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The Flipping Formula a Scam? (2023 Update): Can They Really Help Your Real Estate Investments?

By: Joel & Josiah

Dave Seymour and Peter Souhleris created a book and education course called “The Flipping Formula”, and they claim it will take your real estate game to the next level. Whether its numerous house flipping seminars or one-on-one training, they make it sound like there’s something for everyone.

But what’s really inside their teachings? And is it really worth the huge cost?

Let’s dive in and find out.

UPDATE: It would appear that this “successful real estate company” is no longer in operation, confirming our suspicions that there are indeed better courses out there. We will allow this review to stay up as proof that our warnings hold truth.
This The Flipping Formula review has been thoroughly researched with information and testimonials that are available to anyone in the public. Any conclusions drawn by myself are opinions.
The program is developed by experienced individuals
Options for online learning, 2-day, or 3-day seminar
Requires heavy investment and great credit
Digital Real Estate is more stable than physical real estate
This company is now defunct

Why Listen To Us?

My name is Josiah, and this is my Dad, Joel.

Together, we make up the team here at Scamrisk.

If you’ll let me bother you for two minutes, I’d like to quickly explain why I’m even here writing this review.

In early 2020, I had just graduated from college & had no real career prospects.

I knew I was destined for something more, but I had no clue how I was going to make it happen.

I had this sinking feeling in my gut all the time… like the “big man upstairs” had accidentally given me the version of life where I’d be mediocre forever, instead of the one where I was, ya know – happy & fulfilled.


I had fiddled around with some different online businesses in college:

Some random MLMs, a bit of affiliate marketing, a (failed) dropshipping store or two, all the usual suspects.

Even my dad had been involved in MLMs back in the day… selling knives & other random nonsense people (probably) didn’t need.

All I really wanted was to find something that was going to actually work for me.

Maybe those things had worked for others, but for me it all turned up a fat “0” in the bank account department.

So I searched! And searched… and searched… and searched…

And eventually, I somehow stumbled upon a program that promised to help me build an income online (read about it here if you’re curious).

I didn’t really want to be “rich”.

The thought of making a reliable $5K per month & not having to worry about clocking in to a 9-to-5 ever again was all I needed.

Sure, there were people in the program doing high-6 and low-7 figures per year… but that wasn’t what I was out for.

I just wanted to provide freedom for myself, and if I was lucky, take my family along for the ride.

Fast forward a few days and a few phone calls & I was enrolled!

Here’s the first “money making website” I put up:

I built that site in 2020, and it still makes me $1,500 per month. It’s a basic 5 page website I built based on a template the program provides.

The best part to me? My dad and I get to do it all together!

So between the:

  1. Ease of reaching $5-$10K per month in income online
  2. Straightforward-ness of the system to do it
  3. Fact that I get to do it w/ my family

Is why I recommend local lead generation as my #1 business model for making money online.

Sure, it takes some work and dedication – but anyone that tells you that there’s a business out there that requires no work is selling you a lemon.

I’m not saying you need to sign up for the same program I did, but I would definitely recommend giving the business model a peek!


The Flipping Formula is a real estate investing program.

Like most real estate investing training courses, you’ll likely be exposed to the “Big 3” investing types:

  • Flipped houses sold
  • Wholesaling
  • Long-term buy-and-hold

Regardless of which path you go down, there is a lot of potential with real estate investing.

After all, it’s the world’s oldest wealth-builder. Some even say you can do it from the beach…

Living The Beach Lifestyle

However, before you leave this Flipping Formula review and go sign up, you might want to ask yourself:

“Is now the right time for me to get into real estate investing?”

Because, no matter which way you slice it, real estate investing is extremely capital intensive, labor intensive, or both.

So if you’ve only got an hour or two a day, or your savings account is a few zeroes lighter than you’re comfortable with, this might not be the best time for you to jump into real estate investing.

But that doesn’t mean you’re out of luck. It just means you need a system to free up more time and give yourself a stronger financial cushion.

A good way to get yourself there is with Digital Leasing.

Digital Leasing takes all the best parts of real estate investing, while eliminating most of the headaches:

  • Low cashflow
  • Interest payments
  • Mortgages
  • High overhead
  • Expensive repairs and maintenance
  • Problematic tenants

And the best part?

Digital Leasing allows you to build a passive income stream that’s actually passive!

An income stream that brings in consistent revenues every single month (from a couple thousand dollars to well over $10,000).

An income stream you could actually build in your spare time, and grow as large or as small as you want to, without having to spend hours a day analyzing deals, cold-calling homeowners, or dealing with contractors.

passive residual income

If that sounds like something you’d be interested in, check out Digital Leasing.

This is the perfect first step to build recurring income that you can then use to start investing in real estate down the line.

