All Forum Posts by: Dave Mulvaney

Hi Nate, I see you are a financial advisor. 

I'm assuming you work with people and tell them where they should invest their retirement funds based on the advice of "gurus" at your firm. 

I could be wrong but I'm pretty sure you and those gurus make money from said advice.

People go to college to buy knowledge from a guru. Why advise people to do it alone?

Here's the truth. I've been investing 31 years in real estate and I've made millions. I can tell you, someone new who has never done a deal should never just wing it and find a deal. Bad advice. 

The chances are better that instead of getting a lambo they could go bankrupt, especially now in treacherous times. 

I've had termites, sweating slabs with no plumbing leaks, broken drain pipes, missing HVAC units, copper stolen from under vacant property, properties red tagged by the county, accelerated mortgages because of due on sale clauses, pets that did 35K of damage, and so many other things. 

It's what you don't know that can destroy your ability to invest again. 

Real estate investing is all about relationships. Your network is your net worth. 

A good coach can save you from big mistakes and is worth far more than the price of a sports car. 

I have no stake in this race but I buy properties cheap from "investors" who went out on their own with ZERO knowledge or experience.

I'm sorry to hear this. It sucks to hear that someone is in business but doesn't serve their clients well. 

In 2023, email or text seem to be the best form of communication with most of my vendors. 

The one item you forgot to mention in your post is the zip code. 

I'm not defending Suncoast, I know nothing about them however if the property is located in a bad area, management is a near impossibility. 

Jacksonville has war zones. 

There are a lot of out of town "wholesalers" who try to sell crap properties in war zones acting like they're a good deal. If your property is in a bad area, prepare the house for HUD assistance and get a manager who knows HUD housing.

I wish you well. 

Please post when you do find a good property manager, that will help them and go a long way for those facing similar problems. 

I worked with Chris and his team, Zach, Nick, Kayla and Lauren back in 2016-2017. I have been investing in RE since 1992. I was flipping houses in the late 90's long before "the original house flipper" Armando Montelongo came on the scene in the mid - 2000's. 

"Terms" investing was not foreign to me however I wanted to immerse myself into terms investing and Chris seemed like an honest guy so I took a chance. 

I don't regret any of it. 

I invested around 25K with Chris to coach me. In 2017 I acquired around 8 or 9 houses worth around 1.6 million. Most of the properties I purchased with no money or credit. So his fee more than paid for itself.

Chris and his team are genuine and will help you IF you put forth the effort. 

But here's the thing.

You can learn this on your own but with a coach you can grow a lot quicker because they can help you avoid the pitfalls. I'm not telling you to hire Chris as your coach but I am saying a good coach is well worth the investment and Chris is a great coach.

There are a lot of people who talk trash about coaches because there are a lot of them who are full of it. Everywhere you look there's a new guru.

However, I've paid hundreds of thousands of dollars for coaches over the past 30 years and it's made me millions. I never understand why people try to learn something on their own when they can get a coach and grow faster without all the mistakes. Isn't that why so many send their kids to college?

Chris is legit but he's not cheap. But why should he be? He knows his stuff and he's a hell of a teacher. 

Do yourself a favor if you are on the fence. 

If you are not going to do the work don't spend the money. Investing takes time, can be extremely frustrating, and is risky. A coach can save you time, money, and help to mitigate some risk. 

Best of luck

Hi Jaiden, I do not know the Salt Lake area at all but the question I would have would be do you feel, in the current condition of the property, that a cash flow of $250 per month is enough to maintain the property. Realistically one vacant unit per year could eat up $3000 in paint, carpet and other upgrades. I have been at the REI game since 1992, I have a rule that has saved my butt many times, you can't force a deal. You will either make money or lose money, rarely do you break even so consider if $250 per month is worth the debt of 1/2 million. For most those numbers are really tight. That's my 2 cents, hope it helps.