Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Mark F.

Mark F. has started 23 posts and replied 598 times.

Post: SDIRA -- Friendly Banks Offering Interest

Mark F.Posted
  • Rental Property Investor
  • Northern NJ
  • Posts 632
  • Votes 617
Quote from @Matthew Holden:

I invest through a company that does group loans to borrowers doing SFH rehabs and flips. Often, I have cash sitting around between opportunities and have looked all over for a bank that will hold the cash in some kind of interest-bearing account. So far I keep hearing about Titan and Solera banks but they only offer checking with no interest. Has anyone heard of a bank that is friendly to Self Directed IRAs and offers interest.

I had Titan (have checkbook control as well) and switched as like you said, they don't pay interest. And personally, their UI was horrible. Way too hard to do simple tasks. I did some research and there didn't seem to be any reason why you'd tell the bank your LLC is owned by your SDIRA. So the money flows from my traditional IRA holder (like Vanguard or Fidelity), to DirectedIRA (my SDIRA custodian), to now Axos bank which is in the name of my LLC.

With this in mind, I went with Axos bank and opened a business account. Haven’t used it much this year but no issues so far and don’t anticipate any. They have an app that works fine and didn’t have any issues with them transferring from Titan to Axos. Also gave me a debit card, not that I plan on using it. No maintenance fees or monthly fees which is nice. I leave a few bucks in the checking account. Reach out if you have any more questions. 

I thought they weren’t paying high interest on their savings account but I checked and I’m almost at 4%. My personal savings accounts are around 4% as well. 

Post: Baselane - Banking Solution for Landlords

Mark F.Posted
  • Rental Property Investor
  • Northern NJ
  • Posts 632
  • Votes 617

What would be the advantage of switching from apartments.com to Baselane?

Post: Verifying Military Employment and Pay

Mark F.Posted
  • Rental Property Investor
  • Northern NJ
  • Posts 632
  • Votes 617
Quote from @Krystl Tanouye:

Hi. I will preface this by saying I know nothing about the military so I apologize in advance for this question. I also looked at the old posts and google and haven't had any success with this topic. 

I am having a hard time verifying military employment and pay. I have called multiple supervisors and they all have said they don't know the applicants pay. One even said they were a reservist, but the applicant is claiming they are active duty. How can I verify that they are active duty and getting the amount of pay they claim? Usually with civilians, we call the HR department and they give us that information. I have looked at the DFAS website, and haven't gotten very far because I do not have their SSN. RentRedi "stars" it out, so would it be appropriate to ask the applicant again for their SSN? Their LES (like any other civilian paystub) can be fabricated, so how do you know it is real? Also, how can you confirm that they are going to continue to be in the military for some time, and not going to get kicked out or discharged, or already has been? Same thing like how do you know if a civilian will keep their job? Through employment verification, which I can't seem to do with the military. Any details on how everyone verifies their military applicants would be great! Thank you in advance!

Since Nate gave you a great answer on the LES, I’ll answer the rest. I was in the military for 5.5 years active and 2 reserve.

You can ask them when their discharge date is. Usually enlistments are for 4 years but there’s so many variables after the first enlistment that I would ask them how long they have left. On getting kicked out, you won’t know like you said but most of the time those take months and from my experience, wasn’t super frequent for the military to just boot people out. It’s totally reasonable to ask him/her when they’re due to rotate (as they’d be moving) and when they’re getting discharge. He will know both. 

To add on, usually verification isn’t difficult. You do what Nate said; you find out what base they’re stationed at and call. Never call phone numbers listed. When you call, tell them why you’re calling and who you’re calling about. If it’s a small base you’ll probably won’t have much of an issue getting ahold of someone who knows him/her. If it’s a large base you’ll need some sort of supervisor name/rank or department to get you started and it may be a bit of work. 

On the active duty/reserve bit you said, try and get clarification. They could be a reservist but on active duty orders which is just AD for a time but can be extended. I met guys who were “reservist” but just kept extended AD orders and were retiring soon. Let us know if you have any questions. 

Oh and his supervisors wouldn’t know his exact pay but it’s public record. You need his rank, time in service (you can even guess really, doesn’t vary a ton), and zip code. He’s getting BAH I’d assume since he’s living off base so you find a military pay calculator and bam, there’s his pay. 

Post: 4.99 Rating for 1K+ Reviews: Guest Experience Tips You Can Use At Your STR!

Mark F.Posted
  • Rental Property Investor
  • Northern NJ
  • Posts 632
  • Votes 617

#2 #2 #2!!! I don't own any STR but been to plenty of them since 2015. I'm so over paying $200 in cleaning fees in suburbia America to have a list of check out instructions. It's not the middle of the woods in upstate Wyoming, chill the f*ck out. We are starting to pick hotels over Airbnbs because they're becoming ticky tacky for our taste and theres no $$$. I can see why your ratings are so high.

Post: Best cities/ markets to flip in NYC / NJ area?

Mark F.Posted
  • Rental Property Investor
  • Northern NJ
  • Posts 632
  • Votes 617
Quote from @Jackson Ebersole:

Hi Piper,It's always smart to flip properties in-state, and I'd like to share some updated insights on why this approach is beneficial, especially in the New Jersey area.Lenders typically feel more comfortable with in-state flips because:

  1. You can manage the rehab more easily
  2. You have better knowledge of local real estate trends and values
  3. You can respond quickly to issues or make decisions faster
  4. There's a lower risk of fraud or being taken advantage of by distant partners

I can help you with recommendations for the New Jersey market:

  1. North Bergen: Continues to show strong potential, with average profits now around $150,000 per flip and a gross ROI of 85%.
  2. Willingboro: While specific flip numbers aren't available, the market remains active with a gross ROI now averaging around 130%.
  3. Gloucester City: Still a top performer, with gross ROI hovering around 180-190%, though still on smaller profit margins.
  4. Irvington: Home values have continued to rise, with a 20% increase over the past two years.
  5. East Orange: Has seen steady growth, with home values up by about 16% since 2022.
  6. Paterson: Experienced a 14% increase in home values over the last two years.

