All Forum Posts by: Winston Covington

Google a search for the top 10 cash flow markets in real estate is a good place start. * Note * It’s important to do your own research. You can also reference Bigger Pockets for their info under insight.

Through the years, I have studied under Mike Ferry as well as attended several of Tom Ferry’s programs. I have also attended Brian Buffini’s  seminars.  All offer excellent training and I would recommend checking out all 3 to find the one that fits your personality and communication style best.

In my opinion, Mike Ferry is the Best as he has been successfully training the top Agents in the business for apprx. 45 years.  Tom is his Father’s Son but he has a different style. Buffini is good as well. 

Hi Harris, thanks for posting as I’m sure that there are a lot of BP members that are interested in this service. Please keep us posted on your progress. Thanks.

Hi Brandi, keep us posted as I’m sure that there are lots of Bigger Pockets members that want to be updated on this subject. Thanks.

I still have them and time has cured the problem.  They both have a nice equity position and the positive cash flow is rewarding my patience and confidence in long term holds.

I agree with Wayne. However: if logic and common sense doesn’t work, have your Real Estate Attorney send a letter to whoever is in charge of the County Tax Assessor;s office. That should take care of the problem as the County is at fault.

In my experience in Southern California, here’s how it works when the Buyer waives the Appraisal contingency. The Appraiser will do their best to bring in the value at the purchase price. However; if they can’t bring it in at the agreed price, the lender will adjust their loan amount.  The Buyer then has to bring in the additional Cash to meet the difference between the reduced loan amount and the agreed upon purchase price.

I recently read that in Southern California, 2/3 rd’s of the homes sold are being sold for well over the full listing price.  However; I would never waive the physical inspection and most local lenders can get an appraisal done within the 17 day contingency period.

Thanks Aaron.

Since we are in the best time of year to sell, I would put the house on the market now. You should also address the window situation up front  You can offer a credit for the window repair. However; a lot of lenders don’t like that idea as they may want to see the repairs completed before closing the loan. What you could do instead is give the Buyer a closing costs credit in lieu of repairs. The closing costs credit will also be a tax deductible expense but check with your CPA to be sure.  Good luck.

Landon gave good advice. I prefer the Buy and Hold strategy. However; learn from my mistake. I purchased some nice single family rentals in Tucson, Az. in early 2006. Tucson had been appreciating at a healthy double digit appreciation rate and I wanted to take advantage of that. Unfortunately, the market began to turn the other way within 6 months and eventually slid into a multi-year decline where it bottomed out at close to 1/2 of what I paid for the homes.

My first thought was to abandon ship. However; these were nice homes in good neighborhoods with great schools. I knew that with time, the market would turn around.  I decided to hang in there and It took well over a decade to get anywhere close to what I paid for them back. I am now finally enjoying a good equity position with healthy positive cash flow. 

Lesson learned...Don’t buy on speculation expecting appreciation to make your investment a winner. Instead, buy for cash flow in affordable growth areas where both the economic base and population are increasing. You will find good cash flow along with a fair amount of appreciation. Combine the two and you’ll have a Winner !

Good luck. 😊🏡