All Forum Posts by: Joe Kling

@Rohan J.

Taking your own residential requirements out of it, would you buy a rental in West LA? I have dealt with the same thing you're going through and in the end my answer to that question is no. Think of the rules you read about here. 2% rule?  Ha. Try 0.2% rule. 

Everyone needs to make their own decision but I've decided to invest for the long term in areas that cash flow and rent my personal residence in the area I want to live. I've decided to capture the benefits of real estate ownership without the negative cash flow associated with our area. You can take the 100k you'd need to put down on a place on the west side and purchase one or two rentals in another market. You'll be able to rent more cheaply than your mortgage payment here in LA and you'll be cash flowing on your rental(s).

Now, if you would buy a rental in our area and pray that appreciation makes you whole, then buy the best place you can afford on the west side (location wise) because Santa Monica will appreciate more quickly than Mar Vista will. 

BEST OF LUCK! 

So it is listed with an agent.  There should be contact information for that agent, or likely a button that you can click to contact the agent.  Reach out to the listing agent.

@Gaza Blacks

Did you find the property listed on a website or did you see a sign?

Hi @Matthew Nixon

Do you offer loans for purchase and rehab for a fix and flip?

You're the man Brandon. Thank you

Hey BP

I'm interested in seeing an alert but only for the marketplace. How can I achieve this? Unless I missed it I didn't see any filtering criteria to limit the scope of the alert to specifically the marketplace. 

Thanks in advance

Welcome David!

Congrats on your first purchase. Hopefully it's gone smoothly and you see that you hit many of the rules of thumb that you'll learn about here on BP. Those rules can help you avoid the mistakes that some people make prior to learning them. 

Good luck on that second property!

Joe

@alexxa c.

*if it is true* when the seller brought it up I would say something along the lines of:

"We're going to strive to close in 30 days, even sooner if possible, but certain things can come up that can extend the process."

Then outline 1 or 2 things that can cause delays. Then revisit what you're helping them with. Say something like:

"I know you need to get to the new job and you can't carry both mortgages. I'm going to do everything in my power to get this wrapped up for you."

If you've done a good job qualifying the lead you will be able to revisit their pain point and reassure them that everything will be OK. 

I hope it goes without saying that if the above is not true DON'T SAY IT. Treat everyone you deal with with respect and honesty and those actions will be rewarded with trust and business. 

in my market its cheaper to rent than to own.  Part of the reason I decided to invest in rental real estate wad that I wanted to be able to pick an investment for purely financial reasons and leave the emotional and social influences out of it. I've made a cocos decision to rent my personal residence in the market I want to live at a price point I can afford and to own in a market that makes sense in a property that makes me money. 

@aaron wyssmann

One small change I might make would be to have the book keeper start by counting the payments and making a note of the total. Then compare the total to the total that clerk reports. If and when there is a discrepancy the bookkeeper can go back and review the details of each individual payment. 

When someone is looking for a certain amount they often see it. Whether the 1000 was in the envelope and shredded or the clerk pocketed it and it wasn't in the envelope, the bookkeeper should've noticed it when that months receipts were processed. The independent totaling of the receipts prior to shredding the envelopes would be helpful.