All Forum Posts by: Steve D.

Get that degree!    A good college degree will only help you.    Many people who are dismayed by their college experience majored in crap like psychology, sports management, history, eastern european literature or some crap that won't land them a good job.   A good college major will open doors for you.   

BTW, you should be wary of people like Robert kiyosaki who constantly bash college education.    He made his money selling books first and foremost.   Listen to what they say, but remember his schtick:   He's selling books.  

Don't buy his hype.   You can be an "E" and an "I" and be successful at both, and enjoy the benefits of both worlds, IMO.  

Strange problem I've never encountered before in my 12 years of investing that I wanted to get some opinions on. I got a quad under contract, based on the rentals I thought I got a decent but not a killer deal in a good location. So the appraisal comes back about 30k under the contract price. My first time the appraisal came back lower than contract price. Kind of caught me off guard . Anyone else encounter this before and what do you do, ask seller to drop price to appraised value ? Can't get a mortgage for anything over the appraised value....guess didn't have as good a deal as I thought 🤔....but numbers still work for my purposes! Thoughts ? Thanks

Great question Nick.  I think about this all the time.  So if the bubble of 2002-2007 had not occurred, and the ensuing crash had not occurred, is this where we would be in the natural cycle of the market?   At least I think this is what you are asking.   It's a hypothetical, but a legitimate point.  

I personally don't think there will be another crash like there was in 2008 because lenders are cautious even today.   They're not loaning to just anyone, it's actually a challenge to get a loan even if one is qualified.    So my feeling is that there will not a major correction nationally like in 08, but local markets may shift based on supply and demand, just like they always have.   

Philly is in a major bubble. Way too much new construction going on. Cranes everywhere you look. It's just crazy. Something will put the brakes on the madness. Question is what and when ...it simply cannot continue at this pace for long ...

Does anyone see a bubble in Philly real estate market?    It seems new construction and development is going up everywhere you look.   Neighborhoods that were previously delapidated (sp?), you find 400K+ homes being built.   I wonder if this is sustainable, and when will the rug be pulled out?   

It is a major metropolis, 5th largest city in country by population, and when you compare it to its peers (Chicago, Houston, Phoeinx...NY, etc), prices are much more affordable in philly than in these other markets...so one way to look at all this is that Philly is FINALLY coming around and catching up to these other larger cities in terms of RE values.    But the other way to look at is is that this is a major BUBBLE....?  driven by NYers?  who can't afford NY and are buying up properties in Philly?

As the saying goes, I'm concerned...but not worried....

David Faulkner nailed it! Tired of hearing the young buck with little experience. Bring on some experienced folks who have seen the good and he bad. I tune out as soon as I hear the guest is under 30.

I don't think bp should be blamed in any way for having mr de Guzman on a podcast. Crooks or cockroaches can pop up in any organization and should not be a reflection of the organization as a whole. However, once the problem is identified, how that organization handles it and responds to the allegations IS a reflection of its values and character. Sweeping criminal behavior under the rug or turning a blind eye to it will damage its credibility. We should give them a chance to investigate this a bit. It would be a mistake for them to prematurely comment on these serious allegations without doing THEIR due diligence.

This is a disturbing tale on so many levels. Not least of which being that it involves mr Wendell de Guzman, someone that has been featured on a bp podcast and praised on his podcast page as a savvy investor with a lot of know how. Have you reached out to Josh Dorkin and Brandon turner ? If this actually happened, not questioning your story but all things need to be verified and 2 sides to every story, this person's podcast should be removed so others don't listen to it . You were naive, but the person who took advantage of you has to be held accountable.

Difficult to compare. A friend and I got different rates from same bank around same time period, we were told our credit scores and DTI ratio affects the rates. So rate is not standard across the board, but varies based on your personal financial situation.

Would try Guardian Savings bank also.   I have 2 ARMs with them.  I don't like paying points, I figure in 5 years if rates are really high that I cannot refi, I will pay off the loan.  But realize not all are in a situation to do that.

Getting fixed rates as an investor is challenging!

Congrats on the 200!  

Let me start by saying that your podcasts are some of the best I've heard in business and real estate.  No hidden agendas, just honest and practical information.   

However (you knew it was coming!), please allow me to critique, nothing personal, I just want to give my honest opinion:   

I have noted the quality has declined recently ONLY BECAUSE it appears that your guests are not as experienced in this business as some of your former guests.   I don't know if this is intentional, whether the goal is to bring on guests who have built up a quick portfolio and are barely out of high school so the younger audience can relate.  But for those of us who are a bit more...ahem....experienced and have a few years on us, we would really appreciate more experienced guests and seasoned advice.   A guy who has been doing this for less than 5 years, as go-getter and ambitious as he might be, really doesn't have the experience to give solid advice in this arena simply because he hasn't really lived to see the fruits of his labor.  He/she still doesn't know what will work longterm, even short term.    I think it is much more beneficial to have on guests who have been at this gig for 10-15 years at least, who have seen the ups and downs, experienced successes and failures.   And when you have on a guy who started in the 80's or 90's, that's gold right there!  He's been there, that's someone we can learn from! 

Take it for what it's worth.  I say bring on more old timers with a few gray hairs!