All Forum Posts by: Robert Slatkin

Cheers! Welcome aboard.

@Bill Gulley

Thank you for giving me the accepted meaning of those terms. I have heard "slumlords" used many times, but did not know the real life definition (or connotation).

@Joshua McGinnis

Wow! I don't recall ever seeing a post quoting T.S. Eliot alongside a quote from 50 cent. :)

I want you to know that I found your story to be very inspirational. Thank you for sharing it. You are obviously a strong person, and I wish you nothing but success.

@Bill Gulley

Hi Bill. You pose so many good questions to ponder that I need time to consider them.

However, my initial response is very straightforward, and can be summed up in a brief sentence/philosophy. And that is...

You are what you do.

@Timothy Trewin

Hi Timothy. Maybe it's because I am fairly new to BP, but there are a few terms used here, and in other communities, which I don't understand. One of those terms is "slumlord."

Would you please define "slumlord" for me?

Is it someone who, like in the movies, goes into certain neighborhoods with the intent of taking advantage of people at every turn, and not properly maintaining their property?

Or is it someone who does whatever they can to provide people a home which is clean, well maintained, and as safe as possible, but just happens to be in a troubled area?

If the first, can't someone behave in this manner in any neighborhood? Are there "slumlords" in working class areas? Are there slumlords in the Hamptons and Beverly Hills? If not, why is the term limited to certain socio-economic levels, or particular neighborhoods?

If it is the second, where someone contributes positively to less fortunate people in a neglected area, is that a bad thing? In this case, is the word "slumlord" being used as a compliment?

The point I am trying to make is that it is not the people you rent to, or the area in which your property is located which makes you a slumlord. You make you a slumlord.

@Engelo Rumora

Hi Engelo. You have more experience at this, and your instincts were right. Although I believed that my numbers were correct, it turns out that the house needs more work than previously thought. Also, the ARV may have been somewhat inflated, but maybe not by too much. In any case, I walked from the deal.

Thank you for your insights on this.

@Bill Gulley

Hi Bill. This is not only a great post, but a very valuable one.

It challenges us to take time away from the cash-on-cash return analysis in order to make a higher level, introspective analysis of the true motivating factors for our actions and behavior.

I believe that people's motivations are evolving, and most heavily influenced by their individual experiences and their current stage of life.

In my circumstances, I invest to secure a comfortable standard of living in my old age, and to get to the point where I can focus on helping other people.

Being a student and fan of baseball history, I want to quote the epitaph of one of my heroes, Jackie Robinson.

"A life is not important except in the impact it has on others lives."

@Zoran M. and @Christian Carson

Hey, Raymond just taught me how to let you know I responded to your posts. So, if you were not aware of it previously, thank you for all your help.

@Raymond B.

Thank you very much Raymond!

In my first post, I let people know how bad I am with almost anything technology related. This is exactly the kind of practical advice I need to function better on the BP site.

Thanks again for taking the time to help.

@Christian Carson

That is a great overview of potential issues, and terrific advice. I am grateful. It is also a little comforting to know that you have bought REOs that way.. I guess you are correct that if you buy it right, you can take some risk on those items.

The property is in a suburb east of Cleveland.

Thanks again. Hope to connect.

Robert

@Zoran Miling

Thank you for your advice. It is very helpful.

As far as the purchase price vs ARV, I always prefer to buy property for less than market value, instead of the other way around. :)

The comps are solid, and are for an owner occupant sale. It may be tempting to flip, but for now, I'm in it for cash flow.

Best, Robert