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All Forum Posts by: Tim G.

Tim G. has started 61 posts and replied 1806 times.

Post: Buying from Wholesale/off market dealers

Tim G.Posted
  • Rental Property Investor
  • San Diego, CA
  • Posts 1,895
  • Votes 1,918

I would research New Western and Net Worth first, both have many threads on this forum dedicated to investors experiences with them. It would be worth taking a look. 

Post: Direct Mail - is it still working?

Tim G.Posted
  • Rental Property Investor
  • San Diego, CA
  • Posts 1,895
  • Votes 1,918

direct mail can work, but at this point it's the yellow pages of marketing for real estate deals. 

pay attention to who is telling you what, if they offer any type of service that would benefit from this information... which is often the case on BP, take it with a grain of salt. 

Post: Appraisal for newly built ADU?

Tim G.Posted
  • Rental Property Investor
  • San Diego, CA
  • Posts 1,895
  • Votes 1,918

Variables are plenty. If you have an SFR and think turning your garage into a studio you now have a duplex you will be bummed when the appraisal doesn't reflect that. The appraisers I've spoken to aren't taking any risks and have zero guidelines yet on approaching ADU's. The appraisal industry needs to catch up still.

Most homes with ADU's are long term holds, so there are few sales comps for appraisers to use and many I've spoken to are hesitant to compare them to anything but other SFR's. Should you build something with separate structures, meters etc in an area where other true multi units exist your odds are better but its all so new so there isn't much data to go by.

The other factor is many builders are treating ADU's like equity cash machines for owners who aren't really investors but like the idea of building something and maybe one day cash flowing. So the prices are going up, but there are ways to keep the costs down if you're willing to manage the project.

Post: Housing for Poor People

Tim G.Posted
  • Rental Property Investor
  • San Diego, CA
  • Posts 1,895
  • Votes 1,918

sometimes I find this forum so depressing and heartless. 

Post: How New Western Acquisitions Made Me Lose my Life Savings ($70k)

Tim G.Posted
  • Rental Property Investor
  • San Diego, CA
  • Posts 1,895
  • Votes 1,918

Sorry to hear about your experience. Good to see you taking ownership and learning from the lessons. 

I would encourage you to seek counsel, New Western has a reputation for this type of behavior and a track record of pushing misrepresented deals to novice buyers. 

To anyone at New Western reading this thread, you're the used car salesmen of real estate and your resume is tarnished by having spent time being trained by this company. It makes you less hirable and much less respected in this industry. 

Post: City finally adopted ADU laws, time to get to work. Need advise

Tim G.Posted
  • Rental Property Investor
  • San Diego, CA
  • Posts 1,895
  • Votes 1,918
Originally posted by @Peter Mai:

@Varinder Kumar

How is your project coming along?  Would love to hear more about your experience.  

Few concerning factors for me regarding Buena Park:

"5. Dwelling Size" - limited to 30% of the primary residence. I'd like to build/convert at least a 600 sq ft ADU, which would require a primary residence of 2000 sq ft. Not ideal here.

"c. Minimum rental term shall be no less than 30 days;" - you will not be able to do AirBnb

"14. Ownership and Occupancy—Owner Occupancy Required." - this rule here makes it a dealbreaker to be an investment property.

Hoping they will be more lenient in 2020... going to research more into the best City to do this in for Orange County.  Let's connect to share ideas and experiences.  

The new state bill going into effect January forces cities to follow their guidelines. One of which is eliminating the owner occ requirement for 5 years. I would take a look at SB13

Post: 203k fha redevelopment from duplex to 4 plex project

Tim G.Posted
  • Rental Property Investor
  • San Diego, CA
  • Posts 1,895
  • Votes 1,918

Sounds like a sweet deal, can you share more details like the area its in, I'm a little confused on the financials? If it cost $1.3M and you put $100k in does that mean you financed $1.2M with an FHA203k loan? 

Post: How would you start?

Tim G.Posted
  • Rental Property Investor
  • San Diego, CA
  • Posts 1,895
  • Votes 1,918

Welcome, its a great way to setup a question and get lots of advice. So you're off to a good start. 

I personally think, you need money, credit or time to hustle to get things started. So if you don't have those working for you you're missing something you need. So start there. That is ground zero, getting that credit score up, building the cash reserves and finding time to invest into this business. There isn't a way to get traction without these. Or everyone putting away $100 a week would be retiring off their 50 doors they acquired. 

Having realistic goals. Looking at the peak of the mountain as your goal could be disheartening and discourage you if you don't reach that goal. Perhaps some more realistic goals of having a 750+ credit score and some savings to put to work and a full understanding of what types of investing suit you and your families goals in the next year would be more realistic. Delayed gratification is the secret sauce, while many look like overnight successes. Its years, even decades in the making. Gradually adding up year after year. 

Sacrifice is necessary, whether that's spending less on daily items to build the cash reserves. Moving to a different area, taking on side hustles, something has to give. I hate to sound like a motivational speaker but if your current life equation of A + B = C then A + B will not equal D without something being added to the equation. It doesn't sound like currently you are able to add something different to that equation. So work on being able to. 

