All Forum Posts by: Ronnie Fielder

Jennifer, Have you been successful in getting the portfolio loan?  If so, were there any weird stipulations and/or minimum amount of properties the bank required to produce the loan?

Melissa, in the 2 markets I'm currently familiar with (Chicago and Beaufort, SC), I know people in those areas.  Even with that, sometimes knowing people that can take care of things is not always the best fit.  Most of the time this is family or friends, which introduces a various level of skillets; or lack thereof.  As I redefine what I actually need in those markets, it seems that I'm to the point of transitioning to all professionals.  I definitely agree with you on most markets not making sense.  The South and MidWest seem reasonable and pretty consistent.  I think linking up with professionals that actually have boots on the ground is the correct way to do it.  As for Alabama, it depends on which city/area.  I have a sister in Montgomery, but my initial test of the market with her wasn't very successful.  

I'm looking for a reputable contractor that has working knowledge on mobile home renovations.  I had a local guy doing the clean-up and demo, but things aren't working out so well.  I'm looking for someone that is punctual, knows what they are doing, has a solid timeline, and is reasonable on pricing.

Melissa, you mentioned trust. How did you go about building a "great team" you can trust from such a great distance? Did you meet all these people face to face? I can't seem to get great teams established from a distance.

 Eric?

@J Scott I really appreciate the quality you put in your responses.  I love the "teach a man to fish" mantra.  I use this all the time to get my Marines to think and share knowledge with others.  I look forward to learning more about how things work opposed to predictions and speculation.  As for the next big downturn, I guess the only thing we can do is be prepared as possible to shift practices that fit that current cycle.  I'm going to purchase the E-book right now.  As others have stated, I think a paperback would be great as well.

@J Scott Your knowledge and perspective on economic cycles is very intriguing.  As you know there is a lot of comparative analysis going on right now in regards to previous downturns/recessions.  I hear a lot of people say we'll never see another downturn like the 07-08 downturn. So, what will be so different about the next one (whenever it is)? I have asked many older investors what was the most memorable downturn they can remember in their lifetime. Most quote the early 80s or the early 90s. I guess some people have different thoughts on which downturns/recessions were worst. Looking in the future, we will never know how bad it will be or is until we can actually look back at it. During the 07-08 downturn, I was very new to real estate, and had just gotten out of a flip. With feeling lucky to have made it out in a nick of time, and seeing all the destruction around me, I chose to move on with regular life and stayed away from real estate. Of course hindsight is 20/20, so I wonder if I will ever get a chance to apply the lessons I know now to a period as abundant and interesting as the aftermath of the 07-08 downturn.

@Account Closed Amazing post with insightful data points. I definitely think your point about our current practices not being sustainable is spot on.

@Cameron Riley It took 2 plumbers not showing up and not answering their phones after the promised times, keeping hysterical tenants calm, begging and pleading with any available plumber to show up, and paying 'emergency rates' to finally fix the problem.  In the end it worked out, but Murphy's Law was definitely in full effect.

@Cameron Riley Up to this point I have been self educated. Whenever I really want to learn something, I become so fixated on it.  I read all the time (books, articles, blogs, etc).  Another thing some would say I'm fairly good at is keeping my ear to the ground. I try to be aware of as much as possible. Throughout the years I've quietly added tools to my toolbox from others successes and failures. Last but not least, I make it a point to learn from my own experiences. Today I had to figure out how to get a plumbing issue fixed from 4,000 miles away on Super Bowl Sunday. The problem was solved, but not without pain. I definitely learned a few lessons for the future.