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All Forum Posts by: Philip L.

Philip L. has started 30 posts and replied 162 times.

Post: Mentorship for Multi-Family Investing

Philip L.Posted
  • Wholesaler
  • Florida
  • Posts 180
  • Votes 52

I've been a member of Pace's Subto mentorship program since February 2023, it started with a focus on subto and creative transactions it's now way more with sales training, real estate strategies coving, multifamily, SFH, landlords, Short term rentals, mid term rentals, land buying, land developing so if you are interested in real estate it's the place to be.

It’s a great community with a lot of very high profile people who are often very helpful with their time and resources, I would say the community is my favourite part of the entire program. I've made a lot of great contacts and friends.

The program comes with a starter course that teaches you the basics, the zoom calls and the zoom vault are very valuable, you can find recorded zoom calls on every subject of real estate.

Each section of real estate has its own leaders, you can reach out to them and get help easily either on the zoom or via the facebook group or discord platform.

There is a cost to entry however you know that the people inside the group are dead serious about real estate. It's not like a free to join FB group.

The group and resources are growing every month, the value is high and the people are amazing.

Feel free to message me with any questions you have.

I've currently got 7 single family rental properties in Michigan (C/B Class areas)
Bought most of them needing updating/rehab - followed the BRRRR method
Estimated cash flow for each property is $400 to $600 a month 
I've tracked the expenses for each property very accuratly over the past two years and overall each property cashflows around $200
It's dissapointing but I would like to know how do people with 100+ houses scale this business model or do I need to pivit into multifamily? 

Post: Any one owns a turn-key real estate (kris krohn)?

Philip L.Posted
  • Wholesaler
  • Florida
  • Posts 180
  • Votes 52
Been trying to get a hold of the track record book for a while I thought it was just a myth - any chance I can get a digital record of it?

Quote from @David Kitchen:

@Randy

@Andrew

Average Cash Flow is a little north of $300. (And remember.... you give 50% to KK). This is directly out of his track record from 2018.


Post: Anybody ever heard of the Keyglee Astroflipping program?

Philip L.Posted
  • Wholesaler
  • Florida
  • Posts 180
  • Votes 52
Quote from @Sean J.:

Anybody ever heard of Keyglee and the Astroflipping program?


 did you buy this and how's it going?

Post: Blueprint To Scale Single Family Housing

Philip L.Posted
  • Wholesaler
  • Florida
  • Posts 180
  • Votes 52
Quote from @Jared Hottle:
Quote from @Philip L.:
Quote from @Jared Hottle:

I have found to get systems in place for SFH creating a very tight buy-box is key. Sticking to one style of house and ones that were built recent enough to have updated electrical and plumbing. Once you limit your buy-box you can mass mail those houses by pulling county data.

 Stick with the same items for the property like faucets, sinks, surrounds, flooring, paint color, etc. Your subs will get use to using those items and should be able to knock out everything quickly.

Finally, I love buying single family homes from a liquidity perspective because when the market is hot you can sell to both investors and owner occupiers allowing for a much higher purchase price. Obviously it may take a while to liquidate if you have a lot of houses and may be tough to 1031 many of them but still a great investment strategy. 


In regards to the buy box whats your recommended criteria? I've been thinking recently that maybe buying older homes is more of a pain than whats it's worth - my normal process is BRRRR and we do the rehab to a nice standard and as you say using the same materials each time work well but now thinking maybe just buying a newer house even though it's more expensive might be a better idea

For me its any ranch house built after 1950. I think modern electrical, structural, and plumbing started around then and block or poured foundation. Easy to update anything as you have access in the basement or the attic. 

 Awesome thanks 

Post: Blueprint To Scale Single Family Housing

Philip L.Posted
  • Wholesaler
  • Florida
  • Posts 180
  • Votes 52
Quote from @Andrew Syrios:

I would humbly recommend reading two articles I wrote for BP on scaling a real estate company, which applies to SFR (as that's what we focus on predominantly):

https://www.biggerpockets.com/...

https://www.biggerpockets.com/...

These are great articles Andrew 

Post: Blueprint To Scale Single Family Housing

Philip L.Posted
  • Wholesaler
  • Florida
  • Posts 180
  • Votes 52
Quote from @Jared Hottle:

I have found to get systems in place for SFH creating a very tight buy-box is key. Sticking to one style of house and ones that were built recent enough to have updated electrical and plumbing. Once you limit your buy-box you can mass mail those houses by pulling county data.

 Stick with the same items for the property like faucets, sinks, surrounds, flooring, paint color, etc. Your subs will get use to using those items and should be able to knock out everything quickly.

Finally, I love buying single family homes from a liquidity perspective because when the market is hot you can sell to both investors and owner occupiers allowing for a much higher purchase price. Obviously it may take a while to liquidate if you have a lot of houses and may be tough to 1031 many of them but still a great investment strategy. 


In regards to the buy box whats your recommended criteria? I've been thinking recently that maybe buying older homes is more of a pain than whats it's worth - my normal process is BRRRR and we do the rehab to a nice standard and as you say using the same materials each time work well but now thinking maybe just buying a newer house even though it's more expensive might be a better idea

Post: Blueprint To Scale Single Family Housing

Philip L.Posted
  • Wholesaler
  • Florida
  • Posts 180
  • Votes 52
Quote from @Nathan Gesner:
Quote from @Philip L.:

Joe's the math guy, so he can give you hard number examples. If you crunch the numbers, you'll see a diminishing return on your investment. This is usually most visible around 7-10 years after purchase. My suggestion is that you evaluate the performance of each investment once a year. When the performance is lower than you would like, that's a good time to look at selling and investing the capital in a bigger property that produces a better return.

For example, you could sell a single-family with $100,000 equity and put that into a fourplex. Or sell two single-family homes and buy a 10-plex or a mobile home park or a storage facility.

Too many people buy a property and sit on it forever. That does build wealth, but you can accelerate growth by moving capital into bigger deals every now and then.



 Great advice thanks I will monitor that more closely.

Post: Blueprint To Scale Single Family Housing

Philip L.Posted
  • Wholesaler
  • Florida
  • Posts 180
  • Votes 52
Quote from @Chris Seveney:

@Philip L.

I had automated a lot of my note investing business and was able to scale significantly. What allowed the greatest jump though was human capital. We hired a team of people who now manage most of the day to day so I can run the business. It’s a difficult decision because you are taking almost everything you have made and investing it in people and making sure you can continue to feed that machine.


 yes I agree I think you are breaking it down as I now see it, my issue is if I hire people my cashflow drops significantly but I get my time back and this is how I scale - thanks sometimes I just need to understand from a different perspective  

Post: Blueprint To Scale Single Family Housing

Philip L.Posted
  • Wholesaler
  • Florida
  • Posts 180
  • Votes 52
Quote from @Eliott Elias:

The key is to hire out as much as possible so you can focus on talking to sellers. ex. property manager, cold caller, contractor, realtor, acquisitions manager 


 okay makes sense