However, if you’d still like to know more about The Flipping Formula, keep reading.

What Is The Flipping Formula?

flipping formula scam legit

The Flipping Formula, a training program that teaches people how to start a real estate investing business, is hosting multiple basic training workshops across the country in attempt to promote financial freedom.

The course was developed by Peter Souhleris and Dave Seymour, stars of A&E’s hit house flipping show Flipping Boston, and is based on the tactics they employed to grow their successful real estate firm.

Pete and Dave created their real estate investing company during one of the worst housing situations in United States history.

According to Peter, they know it’s the perfect time to enter the market when others are frightened to buy. They don’t buy houses with standard lines of credit; instead, their lenders cover the transaction. If it’s a good deal, they’ll fund it regardless of how the real estate markets act.

House flippers can make a significant profit even in low-cost locations.

Dave and Peter buy the house no one wants and renovate it to become the nicest house on the street. Investors can benefit even in undervalued markets.

The following are some of the highlights of The Flipping Formula seminar:

  • How to spot profitable real estate transactions
  • Steps for obtaining finance without relying on traditional credit sources
  • Several investment choices for generating constant, dependable income

The Five-Step Strategy Guide For Real Estate Investing

The Flipping Formula is a real-estate method that offers the Five-Step Strategy Guide, in which the creators, Peter Souhleris and Dave Seymour, have had success.

These two real estate investors have formed a partnership and have claimed that they have bought and sold millions of dollars in real estate ventures.

In brief, the partnership concentrates on purchasing houses and refurbishing each one to create a fully finished, upgraded, and newly designed home.

Peter and Dave, on the other hand, do not keep their knowledge to themselves. They provide not only Online Resource Centers but also in-person seminars.

Who Owns The Flipping Formula?

Peter Souhleris

peter souhleris who is he

Peter co-founded CityLight Homes & The Flipping Formula, a nationwide real estate education program.

His enthusiasm pushed him to pursue a degree in architecture at the Wentworth Institute in Boston. He got a job at a small company after graduating.

However, he intended to pursue his hobbies further, which led him to the choice to establish his own company. He specializes in house design, and several big television networks sought him out.

As a result, Pete and Dave created the A&E show Flipping Boston.

Moreover, in addition to his own business, he and his wife founded the Christian Angel Smile Foundation in 2007. He and his wife, Desi, distribute food and other necessities to children in need during the Christmas season.

Appearances on major television networks include CNBC, CNN, CBS, and The Today Show, Rachael Ray, and A&E.

Dave Seymour

Dave Seymour

Dave Seymour is the co-founder of CityLight Homes & the Flipping Formula. He previously ran his own construction company before partnering with Peter to launch CityLight Homes.

This aided him in perfecting his construction and project management endeavors. Pete and Dave created the A&E show Flipping Boston.

He also worked as a medic and a firefighter for the Lynn Fire Department for fifteen years. Dave is originally from London and emigrated to the United States in 1986.

In 2008, he attended numerous real estate investing programs and was asked to teach the fundamentals to many people in the United States and Canada.

Appearances on major television networks include CBS, CNN, CNBC, FOX, and The Today Show, Rachael Ray, and A&E.

What’s Inside The Flipping Formula?

the flipping formula what is it

Is A House Flipping Seminar Good For A Real Estate Investor?

Identifying reliable sources for real estate flipping seminars is essential when looking for houses to flip for a fast return, especially in high-demand cities such as Las Vegas, Austin, and Miami.

The Better Business Bureau even advises individuals to conduct their homework before attending a flip houses seminar, as many attendees believe they were misled or succumbed to sales pressure, paying thousands of dollars to obtain access to more training.

Unfortunately, some house flipping workshops target economically poor areas where the real estate market offers little opportunity for financial gain.

Add in the repair costs for an investment property, holding costs, closing costs…and it’s easy to see how a real estate agent truly must be ready for a world of high risk.

A final sales price typically factors in repair value, but if they notice you cut costs for quality’s sake, you may be in for a rude awakening.

While many in the house flipping seminar markets use strategies such as free entry and glittering door prizes to get people to attend, the services, tools, and information supplied are not free for long.

Let’s be honest: flipping houses is a dangerous business that, in some markets, isn’t worth the risk. According to Time Magazine’s money section, 13% of flipped properties sold with no profit margins or at a loss before expenses.

You can determine how you want to get in on the real estate action by looking at overall expenses (which are not always easy to find), given services, information, and user evaluations of house flipping seminars. Nonetheless, there is always cause for caution when paying for anything that promises to make you quick money.

Physical real estate will always hold a level of volatility, whereas alternatives like Digital Leasing are “evergreen”. Something to consider.

