All Forum Posts by: Rich Weese

depends on the project. Most investors are sitting on their hands. The smart ones are rocking and rolling, i.e. Warren Buffet. 3 billion more today invested in GE.

This seems like a good thread, so here goes. I've NEVER kept a % to determine my returns. I also have NEVER limited my purchases to cash flow projections.
In my seminars I explain that there are 4 main benefits to owning real estate.
first- APPRECIATION, which has averaged over 5% per year for the last 59 years.
second-tax benefits- This can either be paid to the irs or can become an additional investment pool to draw from'

cash flow
principal paydown.
The last 2 are so FAR from providing the same benefits as the first 2, they shouldn't even be in the same paragraph. You may buy many more properties if you'll keep a reserve for repairs or negative cash flow, rather than having to pay more down to earn a cash flow, that you'll then pay taxes on!! I buy and hold on all properties I acquire on seller financing. I have built and held, bought forclosures and sold or held, etc.
My background is real estate. At age 21 I began in Fullerton, calif and became a broker and did real estate syndication. We started buying properties in Co and I opened an office in Littleton, Co. At the age of 29, I retired and moved to Ore. I've continued investing, mostly in warm weather areas. Ca, AZ, and currently TX and MS. I'm not one of the cash flow gurus. I will argue that method with anyone. As you get older and retire, then your properties will provide the income without the tax consequences.That is the only time to look at the cash flow methods,imo.
I can't help on the %'s that Jon asked about. It would take too much of my productive time to calculate those #'s and I've been very successful with my monopoly approach. Control as many properties as possible and let the market make me richer..
I've enjoyed this board so far, but am still learning it.

I've bought and owned over 1000 homes in my career and not once have I looked at a 50% rule. Different properties are going to adjust differently on expenses-- newer compared to older, apts to cheap houses, cheap(bread and butter homes) compared to expensive. Turnover will cause big differences also. I've never tried to micromanage my rentals that way and I don't feel it is necessary, imo.

I plan on it. Just trying to learn the site and how to use it and be involved in discussions that take place. Thanks for the welcome.

Thank you for the welcome. I do appreciate it.

Thanks for the welcome! I look forward to many lively posts and discussions.

I promise no sales pitch, just my info and history. I'm 60 years old. I was a re broker in cal and col in the 70's, right place right time doing lots of investments and syndications. I was able to retire at age 29 and moved to ore to raise kids and cows.
For the next 22 years I help raised our 6 kids and still invested in real estate. Several months back, I reached my 1000th home purchased individually . I was asked to write a book for a real estate seminar company in 2001 about my experiences and early retirement which I did. They asked me to become a keynote speker for them and I said no. I self published the book.
My wife and I went on the road to become full time rv'ers in 2002, 3 days after our 6th child left home. We had a ball and travelled for 4 years.
We spent the last couple years between our TX, AZ, Cancun and CAL homes. We're now pretty full time Texans.
I'm currently buying properties in TX and MS for myself and investors. I love real estate and have done all parts of it. I was licensed broker in CA and CO, syndicated properties, had mgmt companies, done trades (1 was a 17 legged exchange with properties in 4 states), built over 40 spec homes in So. Utah, rehabbed, wholesaled, and bought and sold foreclosures
This looks like a fun site , as soon as I learn how to use it! I will have turn key investments available on this site as soon as I qualify. I have been speaking quarterly for a real estate seminar company in Vegas for a year.
I'm a passionate real estate investor. There is nothing like it. I've seen ups and downs, and lots of scams out there. As a "middle aged gentleman" I've had a lot of experiences and this isn't my first time around the block. Please be careful when you're buying properties on line or from seminars. These are important decisions you're making about your future and creating wealth.
I hope to be available as often as possible. Thanks for reading!!

I think wachovia is no longer an option.....

700 billion translates to $3000 cost to every man, woman and child in the US. Add to this the 500Billion passed by the congress this weekend to keep govt running, and 25 bil to automakers for assistance. This amounts to $2200 for each citizen. Add the $400 bil for fannie and freddie, $1800 per person. Each of us just went into debt for a total of $7000 in less than 30 days!! What is next??

To Brandons' question. If you refi and KEEP the house, it doesn't trigger the tax consequences. Once you SELL the home, the gain is taxable INCLUDING the refi funds you received. If owned less than 1 year, all gain is taxed as ordinary income.