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All Forum Posts by: Eric James

Eric James has started 22 posts and replied 2236 times.

Post: Almost in escrow on a house in Cleveland. Would like input.

Eric JamesPosted
  • Investor
  • Malakoff, TX
  • Posts 2,281
  • Votes 2,515
Quote from @Jay Hinrichs:

why would anyone air bnb a basement in a house full shared tenants ???  that sounds like very poor accommodations.  Are you sure anyone would rent that as a str.  I tried the shared housing on low end units its a nightmare your dealing with tenants with very limited income and almost always a ton of drama.

Cleveland has some nice 2 to 3 to 4 units which run as standard small plexs and you can buy those on the WEST side of town for 130 to 200k.. rents will be 700 plus per apartment..  just sayin..

I think your looking at a ton of management hassles trying to shoe horn folks into shared living. 

Yes, he'd be frequently dealing with the police as well as the tenants.

Post: "Doors Syndrome" in Real Estate

Eric JamesPosted
  • Investor
  • Malakoff, TX
  • Posts 2,281
  • Votes 2,515

Just look at all the BP interview videos "We went from 0 to 1000 units in a year." Almost everyone in BP interviews counts doors purchased with partners as "theirs".

Post: New Fannie/Freddie Guidelines Coming May 1, 2023

Eric JamesPosted
  • Investor
  • Malakoff, TX
  • Posts 2,281
  • Votes 2,515
Quote from @Jay Hurst:
Quote from @Eric James:
Quote from @Jon Puente:

I guess the point is to encourage people to become homeowners regardless of credit score and down payment, and basically level out the playing field from those who have 700+ credit scores with higher down payments.  

I am curious about your thoughts?  

2008 here we come again. Whenever the government tries to "help" people the exact opposite always happens.

 except it was NOT government subsidized loans that got us into trouble in 2008, it was free market wall street firms buying subprime loans from non-banks. 

 Of course government was involved. Pushing banks to allow everyone to be able to "afford a home".  If they weren't involved 30 year fixed rate mortgages wouldn't even exist.

Generator for emergency electricity. But extreme weather is one of the hazards of STRs. 

Post: New Fannie/Freddie Guidelines Coming May 1, 2023

Eric JamesPosted
  • Investor
  • Malakoff, TX
  • Posts 2,281
  • Votes 2,515
Quote from @Jon Puente:

I guess the point is to encourage people to become homeowners regardless of credit score and down payment, and basically level out the playing field from those who have 700+ credit scores with higher down payments.  

I am curious about your thoughts?  

2008 here we come again. Whenever the government tries to "help" people the exact opposite always happens.

Post: More anti-landlord action coming?

Eric JamesPosted
  • Investor
  • Malakoff, TX
  • Posts 2,281
  • Votes 2,515

First this isn't a done deal. Landlord advocacy groups are working to stave this off. Second, like the federal eviction moratorium, this order would only apply to properties financed with federally guaranteed loans. That's how they try to get around the unconstitutional argument.

Post: My home is on tax sale.

Eric JamesPosted
  • Investor
  • Malakoff, TX
  • Posts 2,281
  • Votes 2,515

If this is your homestead you will have up to 2 years to recover the property paying 25% interest. 

Apart from that, someone will contact you days before the sale about purchasing the property from you for we'll below market value.

Post: Paying all cash vs putting 25% down?

Eric JamesPosted
  • Investor
  • Malakoff, TX
  • Posts 2,281
  • Votes 2,515

A bigger question for me would be whether I want to buy in NYC.

Post: Do I need additional LLC

Eric JamesPosted
  • Investor
  • Malakoff, TX
  • Posts 2,281
  • Votes 2,515

People don't have cash to invest because they don't live below their means. Living below one's means is a more important skill than finding deals or investors.

Post: How do you maintain balance with exercise/workout routine?

Eric JamesPosted
  • Investor
  • Malakoff, TX
  • Posts 2,281
  • Votes 2,515

Lift weights 5 times a week. Walk on treadmill daily when I'm trying to get leaner. Will be in the gym at 5 am when I won't have time during the day. Have a goal of doing a bodybuilding competition later this year.