People have made fortunes investing in NYC and SF.

You made no other point in your response other than you got away with doing it.

There are a lot of groups out there right now that had made-for-TV track records that will likely not be in business in a couple years.Focus on the experience of the team, how long they have been in the business, how many market cycles they’ve survived, their philosophy on leverage, and how many properties they bought in 2022/2023 (a good answer would be few, a great answer would be none).And do yourself a favor and read The Hands-Off Investor (in the BP bookstore) before you invest a single dollar in a syndication.

The REFINANCE part of the BRRRR strategy is broken with changes that Fannie/Freddie made to their cash out refi policies end of last year.

We've been communicating quarterly on the property status, but a simple search on Zillow made me think he's lying to me.

Increase Your Cost Basis: Document and include the costs of significant improvements made to the property in your cost basis.

I've made a few offers in the last few months on very distressed properties, and I keep getting outbid.

I would discuss financials on this if you choose to come see the pre-rehab on Dec 1 (I have made a lot of money (close to 7 digits after this rehab is done in ~2 months) but due to not executing a cash out refi (due to the rate increases) my return is below my underwriting).

What made you interested in investing in this type of deal?

Once they realize the mistake they made they’re too embarrassed to acknowledge this openly so you mainly hear about the cheerful student  “success” stories which the next wave of naive victims rely on.