All Forum Posts by: Larry Turowski

@Mitchell Lawmaster we all make mistakes, even after many years of investing.  The more you do the more mistakes you’ll make. You’ll recover from this. How? If nothing else, with time. You sound quite young. You are in a much better position even with your mistakes than I was in probably into my late 30s. And you’ve got options. Sell. Rent and buy a duplex as you suggested. Sometimes it is a combination of those time and other options, like saving up more money, maybe even taking on a side gig to generate savings to use moving forward.

Don’t let the fact that you are not doing as well as possible or as you want to be distract from the fact that you are doing well. 

@Alex Goncharov you absolutely want to list your property, unless you have someone who is already interested or you want to do a RTO.
BUT, I always do a paid listing. A listing agent will do these things for you. 1) guide you in prepping your property for sale, 2) guide you in pricing and listing strategy, 3) sometimes guide you on staging, pictures etc, 4) list your property on the MLS, 5) do showings (open houses and scheduling showings with buyers agents, 6) guide you on negotiations, inspection issues, etc, 7) hold your hand through the closing process when you have a deal.

I only need #4. This saves me the 3% listing agent commission (minus the $300 listing fee). And this can be the difference in whether the property has enough margin to buy in the first place.

If you can handle all the other items you don’t need a regular listing agent, but you do want to list it.

(I should also say that a listing agent can provide their network of contractors and attorneys or title companies, etc.)

Hey @Joe Chesebro I buy houses here in Rochester NY and really all over Monroe County. I'd be happy to get a coffee with you. Also, we have a great and helpful REIA here in Rochester. PM me for more details.

Awesome @Matthew Drouin! That’s a great building! I think I looked at the post not realizing I got to it from an alert and thought, that looks like Rochester.

How many units in that building?

It inspires me to go big. I’ve been thinking about it for far too long. 

For me there is no one thing. It is the accumulation of nuggets.

I think new investors are often looking for the golden egg, this one thing, one asset type, one way to source deals, one habit to put into place that will change their lives. And while sometimes a podcast may be timely for the situation you’re in, more often than not, like me, it’ll just be one or a few nuggets that you can add like tools to your investment toolbox. And you’ll need a few even for just one deal.

For me a recent one was to not miss out on deals by not taking calculated risks and sometimes losing.

I live and invest in Rochester NY. It’s a great place to invest. Feel free to DM me if you have any questions.

First, Merry Christmas or Happy Holidays all. Got a little down time and here I am on BP. 

@Alan Hale I’m concerned you really need to hit the brakes until you get some basic math under your belt.

Not considering any loans, your profit is your acquisition costs (generally more than the purchase price), plus holding and rehab costs, minus your proceeds from sale (generally less than the sale price).

If you’ve had a loan or loans to fund acquisition and holding and rehab costs, then you’ll have interest and related closing costs as part of the whole deal, maybe paid along the way or taken out of the proceeds. It all depends on how you structured the funding.

You say you have a larger amount left over but then say you only put 22.9k back so I don’t know where you are. You need to sit down with someone who can explain the numbers to you. 

You need to define your goals and list what assets and skill sets you bring to the table before talking about strategies. Asking for strategies first is like asking how to start a fire without considering combustibles on hand or available to you,  weather conditions, what you have to start it with, location, why you need a fire (warmth, cooking, light), etc. 

@Robbie Case how long has it been on the market?  I’d be happy to give you my opinion if you DM me the address.

You do have to honor your contract with the listing agent, unless you can convince them to voluntarily de-list it and give you some sort of release from the contract. 

It sounds like they didn’t do a good job by you, understanding your needs or the market.