All Forum Posts by: Bill Plymouth

@Orlando Goodon The first way to protect yourself is buying correctly.  You want to make sure that you are buying in a way that establishes enough built in equity.  That way, in case of a crash, you are protected.

Secondly, make sure you have reserves!  Don't rely solely on your assets.  Have liquid reserves on hand at all times.

Thirdly, find partners with ALOT of cash.  In the event of a downturn, lenders will be a lot more stingy than they are now.  It will be much harder to get traditional financing.  Cash is king in a recession/downturn.  

Last and certainly not least, Don't invest based on speculation.  No "if this happens then this will be a great deal" or "I'm negative in monthly cashflow, but long term appreciation will offset it".  Rely on the solid information on hand.  No investing based on hearsay or rumors!

Obviously you just don't go buying property in ANY city or neighborhood.  You purchase based on cashflow, potential growth, and price.  

What is your process for selecting your investment areas?

What sources do you use to track growth in your city and neighborhood?  

What are the signs of growth you look for before you invest?  

Where do you find this information?

@Cory Benhardt something I’m doing is finding deals for investors in exchange for equity.  I’m only taking a small percentage.  Usually around 5-10%.  I don’t put any of my own money down, and at the same time, I am building my cash reserves. 

@Andrew LeBaron Thank you for chiming in!

@Andrew LeBaron Number 7 is the one.  My partner and I were so focused on talking him down, that we completely overlooked that option.  He went on a rant about investors trying to take advantage of him.  He's so steadfast on his number because he doesn't want to feel him and his family have been taken advantage of.  I cannot believe I didn't piece that together.  Hopefully he is open to this option.  

@Charles Carillo I’m trying to purchase.  That may be my best course of action.  I’ve waited this long.  Another 60 days won’t kill me 

What are some tips you all have for dealing with difficult sellers?  He's stuck on a price that isn't really ideal for the condition the property is in.  

@Tyler Rowland does a bank feel guilty if they foreclose on a property? Absolutely not.  Business is business.

@Andrew Beauchemin thank you!  I’ll have to reach out to them.  

Looking for a reliable real estate attorney in Philadelphia.  Anyone have any recommendations ?