All Forum Posts by: Clay Gradis

REIA Meeting tonight SFValley

Pieology 9118 Reseda Blvd, Northridge, CA 91325

6:30-8:30

See you there.…

no cost

Hi Chris,

Welcome to BP, lots of good people and good info here.  My personal favorite piece of advice I got from BP was, have plenty of reserves, cash reserves, you can never have enough reserves.  

It will be interesting to see how the other Turn Keys deal with this.  Will they suggest customers fly out to see properties before buying?  Interesting times to be on the sideline watching.  I'm on several of the bigger Turn Key's mailing lists, I'll post here if I see anything. 

@Christopher Lombardi The fact that he is selling long term investments isn't a problem, the business model for Turn Key providers is to rehab and sell properties.  It's the due diligence that was the issue.  Good Turn Key's like JWB in Jacksonville or Bridge in KC tend to rehab and put a tenant into the property and then offer it for sale to investors.  I like to see personally walk and inspect every property that I buy.  I fly to DFW around once a quarter to check up on my property there.  

Clayton is correct, passive income is not easy or passive.

Dang, he just tarnished the Clayton name :(

Wow, I was not expecting this.  I liked Clayton and his videos, at least early in my investing career (last year).  I always thought there was something wrong with the idea of buying $60k homes, now I know, it's not the homes it's the crooks.  Glad I never bought from Clayton.  

Unless you have reliable people on the ground where you are buying, I recommend seeing the property, walking the property before you buy it.

Ughh, I hope none of you own any of this crap.

@N'neka Scruggs

you don't have to get the heloc and the refi from the same place, you can go to two different banks/sources.  I have my home loan with one bank and heloc with a second.  It's working well for me.

@Ismael Reyes

Congratulations.  I'll be following along to see what happens.  I've now invested in two syndications, I'm hoping to learn a lot from my passive investments and see where I go from there.

@Andrew Postell Thanks for the reply, I'll use your questions, they are great.

@Kenneth McKeown thanks for the advice, I don't have any experience with a Mortgage Broker, I've used banks for my purchases except this one where I used a hard money lender.  I'll look into Mortgage Brokers.

What I want to find is the local DFW small bank that loans locally and is investor friendly.  I'm looking for a 20 to 30 year fixed rate loan for 70 to 80 % of the current value of the property.  Anyone have a bank I should call?  

Thanks!