All Forum Posts by: Jason L.

I enjoyed meeting everyone today (even though I showed up late and missed most of the introductions)! Like @Mel Jeffrey said, I look forward to the next one!

@Jeff Greenberg, I plan to attend. Thank you for organizing!

@Steve Lawson, a few questions for you:

1) How many years left on the roof?
2) What is the length of the current lease?
3) Can you provide any recent maintenance history on the property besides your comment on the furnace and water heater?
4) Why is the current owner selling?

Hi James, can you provide additional details?

Owner-financing terms?
What leases are currently in place?
Building condition?
Neighborhood class?

Thanks!

@Jeff L., you may wish to get in touch with the team of @Ryan Mullin and @Ashley Mullin. Though I've yet to partner with them, I've spoken with many who have worked with them and this team seems to come highly recommended. 

As always, perform your own due diligence. All the best!

@Jay H. I've read the posts that you linked. I think I can now handle the truth. Send some of that secret sauce my way, please!

@Craig Wilcox Because it would no longer be a "secret" sauce?

To  a certain extent, yes. Furthermore, the penalty for mistiming the market (e.g. downward price movement during a downturn) can vary quite a bit from one micro-market to another out here, as can the rate of the subsequent recovery.

I purchased a property here in California in 2006, just before the market peaked. Toward the bottom of the market a few years later, some of my neighbors foreclosed and their homes were snatched up at about 40% off peak prices. 

It's 2015 now, and while my property's value has largely recovered, it still is not worth 90% of my 2006 purchase price. Not quite the same experience that @Account Closed described.

Great stuff, @Brie Schmidt ! 

@Steve Rozenberg ,@Eva Salas , @Jeff McCaskey , @Colleen F. , & @Dawn Brenengen , 

You've all brought up ideas and considerations that hadn't occurred to me. Thanks all for adding value to this thread.

Thanks for the addendum to this thread @Dawn Anastasi ! In retrospect, making sure you got in at the price that you wanted, rather than stretching yourself, seems all the more wise given the bit of "bad luck" that followed the purchase.

Despite the slight hiccups in securing a tenant, this still looks like a long-term winner of a deal!