All Forum Posts by: Bill B.

Selecting my tools. For investing in SoCal, which is better, PropertyRadar.com or RealtyTrac.com? Why? Neither? Why? Both? Why?

Thanks!!!!

@Derek Faller

@Karen Margrave

@Tom Goans

@Albert Hasson

@Michaela G.

@Nick Patterson

Thank you all for your responses. It sounds like most of the major markets are slowing. It is tough for a newbie with limited capital to decide when, where, and how to pull the trigger. Analysis paralysis is pretty darn difficult to avoid, ain't it? :-)

I'm beginning the process of getting my real estate agent license and will review if I want to do the course work for the brokers license after that. The more I read on BP and off, direct MLS access is a prerequisite to REI.....at least for my personality. Also, it is plain from the some of the stats mentioned in the posts above that MLS access was used and is important.

Karen and Tom, (with all respect to the other posters) I am humbled that people of your level of accomplishment took the time to respond to this post. I don't know if you understand the awe that a newbie feels when we see accomplishments like those you list. It helps us to believe that "it can happen" if we just don't screw up. As with any business, getting it going is the hard part. But, seeing YOUR success is inspiring. VERY inspiring. I don't see enough praise in the forums for those who know success on such a scale taking the time to help and guide the rest of us.

Thank you.

When I pull the trigger on my first successful deal, I will contact you so that you can see the fruits of your giving very clearly. Thanks again.

I received a cold call from a RE agent last week asking if my family was still in the market to buy a primary residence. During the discussion I asked why she was calling me in this hot sellers market. Her response was "in the last couple of weeks, things have just slowed down. We are not seeing five offers and bidding wars for each property any more." SoCal BP members, is this what everyone is seeing? Is the SoCal market slowing? How about other areas of the country? If so, what is everyone's feeling about the causes? The Fed? Rising interest rates? Too fast a climb in too short a period? How do experienced investors monitor this?

I'm not as experienced at Tom or Will, but I think you may have missed some VERY important information that they both gave you. If comps around the property are REALLY 110,000 to 140,000, the owner would have sold it in the previous listings.

The fact that he has NOT means that SOMETHING is NOT RIGHT. Were the "new furnace, air conditioner and roof" determined by YOUR home inspection or is that what the seller told you? Also, as Tom said, did a major employer lay off a bunch of people recently? Or, are they about to?

Due diligence, due diligence, due diligence.......

IF YOUR work and YOUR inspector proves the roof, A/C and furnace are new AND that the REST of the property is not a ticking time bomb, AND YOU verify local employment trends and the economy, AND YOU know the neighborhood WELL, you may have a deal.

Again, due diligence, due diligence, due diligence!!!!!!!!

While implied, I failed to mention explicitly that I'm copying URLs for blog posts that I want to follow. The same for pod casts. Sorry for the omission.

@Joshua Dorkin

A user defined file system would be helpful. For example, as a newbie I'd probably have files named "due diligence" "flipping" "buy and hold" "multi", "oh shi* avoidance" "systems" "inspiration" "read daily" (the cream of the inspiration posts). Some of the files above would be sub-files of "top level" files. i.e. it may be "flipping" "buy and hold" would be "top level" with files below that. I'd definitely limit it to BP content. (including BP blogs which I understand is hosted separately) I understand how just adding the BP blogs is adding a level of complexity that is probably NOT minor. Doing more than what is outlined above adds several orders of magnitude to the design and implementation and I believe is going too far.

The need? I currently have over one hundred forum threads that I'm monitoring. I plan to pare that back as I start building my systems. (reference the topic, include in my system, then stop monitoring) But, in a way I'd like to hold on until I test my systems, too. I could then post my experience on some of those threads with what I've learned. The point for this discussion is that one hundred threads is a LOT to look through to find "that one" that you are looking for.

I worked in IT supporting a dev team for a decade. I am under NO delusions of how "simple" this is. This is a BIG change for BP and will take some time. But I think this added feature will help users, especially newbies.

If I can answer any questions regarding the points above, please contact me at your convenience.

Thanks for your consideration, your time, and your efforts to provide BP.

Wouldn't the required notice be spelled out in the lease? Barring that, I agree that a weeks notice should be plenty of time for them to prepare.

I'd target a time when it is least problematic for the tenants. If they all work, the middle of the work day would be best, if one is a stay at home Mom with small children, missing meal times would be important, etc.

Also, and importantly, I'd make absolutely sure that you have ALL the materials you need to complete the "water off" phase within the shortest period of time possible. Adding the time for two runs to Home Depot while their water is off is probably going to be a bigger issue than the amount of time you provide notice.

I hope this is helpful.

@Roy N.

I just double checked. That picture was not/is not visible to me in the prior posts for some reason. Your post was the first I saw of it. Sorry for the inconvenience.

@Michael Quarles

I just stumbled on this thread. I'd like to suggest two great charities. Both are related to autism. Autism will touch the lives of 1 in every 88 children born in the United States this year. Because boys make up eighty percent of those who are touched by autism, the ratio is 1 in every 54 boys born this year.

The first is Talk About Curing Autism. (TACA) TACA helps families diagnosed with autism spectrum disorder. The volunteers for TACA are comprised of families who have "been there, done that". I can tell you that the time immediately following the diagnosis is rather dark and very difficult. TACA is like a guiding light. their website: http://www.tacanow.org/ TACAs rating at guidestar.org can be found here: http://www.guidestar.org/organizations/27-0048002/talk-about-curing-autism.aspx

The other is ACT-Today http://act-today.org/ ACT-Today helps indigent families with the very high cost of fighting autism. Autism is TREATABLE, but many of the treatments are very expensive. Poor families have a difficult time and state services can be difficult to access unless the family can afford advocates or attorneys. Poor families can rarely afford those services. Also, ACT-Today will help with other costs like securing the home. Many children with autism like to wander and can become very accomplished escape artists. ACT-Today will help with the costs to improve the home in ways that prevent the person with autism from leaving the home without others being alerted. This is just one example of how ACT-Today can help poor families with costs beside treatments. ACT-Today's rating on guidestar.org can be found here: http://www.guidestar.org/organizations/20-1424642/act-today.aspx

I hope this is helpful.

@Roy N.

If you mean the dark mark on the left side of the exterior shot, I believe that is a fireplace on a different property. But, I'm in CA and just guessing!!! This is a great post with a lot of ideas for due diligence with old properties. Thanks to all.