All Forum Posts by: McKellar Newsom

How long have you been looking?

I agree that you should look some more.

In October, Morgan Stanley experts predicted that the distressed housing supply should last another 5.3 years. Who knows how long the country will be on sale, but it will mostly likely be awhile. That said, you have some time to relax and look a bit before purchasing. Good luck. mck

When I started out, I thought I wanted to purchase multifamily properties. I ended up buying a single family rental and have 27 currently.

I'd buy a multifamily if the numbers were right. The problem for me is that I don't like the loan terms right now on multifamily properties. I like to play with balloons with my girls not my loans.

You could try a single family to get some buy and hold experience then decide which to pursue for your second buy and hold deal.

Welcome to BP, Jerry. mck

I have one 2/1 SFH and 2 duplexes that are 2/1s. I prefer at least 3/1 because tenants seem to stay longer. All my others are 3/1s or more. I'm in the process of selling my 2/1s and upgrading into SFHs with more bedrooms. Good luck. mck

I like Steve Berges' The Complete Guide to Real Estate Finance for Investment Properties: How to Analyze Any Single-Family, Multifamily or Commercial Property.

The book is not an easy read but it helped me get a better handle on the numbers. mck

Should I upgrade to BP Pro? What are the benefits? Do you find the upgrade to be useful?

Thanks. mck

Jerry and Bill, wouldn't it be great to be a "liquidation assistant" now?

What's the FSLIC?

I had family members that bought from RTC auctions then flipped them all. If they had kept them...

I'm thrilled to be buying now.

So let's see, Jon... If the cycles stay the same my daughters will be nearly my age now when the next real estate bargain bust happens.

Thanks for the replies Jeff and Mike. I keep thinking about how history repeats itself. mck

Actually 28, James :) mck

When I was 25, the resolution trust corporation (RTC) was auctioning off saving and loan debacle properties. I believe the RTC was formed by the government trying to bail out the S&Ls in trouble. I remember thinking at that time, "I wish I had money to buy something."

I've had RTC in the back of my mind since then. In 2007 or so, when the nation faced another real estate collapse, I decided to jump in and buy.

I wish I had thought of some creative ways to buy back in the RTC days... mck