All Forum Posts by: Andrew Syrios

I've heard this stat or stats like it before and while I would suspect a very high percentage of millionaires got that way through real estate and maybe 90% have used real estate in part to become a millionaire, I sincerely doubt that 90% of millionaires got to be millionaires exclusively or even predominantly through real estate. 

In this market, with interest rates and prices at where they are, they're usually not viable (i.e. don't cash flow). Those that do are either 1) in areas that are bad and usually only "cash flow" on paper or 2) with exceptionally good deals. Multifamily can work although "no money down" on such properties usually involves a syndication which may be no money down (or low more likely) but given it's a partnership, isn't a 100% financed deal.

Of course, no money down deals for flips still make sense, but that's a different matter entirely.

I really, really doubt anything like that would pass. Really sounds like more of a publicity stunt than anything else. 

Welcome to BP Ken and good luck investing!

Welcome to BiggerPockets Melanie and best of luck investing!

Welcome to BiggerPockets Tara and good luck investing!

You know a similar thing happened in Kansas City (more specifically Jackson County, MO) regarding property taxes in 2023. They just skyrocketed. We're having to reorient our entire portfolio and sell pretty much all our big houses and condos because they don't cash flow anymore. I suspect you'll have to look at Florida real estate in a similar way.

Quote from @Kylie A.:

Quote from @Andrew Syrios:

Quote from @Kylie A.:

The hate for wholesalers on BiggerPockets is insane when there are still genuine, good wholesalers out there who aren’t selling a dream.

There are good wholesalers out there, but unfortunately, there are also a lot who have no idea what they're doing and some that are just scammers. Also, a good number of people see wholesaling as acting as an unlicensed agent getting net commissions (which are illegal for agents) so some see it as illegitimate entirely. 

That being said, I don't know if what I've seen is "hate." Seems more like criticism for the most part. But maybe I've just missed the threads you're thinking about. 

 waiit so how are they scammers, they locking it up legally 

I didn't say they were scammers, I said some people look at them that way. And I'd acknowledge they're riding the line of what is and what is not acting as a real estate without a license (and doing net sales which are illegal for agents).

I think the argument doesn't work because even if you banned wholesaling, people could still do simultaneously closings, which are just about the same, just a little more expensive. 

But if you want to see the whole case fleshed out for why wholesaling is wrong, you can read this article from a while back: https://www.biggerpockets.com/blog/i-will-never-trust-real-e... (Again, I don't agree with it, but do acknowledge wholesalers are, as I said, riding the line a bit.) 

Welcome to BiggerPockets Jorge! Best place to start is reading up in the forums, buying a book or two, listening to the podcast and attending your local REIA. Then check off all the things you need to do to buy a property and get them done (get preapproved, find an agent, contractor, etc.)

Then plan a date to actively start looking to buy. Don't fall into the trap of endlessly learning about the topic. In real estate, you need to start doing sooner rather than later to be successful. 

Welcome aboard Bianca and good luck investing!