All Forum Posts by: Jeffrey Gordon

Hi Aaron, welcome aboard. I have just begun working with my son in DC. He has a couple of duplexes so far--he bought one last month near St. E's so this has been a pretty good week in some aspects :)--nothing like $3,400,000,000 in federal real estate development to give an area a shot in the arm eh?

I am following a similar track as you in regards to licensing and investment strategy. I am curious where you have or are planning on "hanging your license" in the Metro area?

I will be in touch

jeffrey

I always thought John T Reed's Real Property Acquisition Book was the most thorough approach to investigating property, not sure most individual investors are that retentive though and it costs a few books. whatever happened to posting a length to this resource?

hey Jonathan, are you saying you are able to list out the sales and then determine what financing was used on the purchases? I am sure how you get that data other than perhaps the lender name from the Title Company records etc. Can you explain how you get what type of financing was used?

thanks

jeffrey

Having spent the last 4 years living in 2 of Idaho's best known resort areas I have been following the return to earth of the incredible bubble prices from 2004 to 2007

rental markets in vacation areas are difficult if you are going to rent to the locals, they don't make much money and they can be transient.

The vacation rental market is also difficult as many folks buying a 2nd home, soon find renting it out to cover some costs is a good idea and inventory can grow quickly during a stronger new construction market. I also question just how many folks are going to have as much time and money for vacations in the coming 5-10 years. If anything I might consider turning an existing vacation home into a fractional unit and selling 6-10 shares at a markup over the market value of the property for individual ownership.

As always buying right is the key, if you bought a $930,000 1200 sf 2bedr 1 1/2 bathroom cottage at Tamarack Resort in Dec. 2007 (at the top of the local market) you got buried as recent sales for the same units are at $250k range as banks clear them out--rental resort occupancy on those cottages has not been above 25 percent.

I heard today that Key bank recently bulk sold around 50 SF workforce housing units built by Tamarack Resort. I think these houses originally were perceived to be in the $150,000 range when the they were built in 2006/2007. They were probably 2-3 bedroom 2 bath ranchers with attached garage, nothing fancy but good affordable housing for Tamarack's 100+ seasonal employees.

Apparently Key Bank sold them for $15,000 each. The buyer planned an auction, but the huge number of folks registering to bid resulted in the buyer selling them directly to interested parties without going through the auction. The sales prices were said to be in the $60,000 range and almost all of the units were sold/closed within 90 days.

someone had the right approach, buy right and have a great exit strategy--leave some money on the table and blow those suckers out!

Hi Ian,

thanks for answering my questions on your marketing.

jeffrey

Hey Ian,

you survived some shots across bow today after a rough start, we are all just starting to warm up to you and looking in our bag of questions we would like answered by someone running a systematic marketing machine to investing in RE==don't leave it only gets better from here.

I also do not understand what you mean when you speak of canvassing, could you explain that further?

thanks

jeffrey

loan mods are under a lot scrutiny, I would be sure you know the requirements for licensing etc.

jeffrey

Hi Ian, hope you hang around and contribute to this thread. I would be very interested in how you create deal flow of 400 per month and sort through them to find 10-12 per month. Knowing what you know now how would you start a similar operation in a new city?

jeffrey

hi peter,

thanks for bringing up the assisted living option. I have a good friend in washington state who is a building inspector. He was telling me that in recent years the state has mandated that assisted living projects can be built in any suburbarn plat--i..e no restriction against them as commercial etc. He has developed a floor plan for 6 semi private rooms with shared bath and a managers apt. with our medical services background, we would rather rent properties to operators rather than be operators. any comments on this approach? state of washington expects demand for these units to double in the next 5 years.

jeffrey

go for it josh