All Forum Posts by: Account Closed

@Kenneth Bell 

Impressive! Nice work.

Anyone?

I already feel like I make a positive difference in my residents lives by providing high-quality, clean, housing in great locations where they can raise their families, but I've considered setting up a non-profit or other structure to build giving back into my business.  I'm really big on providing mentors, after school programs, teaching financial discipline and wealth management, so I've considere wats of integrating these.

What are the ways that you give back and make a positive difference in the world through your business?

@Marcia Maynard 

You make a good point. A large percentage of retired people prefer renting in MultiFamily communities where they have less responsibility, amenities and more activities.

@Roy C. 

Just think about the percentage of people in NYC who rent.  It's about financial financial discipline, information, access to capital, education, and mindset (perceptions of money and how it should be used). 

@David Krulac 

I concur with the reasons you've cited.  I think mindset does have a lot to do with it.

Within some families, generations of people have never owned.  This could be due to extra responsibilities, extra cost, false perceptions, or mis-education.

@Roy C. 

There are lots of reasons to be a renter as apposed to owning your own home.  Here are a few:

(1) You can generate a higher return by investing your capital out of state than you would by buying a home in the state you live.  This is the case for me in the San Francisco Bay Area.  Also, when the market peaked prior to 2008, many of my millionaire friends sold their homes in San Francisco and invested this money in Dallas to generate high returns. 

(2) Not the right time to buy / Market Cycle reasons.  If you are at a peak where you live, it may be best to rent until your market is at a bottom or expansion before buying.

(3) They will likely move within the next 5 years.  If you are planning to not stay in the same area or your company will move your job every few years, it likely doesn't make sense to buy.

(4) Lack of Funds for Down payment.  A large percentage of Americans live paycheck to paycheck and do not save.  Generally these are people that either (A) had children very young or (B) do not generate sufficiently income at their jobs to save enough to buy.

(5) Lack of Credit.  They cannot get a loan because they either lack credit or have a low credit score. 

@Account Closed 

I think all of us experienced investors know it, so would do we keep debating it...there are infinite ways of making money in real estate and one can do so successfully in every corner of America.   I know an investor in CA who flips 100+ properties in Detroit per year.   And he does very well.  And I'm very confident that I could make money by investing in Detroit, but I don't do it for other reasons (quality of life, etc...). 

My choice in the way I invest is similar to Joel's, however I don't preach that everyone else should adopt the same strategy.  Though there are things you can learn from others, real estate investing is a personal business in that it should be built upon our unique goals.  So the reality is, though similar, there will be differences.

We are here to help each other meet each other's unique goals, not to force others to see that we are right with regard to our strategies. And to be honest, I'd like to keep my strategy for myself.

I concur with @Joel Owens .

@Johnny Khoury 

Yes, possible...but are you okay with 10 properties that are losing money or breaking even?

If not, I'd suggest developing more specific goal that includes a financial return, net worth, etc.