All Forum Posts by: Chris Field

RE is a massive pain in my behind, never ending bills, issues, problems, etc. 

Still I enjoy it, and I can't imagine doing anything else.

Typically these guys come and go, when the markets get good they show up, when they crash they go away. Their is always a new guru who gets themselves a TV show, some slick marketing material and is the new thing. 

Generally when taking RE advice ask yourself how the person giving it makes their money. Do they make it selling CD's, classes, and boot camps? Or do they make it doing deals. Most of the guys doing deals are to busy for this and have little interest in it.

The reason most people never really go anywhere in real estate is because its actually a very hard way to make a living. Very few people are willing to invest the time and effort to properly learn an area of it. I can understand how its easy to get sucked into stuff like that, they offer to make the hard bits easy. But at the end of the day these "mentors", don't know your area. They have zero knowledge the local players, city officials, etc that all have a massive impact on any RE business. So as a result their usefulness is marginal at best. 

I get some of my best deals around the holidays, people even investors seem to shut down around the holidays or just not care. 

I bought a fantastic bank owned tear down last year when I was on vacation a couple days after Christmas. I guess the other guys in town shut their phones off.

Nice borrowing $3.8M on a 140k house, I wonder who is going to get stuck with that mess when that house of cards collapses. 

No wonder they spin it off, they don't want to associate it with the main company when it fails, and it will fail.

I wouldn't mind another correction. All the new people are getting into the market are paying to much for stuff again, making deals harder to come buy.

I bought some great stuff from 2008-13 when no one was interested in RE.

I wouldn't mind a RE correction. All the amateur flippers are paying to much and getting annoying again in the market. We need another correction to drive them out. 

I had a great time 2009-2011 doing deals, less competition and the competition that was around was pretty sophisticated.

 If your in development its very common for the city to ask for them on a new street or in front of a new project. I install 2-3 a year. 

That's typically how it works outside of the US, pay to play. 

With marginal properties in marginal areas the owners seem to run right to section 8. OTOH if you know the area they can be turned around.

I'm watching one like a hawk right now that's all section 8 in a very nice A area because the owner is to cheap to spend anything on the building and is letting it decay. I can't wait for that one to come on I'm going to try to buy it, evict everyone living their, and rebuild it. The average rent will go from about $800 a month from section 8 to about $2k a month! 

If you know the area where this property is located you might be able to do something similar.

In my area around $5k-$6k. Call the local water company they will tell you.