All Forum Posts by: Account Closed
Account Closed has started 18 posts and replied 70 times.
Post: For rooms without windows, do any of you rent them for storage?
- Los Angeles, CA
- Posts 70
- Votes 14
And what about being a mailbox for people? This way there is no Post Office box, no mailbox, not even a suite #. Just a name at a house address. The problem with this is probably neighbors seeing people come and go. They wouldn't like that. Of course the person using your mail delivery service would be notified when there is something there and who its from, minimizing traffic.
Post: What if you could change the size of a room?
- Los Angeles, CA
- Posts 70
- Votes 14
When googling movable walls its clear that the vast majority of applications involve either the wall being there or not. That doesn't help us. https://duckduckgo.com/?t=ffab...
Another option that is easier to implement is to have a pivoting wall. This is really good for people that are making one room become a bedroom for instance. Like this:
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But we need to be able to control the size of that room. Of course having a pivoting wall would mean that existing space could be far better utilized but that's for another discussion.
Here's a video showing a very sophisticated, motorized system (that probably cost a fortune).
What we need is something that doesn't move so far, is not motorized, at a reasonable cost. It would probably use wheels every few feet for the floor (no carpet would work) though tracks on the floor would be more stable, with a track every few feet on the ceiling. Obviously the lighter the wall the easier this is. Many people are moving thick, heavy walls. That just hugely magnifies the difficulty of this project.
Here Ikea is experimenting with a system whereby the wall floats without touching the floor. What about inevitable swinging? Maybe it doesn't matter if the wall is moved slowly. If it was moved manually it could be pushed from the middle minimizing swinging. Maybe a little swinging during moving the wall doesn't even matter. The great thing about this is it would work with any floor covering, even your priceless Persian carpets! Obviously the wall can't be heavy if it is suspended from the ceiling. As most people use hardwood floors these days it seems much easier to just use wheels on the floor. Then push it in the middle manually (and carefully).
Post: What if you could change the size of a room?
- Los Angeles, CA
- Posts 70
- Votes 14
Quote from @Chris Seveney:
@Roger Simons
And how will you control electrical/hvac and lighting?
Good question. I would think the most you'd move the wall would be about 1/3 of that total space. So as long as the air ventilation and lighting were in the correct area you'd be fine. For electrical as long as you have enough outlets you'd be fine. I'm glad you brought that up though. Its very important. Without air and light most tenants might get a little upset! You know.....the mamby, pamby ones that just HAVE to have air and light. Wusses! :)
Seriously, most light fixtures are in the middle of the ceiling. So the issue would mainly be with the positioning of the air duct for that room if it used forced air.
Post: How did BRRR even come about? It encompasses so many things.
- Los Angeles, CA
- Posts 70
- Votes 14
Quote from @Andrew Postell:
@Account Closed I personally don't like to pay for courses. That might fit some people's personality but it doesn't fit mine. I like to do it. However, I still get feedback and guidance from real estate investor groups. Bigger Pockets is a good group to me because I can learn a lot from this site and I can do a TON of learning 100% for free here. Also though, there are local real estate groups close to you. That meet in person. Some might be better than others but visiting with other investors who are doing this and being successful at it is a great way to get guidance....and it can be with no cost. Again, there might be some groups that you have to pay for but there are a lot that are with no cost. That's the kind of guidance I mean.
And the entire concept of the BRRRR is that we purchase with little to no money out of pocket...otherwise, why would we go through all of that hard work? Just to give a quick outline with some examples (don't hold me to the exact penny here, I just want you to understand the concepts):
1. We BUY off market properties in a state of disrepair - We've been having to buy off market to make this work for several years now. There could be exceptions here but this is the general rule of it.
2. We BUY and REHAB at 75% of the ARV. Meaning that we have to fit BOTH the purchase price and rehab at 75% of the ARV. This is the limit because this is what my Hard Money Lenders will provide me. At these thresholds I am coming out of pocket for my closing costs.
