Is it just me, or has BP changed over the past few years?

[Harry Arnold]

It seems to me that BP has changed. I can't put my finger on exactly when - but, I think it started about 3-5 years ago. Up until then, BP was filled with good stuff, real value, from real REI at all levels. The content was gritty and real, and came from actual hands on successes and failures. Now, it seems like a social media platform to just "talk" about theories and possibilities. If I had to guess, I'd say that BP got big and the founders handed the day to day operations over to people that know how to market, but have no experience with the actual subject matter. It's probably a natural transition, and I'm just whining about it. Maybe it's just that I miss how it was, and I'm resistant to change.

[Marcus Auerbach]

I think there is some truth to it, but also you have changed - you know more now, so things get repetitive and less interesting.

Subjectivly I feel real estate investing has become more mainstream compared to 2010-2015. Back then it was hard core RE enthusiasts who did not mind to swim against the current. After 2015 REI became a mainstream idea, competition and prices have risen. So the filter is no longer market sentiment, but the actual financial barrier entry.

Josh Dorkin has been hammering cash flow as the main criteria, if not the only criteria, based on his own experiences in CA. This has really influenced a generation of investors, who took it way to far and started looking at REI as an ATM. Now the market is correcting that; cash flow expectations are starting to reduce and a lot of people will leave the space before they bought their first one, just because its getting too hard.

As a young agent I have worked with a lot of investors. 80% bought just one property, never a second one. A few bought 2 or 3. Only 2 guys have kept going as far as I know with small MF and SF. Only one person I have ever met made it from zero when we first spoke to 1400 units and built an actual business.

I think the next 5 to 10 years will be interesting; I expect prices to keep rising to unexpected levels along with the dollar (and debt) loosing value - until legislation and builders can ramp up production to fill the backlog and match demand.