Splitting Profits with Mentor - Posted by Ericka

Real Estate Investing
1

Posted by Tim on September 11, 2005 at 02:20:50:

It seems like a steep financial commitment, but who knows. I’ve never heard of him (although I’m not in Chicago) and a Google search didn’t help me either.

I’d like to know where to get CPE credits that would further my abality to analyze REI.

I was wondering if you were self-employed. It seems to me that a CPA in a firm would be really strapped down time-wise, but owning and operating a small CPA firm could be an ideal compliment to REI. As the RE portfolio grew (along with the cash flow), the practioner could take on only as much work as were required to meet his or her goal.

While the mentor programed offered by this guy may be legit and valuable, I submit that the best education you can get is by making offers, acquiring properties, and property management. My dad always told me that if I never make mistakes, then I wasn’t trying hard enough. I guess I’ve always tried really hard based on the number of blunders I’ve made to date.

I wish you well.

2

Splitting Profits with Mentor - Posted by Ericka

Posted by Ericka on September 10, 2005 at 18:14:57:

This is a follow-up of my old post with same subject, but evidently I don’t know how to post follow-ups. Just a quick background of the situation: I am basically tired of being a CPA and contacted this Larry Cherry guy in Chicago, who is teaching a section on Real Estate Construction for continuing professional education for CPAs. I think he is legit, but when he told me his price tag, $2,900, I stopped e-mailing & calling him. He just called me on yesterday to do a follow-up and e-mailed me the following information. Let me know what you think of this set up? I apologize in advance for the length of this message.

This is the second e-mail sent to me by Larry:

"Hi, I can present you with two alternatives to begin to master real
estate investment.

Option 1 - Purchasing foreclosures the typical way plus many of the
following added techniques.
You will learn how to use Sales Contracts, Land trusts, land contracts,
assignee clauses, three way closings, mechanic liens, credit
restoration techniques, short pay process, Bank REO’s, various deeds to obtain
ownership, affordable housing programs, advanced property management
techniques, and originating loans indirectly for yourself.

$1500.00 1 payment

Option 2 All of the above plus
In-depth understanding of how to assist those who are in foreclosure
who have been wronged by a mortgage company or bank or their agents.
This process involes much less upfront money in each deal but will
require learning some advanced legal techiques and theory.

$2900.00 2 payments."

This is the first e-mail he sent to me:

“Thanks a lot for responding to my questions beforehand. Your answer
helps me pinpoint how to be of best assistance to you. Most of your
observations are quite accurate. Once you get involved wholeheartedly you
may do much better than you expected. It is also wise of you to seek
experienced guidance. Your people skills, negotiating ability, talent
in making a piece of property desirable for a renter or buyer, and
willingness to be mentored all play key roles in developing your real estate
career. I have purchased over 80 properties. My main strategy has
been to assist people in need and be sure that the deal is truly a win-win
situation. In other words if the other party who may be in foreclosure
is not excited about working with me, I don’t get involved. I have
utilized my knowledge of credit restoration, finanacing, foreclosure
defense, predatory lending prosecution, construction management, land trusts
and many other areas to acquire property.
While my time is limited, I do love the idea of mentoring individuals
who want to make a difference for themselves and the community at large.
The cost of my course is $2900.00. This would involve meeting with me
in person or by phone for 22 weeks. Any properties that we find for you
with equity, is divided between us. The per centage depends on the
factors involved.
To use my method you must have true concern for those individuals who
are losing their homes.
If this interests you or you have more questions, feel free to contact
me.”
Larry Cherry

Thanks for your input,

Ericka

3

Re: Splitting Profits with Mentor - Posted by ChrisC

Posted by ChrisC on September 13, 2005 at 12:14:35:

Dear Ericka,

I am in the Chicago area. I can hook you up with a reputable mentor-for-hire. He is one of the founders of a local REI club. I can give you more details if you reply. The main point is that you can first see him in action at a REI club meeting, then decide if you and he are a good fit. I am currently enrolling this coming Oct 1st, and the downpayments are much more flexible IF you regularly attend the meetings and subgroup meetings. (The total price range seems to be basically the same everywhere.) I don’t make any money referring you by the way.

ChrisC
Chicago

4

Re: Splitting Profits with Mentor - Posted by Nike

Posted by Nike on September 11, 2005 at 13:32:18:

He sounds like a grifter. Option #2 requires legal advice/action which you’re not licensed to give. Most of these jokers market to distressed owners under the guise that they will help them keep their homes then once they earn their trust they offer to buy their home as the only solution. It’s a grift.

You don’t need him. Everything under option #1 you can learn here. Good luck.

5

Re: Splitting Profits with Mentor - Posted by John

Posted by John on September 11, 2005 at 11:53:59:

Ericka,
Where is the splitting of profits come in? The 1500 or 2900 is for training and education and mentoring services.
I have never heard of Larry Cherry. So I can’t say about him. A good education and mentoring program for $2900 is well worth it, if he teaches you things you can use. You have to determine the value here. I personally have spent thousands on courses and books before ever doing a deal. You have to watch out for some Gurus that will charge tens of thousands to teach what you can learn here with just reading archives.
I bought Bill Bronchick’s full course with some of the profits from my fourth deal of 2003. I know he offers a one on one mentoring also.

6

Re: Splitting Profits with Mentor - Posted by Anne_ND

Posted by Anne_ND on September 11, 2005 at 09:12:16:

Ericka,

I’d want to know ahead of time what factors determine the equity that is split between you and Larry.

$2900 isn’t that much to pay for an education if you get what you want out of it, but is he going to knock on doors with you?

Maybe you should also be looking in to easier ways to make money like flipping.

good luck,

Anne