All Forum Posts by: Rich Weese

@Mindy Jensen

Thank you. A previous responder had explained that to me.

@Mindy Jensen

Thank you for fixing my mess…

I did a 16 unit PUD in St. George, Utah that was very successful 20 years ago. I also bought a 64 lot subdivision in South Texas with only three homes existing. The builder or developer was having problems and I saw a diamond in the rough. During the contingency period, I was able to get city approval to turn it into a gated community. All of a sudden the 61 lots I purchased tripled in value. I have built approximately 30 homes of my own. I have sold some and kept some as rentals. It was nice to build most of the profit into the acquisition of the land. I have also bought land and flipped for a profit without developing it.

I'm sure the answers will vary depending on economy, location, demand, etc.

@Robert Melcher

Robert just reminded me of another one. I purchased a home in foreclosure that I had not been able to get in. One of the bedrooms had been used to raise fighting cocks...  They also had pit bulls for protection. They had actually scratch through the bottom lower part of an entire door!

I have been pretty lucky with thousands of rentals. I have had to I can remember that were bad.

I had a gentleman decide to rebuild his Harley-Davidson in the living room of an apartment I owned. It had a smell that I have never had to get out of a unit before...

I had the ex-wife of the tenant get really test and return to the unit to do some damage. She decided to shred his waterbed. Unfortunately for me, it was upstairs.

 @Steve Vaughan

I'm planning on selling one building now with no 1031. The values have gone up so much lately that I can afford to pay all taxes now and sit on the sidelines. I don't want to 1031 into an exorbitant price at the present time.. I'm not sure I will even get back in with this cash. There are some other options. I'm looking into.I hope you are correct on the 18 months that I'd rather be safe than sorry. I'm more conservative now that I am an old fark..

Side note – there are 250 softball teams here in the villages with a three-week tryout to determine which of the five levels you fit in! Beautiful facilities and great friendship. You go through a three session tryout and then drafted by the coach in the level you are in. I'm rated in the second level which is still pretty high. I played baseball in college. We even have the Canseco brothers coming and playing in our tournaments!

I was always of the belief that when I saw everyone getting on the train, I would get off.. I also believed that when everyone was getting off the train, I would get on....

I just checked records on an apartment building I purchased in Dallas 18 months ago. Some of you are aware of it ( Carlos) because you tried to purchase it also...I have raised the rent every six months and am now 24% higher in rental rates. The building is still 98% occupied with zero delinquency. My other two buildings have also been increased the same amounts with very little vacancy. I've even commented to my property manager that I don't understand how these people pay the higher rents. We always seem to have someone willing to do that.I just don't understand how that can continue, but I have certainly enjoyed the ride.

I'm sorry, Doug. No luck.

I just want to reply that you need to make sure there are no hidden problems or liens against the property. They can deal you a crushing blow.

 @Amit M.

I guess I can only answer that Hind sight is always 20/20. Do you have any idea how much $500,000 was in 1975? I started another thread yesterday where I shared the fact I retired in late 70s with $1.6 million in notes at 10 to 12% interest, giving me $200,000 per year income without leaving my house. It was adequate. California was not a place I wanted to live during retirement…

I did see one home, I bought and fixed up in La Habra Heights. I purchased it for $60,000 and sold it for $89,000. It was an exchange that gave me 17 units. That enabled me to  by a 30,000 ft.² office building. I have given the complete story on that years ago here on bigger pockets and also in a book.

I can't argue with any process that leads to success, as yours has. Great job.

I agree you can make a lot of money in real estate quickly. I have seen it. One slight correction. The real estate market was fantastic in the 70s. The early in the 80s, there was a terrible time.