All Forum Posts by: Michael Zuber

In my market a 3/1 Apartment used to go for $900 a month and a 3/1 House would go for $995.

Given the soft Rental market I am seeing 3/1 houses go for $850. To me this means a 3/1 Apartment would have to go for 700-750. (I don't own any 3/1 apartments currently)

Thus I suspect the 3/1 apartment will be the softest market on a % basis. Said another way the 3/1 Apartment will have the largest drop

Just my guess

Great Topic. First the Economy will effect Rentals without question!!!

This is how I see it:

Rents will get soft. I see 3/1 Apartments rentals as the weakest because these rentors can now get a 3/1 house rental for about the same amount of rent. I see 1/1's as the next softest because people will double up and stay with family longer.
As for Rental House's I see some short term softness but by early next year the Rental House will get firm.

As the Econmy gets soft the average buyers for housing will continue to shrink as lending standards get firm and savings doesn't improve. Which for me means the rich will get richer as we can pick up more rentals.

Taxes are absolutley going up the only question is how fast and on whom. The Rich for sure but is W2 Rich or Asset Rich? My guess is W2 Rich ...

Builders are out of luck as we have too many houses produced during the bubble so we need to chew up 3 years worth of building.

So in the end buy cheap housing close to land value (Like 35K and Rent for 950 as listed in a previous post)

Good Investing

Ingrid, Thanks for your response. As you probably saw from my last post I am following your model almost to the letter. I am glad to see that I am not slow at 8+ years. I was starting to think I should have been done after 2 years.

Thanks for taking the time

Good Investing

Looks like a missed an excellent question from Peter "Michael... assuming you want to go full-time... what's holding you back? "

The short answer is I have had a personal goal of $18-20K a month (Net) since I started 8 years ago before I seriously look at quiting.
Now that said I know I could live on a lot less, in fact if I lost my day job tomorrow I know I could make it on just my investments.
I have an outside chance of hitting my stated goal in 2010 and I see no reason why I won't hit the goal in 2011.

So I guess it boils down to the fact I am most comfortable buying, rehabbing and holding cash flow rentals. In fact I hate to SELL any of my Swans who are laying golden eggs :-) But if I lost my job I know I could adapt and sprinkle in some sales/refi's to keep the wolves away

Peter Thanks for asking that was a great question that I had to think about for a while as no one has ever asked me before ... Crazy

Wow!!! Added 16 Rentals in one year that is great. More than one a month ...
Nice work

Buy 10 Cash Flow Properties each with a minimum 20% Cash on Cash return

Lose 10 Pounds

Smell a few more "Roses" during the year

Interesting question. I have bought 12 REO properties thus far and I haven't felt even close to bad or guilty for buying property at close to land value.

In the end the bank wouldn't take my offer if they had a better deal. I make 10+ offers a week so the bank says no a lot which is totally their choice ... I'll keep trying to buy more

Good Investing

Well I just closed on the first rental property of 2010 I know it is still late 2009 but I already closed out by 2009 plan). As I posted in another note my goal is 10 for 2010.

As deals go it was a true steal. It fell in and out of escrow 3 times because other buyers couldn't close. As it turned out each buyer tried to use FHA lending (I have no idea why the asset manager would accept an FHA the second let alone a third time). But it was good for me as I offered a lot less than they wanted.

It was a Duplex (actually 2 seperate houses/yards on a R2 lot)

Both house were 3/2 + a den.

I purchased them for 60K, they need about 10K in work and I expect to collect 2K a month (1K each).

If I could find 9 more deals like this one I will be VERY HAPPY ...

2010 should offer some outstanding deals ...

Good Investing ...

Sorry I mis typed. I meant to say anyone "else" care to share what they are going to do in 2010.

My Bad, I need to proof read my stuff

I was hoping to hear additional goals

Sorry for the confusion

Great Stuff. Anyone care to call out what they will do in 2010 ....

Happy Holiday's