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All Forum Posts by: Trevor Ewen

Trevor Ewen has started 68 posts and replied 1236 times.

Post: NYC Meetup April 2014

Trevor EwenPosted
  • Rental Property Investor
  • Weehawken, NJ
  • Posts 1,270
  • Votes 704

Darren, thanks for the personalized invite. I will not be able to join this time, but open for the next meet. Thanks.

Post: New York Times Article

Trevor EwenPosted
  • Rental Property Investor
  • Weehawken, NJ
  • Posts 1,270
  • Votes 704

I was pretty impressed with the fact that the article was willing to shed any positive light on Frank. When it comes to housing, income, and employment, the bulk of the media is very anti-investor.

I tend to agree with Brad's response that it was balanced on the slightly anti-capitalist side. Key points of positivity though:

- There’s some nobility in the Rolfe-Reynolds business model. The parks they take over tend to be in lousy shape, and they spend hundreds of thousands of dollars fixing them up. In that way, they’re the trailer-park equivalent of the developer who buys abandoned properties in the Bronx and converts them into livable places that are, at least, clean and safe.

- With around 10,000 lots scattered mostly across the Midwest and the Central Plains, Rolfe and Reynolds are about equivalent in size to a public-housing agency in a midsize city — and in an important way, they play the same role. Those living in public housing are generally required to pay up to 30 percent of their household income as their share of the rent. Rolfe and Reynolds’s tenants pay on average closer to 20 percent. And unlike the civil servants working for a housing agency, their managers know they must enforce the rules or they’re out. “We go through managers like crazy,” Rolfe says.

I think a key point to glean is that Frank is clearly shown as offering a superior product to a government provider (something that nobody on this forum would be shocked by). This is something that does not get said lightly in the New York Times. Clearly the journalist had a bit of an 'ah hah' moment.

Post: Explaining The Plan

Trevor EwenPosted
  • Rental Property Investor
  • Weehawken, NJ
  • Posts 1,270
  • Votes 704

When you're young, and when you're starting out, it is so hard to talk about real estate with people who are not investors.

When I want to research a new city, I usually ask a friend who is from the area. They usually have good 'local' knowledge, which would be hard to acquire using outside sources. For instance, I recently asked a friend about where she is from in St. Louis. I get a bad reaction if I say: "Hey, I am interested in St. Louis, because I am interested in investing there." Instead I usually say something along the lines of: "I have friends who have thought about moving there, any recommendations?"

The natural assumption is that my wife and I have bought into some hype machine without knowing anything. It's as if we went to a timeshare sales pitch last night, and just bought 4 units. In reality, we are actually looking at rent / value data, and looking buy for value and cash-flow in the midwest and Sun Belt. Many folks don't think like investors, they just think about their childhood in the area, and immediately try to talk you out of it. This is not helpful, and usually keeps from revealing my motive, which is ultimately disappointing.

Any stories or advice in this vein?

Post: Philly, Next -- Next Neighborhoods

Trevor EwenPosted
  • Rental Property Investor
  • Weehawken, NJ
  • Posts 1,270
  • Votes 704

Interested to hear some Philadelphia resident opinions. My wife and I are looking at relocating there in the next couple years. Ideal situation would be to buy a place that's a little outside a 'Good' area, but could be close to a change.

Near a SEPTA subway stop.
Foreclosure or bad interior is fine.
Want to rent it for a bit, and then maybe make a move.

I realize I am looking for rehab gold here, but I am just interested in the hunches of some locals. We are in NYC at the moment. When you ask someone what is 'Up and Coming' they usually name a neighborhood that is hugely priced out already. Your average person takes up and coming to mean 'Every landlord imaginable has already invested in the area.' Philly seems to be similar, up and coming really refers to what was up and coming years ago.

Longtime resident investors will keep their eye on what makes sense for the future.

Thanks

Post: Starting fresh in Kansas City

Trevor EwenPosted
  • Rental Property Investor
  • Weehawken, NJ
  • Posts 1,270
  • Votes 704

Mike, thanks for sending over the info. Very nice to start checking out.

Post: Starting fresh in Kansas City

Trevor EwenPosted
  • Rental Property Investor
  • Weehawken, NJ
  • Posts 1,270
  • Votes 704

Angel. My wife and I are very interested in Kansas City. It seems like Google's plans with fiber have already breathed some tech life (speculative or not) into the city.

Realty Trac's recent rental returns data would suggest that a good portion of the city is in the nice middle range for cash flow:

http://www.realtytrac.com/content/news-and-opinion/best-and-worst-markets-for-rental-returns-heat-map-8023

Eager to hear your take on jobs and other factors in the city. It appears to be a good play when compared to the the much of the Northeast, where we reside.