Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
×
Try Pro Features for Free
Start your 7 day free trial. Pick markets, find deals, analyze and manage properties.
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Account Closed

Account Closed has started 55 posts and replied 708 times.

Post: What’s your opinion of self-righteous investors?

Account ClosedPosted
  • Rental Property Investor
  • Torrance, CA
  • Posts 724
  • Votes 1,208

I only get annoyed by the investors that believe their niche is the only way to be successful. We have people that say that you’re an idiot if you don’t leverage to the Max, and also the people that say you’re an idiot if you don’t pay cash. Or out of state is impossible, single family homes are for noobs, turn key is for idiots etc. 

All forms of investing are the right move for certain individuals. For example if I’m a heart surgeon making 500K a year, and just looking for an easy place to park my money outside of the stock market, then turnkey is a viable option. If I’m making 100K a year and trying to achieve financial independence, then it’s probably not the way to go about it. Unless I want to be the richest man in the graveyard. 

Decide what niche is right for you, and what you’re trying to achieve. ONLY LISTEN TO THE PEOPLE THAT ARE SUCCESSFUL IN THAT NICHE. Everyone else is just noise. I value the words of caution from the heavy hitters on this forum. I only own 2 single family homes, so I’m all ears for advice. But, when someone says my goal of owning an out of state portfolio is never going to work it goes in one ear and out the other. 

Post: What book has helped you the most? and why?

Account ClosedPosted
  • Rental Property Investor
  • Torrance, CA
  • Posts 724
  • Votes 1,208

The Slight Edge

The Richest Man In Babylon

Post: Is AZ going to run out of water!?

Account ClosedPosted
  • Rental Property Investor
  • Torrance, CA
  • Posts 724
  • Votes 1,208

@Thomas Corley

Phoenix is one of the fastest growing cities in the country. Human beings are resourceful creatures. We put a man on the moon, we’ll figure out how to supply an important economic center with water.

Post: Any South Bend, IN investors out there?

Account ClosedPosted
  • Rental Property Investor
  • Torrance, CA
  • Posts 724
  • Votes 1,208

@Benjamin Sussman

I also have a rental in Mishawaka. Let me know if you need a good PM.

Post: No Seasoning Period Cash Out Refi Lenders in OH

Account ClosedPosted
  • Rental Property Investor
  • Torrance, CA
  • Posts 724
  • Votes 1,208

@Luke Grieshop I use PenFed Credit Union. I got a line of credit with them and they had no seasoning period.

Post: Small 2 bedroom houses

Account ClosedPosted
  • Rental Property Investor
  • Torrance, CA
  • Posts 724
  • Votes 1,208

Who else likes to invest in small single family homes? So far I have 2 out of state properties. Both of them 2 bedroom 1 bath. One is 800 sq ft, and the other is a tiny 680 sq ft. I’ve always heard to stay away from these types of properties, because they are undesirable to tenants. But with the market being the way it is I decided to look into properties that didn’t exactly fit the bread and butter 3/2 that other investors were focusing on, and maybe eliminate some competition that way.

These types of houses are plentiful in the Midwest, don’t seem to get the attention from investors, and especially not from home buyers. In my amateur research I’ve found that many of these properties are in solid blue collar areas with a 50/50 or better home owner to renter ratio. They sit on the market longer, and obviously sell for less money. But the rental demand is still strong. 1% rule or better is not hard to find at all.

Long story short I now own two of them. Both of them rented to qualified tenants at market rates within 2 weeks of turning them over to a PM. There was plenty of interest, because these are the most affordable option for people that don’t want to live in an apartment, or in a bad neighborhood. You can live in a tiny 2 bedroom in a B area for the same price as a bigger place in a C area. Quality tenants care where they live. I know which one I’d pick given the choice.

Less square footage means less Cap Ex. The cost to replace a roof, floors, paint, windows etc is all less. I’ve owned one for a year, and the other for 4 months. The year tenant just signed another one year lease. Both tenants have been paying through the pandemic. It’s early to tell but in the short term they are performing great. I think this might be what I target from now on. Any other investors focus on these types of properties? I’m curious to hear your experiences.

Post: AC unit was stolen after final walkthrough and before I got keys

Account ClosedPosted
  • Rental Property Investor
  • Torrance, CA
  • Posts 724
  • Votes 1,208

@Miriam De Haro It’s nobody’s fault. Take the offer, and buy a cage so it doesn’t happen again.

Post: Investment properties are great, but let's get PERSONAL.

Account ClosedPosted
  • Rental Property Investor
  • Torrance, CA
  • Posts 724
  • Votes 1,208

I don’t see a primary residence as neither an asset, or a liability. It’s simply an expense, and one that we all need. I put it in the same column as my phone bill, car insurance, utilities etc. Regardless if you’re paying rent, or paying a mortgage, you’re not necessarily throwing money away. Choose the option best for your individual scenario and goals. 

We rent an apartment because our goal is building a rental portfolio first. We live in an extraordinarily expensive housing market, and we can rent for far less per month. If I bought the apartment we live in the mortgage would be about $1,000 more per month, after a $100,000 down payment. I could buy 5 houses in Indy for that. Renting allows us to save, and buy rentals out of state. 

In the long run I say home ownership is the way to go, because inflation will always press rents higher. Wether or not a primary should be your first purchase depends on where you live, and what else you could do with your money. 

Post: When Will The RE Market Crash?

Account ClosedPosted
  • Rental Property Investor
  • Torrance, CA
  • Posts 724
  • Votes 1,208

@Moises R Cosme

Housing prices don’t always correlate with GDP. There have been recessions where housing prices went unscathed.

Post: What was your "why" for getting into Real Estate Investing?

Account ClosedPosted
  • Rental Property Investor
  • Torrance, CA
  • Posts 724
  • Votes 1,208

@Chris Reyes

I chose real estate because of the exponential nature of it. Every property I buy creates cashflow that I roll into the next one, like a snowball rolling down a hill that never stops. There’s a cap to how high you can climb the corporate ladder, but my portfolio will grow forever, even after I die. My dream is generational wealth.