3. We then RENT, REFINANCE into a 30 year mortgage, and REPEAT.
I can spend HOURS on each step here...but that's the quick and dirty to it. Hope that helps.
Post: Small Ocean front or larger offshore condominium!
- Los Angeles, CA
- Posts 70
- Votes 14
Quote from @Tracy Ross:
I just did a second home as an investment AirBnB. You can check it out on my profile. I was running number on it forever and getting stuck in analysis paralysis when I just decided to close my eyes and jump.
Per my numbers I figured it would break even every month but would be a great long term investment and also something I could enjoy when I wanted to go to the coast. That property is cash flowing anywhere between $500-$2000/month! And that is after I pay property management 22%. PM is worth every penny to me though as they take care of every detail and I just cash checks.
I'm sure the market in Oregon is different from that in the Carolina's but I have thoroughly enjoyed watching this property get full bookings and grow in popularity. I hope you go for it!
The problem with property management is they don't care how much repairs cost. They won't shop around like you would because its simply not their money. They don't care. Well....they certainly don't care nearly as much as you do. I can see it being useful when people first start and are maybe unfamiliar with things though I'd question anyone investing in an area they are not familiar with. It seems a lot of people are doing this that really shouldn't be. They aren't people persons, they don't do any repairs themselves, they don't understand construction, and they don't assemble a low cost, local team they can rely on to help them when needed. They're doing it like they would buy a mutual fund. As if real estate is passive. Well I guess it can be if you're lazy and detached from your investment. But that is surely a road to ruin. Investing in what you are interested in is key. We shouldn't let money sway us too much. Sure we need a profit but if the area you invest in doesn't interest you it will always grate at you when you need to spend time at it.
Post: Security is a huge concern when sharing space.
- Los Angeles, CA
- Posts 70
- Votes 14
The more people you can rent to the more money you pull in each month and the more your property is worth. Duh.
Anyone with valuables isn't going to live with strangers with no security. Lots of people don't need huge amounts of space but they don't want to worry that anyone can easily take what they have there.
Another problem with people living closer together is noise disturbance.
The solution to both is to devise some sort of pod structure that uses a loft bed where the bed is over the desk, perhaps on a pulley system to raise it to the ceiling during the day. Even a single bed takes up quite a bit of space (about 40" x 78") so that means a large desk/storage area under that bed if the space is utilized well. The desk doesn't have to take up the whole length obviously. It could also be a wrap around design as most desks aren't 40" deep. Height adjustable, slideout shelves could be used for storage.
You want natural light obviously. So the (double) walls would need to let light in from the window. Light should come from above and inside the pod light colored finishes could be used to reflect/disperse the light well. If the light comes from above
The pod would need to be ventilated (HEPA filtered for superb air quality) from that same window. Realize that this means that person would sleep in dead silence meaning excellent sleep quality. This is the biggest problem with sharing: Sleep interruption because of noise. Most people use alarm clocks to wake up!
The challenge is how to make it secure. Glass can be easily smashed (plexiglass is strong but too expensive) but there could be a steel grid framework with glass panels. If the grid is small enough (say 12" x 12"?) no one could get in, even if the glass was smashed. Small valuables could be secured in a lock box. As long as someone can't reach the lockbox by sticking their arm in through smashed glass, you're safe. Plus realize that in a house like this someone is usually home. It could be alarmed. This makes it very secure. Rigging up a steel and glass structure wouldn't be cheap but it sure would make a huge difference to the quality of tenant you get. One plus would be the glass may be acquired as scrap as offcuts being we are using small panes! The steel would have to be welded, no getting around that. It would have to be able to be disassembled. This would compromise security a little but it would take a while to dismantle after drilling out the bolts.
One issue with basement dwellings is they often use a 7' ceiling. This makes it a problem for taller people and a normal thickness of mattress and the structure supporting it. For this it would absolutely need to be on pulleys but even this would challenging. Thankfully there are lots of shorter people that need accommodation too!
So if you have any ideas about a security pod, please respond.
