BP CENSUS 2010: WE CAN’T MOVE FORWARD UNTIL YOU POST BACK

[Tod R.]

Ok, it’s really more of a survey, and it’s really not required. But in the spirit of doing our patriotic duty (due today by the way, and I don’t think it’s a coincidence!), please participate for the benefit of BP Nation.

1.Are you a full time, self employed RE Investor, or do you have a J.O.B. to supplement your cost of living?

2.How long have you been in Real Estate?

3.How many properties and what type of properties (sfr, mf, retail, office, etc.) do you currently own?

4.What do you consider your most valuable source of education(books, REI clubs, mentors, experience, etc.)?

5.What would you do differently starting out if you knew what you know now?

[James Ward]

1) I am a full time partner in my Real Estate Investment company.
2) I have been living in real estate all of my life. (Except for the time I was outdoors, due to the U.S. Military.) But I have been a Real Estate Investor for over 5 years.
3) I do not own any Real Estate. (Owning is not a part of our business plan.)
4) Books, news, and other investors are the most valuable to me.
5) WOW! I would approach Short Sales totally in a different manner than I did at first.

I had fun with this.
Thanks!

[Christopher Davis]

1. Full time self-employed
2. 9 months
3. I currently own 2 SFR , one is for sale ,the other is in the re-hab process
4. The most value I have found so far is the experience of others...the good ones share. A close second is the written word.
5. I would have jumped in a bit sooner.

Thanks
Chris

[Michael Rossi]

1. Full time in the rental property business (if you consider 12-16 hours a week full time)

2. 7 years

3. Several dozen houses, apartments

4. Local REIA

5. Nothing

[Marc Freislinger]

1. I have a full-time job to supplement income, not because I have to, but because I like the lifestyle the extra income provides.

2. 6 years

3. I have reduced my ownership to two duplexes now, but my own properties are no longer my primary source of income. I currently manage properties for others because I find it easier to be strict with tenants if I am responsible to someone other than myself.

4. Experience is by far the best teacher, though some of the advice on this site has been invaluable.

5. I would examine purchases with a more thorough understanding of the costs involved of owning.

[Rich Weese]

1. retired and do what I want
2. 41 YEARS
3. All the above
4. on hands experience and RESEARCH
5. The only thing I can think of is I should've kept 2 parcels on Coast of CA- 3 acres on the ocean in Pismo Beach and 286 acres overlooking the ocean in same area that I sold within a year of purchasing. Still made 6 times my money , but it could've been 100 times my money! Rich

[Bill Gulley]

Hi,
1. Retired and causing trouble
2. 40+
3. I do my own research, contacts with govt. trouble makers.
4. It's the old saying, if only I knew then what I know now! There is only one property that I kick myself for getting rid of, a rustic A frame right on the river with a barn, tennis court and pasture about 4 miles out of town! I should have kept that one. Bill

[Mitch Kronowit]

1. Part-time RE investor, full-time dad. Wife works full-time.

2. Bought my first property in 1992. Landlording for over 10 years.

3. Own 2 SFR's and 1 condo.

4. Internet (free), books (free from the library), and professional advice (not free but worth it).

5. I would have bought more properties in the 1990's when prices were even cheaper than today.

[J Scott]

1. About 15 hours/week in Real Estate, and about 153 hours/week raising a baby and trying to keep the wife and puppy happy... :)

2. Since September 2008

3. I've flipped 18 SFH in that time

4. My previous business experience and the actual *doing* of real estate

5. Nothing major

[Chris L.]

1. Still work full time as an Air Force Officer and F-16 Pilot.

2 & 3. Been in and out of real estate since the late 70's when I built and sold a couple of homes while I was in High School prior to leaving for the Air Force Academy.
We bought 8 duplexes back in 2004 but did not find competent property managment and bailed out.
We started buying SFR's back in Oct 08. We have competent property management and that is working great. Presently have 21 of those. We also have 4 vacation rentals near Gatlinburg TN. (Purchased Nov 03 through Jun 07)The recession has hurt both rentals and values on the vacation rentals. In hindsight, 4 is not the right number of vacation rentals. 1 maybe 2 max but not 4.
We are 1 week into our first planned retail flip. (we flipped a couple of rentals but that was not planned.)
We partnered with a contractor on this flip due to our time constraints.

4. I have read a lot material but nothing stands out as the one source that led to our success. We have also learned some tough lessons from the school of hard knocks as well.

5. Well, we certainly would not have 4 vacation rentals and the associated cash bleed. We prefer SFR's to multi family units. I will let you know how the flip goes.

[Shanti S.]

