All Forum Posts by: Steven Tawresey

I did it! And what a trip!

Thanks to everyone who met with me, drove me around, gave me tips on food, drinks and parts of town to stay away from. There are many people I met with not on bigger pockets so I'll be thanking them through email.Those who are... special thanks to @Kevin Hoag, @Michael Swan, @Isaac Rowe, @Ian Hoover, @Bob Mason, @Cameron Marchese, @Shawn Holsapple, @Ryan Mullin who helped me refine my investment strategy, even if you showed me assets that I now know I'm not interested in.

The whole trip felt a bit like a choose your own adventure book. When I landed in Cleveland, I had 1 meeting set up. After that meeting, I had two referrals. So, I chose one and went with it. From there, everything started falling like dominos.  3+ meetings per day later, I'm home recovering and processing. 

Lots to think about. I kept a verbal journal on the trip (through iphone voice dictation) so once I get through editing that, I'll try to post some of my most poignant real estate travel observations.

Anyways, cheers. 

@Erik K.

I'm in Indy now and I don't see it. At least not on the level of the other cities in your list. Maybe it's just the suburban sprawl and the fact that you can't walk to anything unless you're in the much maligned 'inner ring.' What makes you think Indy has big X potential?

@Che Chiu Wong

Cheap is relative I guess, and correct me if I'm wrong, but the cost of entry is still pretty high.

@Fred Conway

Good point! I used to say that about Rockies games whenever the cubs came into town. And you should've seen the World series games when Boston came to Colorado. So much for home field advantage.

@Jerry Kisasonak

Don't know of one, but would love to take a look if anyone finds it!

@Adam Craig 

I think you're going to get a lot of differing opinions on this question. There's an argument to be made for leveraging and also for holding equity, and they're both good ones. The question will ultimately be turned back to you. 

What are your goals? And how quickly are you trying to achieve them?

I'm also young and personally, I believe in leveraging myself while I can still bounce back. That being said, you have to be smart about it or be prepared to lose your a$$. 

Last year saw big appreciation. But just as fast as you built your equity, it can disappear. If you're leveraged, the bank may come after you for a check to get you back at the 20% LTV. If you don't have it, you'll be hurtin.

Thanks @William Hochstedler. It was a "3beersdown" type observation so my wording could probably have been better. Even still, I like the idea and I'm going to start looking for migration statics as well population statistics. 

@Jeremiah H.

I've got a friend who really wants to invest in Jacksonville. Does this city follow the 'x' principle too? 

@Jon Behlke

I'm at Permanti Bros right now, in the strip district, sitting next to a couple who is here every Saturday and Sunday. Can't fake that loyalty. Great sandwich. Thanks for the recommendation. 

@Account Closed

Walked by Avenue B but decided I wanted a burger and beer instead. Found The Yard. Ended up being a perfect place to watch the steelers preseason game. Also randomly sat next to an RE investor who was visiting her daughter who goes to Pitt. Never made it to Homestead. Heard lots about it though. Looks like there are some great deals down there. The locals here seem to dog on it pretty hard though. Apparently it's very difficult to get into the city. I did go to Church Works though. What a cool place!

@JD Martin

I've heard friends from those area rave about them. However, they're all in Denver :-P I looked at those in my initial search for a market but as you've said, the ship has sailed. 

@Anthony Gayden

When you start seeing people move in from out of town, let me know!

@Fred Conway

Every one of those cities is doing very well. Formula remains in tact. Thanks for the input!

@Frankie Baca

I love Alaska but I would never live there.  My wife lived there for a year and always threatens that shes moving, with or without me. Maybe I'll be forced to learn the market up there...

@Kathy Argento

Dewey's was great! Thanks for the recommendation. It also spurred a lead. Right next door was a leasing agency. I popped in, started taking with the receptionist, and ended up emailing with the owner of shaker square apartments. If you're gonna let the wind blow you around, you better be ready to capitalize when you get where you're going.

@Timothy Murphy III

Melt is no joke! I got The Dude Abides sandwich and only finished half. Interestingly, I was on my way to the Lakewood location when I got a call back from a lender. Turns out, First Federal of Lakewood was right next door. We set up a meeting, I ate my sandwich, then walked over to talk money matters. 

I feel a bit like a ping pong ball, bouncing from one referral to the next, but at least I'm hitting the table!

Former X's...

Denver

Seattle

Portland

I've watched each of these cities kill it, first hand. And all of them had the same phenomenon... no one grew up here. I'm sure many other cities have seen or are seeing the same thing. AND ... it shows up years before the boom. 

I'm currently in Pittsburgh. Was in Cleveland. And everyone out here is from here. Not that that's a bad thing. 

These cities are great for cash flow and I plan on dropping some $$ for solid returns. But if I'm going to make an appreciation play, I want to find an x before it becomes an X!

Anyone else notice this? Anyone know this market? Numbers alone don't tell the story. Net population growth may be negative in these cities right now. But the question, 'where are you from' tells a lot. 

So... solve for x. What city did no one grow up in?

Hey David,

I'm wondering if you ever found a good PM in Pittsburgh? What areas are you investing in? Hope you've found success!

~Steve

Hey all,

I'm going to be in Pittsburgh this weekend. Never been there before. Where should I go? What should I eat? What's a good social place to have a beer without super loud music?

Thanks!