All Forum Posts by: Jack Bobeck

I lived through the last credit risk of 2008-2012, lost a few nights of sleep, but I think its BEST to be prepared. A guy who knows a few things about Credit and Debt has written a new FREE book, Ray Dalio, A Template for Understanding Big Debt Crises. You can go to his site and download the book for free. If you are JUST starting out, add this to your reading library. You can signup at his site, principles dot com. 

Its important to understand how credit and debt affect all assets, but its more important to realize the signs to be able to be ready for the storms that blow through. Like any storm, they are temporary and the sun does return. But like many successful investors will tell you, you get wealthy not from your winners, but my minimizing your losses. 

If I had been able to see the storm coming in debt and been prepared in 2007, I could have weathered 2008-2012 much better. Here's to you weathering the next storm! 

All the best to you!

@Katrina Gillrup I am not a Realtor, so I am happy to steer you away from war zones. I love Arlington, its a great area and the homes are still inexpensive enough for good starter home properties. Close to downtown, the beach, town center, is there any reason why you do not look to invest in a "backyard" you know and grew up in? Great concrete starter homes there and ranches. Its been a hot area the last few years. 

By way of war zones, stay out of 32208, 32209 and parts of 32206. Yes, you can get good deals in 32254, but a person was shot and killed on Dignan street, off McDuff last week. I think there are better places for capital. Invest in where you know, what you know and then ask all of us for help with the other details. There are lots of great people here to help, and also in Jacksonville. 

@Ron S. Call it what you want, but when the Vultures pick you apart, get back to me and let me know your outcome.....

@Jessie Hillard - I sent you the note on Facebook, Katie's amazing isn't she? Anyway, back to real estate. I'm happy to share what I know over the last 10 years of investing in rentals in Jacksonville. I only invest in 32205, 5 minutes away from my house. I don't want to have to go fix something on the Southside or at the beach or the northside. Sure, there are great deals everywhere, but frequently, the best deals are those in your own backyard. 

I'm looking at Foreclosures and pre-foreclosures as the easiest ways to find properties, now and in the future. With int rates rising there are going to be more and more people who cannot afford to live in their homes. This could be where you buy the note from the bank at a short sale or take it over, if a good enough deal. You say you have the cash, that's good, but as @Evan Greenfield says, you must be ready and I mean ready THAT day you find the deal. The auctions and banks are taking the highest and best offer, so analyze and see what makes sense. Decide if you want to be a fix and flip or a wholesaler or a rent to own or long term rent and hold investor. 

Always remember to factor in insurance, closing costs (2-3%), and taxes for any deal (which will change after you buy). Always have some cash set aside for the what-if and make sure you have your financing available quick to cash out and get the cash back to your account so you can be ready for the next deal. Happy to help too! 

@Ron S. I got royally screwed by my Doctor partners, then by Regions, then by the Vulture Capital group Regions sold our 5 notes to in 2011. If I want to say that Doctors, Lawyers and Bankers deserve to be at the bottom of the ocean, I've earned that right. The same you can say about Lawyers applies to Bankers, you know they are lying when their lips start moving. The shame they must feel for their actions.....or apparently not. 

I'd ask your attorney legal advice, because this issue of mold is headed down that path of lawsuit. We all know it, an ambulance chaser will be sending you a notice soon. They have a lease with you and may not leave until its over. Look at your lease, what does it say in terms of "requests from the tenant", the lease should spell out what you do, what they do and who pays. I always try and get a renter to pay the first $50 of any contractor, it cuts down on the amount of calls. But check with your real estate attorney to find out what is legal and not and get a good strong lease for your properties. It will save you some day! 

@Jay M. There are some realtors in Florida that only work with Foreclosures. I have some good friends in that situation, one that was #23 in the country a few years back in terms of the sales of foreclosures. Now he had to kiss a lot of tail and do stuff that is kind of slimy with investors of big tapes of properties in South Florida, but foreclosures are cyclical. A rise in rates of 1-2 % can send some people into foreclosure quickly, and rising rates are doing just that to many people. 

Back to your post the bankers couldn't find their rear ends with both hands. They only know performing vs non-performing assets. They do not know values. Its why they have realtors do BPOs. If the money aint coming in, they start the process in 90 days, in Florida. All the foreclosures I have bought, I say the uglier the better. I know the value per square foot and if the bank will not accept, so what, on to the next one. There is always another. 

If you look up the group, Jacksonville Wealth Builders, here in Jacksonville FL, you will see a Than Merrill disciple Alex Sifakis, a great guy! Alex and his team have transformed a group of a couple of guys into one of the best real estate companies in Jacksonville. They probably have 900 lots they own and a couple thousand homes they have purchased for people and then manage for the investors. Its a great system. 

I was at a Than Merrill event in Orlando many years ago, we even went over to see Robin's (Thompson) huge house at the time. Its a cool family tree with Robin coming from Ron Legrand. Anyway, JWB came from Than. As with any "guru" there are good ones and bad ones, I have a lot of respect for what Alex and his group have built. Its a great system, but you could learn what you need here and add pieces here and there. Do the same thing.