All Forum Posts by: Calvin Thomas

Quote from @Russell Brazil:

Quote from @Calvin Thomas:

Quote from @Russell Brazil:

Quote from @Calvin Thomas:

Quote from @Russell Brazil:

Time in the market, beats timing the market.

Buy now. Rents will go up. Rates will at some point allow you to refinance.  

Why would someone buy now and make little money for the chance that the rates will adjust later? What happens if he has a major expense?  Sh!t happens, and it usually happens when one least expects it.  This is a good way to get underwater real fast.

This is an unwise suggestion. 

Literally the same thing everyone has said to me my entire life about why you shouldn't buy real estate now.  

 Yea, what do I know?  Makes complete sense to purchase a property that breaks even or loses money. Because real estate always goes up and the maintenance fairy takes care of all repairs free of charge.

Seems like a recipe for disaster.  DC properties are expensive, but they probably do not hold a candle to the crazy prices in Boston.  Even a clock is right twice a day.

 Boston is the 3rd most expensive market in the country, and DC is the 4th. Ive invested in the Boston & DC markets for 22 years now. So yeah, Ive got some experience in this realm. 

 Then you would know, that purchasing something that is losing money from the get-go is an unwise idea.

Quote from @Rene Hosman:

Quote from @Calvin Thomas:

Quote from @Rene Hosman:

Quote from @Calvin Thomas:

Quote from @Rene Hosman:

Quote from @Spencer Ware:

Looking to start expanding portfolio.  Would like to be more hands off as well. Seeking connections, advice, deals. Thanks 

 Have you connected with Devon Kennard at all? He just published a book on this with BiggerPockets and does a LOT in the space of trying to educate athletes on how to invest. Have met him personally a couple times and he is just a great guy all around. 

His book: https://store.biggerpockets.com/products/real-estate-side-hu...

His IG: https://www.instagram.com/devonkennard/

Ah yes..  Who else would have the knowledge to lead others than a 33 year old former football player; who wrote a book that is being hocked by Bigger Pockets.

Maybe you can get Nails (Lenny Dykstra) to write a book that BP can sponsor?  After all, he also was in real estate AND a successful baseball player.  Pretty sure he stole from people in a ponzi-scheme or something.

You guys are classic.

 If you don’t believe in BiggerPockets message or mission then what are you doing here on the forums exactly?? 

 Pointing out the BS that people try to peddle.  Your "books" are equivalent to the image below.

 Really? I've read at least half of the books published and I don't think that's true at all. I'm curious which of the books you've read and why you didn't like them?

 Good for you.  Please, share some tips and cite the pages and books on what was so enlightening that one cannot find for free in the forums here or on Youtube. 

Here's a tip that I've learned being in this business for over 40 years. The key is in the buying, not selling.  Value adds are always a great opportunity to generating additional more money.

If you have extra space on your property, consider applying for an ADU. If you have a basement or attic, consider converting it to usable space and attach it to the unit above or below. While they cannot be considered rooms, they will bring in an additional $$ each and every month.

If you have a mixed-use or multi-family, consider adding a laundry room, vending, etc.  

Then you look at your expenses to see what you can pass on to the tenants. Transfer the water meter to their control.  Transfer landscaping and snow removal to them as well.

Do you have a single-family house with a separate garage? See if you can add livable space on top of the garage.

These strategies help two fold.  One, it can solve any short comings in the income.  Two, it makes your property more valuable with the value-ads.

Quote from @Rene Hosman:

Quote from @Calvin Thomas:

Quote from @Rene Hosman:

Quote from @Spencer Ware:

Looking to start expanding portfolio.  Would like to be more hands off as well. Seeking connections, advice, deals. Thanks 

 Have you connected with Devon Kennard at all? He just published a book on this with BiggerPockets and does a LOT in the space of trying to educate athletes on how to invest. Have met him personally a couple times and he is just a great guy all around. 

His book: https://store.biggerpockets.com/products/real-estate-side-hu...

His IG: https://www.instagram.com/devonkennard/

Ah yes..  Who else would have the knowledge to lead others than a 33 year old former football player; who wrote a book that is being hocked by Bigger Pockets.

Maybe you can get Nails (Lenny Dykstra) to write a book that BP can sponsor?  After all, he also was in real estate AND a successful baseball player.  Pretty sure he stole from people in a ponzi-scheme or something.

