Spotlight on Dave Sakievich, Phoenix, AZ
Filthy Riches Student
I purchased Larry’s Filthy Riches program about 16 months ago. So far I have purchased 2 properties. One that I have sold as a wholesale deal for $2,000 assignment of contract to an investor that I met while at Larry’s 3-day boot camp, I purchased this 3 bedroom 1 bath house for $3,266. I partnered with another investor and I also helped do some remodeling on the place for which I was also paid for. We sold that one in a week after I started the remodel to a first time home buyer who also helped with the remodel. The other property I have, a 3 Br 2 Ba 1986 sq ft home, I currently have listed for sale as-is for $35,000 that I purchased for $5,400.
I had a slow start for two reasons, I had limited time and money to work with and because I was trying to apply Larry’s program in a market that it would not work in the Phoenix, Arizona area. Properties here, even though it is a ‘depressed market’ usually have multiple offers on them. Properties that are listed for $25,000 will often sell for $32,000 or more due to the bank asking those who submit offers to submit a ‘highest and best offer’. The Phoenix area, last year, had over 4,000 homes priced $40,000 or less, today there might be 400 in that same price range. Of the 10 worst his cities from the housing crunch; Phoenix is one of the few that is rebounding.
I got frustrated; I would make an offer on 12 – 14 houses at once and hear back on none of them. I initially sent the program back asking for my money back, Dean at Larry’s office called me and I agreed to keep the program and I started trying other areas that were less active.
I also went to Larry’s 3-day boot camp event with two goals in mind, learn new strategies and to network with other attendees to find some with money to invest that I could partner with. I ended up succeeding on both goals. If you have not been to one of Larry’s boot camps I would recommend that you do so as soon as you can. We have, here, 8 to 12 people who went that meet together monthly to talk about what each of us are doing and to help boost each other’s motivation. There is always help in numbers, don’t try to just do it alone.
So I guess that there is two primary lessons that I learned, besides the fact that you can buy a house for less than $5,000, and that is don’t try to go it alone, partner with someone, meet as group of ‘like minded people’ if you have questions, concerns, difficulties, call your rep at Larry’s office, if you don’t have one call the office and they will set you up with someone. The second thing I learned is that going to one of Larry’s events will get you in touch with others, those ‘like minded people’. If you are like 99% of us you are surrounded with nay sayers, people who are constantly telling you that something ‘can’t be done’ or that you are not good enough, ‘we’re poor but we’re proud’ all the people who are doomed to fail and they are bound and determined to take you down with them. Get away from them. I deliberately did not tell most of my friends or family what I was doing till I had actually done it. It is just a little difficult for them to say that you can’t buy a house that cheaply when you show them the executed contract and the closed and recorded Title documents and the check for when you got paid.
Good luck (not luck but rather wishing you success) in your Real Estate endeavors.