All Forum Posts by: Eric Kennedy

@ Yeah I was there. I looked around to see if I could spot you but had no luck. The presentation was excellent. In fact, I think I will be attending the all day event on Saturday in order to pick Bruce's brain a little more, while I have the opportunity. I'm heartened by the idea that there doesn't seem to be a lot of risk of sudden price collapse. It does seem however that appreciation plays might be ill advised in these counties reaching 2006 levels.

Looking at the affordability figures for all the Bay Area by county, Solano is the only place where that metric seems to be encouraging (60%+). Interesting. Richmond seems to have some deals left as well.

For my business specifically, as a wholesaler, I was encouraged by his opening stories about buying at 60 cents on the dollar in red hot markets. Marketing and persistence is key. Also, one can't take "no" for an answer. As far as my investments go, I'm short on the South Bay market after approx. 18 more months. At least that's how it looks today.

It was not surprising that his definitive conclusion was that this is not a real recovery. The underlying fundamentals are just not present.

What did you think? Any actionable steps coming out of this for you?

Best,

Eric

@Brad Keller Yeah I don't know about the 2% rule here in the Silicon Valley. That would put a $600k SF home at $12k per month. I think in the bay area we use the .5% rule. Welcome to BP! I'm a newbie too.

Another great group for building your network in the Bay Area is SJREI out of San Jose. I attend their free events twice a month and it's very beginner friendly. I'm also wholesaling in the Bay Area, so please let me know if there is anything I can do to help. Would love to share ideas.

Eric

@ , I would definitely like to meet up and chat. Thanks for taking an interest. Unfortunately this Thursday I am attending a presentation by REI expert Bruce Norris in Sunnyvale. The San Jose REI Association (SJREI) are every first Thursday of each month as well. This is an unfortunate conflict, as I would have liked to attend the mixer in Burlingame.

Regardless, please give me a heads up if you are planning to be in the San Jose area, or anywhere near by. I will do likewise if I will be in Burlingame.

@Minh L.

I'm a member of SJREI. I hadn't heard of Bruce Norris so thank you for giving me the heads up. I will plan to attend the Bruce Norris event on 9/5. Perhaps I will see you there.

Best,

Eric

@Minh L. Thanks for inquiring. Right now I am building a cash buyers list and developing those relationships. I'm also simultaneously initiating my marketing program for motivated sellers. I think we will really see the impact of the rising interest rates on house prices in the next few months. This should create some opportunity again. All the best.

@Mehran Kamari I really appreciate it.

@Johnson H. That's great advice. I've signed up for practically every REI meetup within the area and attended a few events. Good point regarding contacting lenders directly and following the money. I'd love to get an idea of what you consider still having meat on the bone. My goal is to define deals that I can unload quickly and then generating as many as humanly possible. What do rehabbers or cash buyers expect in terms of cost in relation to ARV? Thanks so much!

@Jimmy Tu . Thanks for the note. Do you ever do business as far south as San Jose? I'd love to chat with you about wholesaling sometime. Maybe I can attend that mixer.

@Johnson H. , Thanks for the heads up. Any advice on how to quickly build that buyers list, so that I'm not finding deals in vain? Thanks again. Please let me know if there's anything I can do to assist.