Scott Scheel and Dave Lindahl

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!!


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.

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

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


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.

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.

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,


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

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!!!

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.


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.

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

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?

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


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…


I’m on a few other Real Estate forums out there, and this poster (here, kmrei) has showed up there as well. The pattern is simple:

2 New, or relatively new, accounts. In this thread its just the one though, however there is another ‘seed’ account this person is using here.

One account talks about Anthony Minnuto and always says things like “I’ve been there and its awesome”, “There is no one way he does it”, “He has special documents” etc. The other asks questions about it, or also confirms it. Usually one is female, sometimes both are female. Often, one or both of them will have been on the forum for a month or so and have a few random posts up before they begin posting with props for Minnuto. They never actually answer any questions. WHen you ask how THEY bought their apartment building, they respond with something like “Well, I paid $5k to find out how to cashflow $5k a month, why should I tell you?” or “It was very involved, you should take the course!” And so on. Also you can tell right away this person is a motivational speaker because when you start to criticize them pointedly, they always spout with the “Well, if you think you can’t, you can’t.” tripe.

As I said to this ‘person’ on another forum, there is absolutely NO WAY I will be investing $5k into something I probably already know, or can find out for free. There aren’t any special legal documents, secret techniques, or anything else like that. There is certainly inspiration, motivation and willingness to work to succeed, all of which are free.

My feeling on this guy is RIPOFF. he is probably YAMS (Yet Another Motivation Speaker) so I’ve decided I’m not going to be a Turkey

You obviously have an agenda since you posted this message in a few places. Anyone can use their own brain and decide if something is for them. As for that quote, its popular and comes up in a lot of courses. Rich dad, Tony Robbins, T. Harv Eker, Marshal Sylver and a lot more. Anyone thats done any personal development would have heard that quote. I’ve heard it a lot.

This guy is just another resource for people to learn form. You can read books, you can go to seminars and you can do the research yourself. Its all information and that is the fastest way to getting the result your looking for.

I’m not a shill. I went to the course and learned a lot. I heard him speak at my REI club meeting and thats why I went. Sure I could have probably leaned it myself by doing research over years but rather then doing that, I paid someone to teach me rather then me going out and reinventing the wheel.

I think its wonderful that you are a good writer, and that you are able to come off as genuine. I’m sure you use that quality to your advantage every day, and I wish you luck with that.

Point being, None of these ‘Posters’ have discussed a single detail of their supposed apartment building purchase. Its funny that this kmrei resembles so much a poster from another RE board I go to, in fact almost exact.

If you were successful with this method, and you bought an Apt Bldg with it, tell us how you did it. Your specific case, please! Step by step… as I will be interested to hear the details.

If not, please save the wind, my friend, for the windmills.

I have not closed on my deal yet so what you are asking is difficult to explain. I have no problem with discussing my deal with anyone. We are all here to learn. If you are here to bash, then go bash somewhere else.

Anyone who’s been to any seminar will tell you that there are several different things that can be done. You have to know how to first find the deal. There are several options. I found my first (and current deal) by going to an apartment association and talking with the members there. I found a seller who was willing to sell if the deal made sense to him.

Then I looked over the numbers and projected numbers. We had to structure the deal so that it wouldn not be negative cash flow. A lot of deals are negative cash flow so you have to weed them out. Mine would be negative cash flow and when I showed that to the seller, we renegotiated the deal.

Then, I used some of the lenders in the manual to provide a 100% loan. This is no secret. There are a lot of them out there.

That is where I am now. I just went to the course a few months ago so I am still working the system… and growing my business. As I progress, I will post my updates.

I’m not interested in wasting my time defending anyone. I learned from all 3 speakers and they all give different information. They are all great and have something different to teach. I have several real estate properties and I wouldn not have any if I did not go to seminars. I go to every single seminar I can and I’ve learned something from all of them which more then paid for the training.

Again, if you are looking for an argument, I am not interested. If you are looking for an education discussion, then email me directly.

It sounds like you are well on your way, and I wish you luck!

I think you are misunderstanding where I am coming from though.

Nothing you (and kmrei) have said I didn’t already know, mostly from:

  • a $15 purchase, “Investing In Real Estate, Andrew J. McLean and Gary W Eldred, 2006”

  • a number of ancillary sources including RE professionals, an investor I know personally, and a few other books and publications I received recomendations about from professionals.

  • I also have talked to a few SCORE representatives about REI, one of which was a builder and RE investor for 35 years, and still owns half of a high rise and 4 large Apt Bldgs.

None of these sources cost me more than the price of lunch and cocktails, and in fact after the first little while, the SCORE gentleman bought ME lunch when I met him in person. In all cases, these sources have told me that YES, No Money Down systems work, short term, but the risks they entail are very high and they would not recommend them.

So, from the lips of very well established people the answer is “no” to No Money Down. I’m all for creative deals, but not when people who have made millions in the business say to avoid something. Of course, I’ve heard a lot of ‘oh, but its in their best interests not to tell you the truth’… what, a SCORE counselor is going to lie to me? Huh? A guy who isn’t even in my area? I’m not an idiot to be taken right to my face. :wink:

Now, in your case, I do hope you succeed, if in fact you are a legitimate poster. I doubt that though, as your pattern is identical to the pattern of another pair of posters on another RE board. I’ve learned to take short shrift with this sort of thing right from the start and if I really have made a mistake, I will apologize to you in person, and buy you several ice cold ones and a steak with all the trimmings. :slight_smile:

Im a skeptic, a realist, and relentless in pursuit of my goals. I don’t believe in pessimism or optimism, since they are both distortions. I make REAL money for myself and my family, and I pay fair prices for information, fair amounts for commissions, and believe that a good deal is around every corner. I believe in people, networking, and that your luck grows the more you work.

I also believe that I can invest that $5k in something a lot more profitable than a Real Estate seminar about topics that are not disclosed, utilizing methods that are secret and involving legal documents that can’t be discussed.