All Forum Posts by: Joseph M.

Originally posted by @Dennis M.:

Obviously this is subjective opinion, but In my view I see millennials today that simply reject traditional values we’ve had in this country such as early home ownership and starting a marriage /family ,go to church ,have devoted career paths etc.. There’s appears to be a instability In Their

Thinking that results in erratic( usually bad) life choices .there is a self absorbed double mindedness about them that annoys me and its very concerning to consider they will be the future of our country .

 Weren't the same things said about every other previous generation? If you go back to what was said in the media back in the 50s, 60s   it was the same things said...but they turned out ok. Many became visionaries, CEOs, millionaires, billionaires, doctors, philanthropists . 

@Michael Batts

Just move to L.A , the cops pretty much will only come out if there is a murder . They’d probably fall asleep with how long it takes to even reach a 911 operator .

I think the craziest thing Grant Cardone has said is that you shouldn’t buy a home to live in unless you have $5 million in the bank , pretty sure the figure was $5 million he stated. Many people have leveraged equity from their primary into other investments and the low down payments possible with FHA or other owner occupied loans can allow people an incredible cash on cash return . Even in places where prices haven’t appreciated a ton rent in those markets is usually more than owning and with owning one has the ability to house hack rent out a room or Airbnb a unit etc . I’d put him more in the motivation category , no doubt like Kiyosaki he’s been successful at using the concept of investing in real estate as a path to financial freedom to sell a ton of courses , coaching programs and get people to invest in their funds etc .

@Chris Mason Reminds me of the stories I’ve heard of the Kiyosaki Rich Dad seminars where people are encouraged to ask their credit card companies to up their limits to pay the tens of thousands for the seminar .

Just saw a course Kiyosaki was promoting on Facebook to invest in ... real estate.

@Jorge Pena Wow really a grand slam especially since you didn’t even have to do the rehab. Pretty crazy the seller would sell so low , just curious around what price did they buy it for ?

@Iram Vimawala Did a quick search on Zillow , looks like you purchased for $220k in January. It doesn’t look like there is anything on the market around your price and the same for sold prices . Lots of homes under $300k . What did you spend on rehab costs ? The house does look very nice but I don’t see anything around the area to support the price .

Interesting topic. 

I was curious and listened to the podcast. Thought it was interesting that they were talking about how overvalued real estate is today and McElroy mentioned he's selling a bunch of properties and going to 1031 exchange them. So wouldn't that mean he's still going to buy property in the current environment? I believe a 1031 exchange only gives you a pretty short amount of time to purchase the exchange property. So that part seemed to be a contradiction. 

Also they spoke about investing in businesses but they didn't give examples. 

Certain businesses can yield higher returns than rental property, but the thing is they are often more complicated to manage. One can hire a manager but the business has to have enough cash flow to support it , and even with a manager there is usually a lot more time involved versus owning rental property that is professionally managed. 

Of course there are passive ways of investing in other people's businesses so maybe that is what they were talking about.

@Ty Frankel Yeah L.A is definitely a unique market!

@Jay Hinrichs Thanks Jay , that makes sense . I imagine many more people these days have a pretty good idea of what their home is worth with all of the data available to the public , but I’m sure there are still many lawsuits as well . I was thinking in terms of homes that need work like you mentioned versus move in ready type homes . That is one benefit to buying at auctions and courthouse steps , not having to worry about this type of situation and potential lawsuits .