All Forum Posts by: Account Closed

Not sure what the purpose of this post is. Are you seeking US investors for Moscow real estate?

How do property rights hold up for American landlords in a country that is at enmity with the US?

Hey Philip - good luck with the search. One thing I will add is that it wouldn't be a good idea to buy a home from someone who writes in all caps above. Follow Cody's advice and you'll be good.

Chris - I agree with others here that Section 8 has a lot of appeal. I just raised rents by 3% on my duplex in Chicago and there was zero issue with CHA. It's been a smooth experience so far and I'm looking forward to other Chicago purchases.

Risks:  it could take a while to place a tenant;  from what I've heard, CHA isnt too inclined toward actions against a tenant who doesn't pay their portion of rent;  you will never pass annual inspection once (part of CHA's business plan = more $ to charge)

With the federal deficit projected to hit $985 billion in 2019, I'm curious what anyone might think of the long-term sustainability of HUD's appropriations for section 8 vouchers. Once there's a reckoning and policy makers accept that the deficit must be recognized and dealt with, what likelihood would there be for section 8 to go to the chopping block? I'm a fan of section 8 but the threat of the deficit's impact is unsettling. Thoughts?

A thread like this will invite some person to give a boiler plate response like "Your property management should make you more money" (which they're probably parroting from some podcast they just listened to).

There are a minority of stellar property managers, but the vast majority are either 'meh' or major sources of incompetence and liability. 

'Efficiency' - depends on what areas. I dont have the time/patience/willingness to face a difficult tenant or deal with maintenance logistics - those things I gladly hand over to management. However, there is a lot of 'Hey, did you do this____'  ...' 'Hows it going with ____'   That is inefficient, but one thing to keep on mind is that the squeaky wheel ge td s the attention. When there are 400+ units a management team is stewarding, then you need to work at getting on their radar. This isn't at all ideal or efficient, but c'est la vie.  In the market I invest in (Chicago), it would be foolish and a gamble to trade a decent property manager (who is very $ reasonable) for some on ne you take a chance with by transferring management in order to achieve greater efficiency.

Jim - this isn't the place to hustle your own business.

Re: Fortune Builders... stay away. They're very scammy and the model is set up to squeeze every dollar out of you possible for information and expertise you can easily acquire from online venues for free (from trusted sources like BP).

Keep the W2 job (for now). It sure is easier to devote yourself to something when you're not dealing with the anxieties of an unpredictable income stream, lack of benefits, etc.

You've got your license. Now you can use it to acquire properties in your state at a discount (just leave the commission in the transaction as equity - not taxed!). Play the long game and with patience acquire assets so that eventually you can transition out.

Also, we are on the cusp of a recession - not an ideal time to leave a stable line of work!

Fortune Builders is a sketchy enterprise. They have media blasts on local radio stations where Than Merrill advertises his rehab coaching. I went to a free one in my area just to see what it was like. I walked in and noticed that the venue was set up in a way where it was easy to enter, but very difficult to exit. Than Merrill wasn't there at all, but rather some washed up spokesperson guy facilitated the main content. There was a heavy push for recruitment into retreats and more focused coaching - starting cost at a few thousand dollars! There were predictable prompts where people were compelled to get up and secure their place on the schedule. People who seemed like they didn't have much to their name got up with was of cash and pulled out credit cards. It was pretty sad.

After a while, I had enough and decided to leave. That involved having to move past the army of people who were preventing me from leaving.

I would not have any involvement in Fortune Builders and would seek a refund asap.

Perspective change is needed, pronto!  Instead of seeing the inconveniences/barriers/difficulties as points of frustration, it could be more helpful to remind yourself that this is why income-producing real estate is such a great investment. You're experiencing first-hand the factors that push away a huge component of 'investors' toward more convenient (ie, loser) investments. If you can overcome these things, you'll be able to acquire the diamond-in-the-rough properties because you hung in there while others chickened out and gave their money to the stock market.

Hang in there man - keep practicing your diligence, make connections, and be careful not to deploy capital toward a bad investment. Once you start accruing assets and reaping the benefits it will be worth it.

Also, personal suggestion - dont invest in NJ (fwiw)

Not sure if this is the case here, but what sometimes happens is that a landlord will keep a tenant month to month after a lease expires so there are no increases in rent (usualky 3%, which happens at lease renewal). That might explain the low rent - lazy landlord who didn't renew lease.

I wouldn't let a lower rent turn you away. You could always get a new tenant and then be able to request current rates that the rates the housing authority posts (which can be a much higher amount than what you're currently receiving).