Additionally, Jersey City and Newark have emerged as promising markets for flips, with strong appreciation rates and growing demand. Always conduct thorough due diligence before investing.

Let me know if you need any more information or assistance with your flipping strategy. Please connect with me for looking into financing options to make your flips work!

Regards,

Jackson

4. 5. And 6. Are you kidding me, have you been to any of those areas? No, you haven't because you wouldn't last a day in Irvington. If you're not from a market and have no experience, you should keep your opinion to yourself instead of recommending to a NEW flipper to get started in C and D neighborhoods. Did you have chatgpt write this trash?

More I read it the more its just an AI post. Reported. OP please ignore the bots advice. Listen to Jonathan Greene.

Post: AirDNA Names Galveston a Top 5 Market Next 5 yrs

Mark F.Posted
  • Rental Property Investor
  • Northern NJ
  • Posts 632
  • Votes 617
Quote from @Travis Timmons:

I lived in Houston for about a dozen years. Galveston sucks. Charles Barkley was right. It's not a great beach destination. HOWEVER, in those dozen years I lived in Houston, the metro area added 1.3M people. That's essentially adding the population of SLC metro or Memphis metro in a short amount of time. You can't argue with Galveston as a growing market based on the insane population growth in Texas. 

@Kumar R. of course you would never get on a plane and fly to Galveston for a vacation; that's not the point that is being argued. Texas has a population of about 30M with a serious up and to the right trend. When TX has a greater population than all of Canada in a few years, those vacation markets are going to thrive from an investment standpoint. It'll still be mediocre wine in Fredericksburg and brown ocean water in Galveston, but there's a massive increase in the pool of people that can hop in the car and go for a weekend. 

I was coming to say this. Lived in Galveston for a couple years, hated it. Gross beaches and just plain sucked. Cruise terminal may help with overnights but downtown sucked. Couldn't pay me to have an STR there though. Doubt you'd get any repeat guests once they realize the water is brown from Rig City.

Post: Buyers can't get financing due to zoning

Mark F.Posted
  • Rental Property Investor
  • Northern NJ
  • Posts 632
  • Votes 617
I just went through this earlier in the year. I bought a 3 unit in a SFR zoned area as it was considered non conforming like someone else mentioned. I had zero issues with my lender so I'd suggest to you to tell the buyers to switch lenders. Closed and am all good, used the new 5% multifamily product that came out last November 

Post: Do you think the Austin market is still worth investing in right now?

Mark F.Posted
  • Rental Property Investor
  • Northern NJ
  • Posts 632
  • Votes 617
Quote from @Scott Trench:

Austin is increasing multifamily unit supply by 10% year over year, with more on the way next year. 

This does not account for the also large supply of new construction single family inventory hitting the market in 2024 and 2025. 

I don’t care how great the city is, how many companies are moving to it or surrounding areas in Texas, or how much people love it there. 

Rents and prices are going down. 

30 years? Yes, prices will be higher. 

But, this market is getting wrecked, and will continue to get wrecked, as far as the owners of rental property investments are concerned. Hopefully the pain abates in 2025 as the onslaught of new supply slowly abates. 

 I'm sure it's a great time to invest there, in fact I'll get 22% on my money if I go with this syndication! I almost want to join this webinar just to see if anyone will mention all the new supply coming online I've been hearing about. Because according to them, Austin has a supply shortage.

https://www.eventbrite.com/e/how-you-can-achieve-up-to-22-re...

https://disclosurequest.com/form/lcp-austin-dev-fund-25-llc/0002022266-24-000001

Post: Games Insurers Play

Mark F.Posted
  • Rental Property Investor
  • Northern NJ
  • Posts 632
  • Votes 617

Same experience even as an owner occupant of a duplex. Insurance company tells me right before the renewal they won't be renewing. Reason being the tree they asked me to cut down via inspection report wasn't cut.

Huh that's weird. Because A. I never recieved any notice  B. The tree is gone and C. If you bothered to ask or have someone drive by they'd see a big stump where the tree was taken down a month into ownership. Happily didnt renew and bundled a bunch of policies with a better company. Suck it Philadelphia Contributionship. I'm sure Ben Franklin would be real proud of you guys.

Post: Consolidate Retrieval & Legal Efforts Against SCOTT CARSON & INVERSE ASSET Fund

Mark F.Posted
  • Rental Property Investor
  • Northern NJ
  • Posts 632
  • Votes 617
Quote from @Chris Seveney:
Quote from @Don Konipol:

I hope everyone scammed here is able to recover at least some money; however the subject “guru” appears to be quite adept at dodging responsibility and consequences.  


  This one has been going on a while. I think BP is a great place to get people publicly together and then they can create a private group. We are seeing that with investors in Norada, David Zook ATM investments and others are posting on forums like BP and reddit and creating private groups to try and stir the pot and get actions taken. In this instance the judgments (20+/-) are already issued, now its a matter of collecting while the individual continues with their training programs and buying loans. If someone can get the SEC or another financial division to take notice then that could change the playing field dramatically. 


Dave Zook is constantly touted on the Real Estate Guys Radio show. I couldn't find any threads on BP that mention him in a negative light, is he another charlatan?