All Forum Posts by: Rick P.

Buy a car sub $5,000 cash. Drive it until it won’t drive anymore. Do it again. Then do it again. If $5,000 is too much buy one @ $4,000 or $3,000.

I would say that since ‘08 99.999999% of investors have succeeded. It’s been impossible to fail. A rising tide lifts all boats. Hell, there’s a new BP ‘syndicator’ pumping some garbage $2 to $6m value add p.o.s. on here every week. Breaking down the details of what they did. Look at me nonsense. Fact is, it’s been impossible to fail. At some point maybe it won’t be.

Congrats. You have only made 7 mistakes before jumping to multi-family. I made 60+ before I made the jump. The time for buying sfh’s has passed. Take advantage of the market and unload them. Then do yourself a favor and find anyone but Cardone to listen to.

Good luck on your journey.

@Kenneth Garrett

Warren Buffett definitely has exposure to lower income housing but it is through Clayton Homes, the largest builder of manufactured housing out there. As for Invitation Homes, they do own 80,000 plus but they’re under the umbrella of Blackstone’s Real Estate division. Steve Schwarzman is the CEO & Jonathan Gray heads the RE empire.

ERS Management definitely the way to go.  My contact has been Jonathan MIller.  As professional as it gets.  

There has to be a distinction drawn between the city and suburbs. I have city Multi’s where I’m paying an effective prop tax under 1%. Even before referendums I was 2%+ in NWI. Now @ 3%+ in Hammond & Munster. Whatever. Is what it is. On an apples to apples comparison, NWI trounces virtually all Chicago suburbs. The city is its own animal.

This is as obvious as it gets. It would have to be a 1956 Jaguar XK-140.

There are many places in Indiana with a decided property tax advantage over Chicago. That said, after recent property tax referendums, Northwest Indiana is not one of them. Effective property taxes in Chicago are for the most part well lower than one will find in suburban Chicagoland, Hammond, Munster, etc. Are there risks that they continue to go up? Of course. Since the crash I have invested in property both in Chicago and NWI. I wish I had done way more in Chicago. If one can add a unit or units or get a zoning change in Chicago in an up and coming neighborhood or near TOD zone, that’s the play and it’s not close. You just have to be super selective.

Very solid area. Have invested there for past 6 years. Whiting has a very old housing stock. While you are right to mention the new developments near the lake the bulk of the housing is in need of repair. This allows you to get these properties at a fairly reasonable price. I would say something in the range of $40-55,000 a unit is what you're gonna find.

Bargaining for Advantage by G. Richard Shell