All Forum Posts by: Larry Turowski

I love this analogy.  This is exactly it!  Cats can be vicious too, but can only do so much damage.  You wouldn't want a panther even if it had the same temperament as a house cat.

I saved for a long time, talked with lots of investors, read a fair bit, I did buy one small education program for about $1,000.  And I just did it.

I've sold about 36 properties, most flips, some rentals that I eventually sold.  That makes a nice symmetry with the 36 units I hold.

Yes, it is called emailing them or calling them.  I don't do it often but have done it and just did it yesterday on a commercial property.  But you've got to be serious and not just a tire kicker.  Explain that you are an investor and ask if their client would be interested in a strong cash offer (I'm assuming you have cash funding) of X.  Explain that you do not have a buyer's agent so they will get both sides of the commission.  And please keep you in mind if they have a listing that meets your criteria (you can give them some guidelines) where a strong cash offer would be welcome.  (This is code speak for below market value cash offer.)

Yes, I do.  No, I don't recommend it---it's already too competitive, haha!  

Seriously, though, yes you can flip in Rochester but it isn't easy to find deals. And it is really difficult to flip sub $100K properties. Why? Because often these houses have bathrooms, kitchens and all the other features that are serviceable, but very old. So they have value but in order to flip you'll need to tear it out and replace it. These houses make better rentals, for BRRR or whatever.

Yes they are.  I do flip out of state but right now I have no interest in owning any units that are not local. 

@Rob Massopust "Do what you love and you'll never work another day in your life!"  True, but you may be dirt poor.  

I happen to like being a real estate investor.  But anything you do for income is going to have some unpleasant "work" aspects to it.  I've heard of people making their hobby that they loved their job--like photography--only to find out they hated it as a job.  That is why some people stop when they have just enough to fund the things they love, and others keep going because they love it (or have an unhealthy love for more, more, more! with no real goal of funding anything else.)

 This is investing in the path of progress for appreciation, not really for cash flow in 30yrs.  It can be a smart strategy if you are a smart investor and will make you a ton more than just investing for cash flow.  Just ask @Jay Hinrichs.  (Hmm, that little at symbol feature isn't working this morning.)

@Paul Kennedy Let's do a thought experiment.  Say somebody sold you a property at a really good price and said they would hold the mortgage for 30yrs.  Heck, they would even roll your closing costs into the mortgage.  The property won't cash flow but it won't bleed money, either.  All expenses including that new roof in 15 years will truly come out of the rents.  You really will not have to put a penny into it.  Would you take that deal?  I would.

Now let's enter the real world.  I've never done that.

 It is hyperbole. 

First, You’re more likely to be able to do a no-money down deal as an experienced investor.

Second, it is a narrow investment strategy. I’ve bought owner financed properties, for instance, but if that were all I ever did I would have hardly done any deals. To me it is just one more tool in my tool belt. 

Third, some of the hyperbole is in where the money comes from. Someone might call borrowing $10k on a credit card as a down payment a no money down deal. I personally would not. It may not be your money but it is your personal liquidity. Trading liquidity for a deal is not a no money down deal in my opinion.

Fourth, the money has to come from somewhere right?  Nobody is giving you a property for nothing. Often what is called no money down is just someone else’s money down—like your Mom’s. Again some hyperbole. 

Fifth, get a job!

@Chris Bono Any answer will be somewhat subjective.  For me, having a single property 3hrs away would be enough for me to want to sell.  I can't imagine that the time you put into just travel would justify the cash flow.  Add on top of that that there would be better investment opportunities near me and it is a no-brainer, for me.  

There is something beautiful about being debt free, too.  I carry plenty of debt because it is making me money, but if you've never been debt free in your adult life, give it a try.   You'll be pleasantly surprised at the feeling of lightness that it gives you.  Taking on more debt that makes you money after that has a totally different feel, too.