All Forum Posts by: William Bannister

The advantage I instantly see is fewer dog owners will want to rent that space;) Even though I am a dog lover I hate pets in my units.
I make em pay extra if i do take them.

Homes are a little different then apts in that they usually they offer more privacy and space. Part of the space usually is green space. So yes you do lose some of the potential renters that like yards or might want to entertain in a yard. Is the driveway adequate for off street parking?Some times space on the concrete can make up for a small or non existent yard. I have had property like this in the past on the low end I would say I lost 50 per month market value on homes under 650 in rent. On the upper end over 850 per month for rents I would lose a solid 100 to 150 in rent for no yard or almost no yard. Seniors might like it but that is only a part of the demographics.

I am south of you in Evansville In. Welcome to the forum Michael its a great place to share.

Steve I think certain markets that were exploding in the boom have recovered faster then others. the key here is demographics. Orlando continued to grow even after the bubble burst as did a few other cities. When the bubble burst in 07 the over build inventory was sucked up faster then other cities. As a result your now seeing a few cities that baby boomers are still moving to bringing steady amounts of cash to the market. The city of Orlando just like Miami and Tampa are the fastest growing markets 2000 thru 2012 in your state. Orlando is 19th fastest growing city in the nation.
80 million baby boomers moving south to either Arizona or Florida.
If I lived in Orlando I would buy and hold big time. il probably be there either way within 12 months too bad I didnt get there like 3 years ago.
As an investor some times things get tough. During our last boom i quit buying after 2006 because I couldnt find anything. I just gave up the bums on the street were getting better loan offers then I could get as a investor with cash down pmts a net worth and 15 years management and rehab experience back then.
I sold off half my portfolio most of my small stuff houses and duplexes and moved south started with cash and sat and waited for 2+ years from 2007 to late 2009 before I dove back into the market down here in the Ohio river valley. I got lucky selling my last home up north 4 weeks before the sub prime melt down. About 6 months later it struck me that I had gotten very lucky. I went from rehabbing back to landlording since I still had apts I just retrenched and stopped buying. My rehabbing was over and I began to focus back on the apts I still had after I sold off the houses. Now i am creeping back into the rehabs but Im doing deals with cash no debt.
I think Orlando will continue to grow for another 4 to 6 years then boomers will probably drop off as customers and growth with slow.

Just make sure if you invest in condos you read the bylaws before you buy unit. Look through the bylaws with a fine tooth comb!
Some of the condos out there dont even allow you to use it as a rental. That alone would mess me up as far as exit strategy goes.
I like realestate I can rent for income if things dont go as planned for my flip or what ever you have in mind.

Part of our partnership agreement was not to take on more debt over time but pay off the 20 year loan we have unless it requires debt to take out a partner at death because heirs want to sell at a discount or are hard to work with. We also have cash build up on our property every year and spend on large improvements. We have installed a 100k fence with security building and installed basket ball courts and tennis courts since we toke control. we have 8 years remain on the loan and its a fixed rate interest so we arent touching it + all 4 partners are under 50 and are loving the income. My 35k has been returning me 24k a year now for 12 years and I figure why mess with a good thing. I plan to do another deal like this one in 20 months when I finish working on a few other projects I am doing.

im with Ivan on this why would you want to bother going to 10 closings when 300k down on a 3 million dollar apt building brings in some fantastic cashflow? Just my 2 cents I put down 35k in a 4 way partner ship 12 years ago and have been getting checks for 2k a month for teh entire 12 years. Buy a deal on a large apt building leverage what you can buy for the 300k. I would shop the market hard and try to get a 3 million dollar apt building for 1.5 mil. The key here is cashflow and monthly income after expenses. If you dont feel comfortable with management then maybe the houses is your best bet but it just seems like a lot of work. Some people work 10 years in this business to raise 300k to put into a big deal like I am talking about they would love the opportunity to sit back and get 5k a month in income.
Good luck, Wish you all the best. congrats on the 100k saved;)

Welcome Joe, There is plenty of experience here with several of these investors they can teach you a lot.

Regarding the purchase of coins if you go online to a coin broker like monex or kitco or a reputable broker you can buy bags of lose silver or just coins at prices barely above spot. You get better prices per ounce and can pay less then 1 dollar over spot. Some times they want a couple grand to send u a bag of silver since its hard for them to split bags into small amounts + they like bigger purchases. There has been some fake stuff going around silver plated crap watch out for that and make sure your broker/dealer is willing to bet you the farm what your getting is what you paid for. Dont let it stop you from investing in silver and gold though just be very careful what brokers and dealers your getting it from. I like the popular coins they are much easier to resell and they can appreciate faster over time. My favorite coin is the walking liberty you can never go wrong with these. Morgan dollars are the other ones I like.
If you trust a local dealer which isnt easy these days to buy just a few pieces of silver a month. I am always a little nervous but if they have been in business long enough maybe that helps. The stuff I am buying now are 1 ounce coins, 10 ounce, 100 ounce silver bars. I am also on occasion buying gold ounce coins. The 1/5th version of the gold and silver I may begin to purchase but at the current price of 32 per ounce I think a silver 1 ounce coin splits up your investment to a small enough denomination that if it was even used for something like money you could just trade a coin for what ever your buying. Once silver hits 100 dollars an ounce I might be inclined to get some 1/5 ounce silver or just buy silver dimes;) This will make the purchase small enough to use as normal currency if you are wanting that.
Im not a dooms day guy but since they have been passing silver and gold for thousands of years it seems more stable then paper currency is.
If you have ever seen a one trillion dollar zimbabwe note its pretty funny. In 1946 Hungary printed a note with 20 zeros on it! 100 quintillion note! Hey can I get a loaf of bread for a 100 quadrillion, NOT. Hey you have a silver dime ya sure no problem here is your bread and some eggs.

Very cool pics I have always been a little curious as an investor of apt buildings and homes and multi units how thiings work in the world of mobile home investing. Between just fixing up homes and turning them into notes or actually buying mhp's I am curious what the collection% is compared to stick build or conventional construction?
Nice work btw Terry fast money!