All Forum Posts by: Account Closed

Goldman offers an online, no hassle, no fee savings account. They'll wire your money anywhere you want with no fees when ever you want to move it, and if you work their referral system, it pays 1%, .5% otherwise.

No gimmicks, no hassles. Used them to hold small liquid money for years.

3 Votes

The main message that should be taken away here is, don't make macro predictions. Not if you are the Fed chair squawking "transitory" like a parrot, who now looks like an ***, and not if you are a BP poster for the same reason.

0 Votes

Interest piqued. Here's the thing though. You did a tear down and rebuilt 4300 sq, for 400k? Because that part sounds more like 800k to me.

0 Votes

Consider this. Let's say you inherited a paid-off building from your uncle, that's run by a management company who've handled it for years, that's basically been an ATM machine for him. Do you think it wouldn't continue being an ATM machine for you because you are a beginner?

Conversely, If you had a PhD in Real Estate, it wouldn't mean squat if you can't find and land a lucrative deal.

Deal quality trumps all. Period. What niche you choose should revolve around your ability to find and land a good deal. Now, welcome to the boat the rest of us are in, struggling to find those deals in these markets.

1 Vote

Just, don't.

What are you actually buying when you buy in a class D neighborhood.

0 Votes

Originally posted by @Jay Hinrichs:

Originally posted by @Sam Fickel:

@Jack B. Nobody wants to keep a 18% loan for 30 years, let alone 1 year. Anyone can get traditional financing in 2 years, be that bankruptcy, starting a new business, credit repair, gaining qualified income, showing cash flow to get a business loan, etc. Sure, the loan Term would be 30 years, but you won't have your money tied up that long. Nothing's stopping you from adding a 5-year balloon!

YUP be the bank refers to 5 years or less on most notes at 8 to 15% or more..

Location is what I mean too. Brand new A class construction in a city like Detroit is useless as far as my interests. BP does not emphasize location quality enough.

This might be because of the emphasis on "taking action", and taking a cashflowing action in Palo Alto is no where as doable as taking action in Toledo, OH.

0 Votes

Originally posted by @Tony Kim:

Originally posted by @Account Closed:

Originally posted by @Jai Reddy:

@David Abbate About the Buy and hold class A advice, wouldn’t today’s class A become tomorrow’s class B? Still hold?

Are you talking building condition or area quality? I mean area quality. Could the good parts or New York City, Los Angeles, San Diego, San Fransciso, ect become class b tomorrow? Ya, I can't forecast that. New York City was famously on the verge of bankruptcy in the 70's- and at the same time, Manhattan has been estimated to have appreciated by about a compounding 7% per yer over the last 380 years.

What kind of security do you think you get holding property in Detroit, by contrast?

As far as acquiring more, it's all moot anyway, because good luck finding new lucrative deals in A class properties in the top cities today.

So many parts of LA that were C and D class years ago are now considered A and B class. My parents have a decent amount of friends that acquired apartment complexes for dirt cheap in Koreatown decades ago back when K-town was considered a dangerous place...before the billions of dollars came pouring in from overseas and all the insane amount of development that is currently still going on here. Now these areas are considered prime locations and with the decades of rent increases, these friends of ours live very comfortable lives and have secured multi-generational wealth.

Lived in Los Feliz for the last 18 years, with Koreatown to the south. Koreatown has come a long way. Los Feliz still is, prime. Only wish I could go back in time and motivate my younger self to be interested in Real Estate when the door was wide open back then.

3 Votes

Crystal ball forecasting question which I'm sure someone will be along to answer shortly. Won't be me.

However-
median family income 2000: 50,732    median home price 2000: 172,900    3.41x income
median family income 2006: 58,407    median home price 2000: 245,400 4.2x income
median family income 2014: 66,632    median home price 2000: 298,900 4.49x income
median family income 2021: 84,008 median home price 2000: 404,700 4.82x income

Appreciation from here you ask? when peoples homes cost 5,6,7,or 8x their annual income? Maybe they'll keep getting loans at 10x. Or maybe not.

One thing is for sure, years ago there was a hell of a lot more runway. Probably be more reasonable with muted expectations at this point.

2 Votes

Originally posted by @Account Closed:

What area are you in? That's what the forum is all about, helping each other and asking questions so you're in the right place. Shiiit, I'd like to know that too. You're always constantly learning in this industry. Asking for a mentor is pretty hard, time is money in real estate. What's the value exchange, what can you offer them that they are willing to mentor you. Are you willing to pay for a mentor? What's stopping you from contacting a broker and letting them help you out?

I'm sure if he ever gets his hands on money there will be plenty of brokers to "help" him out. I know I've had lot's of realtors eager to help me out of my money.

0 Votes

All Forum Posts by: Account Closed

Account Closed has started 1 posts and replied 214 times.

Post: Whose responsibility to repair the apartment?

Post: Where Do You Save Your Money?

Post: 6.8% Inflation - where is this going?

Post: Brrrr Coastal Southern California

Post: Multifamily property's, is it for beginners???

Post: Insurance for Class D neighborhood.

Post: How to retire off single family houses? A lot of equity...

Post: How to retire off single family houses? A lot of equity...

Post: 2022 rate increases: What will happen to housing prices?

Post: Getting my feet wet in this market