All Forum Posts by: V.G Jason

You're overpriced just like everyone else still is. Either you come down, or you stay on longer.

I am starting to see prices listed under what they sold in 2022. That's usually the start of realization, in the local market, that correction is imminent. 

Networking is the greatest waste of time.

You got to remember the underlying reason anyone "networks". It's for transactional reasons, and what turns it off is a bad attitude or a difficult personality, if not both. 

If you're focusing on the former, you don't really need to go "attend" any networking.

You need to go find your deal, figure out how to make it worthwhile and work backwards. If you own a business, you need to be a fair price for an excellent product and it doesn't matter how much you "network". Just as long as you keep it professional & diplomatic, you'll always and I mean always be in demand.

Quote from @Eshe Harvey:

Quote from @V.G Jason:

You'll learn the games of power.

Sitting there thinking someone is "taking" time out of their "busy" schedule is just a farce. 

They're in it for their own reasons. See through the facade. Then read & react appropriately. 

I get it. Everyone has a reason for showing up. I just stay open, but observant. Alignment matters more than opportunity. I can usually pick up on what is genuine, I am quick to cut anyone off that does not align with my goals. 

 You don't cut them off; you only direct them to suit your goals. 

You'll learn the games of power.

Sitting there thinking someone is "taking" time out of their "busy" schedule is just a farce. 

They're in it for their own reasons. See through the facade. Then read & react appropriately. 

The most valuable thing in real estate is akin to any transactional environment.

Trust, but verify. Systems in place. Risk management. 

Relationships, spreadsheets, etc., be damned. Definitely am against the "core four" or any form of trust & loyalty when it comes to transactional nature. Have your favorites/go-tos... sure, but understand the genesis of the relationship. 

The reality is nobody cares about you, but you. So be cautious, aware, yet pragmatic in your approach. This doesn't mean be disingenuous, lie, deceitful. It  means don't drink the Kool aid, or worse off get drunk on it. And to focus on you're intentions. You'll notice the inverse relationship required for that, especially as time goes on.

@James Wise

Calling me out, finally.

I kid.

This is not abnormal or BP's fault, this is just the world-- they lead with emotions, not ration. Their demanding, yet destroy. It's a combination from seeking immediate gratification, and growing up without proper family formation.

With that said, there's also the others-- the predators on this board that feast on "new" and "entitled" people. 

Like I always say-- fast solutions have slow problems.

Quote from @Stephen Morales:

Quote from @David Gillette:

Good day everyone. Just starting listening and learning from Bigger Pockets recently. I’m looking to take down my first fix and flip project but have a question before I submit my offer

ARV is $251,000

The home was purchased from some investors earlier this year for $60,000. They’ve accepted my verbal offer of $142k. They purchased it to fix and flip but decided to sell and move on. My question is why would they want to move on? Could they have found a major issue? Are they afraid of the market conditions? Do they just want to cash out? Why wouldn’t they finish the project themselves? It’s become a bit of a red flag issue for me and I’m hesitant to move forward

Thank You for your time

I've been in the space for almost 10 years now and I can say I will do a quick sale and make quick profits ANYTIME over having to rehab a property and put it on the market. Their mindset is all about speed. Move on to the next transaction especially if you can profit without having to take additional risk (rehabbing the property and listing it to aim to get market value). I would also say with what's going on is probably a mix of market conditions and the fact that they can make a sizeable profit without having to do anything. 

This is your first flip, when you are looking at future deals DO NOT think about how much the other party is making, that is a limiting mindset. WHO CARES. The real question is...are you getting a good deal at the price you are paying?

 In other words, they're flipping and making profit versus realizing the risk of rehabbing the house into a very probable falling knife market in Q3-Q4.

I wouldn't recommend ignoring their motivation, I just would really prioritize making sure you understand what you're getting yourself into. 

Again, bid very deep. This is exactly the case of a falling knife. You may end up the textbook definition of it.

We've been saying this for some time. Nationally, no crash just some correction. Regionally and locally, definitely some market-specific crashes and some afloat.

Real estate is inelastic in it's nature--extremely so. The best locations, with limited land plots and difficult housing construction, will remain bid albeit softened but still persistent bid. And the inverse with any area that has too many plots, too much saturation, bad location.

Think of it as a sliding scale. And all I see is it getting worse, before better. To me that sounds like a buying opportunity; just buy right, no need to FOMO into this. 

It's been a falling knife since 2023. 

The only reason it's taken this long is because as amateur as the flippers were-- so were the buyers. And even worse-- the egregious agents on and off this forum that kept pumping the dream. The stagnation of the market took all of 2024.

RE takes a long time to season, and it's now just about being put in the oven. 

Quote from @Ken M.:

What do you mean there isn't a foreclosure tsunami coming this way? Buy right (correctly) now, so you won't regret later.

If you are buying houses at current MLS prices, you are headed for trouble.

The last three properties I bought for my investors were at 85% of current market value AFTER my fee. (yes, I can provide them for you too) What do you think you are doing buying at full cost? Crazy! Plus, they simply took over the 2.75% to 3.5% loans. Properties are in AZ, TX, GA, OH, NOT CA, WA or FL. The market doesn't warrant those areas.

HUD housing report

https://www.huduser.gov/portal/sites/default/files/pdf/Housi...

Don't think it'll be a foreclosure tsunami, could be wrong.

But definitely believe this is a falling knife; buy right or die by not.  I operate in a host of those markets, and am definitely getting more pressure by agents/sellers than ever before and it's growing. Tons of these (same) agents/sellers were saying they are re-listing Q2 and it'll be okay-- if it's not okay in April, then if there's no fundamental change but constant trend this will be a pretty bad Q3-Q4.