All Forum Posts by: Stan C.

The "@" mentions don't work in my browser....

I'd APPERSIATE IF TK PROVIDERS WOULD NOT REPLY TO MY THREAD. Thanks.

@Caleb Heimsoth:  do you mind sharing what TR provider you work with?

@Alexander Felice, @James Wise, I've never said to help me for free. In my OP I've wrote "For a fee", let's say a percentage of house closing, maybe 3% or so. The problem I see is finding highly moral and ethical mentor/TK company but I don't offer to be helped for free.

So, I'm not trying to get into RI investment for big money (although that would be awsome!) but as a necessity. I don't see any other way of getting a passive income with such relativley low risk and "passivity" as with real estate, while soon I won't be able to work and my medical condition is not in the books to get any kind of disability and I'm not even 40 years old.

Jay Hinrichs , Honestly, I have no idea what Notes are.... forgive me but my financial education is very poor, only recently I started learning about RI investment. Please refer me to more info about what you've suggested. I must add another complicating factor... currently I only have around 20K cash available, no 401K/IRA, good credit score, never owned a real estate (always been renting). All savings were spent into trying to save my wife. So no, I don't have 100k to invest in notes (even if I knew what Notes are :-)))) ). But I've heard that staring with 20K is possible, that's why I still have hope. I must be passive, so I will need to hire a Management company.

Oh, I would be glad to find a really honest and transparrent TK provider who doesn't rob unexperienced clients but I think there are higher chances of gettign help by an investor who doesn't act as a TK provider but who would agree to help me for a fee.

You're right, why not sharing the names? I will. First, I've been listening to Clayton Morris's podcasts. The podcasts are very well made and he is an amazing presenter. He buys forclosed houses in Indianapolis for really cheap and sells them for 38K-45k cash only, promising to include a rehab in that great price. Well I followed two of his clients on this forum: the rehab Morris does seems to be of horrible quality and always takes much longer than anticipated, communication is very poor, the areas are questionable - if you're lucky you get a house on a decent street vs a bad next street, and he doesn't explain any of that. When people started compaining about him on this forum, he created a special podcast episode advisind investors not to be "control freaks" when buying passive investment properties - basically saying like it's OK to wait forever for your property to be rehabbed, after all it's passive investment, right??? He also sendt his clients to a horrible PM company in Indianaplis. Those two clients I followd on this form were able to acheive what they wanted anly becuase of publicity they've put to the matter and thus puching Clayton to complete those rehabs etc... This is a good example of what I call dishonest and unethical TK provider.

Then I started looking for real people reiews on TK providers. Norada seemed to have good reviews. They have properties listed on their website, including in Indianapolis so I could compare them with those of Mr Morris. Basically those are same kind of homes that Morris sells, rented out for same amount, but Norada sells them for 60K-70K rehabbed. So, they take at least what... 50% cut for themsleves??? Also, their projected return on the website doesn't include tons of hidden expenses, when all taken into the account - I came up with very poor return numbers - but on the surface Norada looks awsome - so much confidence in their words, such clear-cut postst on the forum... This also doesn't seem to be honest or ethical, although to a leesser digree than in my first example. This is what causing my frustration and lack of trust. In both of above examples those TK providers didn't seem to treat customers the way they would want to be treated - that's my opinion.

And there are other forum members saying they also invested with top-rated national TK providers and got bead deals and regret doing so, one particular thread comes to mind but the lady didn't share the TK's name.

This is a short version of my original question: No Real Estate Investment experience, forced to start it due to health and other issues but hard to find trustable partner/teacher/mentor. 

Can anyone add anything to what was already suggested by other people above?  Maybe direct recommendations?  Most likely I will need to invest out of state.

@Basit Siddiqi

I was unable to find a good TK provider. They either add 30-40% to the cost of property they sell, or promise to squeeze rehab into unrealistically low total cost where they take their cuts by doing very poor quality renovations or management or providing questionable location. My BS alarm went off big time. If you know a good TK provider that you've dealt with yourself - please share it.  

I'm looking at at least 10-12% net return, taking into account lots of hidden costs. 

Thanks for an advice on local networking events. I will try to look for those. However, since most likely I will be investing in out of state (nearby states: CT or PA) or Mid-West, i doubt the local investors would discuss out-of-state properties, would they?

I must add that I'm looking to invest out of state.

DISCLAIMER: I'm not asking for a mentor here but for an advice on how to find one!

Hi all, very first post here but a long time reader. Please bear with me...

I live in Brooklyn, NY, I'm in my late thirties and I've always stayed away from anything related to finances, investment and money in general because I've felt it was smelling dishonesty, fraud, "stabbing in the back" etc. I'm not saying it does! But this is how I've always felt about it.  

      I'm an electronics technician and a sound engineer (and a musician, of course), and both of these professions are creative and I love them, but they are very stupid from an investor's perspective where numbers rule, because they don't bring a good quality of life and you just work for your boss etc, etc.... 

But recently I've been hit by a series of tragic events, including death of my dear wife due to a disease, and my own health starting going downhill in spite of my best attempts to live a healthy lifestyle. Loss of my wife, the person I love the most, was especially devastating. And my health going down is a step away from being unable to work and there's no "disability" for my condition whatsoever. 

As a result of this, I'm looking for a way to invest in real estate so that I can survive without a day job. At first, it looks like a "Mission Impossible" for me. But I'm a die-hard. My financial goals are not terribly high - at least 1k monthly net cash flow. You may say it's quite low... indeed so. But I'm thinking of relocating overseas where life is cheaper, while having a rental property in the US.   

I've started researching the subject (mostly on BiggerPockets :-) ) and my first reaction was to turn to a TurnKey provider since there's no way for a non-money oriented mind like mine to learn this tricky business myself. But after researching two of TK providers closely, I've learned that with TK providers you can expect either or both: ripped-off-profit or poor quality of service. They have to make their cut not matter what, and they do it by above mentioned means. Period. 

Therefore, the only solution I see is to get in touch with a seasoned investor with high morals, honesty and ethics for a help with my first property or two. For a fee, of course. We'd need to get to know each other, I'd need to vet the person carefully and, hopefully, become friends. The investor would have his money-making machine in place with all proper connections. So a property acquired and managed for me would not be any different from his normal routine for himself.  And hopefully, his true intentions would be to help another fellow human being from the bottom of his heart rather than ripping me off. 

Do you think my goals of finding such a person (or a group) achievable? If so, were can I actually find such people, ESPECIALLY IF LOOKING FOR A MENTOR IS PROHIBITED ON THIS FORUM?