Three Day Bootcamp

The Flipping Formula’s 3-day Bootcamp will teach you:

  • Overcome fear, set goals
  • How to set up your business
  • The investor mindset
  • How to take your business to the next level
  • Real estate strategies tailored to your market
  • Market research
  • Learn how to go national
  • Hard cash
  • Private funds
  • Money for transactions
  • Contracts
  • Providing offers
  • Making a plan of action

Two-Day Onsite

In two action-packed days, a well-trained mentor will accompany you. One-on-one training to help you reach your goals and start on the right track. Meet with a mentor in your city, state, and time.

Three-Day Retreat

Las Vegas, Nevada, is the location of the Investor Summit Experience.

As one may expect, this retreat is similar to the two-day experience, except it will be much more expensive as there is an extra day of activities and it’s in Las Vegas.

What Does The Internet Have To Say?

What Does The Internet Have To Say

Let’s hear what the people have to say:

“$2,000 for a 2 day seminar??

Save the money and do more online research it is FREE and you’ll get more out of it.

There are so many great people on BP that will help you for FREE. Use the $2,000 for you next RE investment! Boom just save you $2,000! You are making money already! Seriously though that’s absurd.”

Let’s read another.

“This is from the same marketing company that has Property Wars, Flip Advantage, Fortune Builders, Flipping Boston, Property Bank… the marketing company is call Zurixx LLC…You can look them up under Elite Mentor…Same company where Armando Montelongo started before splitting a creating his own seminars. Don’t pay the money. I lost 28k, my 401k. I should have invested the money in the down payment of a house. I used to worked for them, until I realized that it is just a scam.”

Not good.

Is Flipping Formula A Scam?

Scam or Legit

So, is The Flipping Formula legit?

Technically, yes – even if people online are saying otherwise.

You can make money with this program, but building a successful business is definitely not as easy as they make it sound.

Now, there’s nothing wrong with front-loading the work and making the money later.

But if you’re grinding it out for 3 months, and then your reward is being forced to grind it out for another 9 months before seeing any “real money,” well…that’s not a great deal, is it?

Reminds me of those God-forsaken MLMs many of us have experienced…all hype and no substance.

What if, instead, you could do that same 3 months of work (in your spare time), and your reward was a $500 to $2,000 payment that came in every single month?

And what if you actually didn’t need to wait 3 months? What if you could get started today and have your first payment in a week?

And what if you could double it next week?

Well, that’s the power of Digital Leasing

And you can legitimately do this from anywhere. It’s a true lifestyle business.

Your laptop and an internet connection are all you need.

Some of the most successful students in this program run their entire 6-figure businesses from:

  • A camper in the middle of the woods
  • A beach chair laid out on gorgeous white sands
  • A small villa in the Mediterraneanquit your job

These people are able to travel around, living their lives first, and focusing on their income second.

Because even if they stop working for an extended period of time, the money keeps coming in – so adventure, memories, and experience are the top priority.

And they never have to worry about how to pay for the next trip, or consider asking for time off.

If this sounds more like the type of life you want to leadjust click here to find out more about Digital Leasing.

How Much Does The Flipping Formula Cost?

the flipping formula how much does it cost

It appears that Doug and Peter will charge $2000 for a two-day seminar, but then they try to push as many upsells as possible.

Unfortunately, this has set back investors upwards of $43,000, with little-to-no results to show for it.

Be careful out there!

The Flipping Formula Refund Policy

the flipping formula refund policy

Since we can no longer find any Terms and Conditions page for The Flipping Formula, we figured out what legal experts had to say.

Unfortunately, it seems that if you agree to send your money to Pete and Doug, you are not going to see it again.

What Is Our Top Recommendation For Making Money Online In 2024?

Take the Pen

Our review team has spent months researching, reviewing, and vetting dozens of business models and thousands of programs.

While there may be no “perfect business”, the research IS conclusive:

Digital Leasing is the #1 online business model for entrepreneurs.

Whether you’ve never made a dollar online, or you’ve been in this space for a while but never really “made it,” Digital Leasing is probably your best bet.


Frankly, I don’t think you can afford to make the wrong choice when it comes to your career in this day and age.

Have you seen inflation lately? You know, that thing where your money is worth less but your costs of living keep rising? You must find a way to overcome this strain on your financial life, and you can’t rely on others to do it for you.

Whether you’re a man sick of living an average life, or a single mom seeking a new stream of income in order to stop the cycle of barely getting by…it seems clear to me that Digital Leasing is a great option to take control in today’s economy.

Let’s dig into the details:

1) It’s Flexible:

Got an hour a day? You can do this. Ready to drop everything else and dive in full time? You can do this.

Yes, the more time you put in, the faster you see results. But even with a little time each day, you can move the needle in a Digital Leasing business.

