All Forum Posts by: Eric Gerakos
Eric Gerakos has started 0 posts and replied 814 times.
Post: Introduction to the community
#2 Market Trends & Data ContributorPosted - Investor
- Costa Mesa, CA
- Posts 832
- Votes 1,138
Welcome, and best of luck to you.
Post: Tenant will likely destroy your property prior to being evicted
#2 Market Trends & Data ContributorPosted - Investor
- Costa Mesa, CA
- Posts 832
- Votes 1,138
The best alternative is to not buy cheap, crapbox properties in the midwest that will attract an undesirable tenant base.
Post: Why I Stopped Talking About My Goals with Friends and Family
#2 Market Trends & Data ContributorPosted - Investor
- Costa Mesa, CA
- Posts 832
- Votes 1,138
"If you spend too much time talking about something, you'll never get it done." Bruce Lee
Post: The #1 Thing Nobody Tells You About Real Estate Until It’s Too Late
#2 Market Trends & Data ContributorPosted - Investor
- Costa Mesa, CA
- Posts 832
- Votes 1,138
Buy better properties in better areas. More profitable and far less headaches.
Post: Choosing a location to purchase my first rental
#2 Market Trends & Data ContributorPosted - Investor
- Costa Mesa, CA
- Posts 832
- Votes 1,138
Quote from @Nicholas L.:
hello. i'm just going to be very direct. here are a few thoughts.
1. i don't think not buying means you have analysis paralysis. the market is tough right now. buying a bad deal is just going to set you back financially. "analysis paralysis" is a term created by people selling things to get you to buy so they can make money off your purchase. you need to look out for you.
2. i would not buy a property thousands of miles away because an agent or an Internet person said so. this is a recipe for disaster. see these threads.
Issues with Mold
Sell at a loss or rent at a loss
Experience of OOS investing in Cleveland after 1.5 years.
$12,000 Turnover!! Is this normal for less than 3 year tenant.
Baltimore - a path to never-ending pain
3. how do you know if an area is good? you go there in person and see if it's good. if you can't do this, don't buy there. see above threads.
4. you're not going to cash flow any amount whatsoever, period, in the first few years of owning a rental property, or potentially even longer. none. $0. not any. i cannot emphasize this enough. it costs money just to buy - those costs are called closing costs. then it costs money to get ready to rent - maybe you need to do some sprucing up like painting. then it costs money to lease up - you might have to pay an entire months rent to an agent or PM. then something is going to break immediately. might be a doorknob, or the dishwasher, or the furnace. costs, costs, costs.
hope this helps
i wish you good luck
This.
Post: Looking for where to start as a complete beginner. (Brain is Scrambled)
#2 Market Trends & Data ContributorPosted - Investor
- Costa Mesa, CA
- Posts 832
- Votes 1,138
I agree with Seth that flipping requires knowledge that takes time to learn and can be high risk for the inexperienced. My advice would be to focus on owning fewer but better properties and avoid cheap properties that are cheap for a reason. Best of luck to you.
Post: Finding a tenet
#2 Market Trends & Data ContributorPosted - Investor
- Costa Mesa, CA
- Posts 832
- Votes 1,138
Why would you buy a rental property in an isolated area with a very small tenant pool? When considering a property the first thing I look at is the quality and quantity of available tenants.
Post: Analysis Paralysis in MA
#2 Market Trends & Data ContributorPosted - Investor
- Costa Mesa, CA
- Posts 832
- Votes 1,138
Anton, don't confuse "analysis paralysis" with common sense. If the numbers don't pencil out, it's better to not buy anything than buy just to buy and lose money.
Post: Hi I’m Branton!
#2 Market Trends & Data ContributorPosted - Investor
- Costa Mesa, CA
- Posts 832
- Votes 1,138
Welcome, Branton.
Post: Updating Lease Terms for Great Tenant
#2 Market Trends & Data ContributorPosted - Investor
- Costa Mesa, CA
- Posts 832
- Votes 1,138
As an experienced investor, when new investors talk about not raising the rent on "good" and "loyal" tenants it just shows that they may not be capable of operating their rentals as a business. Tenants are SUPPOSED to pay the rent on time. Those that don't are evicted. Since an investors expenses typically increase every year, not keeping your rents at or near market rent will eventually lead to losing instead of making money. There are no good or bad tenants. There are only tenants that pay the rent on time like they are supposed to, or former tenants who don't.