All Forum Posts by: Mike Terry

 Thank you for your response.  I understand what it is, too me it is over the top and the shameless slef promotion is a big departure from the original cast and intend of the podcast.  I guess I just need to take it for what it is.  I hope more novice investors can filter through the bad advice.

 Thank you for your response.  I know there is lots of good on this site and in the various podcasts.  I am just disappointed in the tone of the site.  Like everything, the degree of sales vs good advice is nuance.  It is clear to me that it has swung too far and the overall platform is only a shadow of its' former self.

I love Bigger Pockets. The site and the podcasts have been responsible for my success, be it limited, in my real estate endeavors.  The recent podcast advice stopped me in my tracks as I have started to really question the judgement and advice that is given to very inexperienced investors.  I think it is a good example what the podcast has become.  Not seeing Greene! Now I may have misheard, but I believe the advice was to cash out 1.5MM retirement fund (type unkown) and invest it in two short term rentals.  No consideration of tax implications, the investors experience or aptitude for operating this strategy. I am not sure how someone who is no where near retirement nor having any retirement planning qualifications can suggest such a thing.  I am in the middle of planning my own exit from W2 employment and I am agonizing over finding qualified and unbiased counsel on planning.  It is hard because the financial industry has been so distorted by compensation models.  I feel Bigger Pockets and in particular the real estate podcast has become the same. I know David Greene is smart and he has accomplished things I can only dream of, but The podcast has become his own personal advertising platform frought with self-promotion.  Very few episode don't include plugs for his brokerage business and his mortgage company.  I feel the same way about this as I do financial advisors.  Good advice is secondary to marketing and questionable opinions. 

I wonder if the listener took that advice and sought out David Greene's company to help her buy these assest,as he suggested? As always please consider the source.  Bigger Pockets needs to re-evaluate what they are about.  

 Thanks Matt I sent you an DM

Awesome!!! thanks for the heads up @Michael Calvey

Thanks Steve for responding.

Greetings BP Community,

I'm an avid Real Estate investor alongside my role as a W2 employee, and I'm currently seeking a financial advisor, preferably one who operates on a fee-only basis. My aim is to develop a comprehensive financial plan as I transition away from my W2 employment over the next few years. Finding the right professional for this task has proven challenging due to the prevalent compensation structure in the industry, which heavily emphasizes investment management. Frankly, I'm skeptical about the value proposition of advisors solely focused on investment management; their performance often fails to justify the associated costs. What I truly need is an advisor capable of fleshing out my skeletal plan, critically reviewing my assumptions, and providing expert insights on portfolio management, tax implications, and potential pitfalls. If such a person exists, I'd greatly appreciate any recommendations.

Additionally, I'm open to considering non-professionals who excel in specific areas where professional advice may be lacking. I'm aware that there are individuals who think strategically and possess a deep understanding of these complex issues. Figures like Paula Pant, Joe Saul-Sehy, Scott Trench, and Mindy/Carl Jensen come to mind; they possess broad knowledge and excel at simplifying intricate concepts into easily digestible points.

I look forward to any recommendations or insights the Bigger Pockets' community may have.

Warm regards,

Mike 

 Charlotte County has a high percentage of older homes 1960's ad 70's.  There are pockets of newer builds.  The county is less developed, a lot of properties are still on wells and septic.  It is less desierable and more remote with less amenities than Lee County.  Homes are generally cheaper, but these are the reasons why.  Median home price 362k in Charlotte, 400k in Lee.

My wife daughter and I vacationed in Ambergris Caye Spring Break 2021.  We rented an Airbnb Condo on the beach strip.  Beware of crime.  My phone was stolen at a convenience store at the convenience store that the condo manager recommended.  I put my phone down on the counter to get money out of my wallet and the clerk picked it up.  I gathered my groceries and reached for my phone it was gone.  Clerk denied it, find my phone located my phone in the store and he still denied.  Police would do nothing.  Great forst day of vacation.  Belize is very third world, I didn't mind that, but my sife probably would not go back.  The diving and fishing were great, restraunts and bars were decent.  I know a European fellow who bought an island and Airbnb the entire place.  He was attacked by pirates, both he and his dog were shot.  They survived but sold everything and returned to Europe.  So crime is a problem, on Ambergris Caye there is really no swimming beach, much like the Florida Keys.  The water activities are specatular.  It is just not a place I would invest in.  of Course to each his own.

With the fear of a recession in the background, I would plan on 10% for vacancy.  Also do you plan to self manage or get professional property Management?  If  so you need to factor in that cost. Under current economic predictions, I suspect rents will flatten and expenses (insurance, taxes, cost of labor for repairs and materials) will continue to increase.  Be sure to underwrite conservatively.  Good luck!