You guys are classic.

 If you don’t believe in BiggerPockets message or mission then what are you doing here on the forums exactly?? 

 Pointing out the BS that people try to peddle.  Your "books" are equivalent to the image below.

Quote from @Russell Brazil:

Quote from @Calvin Thomas:

Quote from @Russell Brazil:

Time in the market, beats timing the market.

Buy now. Rents will go up. Rates will at some point allow you to refinance.  

Why would someone buy now and make little money for the chance that the rates will adjust later? What happens if he has a major expense?  Sh!t happens, and it usually happens when one least expects it.  This is a good way to get underwater real fast.

This is an unwise suggestion. 

Literally the same thing everyone has said to me my entire life about why you shouldn't buy real estate now.  

 Yea, what do I know?  Makes complete sense to purchase a property that breaks even or loses money. Because real estate always goes up and the maintenance fairy takes care of all repairs free of charge.

Seems like a recipe for disaster.  DC properties are expensive, but they probably do not hold a candle to the crazy prices in Boston.  Even a clock is right twice a day.

Quote from @Mark Cruse:

Seems like relative perspective. You are speaking as though $800 to $1000 a month from one property is nothing. There are people here who have no problem losing hundreds to thousands in negative cash flow monthly. If everyone I had cash flowed 1k a month while I still had a mortgage, I consider it a major success because so many are not hitting that. Many who are put a significant amount down or it's paid off. Now if your interpretation is cash flowing enough to quit your job that is another conversation.  20 or 30 properties at 1k a month a door, if managed properly is a great revenue mark in my book. 

 Agreed.  I am not sure why people purchase properties that are negatively cash-flowing.  One major issue and they can be wiped out. Hoping and praying for values to rise isn't a good strategy.  

Quote from @Rene Hosman:

Quote from @Spencer Ware:

Looking to start expanding portfolio.  Would like to be more hands off as well. Seeking connections, advice, deals. Thanks 

 Have you connected with Devon Kennard at all? He just published a book on this with BiggerPockets and does a LOT in the space of trying to educate athletes on how to invest. Have met him personally a couple times and he is just a great guy all around. 

His book: https://store.biggerpockets.com/products/real-estate-side-hu...

His IG: https://www.instagram.com/devonkennard/

Ah yes..  Who else would have the knowledge to lead others than a 33 year old former football player; who wrote a book that is being hocked by Bigger Pockets.

Maybe you can get Nails (Lenny Dykstra) to write a book that BP can sponsor?  After all, he also was in real estate AND a successful baseball player.  Pretty sure he stole from people in a ponzi-scheme or something.

You guys are classic.

Quote from @Russell Brazil:

Time in the market, beats timing the market.

Buy now. Rents will go up. Rates will at some point allow you to refinance.  

Why would someone buy now and make little money for the chance that the rates will adjust later? What happens if he has a major expense?  Sh!t happens, and it usually happens when one least expects it.  This is a good way to get underwater real fast.

This is an unwise suggestion. 

Quote from @Spencer Ware:

Looking to start expanding portfolio.  Would like to be more hands off as well. Seeking connections, advice, deals. Thanks 

Be careful about what you post here.  The vultures are coming out already.  My one suggestion: do not conduct business with anyone (here or anywhere) without having your lawyer and maybe even your CPA reviewing all the paperwork.

Also, stay far away from LPs. You can lose your shirt... Just look at how many LPs are pausing distributions now.  Connect with a local real estate agent and run the numbers.  Factor 8%-10% for a reliable property manager (use AllPropertyManagement.com).

After that, you're golden.

Quote from @James Wise:

Do people still buy property in California for any reason other than the weather? Seems like everything else about California sucks. High taxes. Soft on crime. People just stealing whatever and whenever they want. Homeless people living in tent cities pooping on the streets etc.....

Why do people still go to California?

Just like New York City, Long Island, Westchester, Northern NJ, Fairfield Connecticut and most of Massachusetts, you cannot beat the appreciation and demand for rentals when compared to OH, AL, MS, etc.

As I tell everyone, learn to play the game, and you'll do fine in just about any area.  Cali is tough, but so is Jersey and NYC.  Screen wisely and be selective; but watch out with what you say.  No need to have a fair housing issue.  One has professional tenants in every state.