All Forum Posts by: Dan DiFilippo

@Maria Cox not if it's where I think it is. Nice try, though.

@Michael Figueroa in ten years? With those figures? You could acquire exactly 467 rentals.

So he shouldn't have brought a selling agent to a wholesale deal on the basis that that "never happens".  Sounds prudent.  I've helped clients buy wholesale deals before.  I know plenty of agents who work for clients on wholesale deals.  And plenty of wholeaslers will work with selling agents.

And you're right.  You can't force a wholesaler or a seller to hire an agent, obviously.  But that's kind of the point here, isn't it.  Unless you really know what you're doing, or have special relationships to people you're transacting with, it's foolhardy to think you can just try to operate in the spaces where money is saved on agents and not think you're losing something.  Sure you the seller doesn't need representation, but maybe you should be doing the smart thing and buy from sellers who do have representation.

@Mike Dymski wholesale should pretty much be illegal, yes. Or at least be made a licensed activity, sure. But mainly, yeah. Agents would've fixed this. An agent-listed property likely wouldn't have had this same issue. And a selling agent would've likely suspected it. If the city is citing you for it, it's probably pretty clear. And you know what else agents do? They generally recommend home inspections. Why? Because they know better than the general public who are more inclined to think that inspections aren't especially necessary.

The entire transaction framework is built around agents being present. You forego them at your own risk.

@Philip Hernandez it sounds like if their were any agents involved, they really dropped the ball.

If you thought you'd try and do this without agents, then I have 0 sympathy for you and you more or less got what was coming to you.

@Alicia Marks the inspector. Sometimes you show up to the house and his vehicle is in then driveway, but you have to go searching the house for him. And you don't know if he might be in the attic or in the crawlspace either!

@Jonathan Feliciano I had this discussion with my lender a couple years ago about the way in which the FHA loan is really onerous. Adding to that the facts that sellers disfavor FHA offers and that the appraisals tend to be more scrutinous, it would seem to just be a poor decision overall. She explained to me that it's really for "the marginal credit buyer" who has a good reason to buy and who strongly anticipates either selling or refinancing in 5-7 years. The sort of idea being that if you are improving your credit, that you still have an option available. But it's not for people who will be financially irresponsible because it'll be more painful if you can't get out of it.

@Britnie Batish "Wow, the sewer line needs to be replaced? That's crazy! Anyway. Bye!"

@Will Walker if you have a pretty clear plan for financial independence that you can achieve in a reasonably short time frame, which it sounds like you do, then I don't see why you'd want to risk that. Especially with recessionary indicators flashing the way they are. If I were you, I'd just strap in for the home stretch safe in the guarantee that it'll be settled soon.

@FBI, this guy has some strange fixation on me and when I was a kid and...strange.....pseudo sexual stuff.  I don't know.  It seems weird.

Now onto everything you're wrong about.

And it's oh so much.

Oh, but before I do that, I should mention.  I'm starting to actually suspect (like 20% sure) that English isn't your first language, so I'd like to, on that possible basis, rescind my insults to your grammar and spelling.  I don't have fluency in any foreign language myself, and I know they can be difficult to learn, so I don't mean to give you a hard time on that basis.

I mean, starting, my question isn't about literally printing money.  It was probably me who taught you that the Federal Reserve doesn't literally print physical notes.  But I said "prints money" in the colloquial manner in which people refer to it.  Do you even know what that process is?  Do you know what the Fed does to "add money" to the economy?  I guarantee you that you don't know.  And that you don't even know how banks function.

And in terms of the Fed having existed prior to its current iteration, no.  You're referring to the national bank.  If you understood banks, you would know that the national bank was not a central bank.  It was a a supporting apparatus of fiscal policy.  It was not involved in money or monetary policy (that will sound strange to you, but we who understand what we're talking about would actually say that it "was not involved in money").  In terms of presidents, not really.  Again, you're referring to the controversial national bank.

Regarding foreclosures.  I don't see where I said it was "the market's fault".  It's explicitly not.  It's the fault of literally non-economic (that means non-market) actors.

Moving forward, there's a lot here that is simply unfounded.  When it comes to inflation, a lot of lay people get overly-fixated on policy.  When people are losing their work, they're losing their income.  So the government replacing that income maintains the monetary plane.  That isn't really inflationary.  And, it should be clear.  More money was lost as a result of employment disruptions than was handed out by the government.  Also, the money as distributed by the government was really more a wealth effect than an income effect.  Being you don't know what these mean, they are propensity to spend more commensurate with increases in their respective elements.  The research bears out that income effects are substantially stronger than wealth effects.

Beyond all of this, and this is something that I don't expect you to understand, money was largely actually destroyed throughout COVID.  The "inflation" that consumers are experiencing is much more to due with disruptions to supply chains that aren't resilient to disruption (just in time as opposed to just in case).  And this is even more clear when we look at the difference in CPI components.  Services CPI actually fell off a cliff when COVID came, as opposed to goods CPI which went through the roof as people took their spending to Amazon.