All Forum Posts by: Ron Flatt

I believe you can get more from local meetups and here on BP.  With that being said, yes I did go to a Multi-family program, but did not get much from it.  (did not buy their package).  

Sometimes you may not know the questions to ask, but reach out on here.  Ask your questions, others will come up with other questions to help you clarify things in your head.  

I have been meddling in real estate over 20 years.  I still get a nice surprise on here at some of the good follow up questions that come back at folks.  The forms on BP can help you analyze a few deals, but until you step out and make the offer, it is just pie in the sky.  

The biggest problem I see with most of the Guru workshops, is they want enough for their package be a start or the whole downpayment for a project.  

I guess what I am saying is you are right to be skeptical,  use your cash to start your deal or jv with someone you trust, with a track record.  There will bumps, curves and dips in every deal.  It is nice to be able to bounce ideas off of but it is still up to you to get out of Park and into Drive.  

Good Luck,  I welcome any questions.

Great job.  Great to hear success stories even with a few bumps in the road.  Many people do not realize that the road we travel have dips, bumps and some dangerous pot holes, but we navigate through, around, and bounce over them to our destination.  Go find the next deal...

I am not from the hot markets you are discussing.  Not that long ago I would not look at property unless it had a 2 % purchase price.  I like low B and C properties.  There are still plenty of 1.5 out there.  Depends if you have a long term hold or shorter period.  

I am not looking for a lot of appreciation, (I do get some).  I am looking for the cash flow.  The properties pay themselves off, stay maintained and upgraded at times.  

It appears many of these 1%, properties could be in trouble if the market corrects, if they are financed with ARMs, or an area gets hammered by circumstance. 

If the market has a correction, it seems everyone jumps on the same bandwagon.  When it is hot everyone is buying (like now), when it turns cold everyone heads for the exit (2008).  We can remember these.  You have to purchase to be able to weather the storm. 

I believe interest rates will regain some somewhere closer to historical norms. But it could spike, could you afford for your ARM to eventually increase to a much higher rate. Remember that if everyone is headed to sell, sometimes a favorable loan is not available.

Real Estate is great, and it can take you where you want to go, however while your riding this Bull you have to watch the HORNS.  

I found one also, but owned by Chase.  I have contacted the local branch, looked online cannot find anyone who knows anything.  I am waiting on a response from a letter I sent to the address, where tax bills are sent.  Keep me informed if you find another way to contact them.  

I think sometimes, a property falls through the cracks and they are forgotten about.

indoor rabbits, rats, mice, hamsters, snakes are all NOs for me, no exceptions.

In some units I will allow dogs or cats.  (my insurance will not allow any pit bull or pit bull crosses)  I lost a great tenant because she had a beautiful sweet Pit.  Insurance was more important than the tenant.  I was able to get her in an owner financed property where she has kept her pet.  She is on her way to owning her own

Any real estate attorney should be able to do this for you.  I have used two separate attorneys, and it was very simple.  On purchase, I split the fee.  On selling, I rolled the cost of the closing into the loan for them.  

A quick run down to the county clerks office, and look at the Deed  of Trust.  Most will be from banks but you can find the individual deed of trust also.  

The end is always close.  Just listen to the NEWs.  Either it is too good to last or it is so bad it will never get better.  

Yes, the market goes in cycles but the key is to buy good deals.  On flips and wholesaling you may get hurt in the cycle, or if you are using a hardmoney lender who may call you loan due.  However if you buy a rental, and buy it right...  You should be able to rent it out and weather the storm.  properties that were renting for 350 to 400 per month in 2000 is now at $650 per month.  

Just find great deals, find good tenants and weather the peaks and the valleys..   

The answer to this question will depend on each individual.  I have a brother that would still buy even though his health is failing, because he enjoys it.  My other brother is sell out because he wants to retire. 

I am the youngest and still am in the building mode. My goal is 25 SFR and 50 units in MF. The reason for the difference is I enjoy owner financing the SFRs to great renters and is very profitable. I want 50 units in MF because the ease in consolidated maintenance and management.

The key is to buy with cash flow in mind.  If you do not need it now, you could use it to pay down debt or put away for the times when things do get bad.  (they can happen- when you are doing 2 evictions and 2 others move out in the middle of the month cash flow hurts).  

Remember cash in reserve is the best insurance for success.

You agreed over the telephone, but have no written proof.  I think the old PM will win.  It looks like it would be better to pay it off and have lesson learned.  

Unfortunately a handshake or a man's word will not stand up in court.  You have to have it in writing.  Chock this one up to a lesson.  

You will have to be careful not to slander the old pm but you can let your friends know that you will not be using the company again.  Word gets around, bad business practices will catch up to them.

I have read of several of these turnkey companies.  I believe it is a great way for some folks to get started, especially if you are investing from a distance.

I think a partial ownership is a stronger investment because the folks running it have skin in the game also.  This could be a problem with financing for some, but the returns can be lucrative with a limited equity position and limited liability.