All Forum Posts by: Jason Ray Richardson

There will always be winners and losers. I'm not going to not do something because I don't want to come out on top have someone else won't be ahead of me. There are win win situations. Like when you buy a house someone desperately needs a sell so the seller deeply discounts it. They lose money because they sell for lower but they win because they sell it now when they needed to. Did the seller lose? Depends on the way you look at it.

0 Votes

I have goals for my life, career, finances, etc. Then I put together a game plan to accomplish them while rewarding myself along the way (If I get this done by X date then I will buy this). Go getters or entrepreneurs are easily distracted by shiny object syndrome. Something new sparkly comes along that promises a greater life, income, etc. and they will jump on it. However doing that you become too distracted trying to have your hands in too much. Simplify and focus. That's my two cents worth anyway.

0 Votes

Congrats!

1 Vote

200,000 could get you a grade A home in my area. However you would be hard pressed to get it to cash flow.

0 Votes

Originally posted by @Jack B.:

Originally posted by @Joe Villeneuve:

Originally posted by @Account Closed:

Originally posted by @Joe Villeneuve:

Originally posted by @Account Closed:

Originally posted by @Joe Villeneuve:

Originally posted by @Mark Fries:

100 a door....waste of time...

I will be ready for the next recession to grab up cheap houses for cash again when all the over-leveraged investors implode...

Why will leveraged investors implode if/when there's a recession? Is that automatic?

We always know WHAT will happen with investing, so yes, leveraged investors will implode when there's a recession and this implosion is automatic.

What we don't know is WHEN this will happen. This month? Next year? Next century? Mr. Market gets his jollies by keeping us humans in suspense.

I, and many other investors I know, have lived through more than one recession, with debt, and haven't imploded yet. It isn't the debt that makes the implosion (if at all), it's the low cash flow that offers no buffer.

I agree that when the cashflow can support the debt payments, the state of the economy is not relevant.

When debt has to be called in by the bank (or a brokerage firm has to issue a margin call) because the prices of the assets securing the debt have declined sharply, the owners of those assets need to raise cash quickly and become motivated sellers in a buyers market. For every seller of an asset, there has to be a buyer on the other side of the transaction. Price is determined by the side of the transaction that has the greater urgency to make sure the deal gets done (Rise of the Superrich Hits a Sobering Wall).

Regardless of why a distressed asset is for sale (the owner can't make the payments or the owner has to sell quickly), someone waiting on the sideline with cash has the opportunity to scoop up a bargain.

Why would a bank call a note due, if the payments are being made?...and if the property is cash flow positive, the payments should be made.

Ever heard of Dave Ramsey? He had millions in debt called on his rentals when he was in his early twenties. Lost it all.

He had certain kind of loans that were short term that's what caught him. If you have a regular loan you shouldn't have that problem. However with that being said, you can get yourself in a bind if you are max out on your equity on all your properties.

0 Votes

I use the 1% rule just to see if I want to delve deeper into a deal. But I shoot for at least 200 (on a single family home) after "reserves" capital expenditures, expenses, management, etc. In some markets that is hard to achieve, but don't let that discourage you or push you to do a deal just for the sake of doing a deal. Patience wins out because if you say yes to a bad deal you will end up having to say no to a crummy deal.

Set your standards whatever they are using advice from mentors, other investors and what works for YOU. And then once you find a deal that fits into those parameters, pounce on it. You want to have patience but you don't want to get paralysis of the analysis. Those are just my thoughts/ramblings for what they are worth.

1 Vote

You got a can do attitude which is great. But you've got to learn to crawl before you learn to walk. Start with a much smaller deal and learn. That way when you make your mistakes (because these always happen) it wont be near as costly.

1 Vote

I like the Microsoft Surface Pro. Seems to do everything I need on a budget. I do have a iPad mini too.

0 Votes

Bigger Pockets, Evernote, Landglide

0 Votes

Any suggestions if I am looking at purchasing a park as to 1) Key things to look for and questions to ask the seller 2) bank financing options 3) typical bank turn arounds on these

0 Votes

All Forum Posts by: Jason Ray Richardson

Jason Ray Richardson has started 11 posts and replied 178 times.

Post: In order to succeed..............someone or others must fail ?

Post: What keeps you motivated and focused?

Post: First Purchase Today!

Post: How much home can you buy in your city for $200,000?

Post: $100 per door/cashflow

Post: $100 per door/cashflow

Post: How can I buy a 96 unit apartment complex

Post: Best Apple laptop for real estate?

Post: the MUST HAVE app? Whats the biggest game changer?

Post: Manufactured Home Park financing