All Forum Posts by: Steve K.
Steve K. has started 6 posts and replied 246 times.
Post: What will be the impact of the Coronavirus crisis on real estate?
- Honolulu, HI
- Posts 247
- Votes 315
it's not made up, see my post above...
Originally posted by @Account Closed:
@Matt R. your first mistake is listening to an "Ivy League Dr."
second is "40% to 60% of population will get the virus and millions will die from it" is not basic math.
third, why say "Not to alarm anyone needlessly" and then state some fuzzy unfounded "expert's opinion and fear-mongering?
I understand that concerns are higher pitched on the west coast because of the proximity to the far east.
Did you make this up?
Post: What will be the impact of the Coronavirus crisis on real estate?
- Honolulu, HI
- Posts 247
- Votes 315
there are more than a couple people saying this, and some have been saying this for over a month...
Originally posted by @James De Stefano:
Originally posted by @Matt R.:
Not to alarm anyone needlessly, I was listening to an Ivy League Dr. recently and he said, here is the basic math coming, 40% to 60% of population will get the virus and millions will die from it. Hopefully he is mistaken. Not sure how this impacts your local real estate market as I think most of those deaths will be outside USA. I was at Disneyland about a month ago, I was thinking maybe of cancelling. Today I would cancel that visit. I think some of those type businesses where travel or hotel is part of it will be impacted the most and or at least double digit % loss effects. Those areas with existing housing shortages might not see any impact still. Good luck!
Interesting take on this... and probably the most doomsday i've heard ( Ivy League Dr. viewpoint )
If anything, this is very, very polarizing and hopefully there's plenty of lessons learned form this for moving forward , with government preparation... every 4 or 8 years when we have our elections :)
Post: What would you do in my shoes?
- Honolulu, HI
- Posts 247
- Votes 315
invest in syndications...
Post: NEW INVESTOR NEED ADVISE ON HOW TO INVEST $100-$120K
- Honolulu, HI
- Posts 247
- Votes 315
Originally posted by @Virginia Damato:
@Steve K why did you say to ignore DM. Just curious .
because at least some of them will be spam or people trying to take advantage of a new poster that is anxious to invest their money
Post: New to Real Estate Investing...what should I do with $300K?
- Honolulu, HI
- Posts 247
- Votes 315
#1- don't post I have $300k on a public forum
#2- ignore all the DMs you are getting with "deals" "offers" and people "wanting to connect"
Post: NEW INVESTOR NEED ADVISE ON HOW TO INVEST $100-$120K
- Honolulu, HI
- Posts 247
- Votes 315
#1- ignore all the DMs you are getting with "deals" "offers" and people "wanting to connect"
Post: A lesson learned from Lending money to a BP contact
- Honolulu, HI
- Posts 247
- Votes 315
not a good idea to screw over a moderator on BP
I give you credit for not putting him on blast from the day it went south
and even now keeping his identity hidden
congrats that it is finally over
Post: Turn-Key Rentals- Good or bad idea? What are your opinions?
- Honolulu, HI
- Posts 247
- Votes 315
Originally posted by @Nick Troutman:
@Andrew Hogan What is your suggestions for thinking bigger and spreading risk across more doors? REIT?
@nick troutman
I am guessing his answer is in his signature...
Post: Paying a syndication sponsor's (high) travel costs
- Honolulu, HI
- Posts 247
- Votes 315
Originally posted by @Andrey Y.:
Originally posted by @Luke Miller:
@Andrey Y. let us know what the sponsor says. I'd be curious. For reference, my travel (before the deal closes) is usually limited to a couple thousand on the high end. For due diligence, I budget somewhere around $100/ unit for inspections and then a certain percentage to do the file audit.
I would imagine that there is a reasonable (in their mind) explanation for their costs, but who knows? I doubt they are using it for nefarious purposes like @Jay Hinrichs insinuating, but i've been wrong before.
That's the beauty of being an informed investor though, if you don't like the offering move on. No one is forcing you to invest.
The sponsor contacted me in private and was very upset that I shared 'confidential information' from the PPM, and they weren't okay with it. So it sounds like I am 'out of' this opportunity.
I was contacted by other players in this space, they said I did nothing of the sort because I didn't state the name of the sponsor nor did I share a copy of the PPM with anyone. Saying "this anonymous sponsor" has $250K fees for travel and DD isn't a breach of anything, and I'm happy that experienced commercial multifamily operators are telling me this.
If someone is totally comfy with the fees they are charging, I think they would be happy to explain it. Out loud. In public, even. It shouldn't be a big secret. This is just my opinion. Others are welcome to disagree.
I don't really want to get into specifics of their answer, as I am afraid this may upset them further. Potentially, people can deduce who the sponsor is if I talk about the types of deals they are doing? Anyway, out of respect I won't post those details in this venue.
I will only say that their justification kind of made sense, but I am still not totally clear that that entire figure is warranted. So, if I am going based on what @Omar Khan said above, definitely would pass on this particular opportunity.
perhaps it is for the best that you are not being welcomed...
please note, if you are looking up info on REI Nation, know that up until the past few weeks, it was known as Memphis Invest
they didn't change their name because of any issues, they are now in many more cities than just Memphis
Memphis Invest has long been the Gold Standard of Turnkey companies