All Forum Posts by: Mike Andrews

I can't believe a state would even consider abolishing property taxes because of oil revenue. Oil revenue is fleeting (because oil is fleeting). We're poised to see a complete end to fossil fuel extraction in our lifetime. What then? I think Andy Chu made a great point about Nevada. And Prop 13 was probably the stupidest thing anyone could have come up with.

This sounds like a terrible idea, even in a small place like ND. Here in California a lot of cities operate autonomously because of the property tax revenue that they generate. Beverly Hills is one example.

And Tod R. what are they going to increase sales tax to in Texas, 20 - 30 percent? They already don't have a personal income tax. Sounds like Ron Paul has them on the fast track to the flat tax.

Whoa, whoa, whoa! I couldn't agree with you more about Bakersfield, but let's not go bashing all of California. Personally, I think California is headed for a major rebound. The state is in the process of reassessing its overall fiscal policies and I think we'll see real change very soon. California has always been a world leader in so many ways and I don't think that's over just yet.

Real estate is a unique investment in that people will always need a place to live. If these "faker" investors do sell they have to sell to someone. They can sell to some experienced investors like the fine folks commenting on this thread or they can sell to other fakers. At the end of the day, though, even if less people are interested in home ownership these days, everyone still needs a roof over their head. That means that someone has to own the house and someone will want to live in it.

Wow, Andrew Jones and Michael Zuber, I'm surprised to hear you guys say that in the LA area. I get people constantly telling me how scared they are to buy right now. On my show, I'm constantly telling them to buy. But I guess we're dealing with different demographics. Most of the people I talk to are looking to buy a home rather than invest in real estate.

For all you guys who have said you say, "No way" to pits or any kind of dog, do you think this policy is better than having a large pet deposit? Usually it's nonrefundable and covers any pet-derived issues when the tenant moves out. Obviously, if your insurance won't allow them it's a no-brainer, but what about people whose insurance does allow dogs. What's the better option?

I wish we could "like" or +1 comments on BP. I really enjoyed what both of you had to say.

Well, Jeff S I would have to disagree with you and I think so would Mark Zuckerberg, Richard Branson, Cameron Johnson and all the other millionaires and billionaires who never got a formal college education. My grandparents made millions investing in real estate with zero formal education in anything even moderately related to real estate, finance or economics. An ex-girlfriend of mine made herself a few hundred thousand dollars in real estate investing with knowledge she got from library books.

College just isn't for everyone. Sure, if you want to be a doctor or a lawyer or any other profession that requires a degree to pursue, there is no substitute. But I think it's crazy to say that anyone who wants to be successful in something has to get a formal degree in it.

I'm not saying these courses substitute for a college degree. I'm saying if you aren't interested in going to college, using these resources combined with your own desire, hard work and will are enough to make you a success.

I would pay off my mortgage, all my loans, buy a jet and put the rest in a savings account.

ROFLMAO.

No, no, not really. I'd probably move to Florida to take advantage of the real estate market there. I hear they're basically giving away houses down there.

I think James Vann makes a great point. Now is definitely the time to buy and you raising the rent may be the catalyst your tenants need to make that move. Good for them, maybe not so good for you.

It's a buyer's market right now and there are some great deals, even for renters. I would definitely not raise rents on tenants right now.

If you've got a big project (talking in the millions) the EB5 visa program is a great way to find foreign investors. The government will basically line people up for you.