And because this system is so flexible, you don’t have to constantly be working to make more money. It’s called PASSIVE INCOME because if you stop working, the money doesn’t.

Imagine taking 3 months off to just tour around Europe, rent a cabin in the woods to write a book, hike the Appalachian Trail, or live on the beach and surf all day.

This is only possible if you have an income stream that’s not tied to your time.

testimonial BAM jump all in

2) You Own & Control EVERYTHING:

With flipping houses, you don’t own anything. With the Flipping Formula, you REALLY don’t own anything.

You don’t own the sales platform, you don’t own a brand, and you don’t own the customers.

So…are you comfortable trusting these guys with your livelihood?

free time family online business

3) Little To No Startup Costs:

It’s possible to get into Digital Leasing with zero dollars upfront. Because, using the strategies outlined in this program, you can get a client to pay you BEFORE spending a penny out of your own pocket…even before you do any work.

That said, I’m not going to lie to you and say you’ll never have to put any work in. That’s a red flag. You don’t get anything for free in this life…however, you can absolutely put work in up front that frees up your time and lifestyle as you stack success.

That’s the life-hack to sitting back and watching money roll in.

Even without getting paid in advance, you can have your first Digital Rental Property up, running, and generating profits for a much more efficient investment than flipping houses – or even worse, taking out student loans.

winning big

4) No Wasted Time:

As mentioned above, spending tons of hours every day scrubbing floors is a huge time commitment.

Plus, you constantly need to be grinding if you want to maintain your business.

You need to spend even more money if you want to scale up. With the Flipping Formula, you’ll always have limits on your time and freedom.

With Digital Leasing, a 100% online business, you never have to worry about that.

Testimonial leadgen marketing

5) Easy To Duplicate:

Ok, here’s the best part: once you have your first Digital Rental Property up and running, you can literally DOUBLE your income with a few clicks, a couple keystrokes, and a single phone call.

Remember: each Digital Rental Property is worth $500 to $2,000 a month in semi-passive income (over 95% profit). Every time you decide to create another one and increase your income, it gets easier.

How does it get easier?

Because you have more knowledge, more experience, more results, and more momentum.

If you wanted to double your income with the Flipping Formula, you’d have to double your time investment OR your profit margins. And it doesn’t take a rocket scientist to figure out that’s a lot harder than a few clicks and a few minutes of your life.

done deal digital real estate

6) Make Money Helping Real People:

This part is what makes it all worth it. Flipping houses is a decent way to make yourself money, but it doesn’t improve anyone else’s lives.

After all, there’s always someone else selling real estate. That might be fine in the short term, but in the long run you may feel like you’re missing a purpose.

Don’t even get me started on MLMs, where your friends and family become the product…I’m sure many of you reading have been through that sort of “bait and switch” nonsense before.

You know the type – they promise a living wage, then you’re only on commission for a sketchy product.

With Digital Leasing though, you’re actually helping people by solving your clients’ biggest problem:

Small, local businesses need more customers, and with Digital Leasing, you are unleashing a flood of happy, paying customers for these businesses.

You make money by helping them make money.

Not some big, faceless corporation either…a small business owner who’s using that money to put food on the table for their family, start a college fund for their kids, or take care of a sick parent.

Once you see how Digital Leasing makes a real impact in the lives of real people, you’ll see what I mean.

take the pen

Now, the choice is yours. You could continue browsing, looking at opportunities like flipping properties which could one day make you money…

…you could continue researching, never making a decision

OR, you could take a look inside, consider what you really want, and join a program that makes your dreams a reality.

At the same time, you’re joining a community of over 2,000 successful students that are living life on their own terms thanks to Digital Leasing.

consistent, reliable, semi-passive stream of income that doesn’t depend on you or your time to keep producing profits? It’s as good as it sounds.

All while genuinely helping real people who are grateful and happy to pay for it.

If this sounds more like what you want out of life (or if you just want some nice side income), click here to learn more about Digital Leasing.

4 Responses

  1. This company and their affiliate Advanced Real Estate Education in Utah are absolutely without a doubt 100% a scam. The only system they know how to execute is tricking you into thinking you will be successful if you give them thousands of dollars to help you achieve financial freedom through flipping houses. They promise you courses and retreats and coaching. They never supplied the courses or the retreats. The coaching was the biggest joke. Some guy who claims to know real estate that blows smoke up your ass and tells you the realtors and contractors you are working with have no clue what they are talking about. He pulls this stunt off just long enough to get through the sessions so he/they can completely abandon you. The sales pitch for any additional information from them is the biggest damn lie written on paper. The disappointing thing is that they have screwed so many people out of time, money and energy and they have a system set up so that they can’t be touched. Be careful because I wouldn’t doubt if your credit card company is working directly with them. Stay far away. Go on YouTube and learn for free.

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