All Forum Posts by: Account Closed

first time poster and pretty damn new to the forum. My wife and I are just starting our rei journey and have been researching and preparing for owning multifamily re.

My parents were in the business from the late 70's to the early 00s. They lived off the income from their 16 or so student rentals and a handful of townhomes and then sold out in the early naughts for a chunk of change and retired on that.

ive been keeping my conversation with them relatively light and tentative because they've been rather discouraging about all my endeavors in life. So naturally when I started to become more serious about REI, they had nothing but reservations and discouragement to offer despite building a good life for themselves through multifamily re investing.

"now is a bad time to invest" "you should look into self storage" and their obviously bad advice "you should consider office space".

I try to justify our decision to them by relating the message of not timing the market, building rates into our plan, doing thorough due diligence, etc. and its met with this look like I'm an idiot

I'm 37, my wife is 38. She's a pharmacist, I was in biopharma business development and then most recently, pivoted to being a financial advisor hunting that "passive income" dream (that's another story--tldr is I was successful but resigned in Sept of this year). We aren't idiots. We can do math. We can sell ourselves to whoever we need to. We have a good network. Were making in-roads. We aren't swinging blind.

but I could use some encouragement, biggerpockets.

edit: I shouldn't have said "tried to justify", I should have said "justified". Because I believe in our plan, I believe in our abilities, I believe in real estate investing, and I believe in us.

Bravo for you! I like your determination and insight.

I started in a very down economy. It was a market with lots of lemons, so I made lemonade. Foreclosures were everywhere and interest rates were high. Unemployment was equally high. So, I bought foreclosures and made a ton of money.

Your folks experienced one type of market and believe that since that market has changed, that there are no deals to be had. But, they are very wrong, in a nice way. They just don't have the desire to learn the new investing procedures, that's all. I can point you in a couple of directions to proceed, just DM me and we’ll chat.

"Foreclosures were everywhere"

Thats a veritable goldmine of an era compared to the realities that exist in the markets today.

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Quote from @Carlos Ptriawan:

Quote from @Account Closed:

Quote from @Ivan Terrero:

@Ralph Nagle......maybe it is misguided government policy that creates more problems when they make laws that don't make sense?

They are without question the prime enablers. It's the cobra effect.

They are considering 50 year mortgages in the UK to combat their housing crisis. Anyone think that will work? perfect example

it makes sense actually, because for every transaction seller has to allocate 7% to agents so in other words, price virtually inflated to accommodate the agent. The 7% in reality , is equal to 18 months appreciation by average.

Yes, and the more times they can get you to transact, the better- evidenced by how often they keep reaching out to past clients asking if they are ready to move again, and trying to entice them by how much they claim they can get for their house. Their incentives are part of the problem for sure.

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Quote from @Cody L.:

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Quote from @Palmer Thomas:

Nothing I love more than hearing I got outbid on yet another house by another investor from Shanghai in a highest and best bidding war orchestrated by the realtors, by the way.

For every buyer that feels 'ripped off' because the were outbid by someone from Shanghai, there is a SELLER that got a higher price than they would have otherwise. And if this Shanghai person really 'overpaid', then they'll lose money in the long run

And don't make me feel dirty by defending Realtors -- but if they do something that results in a higher price for their client, that's their job

"And don't make me feel dirty by defending Realtors -- but if they do something that results in a higher price for their client, that's their job"

that's their job - agreed, which is my point in including them as one of the factors contributing to the housing crisis brought up by the OP.

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Quote from @Ivan Terrero:

@Ralph Nagle......maybe it is misguided government policy that creates more problems when they make laws that don't make sense?

They are without question the prime enablers. It's the cobra effect.

They are considering 50 year mortgages in the UK to combat their housing crisis. Anyone think that will work? perfect example

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Quote from @Brad S.:

Quote from @James Hamling:

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....Maximizing profit is exactly what the Realtors.... ...have done in a rampant fashion.... ...thats the root of the problem.....

....Brewing up bidding wars, highest and best, ect.

....inspection came back looking like ****

....Realtors are motivated by commissions.... ....government and central bank facilitating the whole thing....

...I finally pulled my money out of escrow... ....told the agent I'm no longer interested in working with her....

....you made the cheap McCarthist "communist" comment.

....agents like her, and seemly you, are all factors in the equation of the housing crisis....

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@Account Closed Please explain and help us understand what your objective reasoning is for blaming "realtors, lenders, and investors" for being significant part of the affordability problem?

So far, all I can gather from your posts is your bitterness toward ONE Agent who, based on your interpretation, tried to persuade you to complete a deal you ultimately decided did not suit your best interests. But, I don't see a reasonable argument to support any of your assertions.

"So far, all I can gather from your posts"

You are gathering incorrectly then.

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Quote from @Dan DiFilippo:

@Ralph Nagle

You seem like a real tragedy of an existence.

If anything, agents help keep prices stable and incentivize longer-term ownership in homes instead of speculative transaction.

Which is why Realtors call me asking if I'm ready to move, including the agent who I worked with when I bought my last home in 2019. You're full of ****.

Also were probably in middle school during the mid 2000's when they were sooo not encouraging speculative transaction then either.

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Quote from @James Hamling:

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Quote from @Henry Clark:

....Maximizing profit is exactly what the Realtors.... ...have done in a rampant fashion.... ...thats the root of the problem you speak of.

Help me to understand this, I narrowed it to just the 1, for simplicity sake.

So your saying the whole housing problem, it's agent's, agent's who represent sellers and buyer's who some way some how have created the issues at hand.

