All Forum Posts by: Joseph M.

Originally posted by @Account Closed:

The case could be made KIYOSAKI is cluecless.    Predicticitng crashes every year..........................lol.

When you think about it Rich dad poor Dad is not all that earth shattering.   Im sure people knew w-2 income has a lot of limitations.

As does being your own boss.    Statistically most just dont get it done.

Kiyosaki has been kind of a “red pill” for many people . On the BP podcast many of the investors interviewed say Rich Dad Poor Dad turned them on to the idea of investing .

I think he says a lot of extreme things though for shock value too . 

He does seem to be one of the ones makes a lot of predictions about the downfall of the economy . 

Peter schiff is another one , he recently said there is a recession coming which will be worth than 2008/2009 one .. 

who knows for sure , but Kiyosaki and Schiff are definitely making money off their books and predictions and programs that is for sure . 

“And the problem is this recession is going to be far more painful, and far deeper than the one we had in '08 and '09 because it's also going to be accompanied by rising consumer prices. I think as Americans lose their jobs, they're going to see the cost of living going up rather dramatically, and so this is going to make it particularly painful."”

https://seekingalpha.com/article/4212348-peter-schiff-see-sequel-08-like-sequels-will-bad-video

@Joe Splitrock

I think a lot of it really depends on the situation  . I have seen many family , friends earn a lot of equity /money just buying a home in SoCal area and I’ve benefited as well from buying a home . It wasn’t a specific neighborhood someone had to buy in either , even the ghetto areas have gone up a ton too . 

Rents have also gone up significantly as well.

Since the poster is from SoCal Area , I was just thinking in terms of his location .

I’ve also had a relative own a home for many years in Western NY , and the home barely went up at all , maybe just beat inflation . 

That is a good point about people not taking inflation into account . People do seem to do it all the time . 

People definitely shouldn’t totally rely on their personal home as their entire investment .  But if one can get into a market that has historic high appreciation with a low down loan of 3.5% I think that could be a good opportunity to build wealth over time .

If it’s a house in an area where the repairs will cancel out any equity then it could still be good on an emotional level like you mentioned . 

@Paul Sandhu Smart strategy , what does it usually end up costing you to furnish a place using this method ?

@Marisa Rowe Quite a run up in price , what year did you buy and sell and what city was this in ?

I believe the “your house is not an asset “ thing started with Robert Kiyosaki ( rich dad poor dad ) Some say a personal house isn’t an asset since It doesn’t generate income , but in the definition of asset there is nothing that says something has to generate monthly income to be an asset . How long do you plan to stay in San Diego ? What was rent for your unit 5 years ago , 10 years ago? Point is you could be paying a lot more in rent in the near future , I don’t see rents going down or stalling in SoCal . The house hacking thing of buying a 2-4 unit with an fha loan could be a good thing , if you can find a deal that makes sense .

@Jason D.   were you able to refinace it right after the rehab was done and the property was rented or do they have a seasoning period? 

@Holly Williams I could see it not being too rare in NYC especially for the $300,000 combined income of married , a $150k per spouse . I’ve heard to rent an apartment most landlords there have a rule one must make 40x monthly income .

@Scott Martin What are you seeing in terms of cost to build per square foot in L.A these days ?

Congrats ! That is great you have been able to retire off your passive investments Have you had any deals that didn’t meet the projected roi or do you find that most syndicators are pretty conservative with numbers and under promise and over deliver ? How much time do you usually spend on due diligence per syndicator ? Have you mostly found the syndicators you work with on BP? Or have you ever used sites like crowdstreet or other platforms ?

There are multiple threads here on the forums about people having bad experiences with Morris Invest and the management company that they use or were using .. oceanpointe I believe it’s called .

I didn’t know Morris is selling homes in Detroit now ..  it seemed like they were selling properties in Indianapolis but maybe prices got too high there or they got run out of town .

I’ve heard good things about Memphis Invest , but haven’t looked into turnkey much .. most likely the cap rate is lower because the quality of the properties is likely better .  But in general with turnkey the trade off is usually a lower return for not having to fund a property yourself and doing the rehab etc . 

As prices have come up cap rates have gone down /compressed in markets nationwide . 

Have you looked at Roofstock ? They aren’t a turnkey company but more of an online market place that facilities turnkey transactions . Their site makes things seem pretty transparent , they have properties across the nation.  I’m not really interested in turnkey but if I was I’d probably go that route .