All Forum Posts by: Account Closed

Jeremy,

:welcome: to BP.

Good to have you on board.

How is your local market?

Shiller (Case-Shiller fame) said Dallas largely missed the bubble so he is not expecting much of a price correction is most of TX, Dallas included.

What brought you to RE? What were you doing before becoming an agent?

Alex,

Thanks for the added info. It is always good to hear more about a person and what attracted them to RE investing.

What sort of high tech sales were you involved with in your prior life. My technical career started with HP and then I moved on to NeXT (today's Apple). I used to live in the Richmond district in SF.

What about the Trump intro session changed your thinking?

Steph,

:welcome: to BP.

Have you visited the forum for property management? I am sure you can offer your perspective when people ask PM related questions.

If you want to get into fix and flip deals then check out the forums that focus on the deals and the details relating to refurbishment.

What sort of properties do you manage? How long have you been a manager? What did you do prior? Anything else you want to share so people will get to know you better? This is your 15 minutes of fame here on BP so tell us things that will help us remember you.

Dealing with bozos.

Not flakes but true bozos.

Flakes tend to be people who are naive or somehow over promise and under deliver.

Bozos to me are the folks who are out to do damage. It might be a tenant who is a professional at taking advantage of landlords. It might be other investors who are so full of crap they are a pain to deal with yet for some reason you need to put up with them. It could be folks who intentionally misrepresent what they can do even when you are pretty precise. They know they are making it up rather than just being naive as to what something really takes to complete.

It goes with the territory. RE investing is a field that people can get into without ever doing any formal training. Low barrier to enter. The field also provides enough income to those who are successful that people can switch careers.

Any field that has a low barrier to entry and high income will produce a high number of bozos.

What I like (not part of the question but still something I want to share).

There are many, many RE investors who are very willing to share what they know, what they do and otherwise help people. There are so many deals out there few are concerned about giving away the secrets. RE investing tends to be pretty supportive when you hang with honest people who are trying to do good deals. People who are self-made in many cases.

At a high level you can buy and hold or you can do things that result in short term positions (including refurbishment).

There are many subtle variations and ways to make money with property.

Spend some time looking at other threads here on BP. The forum titles and the descriptions provide some ideas of the different ways people invest.

You can also find many books on almost every variation.

There is no rush to pick one specific model. Best to find a model that works for you and that normally means playing to your strengths and your prior experience when you first get started.

Can you really afford the cash flow on the two homes? You can crudely estimate the expenses on a rental as being 50% of the projected income. This includes vacancies.

Many older investors in CA when I lived there had built up a portfolio by keeping the prior family home when they traded up. Normally people with a good career and no desire to be a full time investor. They would end up with 3-6 homes in total. It really made a difference when they wanted to retire.

O/T - Post an introduction over on the new member forum. It is a great way to introduce yourself, tell us about your background and otherwise announce you are here. Your 15 seconds of fame.

S CA has fallen three times in the last 30 or so years. I wonder if the author did any regression analysis to see how well his model predicted the prior falls.

One thing that is different this time around (nothing to do with the model) is the number of people who could borrow 100%. 100% financing was much easier to raise for jumbo sized loans than in past cycles.

As to falling 20% more. I think it depends also on the level of detail. All of S CA or specific neighborhoods?

In any event down turns are really good for investors. The dumb money leaves and the number of motivate sellers (home owners, other investors, lenders) spikes.

If you ask a lawyer some will tell you that unless a contract explicitly states the contract can not be assigned it legally can be even without a clause making it clear that it might be.

Left unstated you can still assign is the message. Granted the seller might mess up the deal or otherwise be a pain if they find they got into a deal they did not expect.

Good post TC.

Similar to police zero tolerance programs and other policies used to clean up whole neighborhoods. There needs to be a standard that people meet before decent people will want to live close by. Each landlord, tenant and even owner occupants can do their part. Some tenants do not want to participate. If they are contributing to the problem then the landlord can move them out. If someone is not part of the solution they are part of the problem.

Now some landlords use PMs and the PMs might not have the same standard as the landlord. Out of sight, out of mind. Other times the PM has a better standard than the landlord wants to fund. In those cases the PM needs to terminate the client.

To all,

Shari started a new thread for her question. There are replies there which are from people who have not commented her.

Best if all future replies to Shari's question post under her thread. Like below.

http://forums.biggerpockets.com/viewtopic.php?p=75501#75501