All Forum Posts by: Mark F.

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.

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 

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

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.

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?

I'm just curious, why are you investing in Irvington? I assume you know the market well if you're from Newark but again I'll ask, why? It is literally a class D neighborhood. Drug dealers, shootings, etc. If you want to invest in low income, go to Passaic. Still class C but way less drugs and violent crime. I'd say Paterson is better than Irvington but not by much, only by shooting numbers. Less police involved shootings too. Irvington is also Essex county which leans hard to tenants rights. At least Passaic and even Hackensack (bit more $ than Passaic but still a few class C areas left) are not as tenant friendly as compared to Essex county.

I don't get people investing in the literal hood instead of parts of Passaic and Newark (very specific parts) that are rough but more working class. Good luck on that eviction, I know a good eviction attorney if you need one. Actually I wouldn't do Newark either due to their nutty rent control laws.

Clifton is good as you can find cheaper, more working class as well and still in Passaic county. Orange and East Orange are probably tempting as they're cheap but again, bordering Class D with crime and drugs. Plus it's Essex being more pro tenant.

Member #259 of the boring buy and hold strategy. Three house hacks and on to the 4th hopefully this year using 20%-25% for the next. I may get crazy in a number of years and buy a second home and airbnb sometimes to help the mortgage but buy and holds have changed my life. No flips or wholesaling for me.

I did it for almost 5 years with minimal issues back in 2010's. It's super common in your teens and 20s and I think the invention of BP has made it a bigger deal than it is. All my friends did it and that's how I got the idea. Saved a ton on my monthly expenses which I blew on cars and car parts. Now I do small multis instead which is much easier. 

Totally worth it for someone under 30 and single. Live like no one else will now so you can live like no one else later! Or something like that.

Quote from @Eugene Neal:

Quote from @Mark F.:

Afternoon BP,

I'm ready for my next multi in Bergen County NJ. Buy box is anywhere within Bergen, $1 mil to $1.2 mil but could stretch it a little more. Multifamily only, not interested in commercial etc. That puts it at a 3 to 5 unit building. Currently own 3 other buildings at 7 units in Bergen County and look forward to another. Willing to pay a finders fee and chat with any wholesalers. Thanks!

 I may have a couple of options are you still within the market?

 Yup, only a 3 day old post. I assume I'll be looking for awhile as most on market multis are over priced or go quickly when they are priced right.

Used to listen to your podcast a ton and loved it Gino.

I'm not financial free just yet but well on the path. The difference between my views and my lifelong friends is two things: knowledge and action. I sought out knowledge then took action. While I took baby steps, it was still better than nothing. My friends now are on different wavelengths when we travel due to my financial trajectory being much different. I didn't predict the latest **** coin or invent some crazy business; I just house hacked a few properties and increased my income slightly by leaving the military for a better paying government job. I made a few sacrifices, they won't.

I think people are either just lazy or scared of failure to take any action which ultimately leads them to live a non financially free life.