All Forum Posts by: Account Closed

Maybe everyone in Baton Rogue did all get together and unite to say "Let's toute our city as an economic toilet to get this moved to a home game this year!" If they did, consider me corrected, but that property says something else about the city.

On the plus side, they just opened a sweet lazy river late last week!

https://www.sbnation.com/2015/5/14/8608269/lsu-fac...

#GeauxTigers

Surprised they actually didnt say it was going to affect the global supply and price of Sugar.

http://tiny.cc/breconomy

1 Vote

Originally posted by @John Thedford:

Originally posted by @Adriel Brown:

@John Thedford I'm actually not incorrect because I didn't definitively say what is what and it actually may be the other way around as you are apparently rationalizing why you believe doing assignments as a business model is brokering and breaking the law. As I continue to reread 475.43, it isn't clear on doing assignments as a business model.

1. If the statute is against the practice of assignments as a business model, then there shouldn't be assignment language in the FL P&S Agreement AT ALL.

2. If you are correct, and it is wrong to do assignments as a business model, then why isn't there restrictions on how many assignments are allowable during a certain time period or exactly HOW AND WHEN IT'S PERMISSABLE TO DO AN ASSIGNMENT? Good question, I know :)

3. Again, it is the "substantial consideration" that seems to be the contingency.

4. I'm curious to know what "substantial consideration" means to you?

Also, it seems as if you think Licensed Realtors are the moral compass of the real estate world :)

Maybe you should read the statute again. Selling property you do not own is not allowed. EMD has nothing to do with it. Assignments are legal in many cases. Using them as a business model (selling property you do not own) is not. I can assign contracts to my 401K, my LLC, or S corp. That is NOT selling real estate. There is no fee paid. It is simply an ability to choose what name I want to take title in. Taking that same contract, charging you 5K, and assigning to you is selling real estate. Got it? I know you claim to be a "wholesaler", so I understand why you may want to try and get around laws. I see many of this type frequently and I refer to them as FRAUDS AND SCAMMERS. Bill Gulley refers to them as a public nuisance. Either way, unless you are LICENSED or SELL WHAT YOU OWN, "wholesaling" is illegal in FL.

And no, real estate agents are not the moral compass. However, they ARE licensed, can be fined, suspended, or revoked. Unlicensed brokers are not accountable. They CAN be arrested for brokering without a license though.

Sounds strict... do they usually enforce it? I guess in many ways it is similar to airbnbing without a hotel license. Are they equally emotional about illegal airbnb rentals? I though I saw of someone on here getting a letter about a felony charge for wholesaling.

0 Votes

Originally posted by @Brad Cogswell:

There's a lot going on in this thread, so I'm not going to comment on the cash flow vs. appreciation argument or anything like that. What I will say is went to college in Los Angeles and lived in Orange County working in real estate for several years after that, so I'm very familiar with the LA market. I currently live in San Francisco, and invest in Baltimore (and love the city as I've become more familiar).

I'm happy to share my experience. Investing in Baltimore takes more dedication for an out of state investor because of the block by block nature of the city. I frequently am flying out to Baltimore to stay for a week at a time to establish my team and get to know the neighborhoods. I haven't gotten into rentals yet, am specifically working on flips. There are also some people who have tried to take advantage of my lack of intimate knowledge of the city, and that comes with being an outsider.

Through all of this, am glad I chose to invest here and happy to answer actual tactical/strategic questions if you have any.

lol... good to hear... how are the locals trying to take advantage of you :) ? With DC 30 miles away and trading at $555,000 per unit, it would seem spillage into Baltimore would be inevitable.

0 Votes

Originally posted by @Andrew Johnson:

Richard Wilkinson I'm a huge fan of out of state investing. That said, what comes to mind for me was last years LSU vs. Florida college football debacle. What I heard time and time again was that the Baton Rouge local economy couldn't handle giving up a home game to go play a (rescheduled) game at Florida. Florida ended coming to Baton Rouge, the game was played, Florida moaned, blah, blah, blah. Now I love me some SEC college football but if a city's economy can be measurably hurt by missing a *single* home SEC football game I'm not wild about the prospect of investing there. I don't mean to minimize the economic benefit of big time college football but it made the Baton Rouge ecosystem and economy seem exceptionally fragile. But what do I know...

#GeauxTigers

Or perhaps the Tigers were just trying to get a home game?

1 Vote

Originally posted by @Richard Wilkinson:

I am originally from Louisiana. I live in Los Angeles now and have a successful real estate business here. Investing in Los Angeles so expensive, requiring massive down payments and very little returns. My thought was to put my Los Angeles money to work someplace else. I figured I have family in the Baton Rouge area which draws me back there periodically and in a pinch I could have family check in on the property for me, outside of utilizing a property management company. Wanted to know if anyone had any opinions/expertise on whether or not investing in the Baton Rouge area was a good play or not.

Thanks in advance!

This is rare.. an LA investor looking to invest out of LA because its too pricey? :) Really?