I wish you the best, and hope you find what you need to secure the goals you have for you and your family. 

Post: "Millennials Should Be Happy They Are Stuck Renting"

Tim G.Posted
  • Rental Property Investor
  • San Diego, CA
  • Posts 1,895
  • Votes 1,918
Originally posted by @Andrey Y.:
Originally posted by @Tim G.:
Originally posted by @Keith A.:
Originally posted by @Tim G.:
Originally posted by @Keith A.:
Originally posted by @Tim G.:
Originally posted by @Keith A.:

@Tim G.

Ah, the race card. For a second I thought how someone could suddenly bring that up but then I saw what city you are from.  So, self-inflicted student debt based on race, huh? I find the below article much more devastating and worth fighting for.. don't you? One reason I changed parties and now throw my money at the right. People are actually dying. More black people aborted than born. Or do you only stick to race topics that cnn tells you to? I feel sorry for no one with student debt or mortgage debt. I feel sorry for people murdered.

https://www.wsj.com/articles/l...

Sounds like you aren't comfortable answering my question. I understand. 

I'll be more clear. 

Who G's AF? People who can only fixate on race? It's YOUR race topic "nothing burger". It's funny how only some race graphs fit the left's victimhood narrative, but not others.

ANY person can get a job in this grand economy created by our President and pay off their student, mortgage, credit card, doctor debt.  But being the white saint you are, I'm sure you are helping other people with their bills, right. Also, if you have to use race to help you in a debate - you've lost.

People in minority groups, such as me, see people like you for what you are - pure hypocrites.  Take a step back and try not to approach a conversation with "race gay female sexism orange-man-bad" mumbo jumbo.  

 I'll be even more clear - the reason for the difference in your graph? People like you. But feel free to let us all know how much you give up in your life to help a minority person pay off student debt. And please also let us know what you are doing for the REAL problem of more black people being aborted than born. Or is it best that you not possess a graph for that?  

Take care babe, and please consider walking away from your party. You are only a saint to the same people that applaud murder. 

I'm an independent voter, this discussion is focused on student loan debt and its impact on buying real estate. My questions are related to the data provided and are focused on that topic. 

These personal attacks and misdirection to a topic you feel you posses a moral high ground lead me to believe this isn't a topic you are comfortable talking about in a constructive manner. 
 

 You are highly misinformed, my friend.

When I was applying for medical school - black, Hispanic, latino, and native American people had MUCH lower GPA and MCAT standards. I had a few black friends from undergrad who got multiple interviews and acceptances with an MCAT score of 24-25. If you were white or Asian with that score, don't even bother applying to a DO school or even the Caribbean because you are discriminated against for being white or Hispanic. You don't have a chance.

12+ years later, this hasn't changed. So called minorities can become MDs with grades and scores far below the standard for whites and Asians. To me, this is a despicable trend. Do you want someone who isn't qualified to the same standard interpreting your MRI or doing trauma surgery on your sister who got into a car wreck? I don't.

 Let me go on the record saying I know nothing about acceptance rates based on grades. Which shouldn’t come as a surprise since I said nothing about it in my posts.
 
 

Post: Creating Wholesaling Deals

Tim G.Posted
  • Rental Property Investor
  • San Diego, CA
  • Posts 1,895
  • Votes 1,918
Originally posted by @Matthew Olszak:
Originally posted by @Don Konipol:

@Tim G.

The term wholesaling is misused in reaL estate circles. Wholesaling means BUYING something at a volume price, and SELLING that same item at a higher, retail price.

So, those that actually buy a property (close on the purchase) at a “discounted” price, and then resell at a higher price, are closer to wholesaling’s real meaning. To act as a middleman, or intermediary, that is to not take title to a property but earn a fee on turnover, is actually BROKERING.

Further, the term real estate BROKER is technically incorrect. A real estate broker, is in actually acting as an AGENT for one of the parties. And the agent working for a broker is an agent in the employ of THE AGENT. For a real estate BROKER to actually broker a deal, he would have to represent only himself, and not be an agent of the principal. This type of brokering relationships were ended about ended 30 years ago.

So, this all brings us back to “brokering” real property, what we more commonly call “wholesaling”. I think we can all agree on some common points

1. “Wholesaling” seems to have an almost magical attraction to people wanting to get into real estate who have little or no capital

2. Most of the advice given about wholesaling by gurus vastly underestimated the knowledge, effort, time, ability and difficulty involved in successfully wholesaling deals.

3. Probably 99% of new or wannabe wholesalers never earn 1 cent

4. People new to real estate somehow believe wholesaling is “investing”, although it’s not

5. These same people don’t understand that wholesaling is usually nothing more than”a job”, although some successful wholesalers have been able to turn it into a business.

Let me know your thoughts

 Its a shame this post is buried in the middle of page 2 of this thread...it deserves to be permanently stickied on the top of the forum.

 Agreed, its the most relevant info on this forum.