emotion, heavy on the ?no hassle? factor and how easy it is to put in practice. But I naturally try to read between the lines, and there is a ring of truth in what he describes as his system. No obvious flaws and no outrageous claims. It may well be solid material, but don?t take my word for it.

I would advise you to network with those who have purchased his materials, and there is a place to do just that for Lindahl and a slew of others (including me). The site is www.realestatecoursereviews.com, and it offers unedited (I think) reviews from users of the various products out there. I don?t know if the entries are verified or not, so there is the possibility that some of the entries could be plants. But the operative paradigm of the internet is to not trust anything you see until you?re given a reason to, and that?s no fault of the site or any reflection on the comments there.

Hope that helps,


Re: Dave Lindahl’s Apartment House Riches - Posted by Chris/NY

Posted by Chris/NY on August 09, 2005 at 08:05:02:

I have Lindahl’s course and attended his boot camp last summer in Las Vegas. The information is good (although you do get the sense that you are reading an infomercial). From people I spoken to, his financial analysis of properties is pretty good and pretty conservative. His marketing program on the other hand is pretty common sense and pretty “cheesy”. It’s worth the couple of grand b/c there is a lot of info. I just received Ray Alcorn’s Commercial Real Estate book and I am VERY impressed. It is much more professional, more sophisticated and a lot less money. You really need to invest a lot of $$$ to educate yourself b/f even thinking of doing a deal. It took me close to a year b/f I felt comfortable enough to start seriously searching for deals. Good luck!

Re: Dave Lindahl’s Apartment House Riches - Posted by Tim

Posted by Tim on January 25, 2007 at 15:07:59:

I bought Daves ‘apartment house riches’ program and his marketing program. He is the man. I think it is a bit pricey but well worth it. The apartment analyzer is worth the price alone. I highly recommend anything he offers.

Re: DealMaker’s Guide - Posted by ray@lcorn

Posted by ray@lcorn on August 29, 2005 at 14:52:39:


Not sure what you mean, but I’ll make a couple of guesses…

If you’re talking about market analysis, yes, there is a whole chapter on that subject, plus a chapter on economic forecasting.

If you’re referring to marketing properties for sale, no, there is not a specific chapter for that. I suppose the chapter on Finding Deals could be inversely applied, but I don’t want to mislead you.

If I’ve missed your meaning, please let me know.


Re: Dave Lindahl’s Apartment House Riches - Posted by joe

Posted by joe on November 03, 2006 at 10:26:17:

it seems that ray is so quick to give negative reviews and talk bs about something he knows nothing about , have you spoke to either scott scheel or david lindahl to know whether they are the real deal or fluff. i truly believe u might the one who is full of hot air.

Ray…question about apartment biz - Posted by Mike

Posted by Mike on August 15, 2005 at 13:30:03:

Hi Ray.

Just curious. You mentioned that your out of the apartment business now. May I ask why. Do you just feel there are no viable opportunities in this arena in your desired areas?

As always. Many thanks for your invaluable advice.

Re: Dave Lindahl’s Apartment House Riches - Posted by Ron Grahek

Posted by Ron Grahek on December 22, 2008 at 21:14:00:

I’ve read Ray Alcorn’s book “Dealmaker’s Guide to Commercial Real Estate” after having studied the market for well over a year, own eight SFH investment properties, and have built investment teams in two states…it’s without a doubt the BEST book I’ve read on commercial multifamily analysis and purchasing. It’s got ll the formulas for determining property valuation, extensive due diligence checklists, and CD ROM with spreadsheet evaluation software. It’s a one-stop resource for the serious investor. More importantly, unlike many guru books I’ve read in the past, Ray’s book answers ALL your questions before you even ask them. You’re not left with a series of “what if” questions on how to apply his knowledge after reading it. That’s always my metric for determining the usability of material like this. KUDOs to Ray!


Re: Dave Lindahl’s Apartment House Riches - Posted by Jim

Posted by Jim on September 04, 2006 at 07:24:04:

I was unable to find Ray Alcorn’s Commercial Real Estate book on Amazon. Where did you purchase it?


Re: Dave Lindahl’s Apartment House Riches - Posted by DW

Posted by DW on August 29, 2005 at 23:42:11:


Would you say that alot of what is covered by David Lindahl is covered in Ray’s Commerical Real Estate book? or are they different? Obviously marketing or finding deals is a very important part of doing this business. I was also looking at the book Buying and Selling Commerical Real Estate by Steve Berges. Any suggestions is appreciated.

