All Forum Posts by: Palmer Thomas

Quote from @Ned J.:

@Palmer Thomas...wow...just wow......

Blame everything on the big bad boogeyman of immigrants..... wow....

Got nothing to do with the rampant capitalists squeezing out every penny of the market....corporate greed not increasing wages......its the immigrants....got it. 

Sure, it's a boogeyman.........or it's basic supply and demand that anyone with even the most basic understanding of economics could grasp.

We have 10+ million people living here illegally.  The people need housing.  This demand for housing drives up the price.  

Is there anything about that which you disagree with?

The solution is simple.  America just needs to enforce its existing laws.

We currently have over 10 million illegal immigrants living in the US.  These criminals are taking housing away from Americans and driving up prices.  We simply need to deport them and housing prices would become much more affordable.

For some reason this obvious solution is never even brought up as a possibility.

Along those same lines I once had a tenant call and let me know her AC wasn't working.  I thought it was odd since I had recently installed a new 3 zone mini split system where, for this 2 bedroom 1000 sq ft house, there is a thermostat in each bedroom and one in the main living area.  When I went to see what was wrong, it turns out that she tried having the heat on in one room and the AC on in the other which won't work since there is only one outdoor unit.  I'm still not sure why she felt the desire to heat one room while trying to cool the adjacent room.  Tenants are weird.

I have a rental house I'm in the process of selling.  When I first purchased the house, it needed a lot of work.  I have a friend who is good at doing just that so I agreed that I would give him an equity stake in the house to match the percentage of the value of work he did.  After rehab, he now owns 30% of the property.

Since this was a house I purchased in the beginning of my real estate adventures, I had no idea about long term tax implications. I didn't put him on either the title or put him as a member of the LLC under which the property is owned. There is no paperwork at all drawing up the agreement. It was just a friend to friend handshake deal. From a combination of the rehab and appreciation the house value has gone from roughly $50k to $200k.

How can I get my friend his share of the profit without being double taxed (I pay taxes on sale then he pays taxes when I give him his share) all while trying to do a 1031 exchange with my portion of the sale?

Quote from @Joe S.:

Is there any books or articles on fasting that you recommend?

 I enjoyed "The Complete Guide to Fasting" by Jason Fung.  It's an easy enough read to get a good understanding without needing a medical background, but also in depth enough for a pretty complete understanding of what fasting does to the body.

I've purchased a few units online and they don't require any sort of licensing. 

My go-to site is Ingram's Water and Air Equipment.  The prices are good and they usually get them shipped out quick.

https://iwae.com/

I'm meeting with a seller (and his lawyer) tomorrow to hopefully hash out the details on a seller financed deal.  I've purchased a few rentals, but never bought a house using seller financing.  Are there any specific questions I need to be asking or any points we need to go over that aren't typical for a bank financed purchase?

Here's some background on the purchase:

The seller was in the process of fixing up a house when a medical issue came up. He now isn't in shape to complete the rehab. I've done a few rehabs and the remaining work looks like I can do the majority of it myself. The house has been on the market a while and I'm guessing thats due to the house not being livable enough to get a typical mortgage. The house is going to be my primary residence. My DTI ratio currently keeps most banks from lending to me and since it's going to be a primary residence I don't think I can get a DSCR loan. I've already had some back and forth with the seller, going through our RE agents, and the numbers we currently have are basically a $200k sale price with $100k down and the seller financing the other $100k.

Any pointers would be appreciated.

Quote from @Sarah Kensinger:

No, you just go on there like you're looking to book and start looking at people's calendars and pricing. To be honest this take A LOT of time and your search would need to be based off a very similar property that you would be possibly purchasing.

One concern I have about this is that I have no idea what percentage of bookings are done weeks in advance and what percentage are last minute.  If the average occupancy for an area is 80%, how far out should I see 80% of the days booked?  In my area, RE agents have said that they get well over 50% occupancy rate, and I don't doubt that at all given the location.  It's just when I look at other people's calendars, not many seem to be at the +50% mark for the next 3 months.

If an area has a lot of people coming in for a weekend getaway, does it make looking at other STRs much less useful since some percentage of those would probably be last minute bookings?

For me it would depend on how much you think you're going to be using them.  If it's just for every now and then use, then the cheaper options should do fine.  If you want years of moderate to heavy use, then go ahead and spend a bit more for something that works well and is durable.  I personally use Makita and they do great, but I would think that the Dewalt or Milwaukee would be just as good. 

One thing to remember is that if you're going with the cordless options, and there's not much reason not to, then you're not just buying one tool, you're committing to the entire brand since the batteries are so expensive.

Quote from @Anaim Murcia:

Quote from @Palmer Thomas:

Quote from @Anaim Murcia:

Brother I Appreciate your Feedback, and to be honest I'm okay with sarcasm because its actually pretty normal when the person does not know about a topic.

 The problem you're having isn't that people here don't know about this topic.

The problem you're having is that the people here DO know about this topic, many probably know way more than you, and your pitch comes across as scammy.

Thank you,  I honestly do not see a problem in people sharing their thoughts. Secondly, its not a pitch brother because its 20 words. 

Yes, yes it is a pitch.  You're using your post to try to bring in investors.

I don't know much about syndication investing (I'm currently reading The Hands-Off Investor) but from what I do know the first rule of investing in a syndication is to have confidence in your sponsor and your posts here are doing the exact opposite.

But good luck with your investment.