How? And vs what?

An agent, representing a seller, YES 100% the job is to work for the BEST outcome of the seller, full-stop. Getting top dollar buyers will pay with best term's buyers will give. That is the job, literally and legally.

The listing agent has 0 control what buyers will or won't do, 0. So how is it the agent's "fault"? What else are they to do? Tell a seller "nope, sorry, I won't let you sell for that much, it's not affordable enough, your going to take $50k less and LIKE IT"?

AND, on opposite side, an agent acting for buyer's IS the counter-weight. Doing everything possible to get BUYERS there best deal, lowest price, best terms. So how in the hell is a buyers agent at fault of unaffordability? There fighting to make things MORE affordable.

It's a bizarre argument that only makes sense if picture it falling out the mouth of a rampant COMMUNIST who has zero knowledge or experience of and with real estate agent's.

Is that the case here? Are you a communist just pist over any/all things "Capitalist scum"?

Because I, as an agent, and EVERY agent I know, would LOVE a WAY more "affordable" market. We make the most on VOLUME. A $50k difference doesn't mean much more $ for us, our motive is VOLUME. And a better, more affordable market, means way more volume and that directly translates into more $ for the agent.

So you couldn't be more wrong, agent's WANT a more affordable market. We want it zinging along for EVERYONE. Agent's motive is affordability not stagflation.

As soon as you used the word communist, you told me everything I need to know about you.

"An agent, representing a seller, YES 100% the job is to work for the BEST outcome of the seller, full-stop. Getting top dollar buyers will pay with best term's buyers will give."

Yep. Agreed, thats what you'll do alright. Brewing up bidding wars, highest and best, ect.

"AND, on opposite side, an agent acting for buyer's IS the counter-weight. Doing everything possible to get BUYERS there best deal, lowest price, best terms."

You know better than that, and so do we. I just dropped my douchebag agent who was more focused on her 2.5% than my interests as a buyer, as of last week. The inspection came back looking like **** and she fought tooth and nail to pursuade me to stay in the deal and not pull out or ask for the credits.

So while you Realtors are motivated by commissions on both sides, with plenty of lenders you can refer your clients to to help them overpay, while you take advantage of their own greed/ignorance/desperation, and a government and central bank facilitating the whole thing for you over the last decade-

ya right, Reators had no hand in the surge of home prices vs wages across the country.

Oooorrrr did the agent fire you as a client? That feel's way more believable.

And now, fired by your agent, didn't get the deal you wanted, despite stomping you feet and pouting, I mean come right, yelled "gimmie" and and whole-9, shoulda gotten everything wanted on a silver platter right.

So now, everything is agent's fault.

Too hard to find a deal; agent's fault.

Don't have enough of down payment; agent's fault.

My bacon isn't crisp enough on the burger; agent's fault.

It burn's when I pee; agent's fault.

You just demonstrated both your ignorance and your stupidity. I'm sorry, but this is just classic Dunning-Kruger. Since you like food references, maybe this explaination will reach you- belligerent pig-headedness and low IQ go together like peanut butter and jelly.

When I finally pulled my money out of escrow on the deal last week and told the agent I'm no longer interested in working with her in the future because she does not represent my interests- drawing the conclusion you did doesn't speak well of your intellect, regardless if it was only an attempt to serve your narrative.

And like I said before, you pretty much telegraphed who you were when you made the cheap McCarthist "communist" comment.

Regardless, agents like her, and seemly you, are all factors in the equation of the housing crisis the OP has referred to. Google the word Factor and read it a few times. You seem to be struggling there as well, evidenced by your last strawman "So now, everything is agent's fault."

I'm happy to continue a back and forth on this with reasonable others- operative word being reasonable.

1 Vote

Quote from @James Hamling:

Quote from @Account Closed:

Quote from @Dan H.:

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Quote from @Dan H.:

Quote from @Account Closed:

Quote from @Henry Clark:

....Maximizing profit is exactly what the Realtors.... ...have done in a rampant fashion.... ...thats the root of the problem you speak of.

Help me to understand this, I narrowed it to just the 1, for simplicity sake.

So your saying the whole housing problem, it's agent's, agent's who represent sellers and buyer's who some way some how have created the issues at hand.

How? And vs what?

It's a bizarre argument that only makes sense if picture it falling out the mouth of a rampant COMMUNIST who has zero knowledge or experience of and with real estate agent's.

Is that the case here? Are you a communist just pist over any/all things "Capitalist scum"?

So you couldn't be more wrong, agent's WANT a more affordable market. We want it zinging along for EVERYONE. Agent's motive is affordability not stagflation.

As soon as you used the word communist, you told me everything I need to know about you.

"An agent, representing a seller, YES 100% the job is to work for the BEST outcome of the seller, full-stop. Getting top dollar buyers will pay with best term's buyers will give."

ya right, Reators had no hand in the surge of home prices vs wages across the country.

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"Is rehab/rent a less realistic strategy now?"

Yes.

Here's something to consider. They'll loan you 30 years of debt to up your ears for the purchase price of a property (with talk of 50 year mortgages perking up now, like in the UK, to further extend the problem).

You can't borrow 30 years of your future to raise money to pay rent.

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Philadelphia, Pennsylvania

Quote from @Nadeem Alamgir:

I'm not referring to who to call. I'm referring to mojo phone numbers.

Well I'm one of the people who block people like you, so I'm glad it's not easy on your end.

2 Votes

All Forum Posts by: Account Closed

Account Closed has started 0 posts and replied 46 times.

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