All Forum Posts by: Pete Z.

Sounds good.  The past few years I have been only taking applicants with a credit score above 680. (no excuses) :(  It is working for me.

Wow, so many to pick from 35 years in business.  Hahaha:)  One thing I would have done differently is swallow my pride and somehow find a mentor that I respected and liked right from the start.  God knows where I might be now (probably for better or possibly worse).  Also, huge mistake for me anyway was not buying as much as I possibly could in 1991-1994 around where I live. I am assuming I would have if I had a mentor. People were buying garden style condos for $2500 each and putting them on their credit cards.  Hello!  Today they are worth $125K!

 I might be A LOT wealthier if I had a mentor whispering in my ear at that time and didn't WASTE $50,000 ($100,000 in todays money) on an MBA from Boston University instead of buying up some of those condos etc.  And yes I worked my butt off/paid my way through school so I did have the money to do this just at that time not the guts. I was one year too early with buying my first piece of JUNK 3-family (1988) and I was at times physically sick with the MASSIVE loss of equity and the tenant nightmares as only the worst of the worst would live in this place. Ugh! . I paid 128K and two years later in 1990 it was worth around 20K. Listen to the guru's, timing really can really be the MOST important thing.(But yes that is a necessary part of my journey) And no I did not allow my 3-family to be foreclosed on and sold it two years ago for around $335K.  I have so many stories from just that place alone!

I did it my way (Frank Sinatra):) But anyway I survived and I made multi-millionaire many years ago through real-estate.  Right now living comfortably from a portfolio of condos and commercial property.

Welcome to reality and our system.  By the way, they also can get a FREE house (Gov. pays the mortgage and the voucher holder gets a grant (free money) to pay the down payment)  I have had two tenants move out and get a free place.  Yes, they actually own it.  Is it fair? 

Good luck with your rental.  Some landlords make a lot of money renting places that are not that nice to section 8 because they still get the same income as if the place was Class A (smart financial strategy) .  However, if you have a really nice place be very careful who you rent to.  I have found the quality of my tenants is directly proportional to the amount of work stress in my life.  I have had up to 70 places.

I am a hands on landlord.  Rented to Section 8 starting in 1989.  I still have a handful.  Stopped taking new section 8 tenants 2 years ago.  Life is better for me (much better).  Most times you can net out much more income. Do what works for you.  HOWEVER

I could spend an hour with my own ugly horror stories.  Looking back most of them were with section 8 tenants.  

Hi, I am selling off properties and going to be investing in my first Delaware Statutory Trust.  If you are in the process maybe we can share some info with each other.  My plan is to put in $1 million or so by next year.  Thanks.

Thanks! Have you invested in these? Is aei or inland good sponsors?

Hi,

I am researching these for a 1031 exchange.  Anyone have good or bad experiences with these?

Thanks a lot for your inputs. So far I have talked locally to just a few guys and they all had different goals/comfort levels. The person ho knows me best thought 40% LTV would be OK for me. The other guys were 50%, 65% and 80%. I guess I am looking for a rational excuse to grow a bit more.

Hi,

I am a fulltime landlord.  My debt ratio (total fair market value of units divided by loans) is about 25%.  I know this is a personal decision but I am wondering what some other full time buy and hold investors are comfortable with as a maximum debt ratio on all of their units divided by all of their loans.

Sounds good. Thanks for sharing. I am doing a book study with my son and a couple of his friends on this.  Thanks again.