Larry is the Chief Financial Officer of Next Level Investments LLC. Next Level Investments mission is to help the community of Hampton Roads create and sustain generational wealth through real estate investing. Larry has over 10 years of accounting, tax and auditing experience as a CPA. He brings over 4 years of real estate experience and has closed on multiple deals consisting of single-family and multi-family properties. He is a proud father of 2 handsome sons, Larry III and Wesley, and husband to a beautiful wife and mother, Whitney.
-Started investing in 2016 with SFHs and flips. Had mild success but got the investing bug when he bought a SFH using a 203k loan and saw tremendous potential for cashflow.
-Factors in 30-35% reserves for smaller properties
-Having set Rules of Thumb allows you to quickly analyze a property and maximizes your time
-When talking to the individual investors, Larry asks about their expected returns. Some people are satisfied with 5-6% and others want 12-15%.
-Best Investment: Quad in Norfolk purchased through an Auction. Lessons: Can’t force the deal to work and have to stick to your numbers; delegation is key to building an efficient and effective process
Worst Investment: First flip. Lessons: came in overbudget, took a year to flip but was able to return all his investors’ money; stick to the task you are uniquely suited to do, you can’t do everything yourself
- What is the number one thing you need as a new investor to get started? Education. Without it, you don’t have the basis to truly understand where the capital is coming from, how to structure the deal, how make a proper offer on a deal, what returns you will get, etc.
- What is one nugget of investing knowledge you want to give us? Real estate is a people business. Having the proper team in place. Partners, sellers, tenants are all people and knowing how to be a genuine person is key. People first.
- What is your dream? Teach Financial literacy through real estate.