All Forum Posts by: Eric James

@Scott Trench Of course you're right...and good topic. But.......I just don't like the whole principle of the thing. Blue State landlords are using the Govt to strongarm the tenants to make more money....in a backwards sort of way. Let the market do it's thing, which you can't in a Blue State.

Blue state LL are not the ones pushing these laws. It is the masses who do not have a basic understanding of economics. They do not understand how some of these laws affect supply and cause prices to rise. They do not understand how newly identified risks (such as covid eviction moratorium) or increased risks (such as occur with rent control and the difficulty to evict bad tenants that pay) result in higher rent. Higher risk must be balanced with higher income. In tenant LL terms, making it harder to evict marginal tenants result in rent increases.

One of the latest is a law that proposes all tenants can have a pet with no additional costs. This increases LL risk and wil result in higher rents. The end result is the non pet owners will end up paying a rent that supplements the pet owners due to increased risk (pet damage) requires increased income.

I heard a rent control advocate recently state that rent control results in rents increasing greater than it did before the rent control because of greedy LL She did not understand that the increased risk associated with not being able to get rid of bad tenants drove rents up.

Basic economics, but the masses do not see the effects of these laws.

I would prefer there to be no rent control, no extreme covid eviction moratoriums, no law mandating pets but these policies have resulted in me making a lot of money. Just because I benefited greatly does not imply that I advocated for any of these laws (I did not).

I'd say it isn't just the masses. Also the "elite". It's a philosophy of decision making based on how they make people feel. Rather than what makes logical sense.

0 Votes

Quote from @Jay Hinrichs:

Quote from @Eric James:

This is why I build outside city limits. In TX. 3 months from the time I purchase the land until they (I build small apartment buildings) are ready to be rented.

3 months soup to nuts.. is astonishing wow. !!!

I hired my own crew and work with them full time. 3 months is for a 5 apartment building. The bottleneck for me is getting my cash out refinance after each building is completed.

1 Vote

Cape Coral, Florida

This is why I build outside city limits. In TX. 3 months from the time I purchase the land until they (I build small apartment buildings) are ready to be rented.

0 Votes

Cape Coral, Florida

A lot of people have the same experience you did after they buy only 1 or 2 rentals. For me, rental real estate wouldn't be worthwhile without having multiple advantages. Living in the area of my rentals, self managing, being onsite frequently, able to do repairs cheaply by doing them myself or having employees do them, owning in a relatively landlord friendly area, etc.

5 Votes

Quote from @Jay Hinrichs:

Quote from @V.G Jason:

I chalk up to seasonal, I know most won't agree with me but when I was buying end of Q4 and things were sticky they were telling me it's the economy. I told them it was seasonal.

Definitely some strong buyers right now, but nothing too extraordinary from what I am seeing. Granted, I am more line drive focus in a few areas-- one being Oregon. Jan 2023 was in my opinion quite strong, investors came out in droves and some were just bullying others.

For good reason after this Oregon STR, I am tapping out of REI until Fall 2024.

no question to the seasonality of the market in the NW. I think if when rates dip into the 5's or high 5s the market is going to really explode.

The problem is, the reason rates would drop that much is because the economy gets bad.

1 Vote

Quote from @Jay Hinrichs:

Quote from @Account Closed:

Quote from @Chris Seveney:

@Mike Hern

Ok so they are unlicensed / uninsured escrow agents. I could not figure out what the heck they were or why they were needed. Now it makes sense.

I think they will also fill out the purchase and sale agrements and track the progress of the transaction. Sort of a blend between real estate agent and escrow officer. In that capacity, I believe they give advice (legal?) to get the deal to close and to handle the seller's questions. That's what I pick up.

"No Fear Top Tier - Transaction Coordinator"

We bring you the expertise and experience of Pace Morby's very own transaction trained coordinators. Our T.C.'s bring a wealth of knowledge and proven track record to the industry. We have invaluable insights, as well as 100's of happy investors ensuring you receive Top-Tier Service directly from a . . .

https://www.prnewswire.com/news-releases/top-tier-transactio...

The Ultimate Guide to Generating Wealth Without Owning Property

(I do that without hard costs or a real estate license)

From Pace's Transaction Coordinator Molly Tennant

https://go.toptiertc.com/join-today-a

It's quite a cottage industry. ;-) You can do this from your basement bedroom in your underwear someone said.

negative TC CANNOT fill out the contract that would be illegal.

Apparently that's what Pace TCs do.

1 Vote

Quote from @Arthur Crum:

Jay, I think in a post-covid world people have so emboldened they think they can do whatever they want and face no legal consequences. The whole RAD situation seems eerily similar to the Ponzi scheme run by "The Cashflow King' himself, Matthew Motil who was just charged by the SEC in 2023 for stealing over $11 million. Lets not forget SBF and the entire FTX collapse and the list certainly goes on. Did they ever really intend to pay their investors back? I'm interested to hear from other investors what their thoughts are on the matter? I think it's only a matter of time before the truth is revealed.

Also, when interest rates are really low people think they can do anything and make money. But then interest rates go up and the term "risk" becomes more than theoretical.

3 Votes

The bright side is that you have learned a valuable lesson on real estate investing. One that you'll never forget. That kind of real learning only happens when you put your own money at risk. People doing "no money down" don't learn that way, because they aren't risking their own money.

3 Votes

Have you reported this theft to the police?

1 Vote

Kansas City, Kansas

I think all types of real estate investors are interested in path of progress. Even cash flow investors.

1 Vote

Columbus, Ohio

All Forum Posts by: Eric James

Eric James has started 22 posts and replied 2192 times.

Post: Investing in Blue States > Investing in Red States

Post: First time with new construction: Cape Coral, FL

Post: First time with new construction: Cape Coral, FL

Post: The Myth of Cashflow – and understanding how to reserve properly and model.

Post: Retail market been on fire last 3 weeks something in the water 14 owner occ sales

Post: Transaction Coordinator Law

(I do that without hard costs or a real estate license)

Post: RAD Diversified SCAM ALERT!!!

Post: Lessons Learned: My Experience with The 'Flip System'

Post: Eviction - vandalized property

Post: Chips Act Path of progress investing is where the big dollars are made Oregon