All Forum Posts by: Account Closed

Yes, but even if have the experience of 1000 flips under your belt, your 1001st flip starts off with the same problem- acquiring the property cheap enough to give you a realistic chance.

But after 1000 flips, you will know what the odds are of running a successful flip. Right now he knows zero. And acquiring cheap property is only one of many factors when doing a flip.

You asked for an opinion so here it is: The course is BS. They have no skin in the game and talk is cheap.

Agreed, but the acquisition price is the fundamental first step. He could own his own general contracting company, but if he over pays up front, the rest won't even matter.

If they don't set him up with a viable property or show him how to land one in the real world, not how to theoretically, the course is worthless too.

2 Votes

Nothing matters except for the numbers. Need the numbers.

0 Votes

Originally posted by @Eric Morel:

It seams in the Real Estate world you have to either pay someone 7-10k to throw education your way and then do a 90 or 180 day mentorship. I started like that thinking why blaze my own trail when I can user a proven system or follow a person that has been successful. I was not thinking business and thinking of someone giving back. Unfortunately being a mentor is just another stream of income for people in Real Estate. Thus, my free cash I will just invest with the simple plan I have developed by reading Bigger Pockets, Webinars, and books. It is tough to get started. It is all about money in real estate. No free lunches. I you want to fund a mentor, you have to bring skills, money. or something that benefits them.

"I you want to fund a mentor, you have to bring skills, money. or something that benefits them."

There's all kind of "mentors" out there that will be happy to take her money.

0 Votes

Originally posted by @Joe Villeneuve:

1 - If the property cash flows, or will, why are you afraid she would default?

2 - How much debt is on the property right now? If there is none, then see if the other two owners would sell their partnerships to her using seller financing of some sort.

3 - If no to #'s 1 & 2, and you have the money to buy it, then buy out the other two partners. This puts you as the majority partner, and the first order of business would be for you to establish control of the rent money. If she needs to live in one unit, then distribute the cash flow from other two rent checks based on whatever the agreed upon distribution is. Then she pays you rent based on whatever your distribution would have been. This only works if there is no existing debt.

4 - If #3 doesn't work, and you're afraid she will default on the rent, then I would pass on it...and help her sell it.

Because it isn't going to cashflow for a long time and he knows it. Especially with her occupying 1/3 of the units in a Brooklyn multifamily.

0 Votes

"I'm feeling that without a background and just starting out that I could be endangering people's money by trying to do something as elaborate as finance a house flip with someone else's money right out of the box"

Yes, but even if have the experience of 1000 flips under your belt, your 1001st flip starts off with the same problem- acquiring the property cheap enough to give you a realistic chance.

Does the course solve that problem for you?

4 Votes

Devils advocate here, one thing to consider is repair costs. They might be a lot more than you are expecting. Have it inspected properly.

The alternative is somehow in these market conditions a seller decided to be generous for some reason to the next buyer.

1 Vote

So where are you guys going for your portfolio lending, because with all BRRRR's, you must have maxxed out your debt-income a long time ago.

0 Votes

Grand Rapids, Michigan

So you did a "ton" of work, all for 22k?

0 Votes

All Forum Posts by: Account Closed

Account Closed has started 1 posts and replied 214 times.

Post: Our 1 year journey to 22 units & $10,000/mo cashflow without OPM

Post: This seems good... Right?

Post: Flipping Instructional Program Seems Too Fast

Post: This seems good... Right?

Post: Finding a Local Mentor

Post: Can't afford to keep house that CAN cash-flow

Post: Flipping Instructional Program Seems Too Fast

Post: First Deal Analysis (practice)

Post: BRRRRing in West Michigan

Post: Perfect BRRRR number 2!!!