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All Forum Posts by: Joe O

Joe O has started 0 posts and replied 89 times.

Post: I like biggerpockets but it makes me feel dirty sometimes

Joe OPosted
  • Investor
  • Las Vegas, NV
  • Posts 92
  • Votes 25
Originally posted by @Brett S.:

For context, I also feel bad negotiating down a Southeast Asian street vendor for $0.50 when I know I make as much money in a day as they do in half a year.  "Take my $0.50 - you need it more than me."

 I'm sure other people are going to address the real estate side of your post (essentially it's about helping people.. if they aren't grateful for what you've done, you probably are doing it wrong), so as a big advocate for international travel, I want to address the above quote.

You are ruining their economy with this attitude.

You need to get over the hangup you have of this.  I know you come from a place of love and compassion.  But you're also coming from a place of not understanding what you are doing when you do this.

By overpaying relative to the value there, because the worth to you is so much less, you trap people into tourism jobs instead of jobs that will help their economy.  If I can make so much more selling trinkets to tourists who feel bad haggling, why should I go to college, encourage my kids to educate themselves, etc?

It's clear you care about them from your quote, otherwise you'd just try to get the cheapest deal possible.  But it hurts them. 

Please read these articles:

http://www.theprofessionalhobo.com/2014/07/how-tou...

http://journeywonders.com/the-tourist-price/

Donate money where it helps in that country, for sure.  But don't overpay for goods there, because it just hurts.

Post: Las Vegas Area Meetup September 2014

Joe OPosted
  • Investor
  • Las Vegas, NV
  • Posts 92
  • Votes 25

@Phillip Dwyer  Hahah, we sure do! :) Thanks, as always, for running it. I really enjoy the open forum discussion and learning from others, instead of just sitting in a crowd and being talked at.

@Alice B.  It was great to meet you, I'm glad you came out! Also, I'm sending you a PM (on the other site).

@Troy Fisher  We miss having you here, buddy! I'm glad you started updating your blog again though, it's nice to hear what you're up to.

Post: Las Vegas Meetups?

Joe OPosted
  • Investor
  • Las Vegas, NV
  • Posts 92
  • Votes 25

Sure!  There's a few others (look on meetup.com), but that's the (unofficial) BP one, and has the highest ratio of actual investors to people at the meeting.

Post: Las Vegas Meetups?

Joe OPosted
  • Investor
  • Las Vegas, NV
  • Posts 92
  • Votes 25

Indeed!

There's one coming up this Tuesday:

http://www.biggerpockets.com/forums/521/topics/147...

Post: We downsized our primary home and now have $500K spare.

Joe OPosted
  • Investor
  • Las Vegas, NV
  • Posts 92
  • Votes 25

Hey @Alice B. , welcome!  

Be cautious about mentioning money you have available - there's always people wanting to take advantage out there.

There's an upcoming BiggerPockets meetup next Tuesday down in Henderson, you may want to come check out and discuss with some of us locals some ideas.  :)

http://www.biggerpockets.com/forums/521/topics/147107-las-vegas-area-meetup-september-2014

Post: Student Investor from Las Vegas, Nevada

Joe OPosted
  • Investor
  • Las Vegas, NV
  • Posts 92
  • Votes 25

Welcome David. 

You should attend Phil's BiggerPockets meetup here in Vegas (labeled under Henderson Real Estate Investors on meetup.com): http://www.biggerpockets.com/forums/521/topics/147...

There's a meeting of a different group tomorrow night that's decent as well.

As far as your goal, do you mean cash, or cash flow?  In other words, are you looking to make 80k in the next year, or are you looking to create cash flow that will continually generate 80k annually (and create a portfolio within a year that gives off that cash flow)?

Making 80k cash in a year is very doable (but hard work).  I don't know that creating a portfolio in a year that generates 80k cash flow is a reasonable goal given your current knowledge and assets.  At the very least, that will take a lot of hustle.

Feel free to reach out to the other investors here in Vegas, there's a number of us.

Post: Fourplex crisis

Joe OPosted
  • Investor
  • Las Vegas, NV
  • Posts 92
  • Votes 25
Originally posted by @Sam Leon:

Was this an REO where the bank made you sign some 30 pages of hold harmless boiler plates basically saying they didn't know anything and even if they did, they didn't?

Yes, seller may have made buyer waive SRPD, but depending on when it was bought, they may not have been able to do that.

In any case, even if it is an REO in that situation, the bank may be saying they didn't know, but if you have proof from they city that they did, it's completely relevant.

That's the thing you have in your favor - normally you can't show the seller knew, but if the city shows previous problems and contact with the seller, and they didn't disclose any of those issues, that's a problem.

Post: Fourplex crisis

Joe OPosted
  • Investor
  • Las Vegas, NV
  • Posts 92
  • Votes 25
Originally posted by @Randy Johnston:

Nat, In Oregon, when a property is sold "as-is," the seller is still required to disclose all known (emphasis on the word known) problems with the property. There are some exceptions, such as bank-owned, government entity, and a court appointed trustee.

The term "as-is" means that the seller will do no repairs, regardless of what shows up during the inspection period. But, any major issues that pup up are now negotiating items. 

I wish you the best.

Yes, it is the same here in Nevada.  Have you looked at your SRPD yet Nat?  Get the records from the city sewer guy to see what the seller knew versus what they disclosed.  As-is does not mean you have to discover the problems yourself.  If the seller knew there were sewer issues (and the email from the city guy seemed to imply that was the case) and didn't disclose, you have a strong case against the seller.

I would be consulting a lawyer right now, not just sewer guys, and getting as much info about the past issues from the city guy as possible, if the seller really didn't disclose.

Post: Fourplex crisis

Joe OPosted
  • Investor
  • Las Vegas, NV
  • Posts 92
  • Votes 25
Originally posted by @Nat C.:

The City Health Department emailed me on Friday with a notice that I had to correct the problems by Monday ... He wrote:

'Please understand that I am aware of past actions and the disclosures informing you of the buildings deficiencies when you have first considered buying this property. Please know that this building has had past sewer problems our department has recorded.'

That email sounds like really good news for you.

Pull out your SRPD.  If the sellers didn't disclose, but you can get proof from the city that there had been previous issues that the sellers knew about, sounds like you have a really strong case against the sellers.

He, for whatever reason, thinks there were disclosures informing you of the issues.  If there weren't, but the building did have past issues, that will be really helpful.

Post: Questions About Las Vegas/New York Market...

Joe OPosted
  • Investor
  • Las Vegas, NV
  • Posts 92
  • Votes 25

I'd love to see a copy of that email as well, and your perspective.