Re: Dave Lindahl’s Apartment House Riches - Posted by James

Posted by James on August 15, 2005 at 03:15:25:

I agree that his marketing program is cheesy. I have one other marketing program and got sucked in by his exaggerated claims. There was nothing in there that my other marketing program didn’t have,very common sense. Based on that I decided that I wouldn’t think about buying his apartment riches program.

According to a response from Ray I don’t think I have enough money to do commercial deals, Yet. I’ll work on that and maybe buy Ray’s material

Re: Dave Lindahl’s Apartment House Riches - Posted by Abel

Posted by Abel on August 10, 2005 at 20:54:02:

Where can I get the Commercial Real Estate Book. Is this the same as Ray’s Deal Maker?



Re: Dave Lindahl’s Apartment House Riches - Posted by ray@lcorn

Posted by ray@lcorn on August 10, 2005 at 19:37:41:


Thanks for the kind words, and please send me any thoughts you may have on how the book can be improved. If I ever get rid of the carpal tunnel cramp in my wrist there may be a second edition!

Best of dealmaking,


Re: DealMaker’s Guide - Posted by DW

Posted by DW on August 29, 2005 at 14:54:29:

Thanks Ray for your reply. I mean looking for properties. I know that for Single Family Houses there are campaigns like WE BUY HOUSES and marketing to lists like lis pendens or bankrupcties or divorce. How do I find commerical real estate deals?

Re: Ray…question about apartment biz - Posted by ray@lcorn

Posted by ray@lcorn on August 15, 2005 at 15:06:16:


There are two reasons we’ve shifted to other property types after many years (decades actually) of being very heavily invested in multi-family projects.

First, we continually evaluate our portfolio by the key performance measure of return on equity. With the run-up in M/F and retail valuations over the last few years it has become increasingly difficult to justify leaving large amounts of equity in existing projects. But it has also made re-investing the gains in the same property types more difficult.

This is most definitely a cyclical business, and when the market for a property type peaks it is wise to take advantage of it. So we’ve been selling M/F and retail projects, and then seek to redeploy the equity into property types that are at the trough of their cycle and show signs of uptick, such as the current upturn in office and hospitality fundamentals.

This is best described as a contrarian investment philosophy. We sell (and develop) into over-demand trends, and buy (and develop) into over-supply. For many years we have used this strategy to develop, build, acquire properties timed to be ahead of the curve… sort of a “go where the competition ain’t” strategy.

Interestingly, and the subject of much debate here and throughout the industry, M/F valuations have retained their peak pricing through a significant fall in fundamental performance. In past cycles, the fall in occupancies and lack of pricing power in rents precipitated by the ultra-low residential mortgage rates would have led to a decline in valuations as well. We are just now seeing an uptick in M/F fundamentals, but because of untoward demand in the markets driven by cheap commercial money and more players, there has been no valuation discount for the downturn. So rather than being able to now enter the market as the fundamentals improve, we find ourselves out of the sector.

Development is the usual option for this scenario, but quite frankly the work and risk involved in building new M/F projects even in good markets outweighs the potential rewards. The current disconnect between rents and cost creates a seller’s market for valuations and a renter’s markets for leasing. Said more plainly (I hope), there are many properties out there that are discounting rents to gain occupancy and cover the high prices that have been paid to acquire them. That significantly diminishes the feasibility of new projects, especially in the face of higher interest rates for short-term construction money, rapidly rising construction costs, the increased cost and time required for zoning and building approvals, and the 60/40 (my best guess) or so odds for a recession in the next twelve months.

The second reason is a personal preference. We’re a family business, and my brothers/partners and I have been in this business all of our lives. We’re now positioning our portfolio to be less management intensive, and to only do new projects that hold the potential for above average returns. No matter how we size it up, M/F flunks on both counts.

And of course, I may be totally wrong, in which case I will eat crow in public!


Re: Dave Lindahl’s Apartment House Riches - Posted by ray@lcorn

Posted by ray@lcorn on August 12, 2005 at 10:33:18:


Yes, the book I referred to is the DealMaker’s Guide to Commercial Real Estate. It’s available here in the CRE Online bookstore. The direct URL for the sales page is http://www.creonline.com/catalog/b-140.html

Thanks for your interest,