All Forum Posts by: Todd Powell

@Jennifer A. Its totally ridiculous that your government is giving renters a pay day like this! You talk about a transfer of wealth. What is next, the government taking over your rental properties?

@Grant Doyle would the seller entertain an owner carry with less down? I have done several of these and the key is showing the seller that THEY can now be the bank for the first time ever! Create a win win and see how you can achieve their goals as well! It can be done but be persistent and be tactful!

@Dareen Allie live below your means, take 2nd or part time job, liquidate belongings to turn into cash, ditch items that may have payments, (car payments) and you can make it happen.

I do not know the Arizona market but I know it takes work to save money. You can do it!

@Amy Frisella you can never time the market and RE over time is a solid investment. I would work to find a off market deal not on the MLS at a discount that needs a little paint, yard work, etc. Even if the market levels off, no one can predict a drop. I like buying at discounts and that also covers your margin of error so to speak.

@Jason Oberweis thanks Jason!

@Marvin Lusky well, its been a year and many months since your post. Did you finally get off the sidelines?

@Todd Powell well, its been over a year, so here is a update. I left my W2 March 31, 2020 as my salesman left during COVID. I never returned to the 31 career i was burned out with. I flipped a couple properties and one went really well, and one was a dog. I approached someone I have known a long time to be an investor if I scaled up the flipping business, and he was willing to put up $500,000 or so, but in the same meeting he pitched me a position with his company as the Business Development Manager. Now I have weekends off for the first time in my life! I have fully company paid insurance benefits for the first time in my life. More freedom, and happy so it just wasn’t the W2 it was what I was doing. My rentals are strong. My son and I sold our 8 plex and invested into a Crowdstreet 62 unit deal in Ohio. My properties cash flow and happier than ever. My advice to you is to keep on your goals and plan and decide on what will work for YOU. Happiness is a mental perspective! Just wanted to update

@Neel P. Real estate deals are ALWAYS a negotiation. I sold a house last year and the buyer offered all cash and AS IS. Funny, after my complete reno the inspector can ALWAYS find something to bring their value to the table. The buyer then wanted some fixes and wish lists. I could have said pound sand, but they did offer $11k over asking and was the highest offer so I decided to do $500 worth of stuff, including getting someone to bag up the ripped insulation under the house along with the 4 skeletons of racoons. Find the win-win and always protect yourself and remember life is ALWAYS a negotiation!

@Mike Hern very interesting with your background. Wells Fargo does seem like the brightest bank out there but maybe they know or feel something. Or, maybe this avenue creates too little of profit margin. In the end, we can all plan effectively but we can only control what we can control. One reason I worked and planned ahead in life. I do not want to trust the government, banks, or any system put into the hands of leadership. Most no nothing about growing money. They simply know how to waste and spend it, and that is both sides of the political isle.

@Mike Hern this is interesting on two levels for me.

1. I own quite a bit of Wells Fargo stock and it headed down this year or two, but finally making a climb.

2. In 2009-2010 I experienced a painful shut down of a few non owner occupied rentals I had with B of A. I used these HELOC lines for investing over the years with house flips. I went from $60k and moved them upward over the years and never missed a payment. But, when the economy eroded they promptly shut down everyones non owner HELOCs. They left my personal house alone however. I was shocked and was told this was a West coast VP decision as many were handing their rental keys back to the bank. It was tough for the responsible guy like me who had never missed a payment.

So, if what you are saying is true, then they are so nervous that they are suspending HELOCs but also owner occupied lines of credit? That would be a hard hit for sure and fear like that begins to affect financial confidence of the public. It would be a ripple affect and a downward spiral. In the end, banks do NOT want to own real estate, they ONLY want the interest and with as little risk as possible.

Lets keep an eye on the ball