1.P/T REI with a F/T JOB

2. <1 year, bought first investment property 6 months ago

3. 2 singles, 1 building lot

4. Bigger pockets, podcasts, books, REIA contacts. But most valuable resource is just doing it....I could read something a few times over and not understand it the same was as actually going through the experience

5. I would have started 20 years ago right out of high school and wish I'd had a good mentor back then

[Jon Holdman]

1) Full time day job. RE is just part of my financial planning.
2) Seriously, 3.5 years.
3) Two rentals, two residences, a piece of a mini storage, and a piece of a land development.
4) There are too many useful sources to identify any one as the most valuable.
5) I'd have diligently followed the adage "spend less than you make."

[Matt Eilers]

1) Watch after rental properties. Job is real estate agent (although, in this economy...have a lot more free time :-)
Which is fine as my wife and I just had our first, baby girl, a year ago.
2) 7+ years
3) 2 townhomes, 1 SFH, partial interest in land in New Zealand
4) reading (books, articles, sites like this...) wish there was a REI club close by
5) Understand more about MFH

[Brian Levredge]

1. Kind of. I also own my own construction company, but I spend more of my time working on real estate, rather than building it.

2. I've been in construction since 94 and have participated in RE deals since 02 although I was on hiatus from RE for awhile until last two years.

3. 20+ single family homes currently. Should have some apartments by year's end.

4. Books and advice are great, but nothing beats experience, and more importantly leaning from mistakes.

5. I got away from RE investing for about five years and got too wrapped up in construction. I wish I had stayed the course and stuck with buy and holds rather than fix and flips, which really isn't investing, imo.

[Claude Hodge]

1. Still in the Army, not much longer, then I will be full-time RE investor.

2. About 2 years, but only in the (getting info and raising capital phase)

3. Sadly, none. Close to first one though!

4. BP of course! Sounds corny, but for me it's true! I have learned almost every single thing from this site alone!

5. Nothing, I think I am on the right track.

[Frank Adams]

1. Retired from direct sales, too young to draw SS yet. My only income is from seller financed mortgages.

2. Since 1978, one rental, by '86 had two more, by '88 had another 5.

3. Collecting on 6 mortgages. Looking for some more flips, one offer pending.

4. Experience and library. I wish we'd had BP and doityourself dot com back in the "dark ages".

5. Wanted to jump from 16 rentals to about 30 or so back in the late '80s, early '90s in Houston. Wife is much more conservative than I so we held at that number.

Frank

[Eddie Ziv]

1. The RE is more of a retirement plan for me. I have a day job which I love.

2.I've been actively investing in RE for the past three years but I've been renting part of my residence for the past 20 years.

3.I own six SFRs excluding my residence which has two rented guest units.
4. BiggerPockets is a huge source but researching local markets where my investments located is a must.
5. I would have probably not purchased my second house in Pflugerville, TX. The area is a great place to invest but buying a house just because it already have a tenant in, proved to be the wrong move.

[Tod R.]

1.I have a full time job and am establishing myself as an investor. I am leveraging my experience to get me going.

2.I purchased my first investment property in 2008.

3.I purchased a 3,500 sq.ft home on 13 acres, currently leased. Sold 3 acres and am now strategizing on selling off another 5 acre tract.

4.For me, it was my work experience. I've seen good and bad decisions made and their effects on wealth and reputation. A close second is BiggerPockets. There is a tremendous amount knowledge and experience to learn from on here.

5.I would have started much earlier in life, and value cash flow much more.

[Jon Klaus]

1.Are you a full time, self employed RE Investor, or do you have a J.O.B. to supplement your cost of living?

About half time, with an unrelated business the other half.

2.How long have you been in Real Estate?

Seriously, just over a year.

3.How many properties and what type of properties (sfr, mf, retail, office, etc.) do you currently own?

One less than yesterday--sold one! 16, all SFRs except for one office building.

4.What do you consider your most valuable source of education(books, REI clubs, mentors, experience, etc.)?

At this point it's coming from many directions, but mostly various people and experience. BP was a huge resource in ramping up.

5.What would you do differently starting out if you knew what you know now?

More patience in buying only great deals, rather than feeling urgency and merely getting "good" deals.

[Account Closed]

1. My wife and I work together for ourselves. I'm a CPA and a full time investor.

2.We have been investors for more than 15 years

3.Currently we have 6 sfr and are looking at some 20+ commercial residential properties. Which we expect to close on one soon.

4.REI clubs are useful, websites like this are very useful and books. Education is an important part of investing.

5.I would have several commercial properties by now and probably no sfrs.