All Forum Posts by: John S.

@Brandon Schlichter Great post!  I love it!

You mentioned you bought your rentals from landlords doing a "terrible job".  Just so we do NOT become those type of landlords, what do you recommend to keep your units in great condition and keep tenants in place?  My additional question is what were they doing that was causing a "terrible job" - Were they not responding to tenant requests?  Were they doing the minimum to keep them happy?

thanks!

I just started looking stuff on google on this.  Does anyone know anyone that specializes in ADUs or GCs that will do ADUs in the Los Angeles area?

@Chris Clothier Would Memphis proper be everything inside the 40 and 240 highway ring and MSA is everything outside the ring?  

I was looking at the BiggerPockets 2017 Housing Trends for USA by @Scott Trench .  I noticed that Memphis, TN is one of the top 10 cities to invest primarily because the rent-price to purchase ratio is one of the highest and the city also has one of the highest appreciation rates for 2017.  However, in my further study,  I also noticed that Memphis, TN is NOT growing in population and possibly declining a bit.

My question is how can the population be declining but also still be appreciating at 6%?  Are people leaving the city but also the ones that are staying are moving into their own homes in Memphis, TN which make the prices go up?  My only concern with Memphis, TN is the population decline.  I'm sure those in Memphis, TN can calm my fears though ;-)

For those that are buying notes, what return are you looking at for performing notes?

As mentioned in the earlier threads, you can do land investing yourself.  Heck, everyone on biggerpockets can do real estate with "no money down."  It doesn't mean anyone will do it.

I have followed Mark's strategies and bought his toolkit.  Did I make money?  Yes, I made 1000% return on my first run at it.  FYI, the return was hundreds of dollars so its not like california flipping which would be thousands of dollars in return.  You know what spurred me to go further... investing in his program... nope that didn't help me at all.  Mark Podolsky gave me a phone call and that inspired me to do it.  Now, I did get lucky and I haven't done much since I started.  I do think I can do a better job but its a personal issue to stop procrastination and push forward with your goals.  Too bad, land investing is not one of my goals right now as I continue to look at buy and hold investments.

If you read these forums, a bunch of people have invested in Fortune Builders and other so called "guru" courses but these courses inspired them and now they are making a killing on their investments.  It doesn't work out for everyone but with persistent and hard work I think we can all do it :-) 

@David Avetisyan How much is a "demand letter" normally?  I feel that this thread is a educational piece for anyone that has been ripped off on a big purchase.  

Does anyone have resources that DYIers can use to make their own "demand letters" in place of attorneys?  This feels like being a landlord and sending a letter to the tenant demanding late rent, eviction letter, etc.

@Joshua D. banks, lenders, real estate attorneys cannot pick a specific appraiser.  They can choose the appraisal company but that doesn't mean the appraisal will come in at what they want.  The reasoning is that before the recession these companies would find appraisers that can get the number that they wanted to close loans or sell the property at appraisal.  This means your appraiser should have comparables and show the number that it would sell at that time.

I do like being skeptical as well. I am in it to buy and hold when I do my BRRR. I do pull monies out that gets me both my purchase and rehab and sometimes even a little more money. This strategy works if you can do this multiple times. Then let's say your $200/month x 10 BRRR = $2000/month!

Of course, I recommend you choose areas that are appreciating and growing.  This will ensure that it will sell at least from the appraisal you get now and also means rents should be higher the longer that you hold on it!

Yes, exactly.  I'll probably switch in 6 months.  PM is slow to respond, market, tenant turnover, everything...

I tried to cut and paste but it didn't work that well so i might have missed some spacing on the words.