All Forum Posts by: John P.

A friend of mine was telling me that Lake Norman in North Carolina has some incredible returns on investment. Curious if anybody here on BP is investing there and what type of experience they are having with STR.

Assuming $1m cash and not $1m you have access to the biggest question I would have is if you plan to leverage. I would say most experts seem to think leveraging is better.  I prefer cash purchases as it's simpler and less risky.  If it were me I would not leverage aggressively myself but to each their own.  So maybe buy a $2m or $3m property in a place like Memphis, Birmingham, KC, Indy, etc....  Probably multi-family but maybe even some type of mixed-use property.  How aggressive your risk tolerance would dictate what type of neighborhood as the rougher the neighborhood typically brings higher rents... at least on paper. Good luck to you!

Could be legit.  Try to get a big security deposit as they will probably modify things to make it more handicap accessible.

I'd start by lowering to $299k.  Then consider the $289k in a couple weeks. The inside looks great.  I don't really love that outside photo. Is the window reflecting something?  It just looks messy/sloppy to ME.  Again, the inside looks awesome though!

@Lamont Marable what are you looking for in a gp or lp and what are you offering for their money?

@Julie McCoy I agree the smokies are great. I also like places like the smokies that are easy for people to get to. If we got a recession it’s expensive to fly to the Caribbean or Hawaii but it’s still cheap to drove to the Smokey mountains. I like that. Plus in a recession people who might otherwise fly far just do a cheaper driving trip. I thus see it as more recession proof than many other destinations.

I read the OP and couldn’t tell where he was quoting Ramsey, where he was making his own points or what his point is other than Ramsey sucks. Too confusing the way it’s written to this old guy. Jus’ sayin’.

The number one thing, which is way more important than what you invest in, is to watch lifestyle creep. I can’t stress this enough. You have to watch your spending as it’s more important than your investments in my opinion. It’s really easy to start flying first class on occasion and then it becomes every time, eating out at nicer restaurants, etc. Keep an eye on this and stay hyper aware. The fact is no matter how much money you make you can spend it all if your lifestyle is too big. Good luck.

We may be at a peak in Vegas and may not. None of us truly know that answer. However, if you plan to hold the rental property for five years does it matter? Most importantly what will interest rates be when you declare it is time to buy? Rates might be high enough that you lose any benefit from the possible decline in prices. In the meantime you lose out on paying down that mortgage and lose out on possible gains in case prices go up. I’d say if you are a long term investor it’s a fine time to buy. Good luck to all of us! 

Good job Gary!  Sounds like you are working hard and having some rewards. Good luck to continued success. 

To the guys arguing about what is a millionaire I would ask what does being a millionaire really mean in 2019?  It's just a number.  Get to $5m or $10m and then you are onto something in my opinion... but no need to publicize it online whatever your number. Lol.