All Forum Posts by: Larry Turowski

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. 

Not a CPA, but of course—if they are expenses and not capital expenditures, which would need to be amortized. If nothing else you’ve got your utilities, taxes and insurance. 

Hi Nick, I buy houses and invest in Rochester and would be happy to help. Feel free to DM me. 

@Maria Andino do we live in the same neighborhood?  We don’t really, but my point is this type of thing isn’t that uncommon.

As everyone else has said, talk to him. Call directly if you can get his number. Or better yet, if you know where to find him, talk to him face to face. You want to try to get him in a conversation. I’ve left notes for people before but if he isn’t in enough pain to do anything about it yet, he probably won’t make the effort to call you.

Come right out and explain that you are interested in buying but move on before he has a chance to say no. “I live right next door and was wondering if you’ve ever thought about selling. How long have you owned the house? Oh you used to live there and then rented it out when you moved? How did that work out? you’re step daughter lived here for a while, right?  How did she like it?”

Build some rapport and then start asking questions about why he isn’t renting it out now. Eventually circle back to your situation, why you’d be interested in buying and how, if he is ever think about selling, it would benefit him: no realtors commission, no hassles, etc. and if they expressed interest and ask them what they would be looking to get to the property. If he asks you are, you can always say well. You hadn’t thought too much about it yet because he didn’t know if he was interested in selling. And ask if you can see the inside.