All Forum Posts by: Fernando Figueroa

I’ve seen a lot lately but the most popular ones are Antoine Martell, Thach Nguyen and some lady I forgot the name

Quote from @Chris Seveney:

@Fernando Figueroa

HELL NO

It’s all clickbait. If you look at most gurus they do the guru thing because they can’t make $ in real estate

I am in the note space and several of the guru’ are scam artists with lawsuits against them.

It’s easy to lie on social media because you don’t have to provide any legitimate info to it to substantiate it

There's a few on here as well...

Quote from @Dom Radcliffe:

I do not believe them. I agree with you.

If it were that easy, they would not have been wasting their time on IG selling their “brilliant ideas/software” for pennies. It is just a pyramid ‘ponzi’ scheme!

Totally! Also, why would someone give you their “secret” for a couple thousand dollars to have more competition if they can just do it themselves and not have someone else competing with their own “magic software”. Super crazy!

Quote from @Russell Brazil:

Quote from @Fernando Figueroa:

Quote from @Russell Brazil:

Why would you have $1375 a month in expenses on a $2500 a month rental? That is $16,500 per year. That would be like replacing the roof, waterheater, hvac, and some other repairs, every single year!

Prop taxes, mortgage, cap reserve….it adds up he’s basing it on a $200j loan at 7% interest that alone is $1,166/mo

 He has expenses and debt service listed separately. He stating his debt service is $1350 and his additional expenses are $1375...on a $250k property. My average unit is more than double that price and my expenses are a fraction of what he estimates.

 Yes saw that after I posted, my mistake. You're right, looks very sus.

I've been flipping houses for 15 years, and it's not easy. Hard work, visits to the sites, contractor fallouts, problems, attorneys, etc, etc. It happens all the time. Lately I've been noticing an increase in the amount of posts/reels/ads on IG about these so called "gurus" of flipping, who are flipping 20,40,100 houses per month from their "couch" and who swear they don't even know what the properties look like or have even set foot in these "flips" they say the own. It's like they are telling us they can give you a software that will magically do a flip for you without you lifting a finder. What's your take on this? Am I being too old school here? Would you give them your money to access their "proprietary" system? Let's discuss

Quote from @Fernando Figueroa:

Quote from @Russell Brazil:

Why would you have $1375 a month in expenses on a $2500 a month rental? That is $16,500 per year. That would be like replacing the roof, waterheater, hvac, and some other repairs, every single year!

Prop taxes, mortgage, cap reserve….it adds up he’s basing it on a $200j loan at 7% interest that alone is $1,166/mo

Oh, I see, he has a separate expense category yes what the hell, seems super high

Quote from @Russell Brazil:

Why would you have $1375 a month in expenses on a $2500 a month rental? That is $16,500 per year. That would be like replacing the roof, waterheater, hvac, and some other repairs, every single year!

Prop taxes, mortgage, cap reserve….it adds up he’s basing it on a $200j loan at 7% interest that alone is $1,166/mo

I meant you should start by adding your monthly cost/total expenses and then see what the number is, if less than the monthly rent then reduce the purchase price to find the right price point at purchase. The 1% rule does not work anymore. 

Quote from @Steven Barr:

With home prices still very high and interest rates now high too, is anyone actually cashflowing on newly acquired property? Even the 1% rule doesn’t seem to work anymore 

Example: assuming 20% down

Purchase price: 250k

Rent: 2500/mo

Expenses: 1375/mo (45% expenses)

Debt service: 1350/mo (200k at 7% fixed 30 am)

Cashflow: -$225

 Do the numbers the other way around, and adjust the purchase price accordingly. Then you will cashflow. 

All the houses in my area sell very quick, in cash. Miami. Different markets all over the US. We cannot generalize.