Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Clifford Paul

Clifford Paul has started 5 posts and replied 464 times.

Post: Investors - What Lender do you use?

Clifford PaulPosted
  • Rental Property Investor
  • Posts 483
  • Votes 956

I guess you missed the 80's when we were happy getting anything under 15%. Hey if anyone has $200 million laying around I will be glad to pay you 5% interest.  😁

Post: Why everyone is looking for "cash buyers"?

Clifford PaulPosted
  • Rental Property Investor
  • Posts 483
  • Votes 956

Selling to cash buyers cuts out most of the BS. 

Just look at the hundreds of post on BP weekly that goes something like this: "I got a house under contract but don't have financing or cash to buy it, can anyone give me suggestions on how to close the deal ". 

I got a great suggestion, Don't Buy a House When You Don't Have The Means To! 

Post: Investing on rental properties in Midland/Odessa TX

Clifford PaulPosted
  • Rental Property Investor
  • Posts 483
  • Votes 956
Originally posted by @Dharshana Ratnayake:

I am looking to invest in rental properties in Midland /Odessa area. Cash flow is pretty good at least on paper. 1% rule can be met in Midland area compared to DFW area where the market is extremely hot. Does anyone in the community have experience in investing in rental in Midland area? Any advice for new investor trying to make a start in the area.

Anything will be helpful. Thank you.

 You are about 10 years late! I'm not saying you can't still find a nice cash flowing rentals because you can.  

Midland and Odessa is not a place for rookie investors.  When the next oil bust comes underfunded and over leveraged investors will be homeless. I play in this area and have seen grown men cry, lose everything and even commit suicide.

But hay come down the oil is deep and there's money everywhere right now just make sure you have a truck load of money and an exit plan.  Just don't make that exit plan a 45.

Post: BRRRR in Urban Core of OKC

Clifford PaulPosted
  • Rental Property Investor
  • Posts 483
  • Votes 956

Congratulations! Looks great, now on to the next one.  

Post: Is not renting to smokers a good idea?

Clifford PaulPosted
  • Rental Property Investor
  • Posts 483
  • Votes 956

I love my smoking tenants because I charge above market rents anyway. In 36 years I have not had one smoking tenant violate my smoking policy.  Oh and I just typed this while smoking a nice cigar paid for by my tenants.  LOL 

Post: Sister now feels unsafe: Peeping Tom Situation

Clifford PaulPosted
  • Rental Property Investor
  • Posts 483
  • Votes 956
Originally posted by @Nancy P.:
Originally posted by @Clifford Paul:

When I read stories like this,  I'm thankful that I live in the great state of Texas. Peeping Tom... peeping Tom now has a third eye socket. 🤯

Years ago while walking the dog in Houston in the early daylight hours was approached by a car.  Naked man emerged,  calmly (while 50 ft. away) informed me he was going to rape me until I was dead.  I had a cell phone and screamed into it at 911.  (If my brain had been working sans caffeine I would have take a photo of him and his license plate!)  He drove off.  This guy had been seen in the neighborhood before at least 3 times.  I was more than a little stunned when the sheriff attended the next neighborhood watch,  and announced that since he had threatened to kill me,  he could be shot on sight.  Three women went out and bought handguns.  Tall men (he was at least 6'3)  stopped running in the neighborhood just in case they would me mistaken for the flasher. As did my husband who is only 6 ft ( they all went to a nearby school and ran on the track).    Probably most effective,  somebody quoted the sheriff on the neighborhood web site.  The dude was never seen in the neighborhood again.  As horrible as he was,  I really didn't want him killed over it.  I mean,  I could have been LYING about what he said,  and someone could have shot him over it!    But that's Texas.

Sec. 9.32. DEADLY FORCE IN DEFENSE OF PERSON.

(B) to prevent the other's imminent commission of aggravated kidnapping, murder, sexual assault, aggravated sexual assault, robbery, or aggravated robbery.

Nancy, you would have been certainly justified in protecting yourself.  No saine person ever wants to take another's life.  Believe me as a combat veteran it's something that burns at your soul but if a person refuses to protect themselves who's going to do it? When the police are minutes away sometimes it's you or the offender.  I would rather face a jury of 12 than be carried by six.

Post: Sister now feels unsafe: Peeping Tom Situation

Clifford PaulPosted
  • Rental Property Investor
  • Posts 483
  • Votes 956

When I read stories like this,  I'm thankful that I live in the great state of Texas. Peeping Tom... peeping Tom now has a third eye socket. 🤯

Post: Asset protection question

Clifford PaulPosted
  • Rental Property Investor
  • Posts 483
  • Votes 956
Originally posted by @Jay Hinrichs:
Originally posted by @Clifford Paul:

Get a million dollar umbrella policy for a couple hundred dollars a year. Just make sure it covers your rental property. When you get to 5 rentals increase your coverage. LLC are all the rage on bigger pockets but in most cases are just a big hassle. If you are sued your LLC and each party to the LLC will be sued individually. This is not popular thinking on bigger pockets but there's a bunch of attorneys selling asset protection on this site.

i have had exactly two threaten to sue me over 45 years and hundreds of properties we own probably more like thousands of properties and 500 rentals.. when that happens I just send it to my insurance and never hear from it again.. tenants by and large are not that litigious they have no money.. and unless you have some REAL liability no attorney is going to take it on retainer .. so it usually ends there.. and when I do get letters .. I don't respond. unless they actually sue me.. then I send that in. To have one condo.. everyone is selling their services from IRA companies to lawyers to flippers and contractors etc.. so you have to look at all these things.. Asset protection when you have massive assets I can see.. and its expensive.. and it should be. Most of the very wealthy that I know those with 20 to 100 mil net worths they use trusts.. And their money managers set them all up for them..

Right on Jay! In 36 years I only have had one person threatening to sue me. My property manager shut the tenant down immediately.  Never heard a peep after that.  

When I get to 10 million I'll probably start using trust but I'm a few years away from there.  I live my life without fear, getting blown up in Iraq and cancer taught me to not sweat the small stuff because it's all small stuff.  

I know if I lost it all tomorrow I'll just get up the next day and build another portfolio. 

Post: Jasper dr, First investment after looking for 1 year.

Clifford PaulPosted
  • Rental Property Investor
  • Posts 483
  • Votes 956

Congratulations! I tell my mentee  a profit is a profit even if it's a dollar. Just had a new drive and porch poured.. yes expensive but in my case had it build into the budget. 

Post: Asset protection question

Clifford PaulPosted
  • Rental Property Investor
  • Posts 483
  • Votes 956

Get a million dollar umbrella policy for a couple hundred dollars a year. Just make sure it covers your rental property. When you get to 5 rentals increase your coverage. LLC are all the rage on bigger pockets but in most cases are just a big hassle. If you are sued your LLC and each party to the LLC will be sued individually. This is not popular thinking on bigger pockets but there's a bunch of attorneys selling asset protection on this site.