Friday, August 2, 2013

The Trip to The Flipping Formula Investor Buying Summit

The trip was arranged by the staff of The Flipping Formula (FF). My sister and I arrived without incident as we flew into Las Vegas on Southwest Airlines, Wednesday, June 12 . FF paid for three nights so we chose to arrive on the night before the meetings and fly out right after the last meeting on Saturday, June 15 that way we would be refreshed and ready to go on Thursday morning. The Hard Rock Hotel and Casino was comfortable though they did not have a coffee pot or refrigerator. The minibar was locked so I had to leave my insulin out for three days. The room temperature was comfortable; outdoors the temperature was over 109 degrees. Other than coming and going to the airport, we never ventured outside; it was just too hot not really cooling down until after dark. That was a disappointment because when the outside weather finally was tolerable, the pool was closed (I think that was 7 pm). However, the reservation included the use of the gym and I went each day to ride a stationary bicycle and use the other equipment.

The food that was included for breakfast and lunch was scrumptious and plentiful. Each morning started at 8 am with breakfast, then introductions, presentation, lunch, more presentations and then wrapped up about 5 pm. There was more substance and fewer hurrahs from each of the presenters than in previous meetings. Each investment summit makes available properties to purchase for the program participants. The first day included the Investment Property Overview (a discussion and description of how properties are selected, scrutinized and prepared for the participants to purchase), Self Directing Your IRA and 401K, Financing Investment Properties, 7 Steps to Real Estate Investment Success.

Throughout each day participants met with the investment property specialists and other specialists (depending on whether you purchased any additional services). You were taken by appointment. If you were interested, the investment property specialists showed you the properties that were available for purchase. (Some Flipping Formula participants come to these conventions on a regular basis just to pick up additional investment properties knowing they have been scrutinized by the FF staff as a good investment. It wouldn’t do well to have investors buying properties with clouded title or any other type of obvious problem. FF only pays for the first conference, but you can come to any others at your own expense.) After meeting with Horizon Trust to set up my self-direct IRA, I purchased two properties, one in Illinois and on in Missouri with cash-flows between 10 and 13%.

The second day included: Peter Soutleris and Dave Seymour (founders and organizers of The Flipping Formula), Success Guaranteed (Or Your Old Life Back), and Your Personal Real Estate Success Plan Defined.

Day three got into a bit more nitty-gritty with: Asset Protection Strategies for Real Estate Investors Corporate Governance, Tax Strategies & Planning Concepts for Investors. As part of the asset protection strategies, there was also a discussion on living trusts and wills, probate and corporate structure for asset protection and tax advantages.

The speakers included: Peter Souhleris, Dave Seymour (founders and owners of The Flipping Formula), Robert Shemin, Greg Reid, Greg Herlean, J. J. Childers (Daeus Financial-asset protection), and Warren Taryle, Edwin Kelly (Horizon Trust).

All in all, the experience was pleasant and, I think, profitable.

Final footnote:
As of today, August 2, 2013, I am still working through the final steps of the process of acquiring the properties through my self-directed IRA and getting insurance, establishing a rapport with the property managers at the two locations, completing the Property Management Agreement. Since these are my first properties purchased through my self-directed IRA I am not completely sure how to proceed with issues such as Power Of Attorney. I don’t know how to file out the forms. I am waiting for direction from Horizon Trust customer service office.

http://www.sweethomesincalifornia.com/

2 comments:

  1. This is the first time I've read such a good article, really very good,I hope there still can continue to read such a good article.
    real estate investors group

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  2. Approximately January 12, 2017 Marquis Properties and Chad Deucher will face procecution by USDJ DISTRICT OF UTAH for a ponzi scheme regarding some properties sold at the FF seminar, mine being one of them. I ended up losing well over $50,000. Wish I had know that was going to happen back when I wrote this article. The article gives FF a little too much credit for vetting the sellers of the properties.

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