Post: Why So Called Wholesaling is not an sustainable business model
- Los Angeles, CA
- Posts 70
- Votes 14
Quote from @Account Closed:
The truth about wholesaling real estate needs to be finally told from a real estate pro like myself with almost 40yrs in the real estate business with buying and selling properties all over Northern & Southern California. It's so much bad and borderline illegal information being taught by these Fake gurus that's just all lies!!!!....The facts are real estate so called wholesaling is extremely hard to do consistently and when you don't have no money, no nothing and you are flat broke an getting into real estate purchase contracts with sellers and lying to them about buying their property when you don't have any money is straight up FRAUD!!!! When you are living in your Momma's basement is the most stupidest thing you can get yourself into you are just asking for trouble because you don't know what you are doing!!!....Why this is being taught is absurd because you are falling in an area where you are brokering deals without a license and selling contracts which are selling securities without a license. That's what they don't tell the SUCKERS because it will never I mean never hold up in court when you get seud for fraud. What these so called wholesalers don't understand is that an real investor like myself needs to buy a fixer upper property at least 65%- 70% below market to make a profit on any deal because I have my own crews. That means a so called wholesaler needs to find a property at 50%- 60% below market to make any money if they know what they are doing it's impossible to do that consistently nobody is giving away properties these days. That's why 99.9% of them fail not lasting it's not an sustainable business model you can't buy at 75% -80% below market and make a profit with labor & products an supplies at all time highs just ask "Zillow Buys " that's why they got out the fix n flip business and they had Billions of wall street money!!!....It's about time an experienced pro like myself tells the public the truth because nobody is doing it be ME!!!!...I am sick and tired of these so called wholesalers calling me everyday about complete Trash deals wasting my time I block all of them Now!!!!
Post: Why So Called Wholesaling is not an sustainable business model
- Los Angeles, CA
- Posts 70
- Votes 14
Quote from @Jerryll Noorden:
Quote from @Account Closed:
The truth about wholesaling real estate needs to be finally told from a real estate pro like myself with almost 40yrs in the real estate business with buying and selling properties all over Northern & Southern California. It's so much bad and borderline illegal information being taught by these Fake gurus that's just all lies!!!!....The facts are real estate so called wholesaling is extremely hard to do consistently and when you don't have no money, no nothing and you are flat broke an getting into real estate purchase contracts with sellers and lying to them about buying their property when you don't have any money is straight up FRAUD!!!! When you are living in your Momma's basement is the most stupidest thing you can get yourself into you are just asking for trouble because you don't know what you are doing!!!....Why this is being taught is absurd because you are falling in an area where you are brokering deals without a license and selling contracts which are selling securities without a license. That's what they don't tell the SUCKERS because it will never I mean never hold up in court when you get seud for fraud. What these so called wholesalers don't understand is that an real investor like myself needs to buy a fixer upper property at least 65%- 70% below market to make a profit on any deal because I have my own crews. That means a so called wholesaler needs to find a property at 50%- 60% below market to make any money if they know what they are doing it's impossible to do that consistently nobody is giving away properties these days. That's why 99.9% of them fail not lasting it's not an sustainable business model you can't buy at 75% -80% below market and make a profit with labor & products an supplies at all time highs just ask "Zillow Buys " that's why they got out the fix n flip business and they had Billions of wall street money!!!....It's about time an experienced pro like myself tells the public the truth because nobody is doing it be ME!!!!...I am sick and tired of these so called wholesalers calling me everyday about complete Trash deals wasting my time I block all of them Now!!!!
Ohh come on .. . Why take time of your day to complain be negative. Instead HELP, add value, contribute. BE HELPFUL!! This post does nothing other than discourage people with honestly wrong information.
OK I am going to be blunt... but know I still love you though!
NEVER let ignorance be the criteria you judge or measure anything by!
Trust me when I say, I feel your pain. I throw a fit with all the calls from wholesalers, I get you I really do, BUT... allow me to enlighten you and I hope it will make you a better investor.
