All Forum Posts by: Jeff Thompson

Manuel Acuna: I've been guilty of this myself, If you want people to read your post you've got to cut out the fat and keep it short.

you look to be giving great advice here. I'm guessing NM prices are out of your reach for the time being even if you sold your car and got a beater, but you may be able to swing it if you can find owner carry or sub2 deals. You could go the wholesaler route as well, or even birddog to raise some cash and build connections

I stumbled upon the "online text book" for this real estate "Renaissance goldmine" program. I don't have it nor have I tried it's methods, but in there it mentioned Componentizing to maximize depreciation. That may be worth looking into.http://www.rgmtextchapters.info/chapter_12.html
http://rgmtextchapters.info/table_of_contents.html

I had a thought of put together a "bank" that does secured loans to my properties and HM style loans with extra cash. This way there's no issues of ownership on the properties, or concerns if I'm no longer the majority holder, just loans. I figure this could be a LLC based in Nevada so no state tax or rate limits (I'm in CA), but maybe a C-corp so it's straight 1099 income for the investors.

One possible issue is I believe there are some limitations on second mortgages now a days...

I don't think anyone mentioned knocking on doors. Anyone doing this? I'll be starting fresh here soon and was thinking I'd start there. Beyond looking for deals I'll be asking what kind of marketing their currently getting.

Nathan Emmert: Is that a commercial or residential loan?

I've noticed some area's have a lot of commercial on the MLS, some basically have none. It really depends on the area if the MLS is a good source.

It's an election year...

Need I say more?

I can't speak from experience in RE, but this very much describes me.

I think the boredom sets in after reaching a level of mastery, and experts say 10,000 hours before you really master something. This isn't really a problem as you can delegate these tasks keeping half a watchful eye and only stepping in when you notice things abnormal (with your experience you can spot it quickly), and learn a related subject.

The problem is too many diversions to your attention, spreading yourself too thin, and jumping to something new and interesting before really mastering the last. In my hobbies I never got bored of what I was doing, just something else captured my attention and things got left behind. I mean jumping to something completely not related, not a different aspect of the same area. (my "hobbies" have varied from cars, computers, home audio, car audio, electronics, computer programming, photography, motorcycles, hiking, bicycling, running, on and on the list goes) I'd say I never mastered any of them and I still find most interesting, I just don't do them anymore for various reasons.

I have stuck with the same area of work for 10 years now, but now I am truly bored with it. I could move to another related subject, but I never intended for this to be my lifelong field and want to move on. Luckily I'm young (29), am financially able to start anew and have the GI Bill still so this is a good option for me.

Real estate/business seems varied enough to hold my attention as an area of study, but I wholly expect my focus to wander to different aspects over time and I'm ok with that. I just need to be mindful to avoid dabbling in too many aspects at once...

A number of people on here invest in condo's. Just be aware the fee's can change, so factor that in your numbers. I believe for loans a "detached" condo one can use higher LTV than an "attached" one.

I don't know if these would fall under the same pitfall of low OO to rental ratio's or not that can be an issue with normal condos.

This is one worry I have: Everyone is locking in super low rates AND transferring the title to a LLC. When rates rise banks could start pursuing those "due on sale" causes...