All Forum Posts by: David Tipton

@Charlie Fitzgerald never heard of that, I wonder if I would like it or it would be like a peanut butter and tuna fish sandwich (ie "I like peanut butter and I like tuna fish, so lets stick em together").  I'd be willing to try it though, especially if its sour rather than sweet.  I've had a few sour beers lately that were really tasty.  I'll keep an eye out.

@Chris Dawson uh oh, @Jason Hawk got here first.  I guess (913) is the Kansas side and (816) is the Missouri side?  Which is better, or is it all the same?

Welcome @Tom Allard.  I agree with your assessment that you can probably learn without having to pay for an "advanced course."  Like @Matt Owen, I'm also fairly new but feel like I have already learned quite a bit from BP.  I would definitely recommend the podcasts, they are probably the best resource on the site.  I listen to them when sitting in LA traffic.  Great way to learn the basics and hear about various strategies and personal stories.  There are some great book recommendations as well.  I really enjoyed The ABCs of Real Estate Investing by Ken McElroy.  I'm halfway through The Millionaire Real Estate Investor by Gary Keller, it is fantastic so far.  

I'll defer to @Gene Hacker regarding your local meetups, but LA isn't all too far away.  Good luck, and I hope to see you around the forums.

I completely agree, I'd like to be able to afford my first property!  Haha.

On a less selfish note, sustained low interest rates may have a negative effect on the economy as a whole.  Interest rates need to go up to disincentivize borrowing and ensure we are not overleveraged as a whole.  Ray Dalio gives a great explanation in this half-hour video, it's definitely worth watching:

How The Economic Machine Works by Ray Dalio - YouTube

TL;DR: the whole thing is cyclical.  What goes up, must come down and vice versa.  I'm of the opinion that the rate hike is a positive thing overall, as it's better to do it now and take our medicine.  Housing prices will likely drop once interest rates reach a certain threshold.  Only time will tell how extreme it will be.  

Back to the selfish thing, I would not be upset if prices dropped significantly.  I missed out on the last fire sale and didn't get a raincheck!  

Feel free to use it as you will.  I was actually curious myself about the precise etymology, so I looked it up and found a whole new phrase for the same idea:

https://en.wikipedia.org/wiki/War_chest

I've never heard the phrase "cash mountain."  I'm going to use that from now on.  Gotta build that cash mountain!

I'm an LA guy, so looking here to stay local for now.  I may branch out one day. 

@Linval T. thanks for the great resources, I'm going to check out some of the blog posts you linked.  Much appreciated.

@Joe D. thanks for the warm welcome.  I always thought Bourbonnais was a sandwich spread made of whiskey.  Hehe.

@Jason Hawk yeah, but how is the barbecue? Does it go with Bourbonnais?  But seriously, thank you for reaching out.  I'm currently looking local to start but that may change.  I'll keep you in mind if I decide to look out of state.  

Well, not brand new.  I've been around for almost a month, but never did the new member introduction thing.  I didn't see the value in it at first.  Having used the site for a little bit I see how important it can be.  Figured I should circle back around and say hello to everyone before it's too late.

I'm just starting out in real estate investing while working full time as an attorney. I'm particularly interested how I can apply my knowledge of the law to investing and property management.  The two seem to dovetail pretty well to me.  (Before you ask, I cannot give legal advice or barter my services, I'm working for the man and could get into some deep water, but I will try to give information and referrals if I can help.)

I still have yet to do my first deal.  I'm ultimately looking for buy and hold rentals but would like to get started in short-term flips to try and build a war chest.  The goal one day is to get into large multifamily units and commercial properties.

I'm currently working my way through the Bigger Pockets podcasts and reading as much as possible.  I like to help people and provide answers.  I am very much a "learn through teaching" kind of person, as counter intuitive as that sounds.  That said, I will definitely have a ton of questions in the coming months.

I also like beer and green apples.

I've started trying to value multifamily deals, but having some difficulty knowing what is reasonable to estimate for maintenance (i.e. repairs and capital expenses).  

Does anyone in the LA area have a general "rule of thumb" for estimating maintenance costs, at least for the initial evaluation stage?  Is there a certain percentage of the rent?  Flat dollar value per door?  

I would like to have a conservative estimate, but want to avoid being so conservative that I make every deal look like a loser.  Any advice is greatly appreciated.

My fiance has her broker's license here in California.  We heard that BPOs are a good way to earn some income while refining one's ability to value property.  

How would she get started?  Are there any educational requirements?  Is it as simple as contacting lenders and asking to be put on a list?  Any advice is appreciated.  Thank you.

Welcome @Shane Hauser.  Great surname for a real estate agent.

Welcome @Jordan Ingram.  It sounds like @Jose Guevarra may have you covered with area-specific information.  I recently listened to BP podcast 42 with Mike Nelson and thought it was really helpful.  He specifically discusses wholesaling from a distance, so you may find some good tips and tricks for that:

https://www.biggerpockets.com/renewsblog/2013/10/3...

I'm in LA, but have family in Ventura County so looking to invest there as well. I'm mainly looking for 2-4 unit multifamily properties, ideally that need some work. I would also be interested in the right SFH. Keep me in mind when those deals start rolling in!