All Forum Posts by: Joseph M.

@Jose Ortega Many parts of Florida got hit hard with a ton of foreclosures last downturn , the same thing in Vegas , Phoenix , parts of CA and other areas too . Now it’s not uncommon for certain areas to be up 300% or more from the lows like you’ve seen . Regarding the BRRRR method I don’t believe you should take future price appreciation into account. Also look at the fundamentals of the local economy . Is the area growing , more people moving in . New businesses coming in or expanding ? I think many posters make a good point when they say buying a great deal protects you . If properties in the area are say $150k but you can be all in $120k you are “protected” in a way from a 20% downside risk .

@Kevin Dong Sounds like the license will definitely benefit you overall. Just wondering you mentioned you have to tell the seller ( or prospective seller) what their home is worth . I haven’t heard of this before . I know you do have to disclose that you are a licensed agent and making it clear that you are not representing them . Is there anywhere it is written you have to tell the homeowner what a home is worth ? Is this a Florida specific rule ?

@Ty Frankel It seems in L.A a lot of smaller multis are owned by mom and pop owners and just put up signs or list on Craigslist etc or get tenants word of mouth Vacancy is very low in L.A . If they are out of area owners then I could see them hiring it out though .

@Nathan G. In NYC , there are tenants that pay apartment brokers . I’ve never lived in NYC but found that idea kind of crazy. Never heard of something like that in L.A or any other city https://www.investopedia.com/articles/personal-finance/021315/it-worth-paying-broker-fee-new-york-city.asp

@Mike Bolen Spoke recently to an investor a few days ago that bought a multi a couple years back in Vallejo . She has some other properties and did real well on a duplex in Oakland she had sold that one to invest in the Vallejo one . It does seem like Vallejo has good upside potential as it is still relatively inexpensive for the Bay Area . The Mare Island development does look awesome http://www.beniciamagazine.com/May-2018/A-rising-Tide-Of-Development-For-Vallejos-Mare-Island/

The tone in the mainstream media recently has definitely gone more negative recently . I noticed this starting probably a few months ago or less and it wasn’t the same last year this time . I agree with Jay it can become a self fulfilling prophecy. The media does have an effect on people for sure . Of course media is usually focused more on the single family residential market rather than investment property . some recent headlines Real Estate Markets Cooling Across The Country, And It's Not Just The Winter Effect https://www.forbes.com/sites/carolinefeeney/2018/11/15/real-estate-markets-cooling-across-the-country-and-its-not-just-the-winter-effect/#7c035751172b Why the Housing Market Is Slumping Despite a Booming Economy https://www.nytimes.com/2018/11/15/upshot/housing-market-slumping-despite-booming-economy.html At real estate conference, there’s talk of a coming slowdown https://www.bostonglobe.com/business/2018/10/10/real-estate-conference-there-talk-coming-slowdown/Npnbm0Nz4ipUCAH2EuONRK/story.html

I just saw this article regarding this

Real estate crowdfunding startup RealtyShares hits hard times, halts new investments

https://www.housingwire.com/articles/47368-real-estate-crowdfunding-startup-realtyshares-hits-hard-times-halts-new-investments

@Mala S. Looks really nice , were you able to get an FHA loan since it’s a house hack /owner occupied ? Sounds like an area that has potential to appreciate a lot more due to proximity to nyc

Regarding Old Brooklyn looks like there have been several new businesses coming in , coffee shops , bars , restaurants and retail . 

One recent article I found below , Sounds quite positive for the area . Seen this happen in other cities where the cool/hip  areas get overpriced so people start looking at less expensive neighborhoring areas to open their businesses and live in.

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Corral says the steep rise in home prices in nearby Ohio City and Tremont has contributed to Old Brooklyn’s upsurge. “If you’re looking at Ohio City and can’t afford it, you can look nearby and find this much more affordable area.”

Says Verespej, “The housing rise in Old Brooklyn is significant. It’s related to main-street and small-business efforts. We’re marketing the neighborhood as great place to grow. We are an accessible neighborhood and are very proud of that.”

https://www.cleveland.com/entertainment/index.ssf/2018/08/a_new_day_in_old_broolyn_cleve.html

@Bob Prisco Are you buying all your deals off market ? Or finding some on market ?