The first few sentences you wrote are severely off-putting to me. You being a "savvy" investor... and you doing this for 40 years doesn't mean a thing!
I am 5 years into SEO and I beat the living CRAP out of ANYONE doing marketing (or I let myself think that). The length of time you have been doing something doesn't make you "good", "right" or "the expert" on it. It only means that you have been doing "it" long. It doesn't mean you are doing it correctly.
Not because apples are red and oranges are round does it mean that pears are sweeter, right? One has NOTHING to do with the other. It is foolish to even suggest this.
Wholesaling is absolutely sustainable, and I have proven this many many times. You just need to do it right. Get your leads in right and wholesaling is child's play!
What most of you are doing here on this thread, is finding the worst wholesalers, scammers and liars, and label THAT as "wholesaling" and then crapping on wholesaling assuming your own fabricated definition of wholesaling is true. Come on people. Don't you get tired listening to your own fabricated theories?
You mentioned SOO many things that you call "fact" which is actually wrong. Not because someone is incompetent does it mean that what they are incompetent in truly is hard or impossible to do and therefore no one should attempt it or just give up, right?
Well that is EXACTLY what you are doing with this post.
"Impossible to get good deals these days?" You are not getting good deals because you do not know how to do it. PERIOD.
I get deals STILL 90% OFF ARV. Yes I get deals 10% ARV. Meaning if the house is worth $100K, I get them for $10K. I even get houses for 1% of the ARV. (Doesn't happen every day, BUT it still happens).
The TRUE reason wholesaling is hard (for you all) is because most of you plain and simply suck at lead generation. Now THAT is a fact.
DMM Cold calling bandit signs texting, door knocking tax liens absentee owners, yellow letters, handwritten letters, probate pre-foreclosures.... THAT is your problem. ALL of you call those "motivated leads and how to get them". All wrong.
Do you know what I keep hearing? If you are doing DMM and you don't get deals... it is because you don't do it enough. Do it more.
See.. that kind of crap is the most retarded thing ever. If something doesn't work, YOU STOP! You don't do it more?! Its that kind of mentality that make you all fail. BUT do it right. and you succeed.
So all reading his post... he is not all wrong.. the gurus do teach it wrong and illegally bla bla bla.. BUT do NOT blame it on "wholesaling" Wholesaling is perfectly fine and sustainable. If it is illegal where you are at, do a double close. Borrow the money buy it and sell it immediately after you buy it.
The real problem is that most wholesaler (wannabees) are flat out LAZY! You don't want to work. You want a shortcut. You don't want to make money first the hard way and once you have it, do it right. Get a job at McD, make money, save money, then start your business. You all WANT to think that wholesaling is the magic pill you take when you have no money but you want to be rich and famous with your lambo and travel the world with half naked voluptuous baby rabbits!
THAT is why you fail. Look at YOU, look in the mirror. The problem lies THERE. NOT with wholesaling.
You may be an experienced pro of 40 years but that doesn't mean you don't make mistakes or can't be thought (by someone that has done it for just 6 years).
If you think that in todays market it is impossible to get 50% off ARV deals, you do not understand motivation.
Motivation doesn't have anything to do with money. Motivation could be time, stress, illness what ever. Some people DO need to get rid of their house fast NOT for monetary gain but illness, stress, health what ever and the amount of money they will get is NOT the deciding factor. They can't list, they do not want to list, the house is crap what ever.
But yeah... these calls from wholesalers can be frustrating ;)
Carry on!
And of course you have courses you're selling to help us with all the problems you have so expertly navigated. Right. No bias here!
Post: What if you could change the size of a room?
- Los Angeles, CA
- Posts 70
- Votes 14
Post: How did BRRR even come about? It encompasses so many things.
- Los Angeles, CA
- Posts 70
- Votes 14
Quote from @Andrew Syrios:
It's basically just buy and hold but buying as if you're flipping (i.e. getting a really good deal) and instead of using the equity to make a profit, using as the down payment on a refinance. We'd actually been doing this for quite a while before the term BRRRR had even been coined.