All Forum Posts by: Anthony Gayden

@Maxwell Lee

If this is not about investment, then buy wherever you want, but if this is about investment I would look in areas with the most opportunity.

Dallas and Houston are already larger in population than DC, Philadelphia and Boston. Not only that but their growth is faster.

If you just want a vacation home, buy somewhere you enjoy visiting.

Originally posted by @Patrick Liska:

@Anthony Gayden, maybe you should go back and read some of the contractors posts, we are investors too, i believe my post and @Michael Hayworth, @Todd Fithian, @Will Kirkexplain both sides of the coin and offer suggestions. these Forums are here to help fellow investors, i don't think anyone of us complained and left it at that, we answered the post to give incite, not to point fingers.

 Are you condoning the sort of behavior I am pointing out? Or are you just mad that someone is standing up and declaring a very common problem among people in your profession?

Go back and read my post. I'm sick of it, and I won't back down and ever say that this is acceptable behavior.

@Craig Peterson

People with not a lot of time who like the higher returns, cash flow, tax benefits, debt pay down, appreciation, and control, but don't want to do a rehab.

It's true the returns are lower this way but you don't have to spend a lot of time looking for off market deals, you don't have to go through extensive renovations and tenant turnover, and you have cash flow from the beginning. 

There are also areas of the country you can bank on appreciation and rent growth even if you do no improvements and the property isn't distressed.

Originally posted by @Attila Bertalan:

Hi. 

I'm in the process of closing on a Property built in 1940 in Sacramento. Rehab should start in about 2-3 weeks.

So far, haven't had to deal with one built before 1978. Can someone enlighten me as to what needs to be done about lead and asbestos? According to seller's disclosure statement no awareness of any of the two. Do I need testing done for both before starting rehab? 

I would appreciate any input.

 It really depends on the scope of your rehab. I own two properties built before 1920. Lead and asbestos abatement can be very expensive. I personally choose not to remove unless absolutely necessary and required by law. 

All the contractors in here complaining about investors need to go back and read the first post. This isn't about some cheap investor trying to squeeze every penny out of some poor contractor. This is about the huge number of lazy, unmotivated, and sometimes criminal people who call themselves "contractors". If you don't want to do a job, just tell me, don't come out and give me some ******** bid that is double or triple the normal cost, or tell me it will be 3-4 months before you can start work. WHY ARE YOU EVEN WASTING MY TIME WITH AN ESTIMATE!!??!! Do not take my money and never complete the work. That is nothing short of stealing. Do not tell me you can't get work done due to personal problems. I have personal problems too and my boss would fire me if I didn't show up for weeks because of these issues.

Gabriel Benavidez The second property was far easier than the first one. I bought it 3 months after my first one. At the time I was trying to build up momentum. I didn't want to stop because I was highly motivated and I knew any slowdown would affect that motivation. Unfortunately after I bought my second property I experienced the slowdown that I had wanted to avoid. It was two years before I bought my next property. I got caught up in a few things that often hit newer investors. 1. Lack of funds. I spent nearly everything I had buying my two 4-plex properties and I didn't have anything left to invest. I began saving aggressively for my next property, but it took a long time. 2. Life events. I ended up moving across the country less than a year after purchasing my second investment property. I knew nothing about the new market and I was focused on learning my new job, so real estate was put on the back burner. 3. I got complacent. In my head I thought I was doing great. Good job, decent income, and I owned a little bit of real estate. Fortunately I came across Grant Cardone's material and realized I had settled for being average.

Joshua Shockley Look for highly distressed off market deals. If you are only looking on the MLS, I can see that being true. In the nicer suburban areas 1% deals are always hard to find.

Taylor Nunn I bought my first two 4-plex properties within 3 months of each other in my first year of investing. I had no clue where to go from there and acquire more properties. It was two years before I bought my next one and another year before number 4. If I could back I would have pushed harder to acquire real estate faster. I backed out of a deal that would have gotten me my third 4-plex property far sooner. I also didn't seriously look at real estate in Omaha for too long after moving there and missed out on opportunities.

Shawn French There are 2% deals here for sure, however I personally don't like the condition and location of many of these properties. $40,000 property that rents for $800/month is easier to do than $150,000 property that rents for $3000/month. I have seen exceptions.

Brian Adams What is the plan for the property now? Refinance? Sell?