All Forum Posts by: Larry Turowski

@Jon Q. Smallish-time investor here in the Midwest (technically northeast, but whatever) and there is still opportunity here. 2021 I was involved in another business so didn’t do a lot, but bought 7 properties in 2022 and I’ll be closing on a couple more in early May.  A couple of those were flips.

I don’t see any sign of a major “correction” for SFHs,  maybe in some super hot markets, but overall I’d be surprised to see a correction beyond 8%. Prices are still going up here with record low inventory.

@Robert Anthony I'm sorry for this financial stress this has put on you. You're talking about Fortune Builders, but there are many like them out there.  Unfortunately, I do not know if you can get your money back.

Unfortunately, there are plenty of people on here who defend these high costs coaching programs.  You've pretty well identified what is so pernicious about these programs.  The cost, if they don't make their money back, is life-crushing to most people.  It will take them years to dig themselves out of this debt hole.  Sure the material can work.  But the fact is, most people are simply not going to monetize it because it is not easy.  Gordon Ramsey could sell you an program on how to be a Fortune Builder master chef and open up a Michelen Star restaurant and make bank.  Could you do it?  Sure.  But will you?  Probably not.

They don't care about that. They just care that you fork over 25k-50k, no matter what it does to your life.  And they are selling a dream.  It's like a college education people say.  Imagine if colleges operated this way!

@Francisco Milan I shoot for 20% return in invested funds for something that will turn around in six months. If I’m unlucky it’ll be more like 5%. If I’m lucky it’ll be 35%.

Hey @Robert Atwood.  They used to call these live-in flips, even if they were held as a rental after moving out. And I haven't done one either, but I buy houses in Rochester and have done plenty of flips. Happy to connect.

@Brett Baginski it's all about the last R, repeat. Buying in cash and then refinancing does incur some additional expenses, but the idea is that, after rehab, the property is worth significantly more than your purchase plus rehab cost basis, and because of that you can, in the ideal BRRRR, extract all of your investment back out when you refi. This allows you to repeat the process.

With the BRRRR process you should be able to repeat faster, buying 3 or 4 houses per year, and as your income grows that will turn into 4 or 5, etc

If you are content with two per year pace, and with being less liquid, you can skip the BRRRR. But I wouldn't.

 Josh sorry I got busy here. Leaving now. If you dm me I’d be happy to have a phone conversation with you. 

@Josh Edelman congrats on your first two!  I’m in Las Vegas right now and could tell you all about Rochester for your third!

I don’t care to gamble. Funny thing, I was just telling someone, why gamble when I can win 90% of the time with real estate? (And it’s really higher than that.)

@Cassandra Bradley your title says Rochester but you say Buffalo in the body of your content. Could be either place but they are not the same. 

@Annushka Alicea just about every bank offers HELOCs on your primary residence. Start with the the bank you are using right now. Call around. Your debt and credit score may be issues but it can’t hurt to start asking. 

This sounds like you are bringing nearly everything to the table. Your partner could mess up royally and only risk a diminished cut. Even then there could be grafting and he could make out like a bandit. I don’t like it at all.

I’d find a general contractor and a property manager to replace him.