All Forum Posts by: Charles A.

@Carrick Young

This is the danger of OOS investing lol.

3333 Phyllis is actually a single family home (not duplex) that was on the market several times in 2018 and 2019 for $120-130k and then sold to a "we buy homes cash" outfit for almost $.50 on the dollar. It wasn't even being marketed when it sold. I can only surmise they were desperate to sell quickly. The last duplex that sold nearby on Gilmore reflects approx $150k value.

The FMV for duplexes in this area of Murray Hill is ~$150k-$175k,unless you're buying something with hidden traps!

I’ll keep you all updated.

Appreciate all input.

@Dennis Wayne

At least he told the whole truth.

A lot of success stories on BP leave that part out to gain more approval.

I like him for that.

WTG,son!

Does anyone know?

🤗

I found this point instructive in the rise of the 30-year mortgage and its knock on effect on historical house prices and the broader economy:

“It was not until the 1920’s and the spread of the automobile that home mortgages outnumbered farm mortgages. In the 1930’s, the mortgage industry got a huge assist from the feds — not from the tax deduction, but from agencies like the Federal Housing Administration, which insured 30-year loans, and, over time, the newly created Federal National Mortgage Association, or Fannie Mae. Before then, the corner bank would issue a mortgage and wait for the homeowner to pay them back; now savings and loans could replenish their capital by selling their mortgages to Fannie Mae — meaning they could turn around and issue a new mortgage to someone else.”

Feds intervention is as old as the mortgage.

And whether it’s the CARES act,endless stimulus checks or QEs,the everyday investor needs to keep himself informed and circumspect before investing in any new asset.

@Anthony Morrow

I don’t know the tax part but I’m concerned that you have funds in a syndication for 6 years for a ground up development with no returns.

Something doesn’t sound right.

I wish I could sound more encouraging.

@Ben Bartels

The difference is financial freedom.

Real estate provides income now.

Mutual funds asks you to wait 30 years.

You’d need to invest a truckload of dollars in equities to get anything near dividend return close to rental income from leveraged real estate.

Forget any tax advantage and depreciation for a fast second.

I don’t need any more math.

The decision makes itself.

@Carrick Young

Was your duplex in 32205?

@Dan M.

I don’t know if Swanny is prepared to tell you the whole truth about Cleveland.

But I did find out not all that glitters in Ohio is gold.

I sold my apartment buildings there and returned to Florida.

I will definitely not be going back there.

The cash flow everyone keeps telling you on BP is in Ohio RE is a smokescreen unless you have specific local knowledge and street smart team members.

It’s worse if you fall in the trap of the wrong PMs.

(Some have a very large footprint here on BP-so beware!).

My “cash flow adventure” ended in tears even though I had an excellent PM.

If that tells you anything.

Look for my member bloog post titled “why I sold Cleveland”

Good luck.

@Jake Baker

32205

List price $695k

Gross rent $65k

Class C neighborhood

100% occupied

75% section 8

Average rent per unit $675

Market rent $750

Request any other details.

@Arthur Crum

No problem at all.

I take all my BS back.

You will learn.As they all invariably do.Then hopefully once you do, you will acquire some humility on the way.
Happy investing.

And be assured of my best wishes.