Regarding Baton Rouge, it depends on what your goals are... rental cash flow vs long term appreciation vs fix/flip

0 Votes

Originally posted by @Latoya Wooten:

Hello my name is Latoya, and I am in a tough situation and I need some advice and guidance. So, a year ago I have been renting an apartment from a management for about 5 years. I actually liked my apartment that I was renting until about 4 years into living there. I started to notice that the property managers was changing like every 2 months which wasn't a good look. I say this because, I started to get court notices for nonpayment of rent on my door. Now, I have NEVER MISSED A RENT PAYMENT since I lived there. The bad thing is that when you go pay your rent to the property manager they don't give you a receipt and I asked why she claim that they never have. So, what I've done for my protection was purchased a rent receipt booklet filled it out and stapled my receipt from my cashier's check that I paid my rent with to the receipt. When I went to court for this matter I presented their attorney with my receipts all up to date dating from when I moved in 4 years ago. A mediator was also there to help me. I asked was this going to be on my credit and the attorney responded no because I showed order to show cause and we didn't go forth in front off a judge so it was dismissed. Need I remind you this happened to me twice in 1 year with the last begin an eviction notice on my door. This was the deal breaker for me. I finished out my lease and moved out. Now, here it is a year later and I am looking to move from where I am now and I have been applying for apts and have been getting denied because it's showing up on my credit report. What can I do about this can I get this removed? Sorry for the long story but I feel like something needs to be done about this!

It depends on how decent you want to be. You can contact the apartment co. and have them issue something in writing about the error which you can then present to the credit bureaus and/or apartments you are applying to. You can also dispute it with the credit bureau who would then contact apartment co to respond. If what you are saying is correct, you can of course go after them (legally) however which way you see fit if you felt their error has injured you. Sure sounds like what happened differs from what you were told. But again, we dont know that their story wont be something materially different from yours.

0 Votes

Originally posted by @Kenneth Garrett:

Hey BP Community, Just curious about when your purchasing an apartment building what do you look for in terms of bedrooms. I prefer two bedroom units and a small percentage of 1 bedroom units. Studios are not my favorite. I have a little more difficulty in renting studios. Two bedrooms are by far more popular. Appreciate your input.

It varies with the market. Demand for studios in Brooklyn, Manhattan, SF etc... differs from that of some of the other cities.

0 Votes

It would be great to actually hear from people renting in the LA metro area regarding the affordability issues, income keeping pace with investor projected rent growth rates and trend in housing prices. Renters feeling the pinch may not necessarily share similar investor enthusiasm it seems or do they? Obviously would be great to keep the discussions civil and somewhat related to the subject matter.

http://tiny.cc/laspirit

1 Vote

Originally posted by @David Faulkner:

Originally posted by @Account Closed:

Originally posted by @David Faulkner:

You are correct, you don't have to account for jack in any calculations.

I explained it once already and I will attempt to explain it again.

Take a deep breath, you trying too hard to explain. You can always go back and review initial post, although the post highlights the strengths of Baltimore's CF to LA's, it also looks at cumulative CFs and cumulative appreciation over a 10 year period.

So whether you look at total CF or total CF and appreciation, Baltimore was the better buy. At which point you tried to attack the rental growth rate. Someone even suggested using a 10% growth rate for LA despite rent controls... I know before you even go there... not all properties are subject to rent control right? Also moot!

Perhaps what you need to do is present any shred of evidence from a peer reviewed professional publication or journal citing LA (or any city in the LA metro for that matter), to be the top market in the country for investors to go to for cash flow from rental investments. If you can do that in a 2% cap rate environment and 4% - 5% mortgage we wouldn't be talking. That would save you pages of baseless claims.

We are talking about strongest market for rental cash flow, you keep trying to talk about deferred appreciation; these are two different concepts.

0 Votes

Originally posted by @Ned Carey:

Originally posted by @Account Closed:

Is the population issue something they've been actually working on resolving?

Yes they are trying but Baltimore is full of people who are anti business and advocates that think anyone making money must be taking advantage of someone. The last Mayor actually said she was hoping to help the cities population grow by 10,000 by making it a sanctuary city for illegal aliens.

Well, I can see how anti business policies can affect population drifts... California also has its anti business policies but I am sure I dont want to open that can of worms here. It would be hard to say they've had anti business policies for the last 50 years though although I guess that can be possible. It doesn't seem like an incredibly difficult problem to fix the bleed.

0 Votes

All Forum Posts by: Account Closed

Account Closed has started 11 posts and replied 613 times.

Post: Investing in Baton Rouge area

Post: Florida Wholesale Contract

Post: The mindset of the Cash Flow investor: LA vs Baltimore

Post: Investing in Baton Rouge area

Post: Investing in Baton Rouge area

Post: Court filings and dismissals

Post: Apartment Bedrooms 2, 1 or Studios

Post: Had no idea Californians were spiritual

Post: The mindset of the Cash Flow investor: LA vs Baltimore

Post: The mindset of the Cash Flow investor: LA vs Baltimore