All Forum Posts by: Larry Turowski

 This. I bought a property during Covid with a non-paying tenant that I carried for about a year because I got it at such a good price. They’ve since left, I’ve got a paying tenant and it is now worth over four times what I paid. 

@Alon Gilmore Networking is a great way to find good contractors but in this tough labor market sometimes people don’t share because they don’t want their best contractors to get too buys on other peoples work. I’ve had success putting a paid ad on Craigslist for skilled trade job, seeking 1099 contractors. Now is actually the best time because winter is the slowest time for contractors. Besides whomever you hire, you’ll get a bunch a contacts you can keep in your back pocket for future projects.  

@Juan Zamora Listing price is irrelevant (with caveats). What is it worth to you? If that number is 25% below list then you made the right offer. 

@Scott Trench Thank you! This is such a great post, courageous and with great points. Great replies too!

As someone contemplating getting into multifamily investing this was timely. I had not really thought about industry trends with respect to interest rates and cap rates.

There was a BP podcast (I can't find it now) where this family sold their billion dollar business and were investing in large multifamilies. The guest mentioned they were buying at 3% cap rates! That made no sense to me and it never came out as to how it might make sense.

We’ve all heard the terms fear of loss and fear of missing out. (We could frame those ideas in positive language as desire for safety vs desire for a goal.)  It’s best to be somewhere in the middle of that spectrum. Too far on the former side and, like your friend, you can’t move forward. Too far on the latter side and you’ll move forward heedless of excessive risks.

I agree with others that the carrot works better than the stick. However, projects running beyond schedule is almost universally true, from us little guys to big multi-million dollar projects. To protect yourself, run your numbers to account for projects taking twice or even three times as long as expected.  

Now is always the right time to buy—if the deal is right. The later mentality means you’re not actively looking now. There might be an amazing deal today if you are looking hard enough. Honestly, there probably is. 

I live and invest in Rochester NY, meaning all of Monroe county.  We have one main group here and other smaller groups. Network is a great way to get started. Just be careful telling people you have a 100k to invest. They’ll have a 100k ways for you to spend it. Do your analysis and determine what is best for you. Feel free to DM me. 

@Dennis Rogov I agree with the others. You are all over the place. You are chasing home runs. You’ve been involved in some successful flips, it seems, but evidently that is too slow for you. You are swinging for the fences with all these ventures and missing out on base hits. 

Choose something that works—go back to your flips, or start as a small time landlord, etc—and grow it.