All Forum Posts by: Jay C.

@Shiloh Lundahl

You asked...How have you grown your portfolio? I havent..........I dont need to. That tag line you asked is just some of the more more more tag lines used. Its nonsense.  I haven't done a thing since I added properties after the crash.. I dont want it larger. Its tough enough to manage now and I have plenty of $$ and dont want for more nor the headache. When I put up what my portfolio is worth its just what it is. I own it. I dont have to use voodoo math and stretch any valuations nor post any BS that because I just bought for no money down I actually own something that in reality I dont.. I dont have to answer to any lender or partner nor bank. Thats just me. If you are having success at what your doing more power to ya. I will tell you my earlier line of work dealt with so many "who thought' they had it all figured out. It only took one bad deal to collapse their house of cards. 

I think we are off track here.  My post is about focusing on those who dont know and "DESERVE" to have all the facts on a deal so please dont manipulate words and make it about you or I. Lets try to help beginners and leave our Trump status out of the mix. Those who leverage are at risk.....those who leverage too much are crazy buy heck. Every property I own is from someone who had a dream and asked the bank to finance it. Its a double edge sword.  Good Luck !

@Account Closed

I am not going to get into the specific of the deal. I understand fully what the OP did. I think you came to the right place if all you want to hear about is wine and roses. If thats what you seek just skip over the real world. The newbies who get slaughtered or even the seasoned investor seldom loop back to document the horror stories. Sure some are on here but lets take stock of how many BP articles document the other side and end with "Im done". I would just set your focus to "fixer upper' and get happy if that what you seek! In reality the good and successful investor questions everything. He doesn't take things on good will. I dont have a clue of your situation nor do I care but this site has some good things on it. It as well has a steady stream of redundant more more more articles that are useless for the entry investor. Some border on harmful. 

@Aaron Mazzrillo

Your one of the few on here that get it. Its honestly by definition a Ponzi scheme in its truest form.  The presenter paints a rosy picture of a deal on BP. He/She then goes and does another deal gutting all or a portion of the prior deal. Each and every deal this is done to becomes a weaker player in the portfolio. The "glory story' that was offered up for the newbies to fawn over is no longer in place. Then as you do deal after deal what have you built? A lot of very weak properties that collapse under the least amount of stress because you have stripped all value from them. Your equity is just tied up in that next deal. No Thanks ! You are 100% correct on another subject about what happened 10 short years ago. These type of deals are "part" of the reason housing collapsed. The bank not doing their due diligence on borrowers as well but thats a two way street. Your typical investor on this site was jumping all over those loans. Lets keep in mind.....banks offered a product that was being asked for.  In the end.... Its a very risky way to make money. I maintain I do not think the banks should loan on any of these properties without 20% down for owner occupied and 30% for investment.  A little thing called "skin in the game" is a powerful tool to vet out deals and to not get overextended.  Some of these stories you read on BP those investors...gamblers really own nothing. My comments are directed at the folks starting out. Seeing how much you can borrow is not the path to wealth. It the path to bankruptcy in many cases. 

@ Shiloh Lundahl wrote the following "The higher leverage the more risk the bank has, the lower leverage the more risk I have" 

My goodness I read this stuff and just cringe. Did we not learn anything from the 2009 recession? FYI you share that risk with the bank. The fact you dont understand this is troubling and to boot to drive your point you "THINK" you have leverage over the bank if they foreclose on you cause you owe a lot?  The bank can end you ability to borrow hence shutting you out from whatever you are doing. As well owning properties entirely with no loans..leverage...that my friend is called power.........not risk .Banks and investors are at your feet monthly wanting to lend or buy your proprieties for a gain. 

TL,  Please dont spin my comments as negative. All that does is hurt honest people trying to learn and have all the facts which you left out some important ones and details to drive your story. As well financial freedom is not measured by how much $$$ you can borrow or how many deals one can take on.  Way to many casino stories on here. Many of these deals have massive risk which is glorified as building wealth. My point in the end is lets paint the whole picture not the headlines to help people.  More of helping and less of "hey look at me". I think thats very fair. If you want to feel thats negative  I am sorry. 

This site should really be called Bigger Banks cause pretty much every story is about getting in hock.  I built my entire portfolio off investors borrowing and going bust. I agree with the above poster just click-bait. I actually have a better name its "House of Cards" cause for the most part thats all these deals are. Since the majority of these guys own nothing if one gets in trouble or a few properties do it can take the whole ponzi down.  People starting out please be very careful reading this stuff. 

Just think 72 months ago everything your looking at cost half as much, in some cases even less. Are you prepared for it to go back down in value? Are you prepared to lose money? This stuff runs in cycles. Some who were pre 2010 got creamed on their investments. Some who bought on the backs of those creamed investors have made bank. Now here we sit with Wa. State real estate very high and very frothy. Will it go up more? Maybe..will it go up forever ...no.  Good Luck

Dan, I think to be accurate you did the deal with the "hope" of cash . Their is no promise of cash in house flips or REI investing. Thats my whole point of the first post. In the end my posts wont teach you a thing but the market usually does. From the sounds of your post you seem to think you have it all figured out. Funny thing about BP you read alot of 500 units bought with no money down but few come back to update the failures. Failure is ok though. GL

Dan, No hate my friend and nowhere did I say I want you to fail...those are your words. I said when you do.....lets hear that story. You might want to develop a bit thicker skin if your going to do a few more flips.  Truth is you made it out of your deal by the skin of your teeth and you could have just as easily lost money. Did you read all the caution posts?. Why did you do the deal? The promise of cash is why...some may call it greed. Its what tanked our housing and banks a bit back and harmed all. It doesn't surprise me in the slightest the other posts on BP, They are tired of watching Flip or Flop and want in on the action.  So there you go some clarity. Grow up and take the good with the bad....the patters on the back and the honest info as well. GL

One flip and your hooked and an expert ready to go again. Oh Jeez, I want to hear about the times you lost your shirt and a fortune. It will happen. Just give it time. Its your article after that is the one I want to read. 

Its pretty horrible imo what sort of rules are heading our way as a landlord. There are some common sense best practices to use 

• Do not impose blanket bans on renting to those with criminal history or arrest records.
• If there is evidence of a conviction, consider the nature and severity of the crime and how long ago the criminal conduct took place.
• Ensure everyone who interacts with applicants is trained well on current Fair Housing policies.
• Keep screening policies pertaining to arrest records and criminal history specifically related to safety of persons and property. The policy must distinguish between criminal conduct that indicates a demonstrable risk to resident safety and property and criminal conduct that does not.
• Obtain and use a standard screening policy in compliance with Fair Housing and HUD regulations, and apply it equally to anyone who applies. You may want to consult an attorney or housing specialist to develop a rental criteria relating to criminal conduct.

With these in mind its my belief the Wa State AG office has really over stepped its bounds in reaching for a racist conversation when none exists.