All Forum Posts by: Wy Kay

@Brent Paul

Giving to others who are disadvantaged is praiseworthy. But you have a business to run, your contributions to society should be completely separate. It's just the right mindset to have when running a business, even if you don't see any harm in this particular case.

@Davido Davido

You keep reiterating your position no matter what everyone else is telling you and it's likely you will argue with every CPA and lawyer you speak to about this as well. It seems you are absolutely hell bent on making your point in front of a judge.

So go ahead and do it.

What are you going to do if a judge rules against you and all your logic goes out the window? Make sure you have a serious backup plan to get you out if the carefully laid dominos start falling...

@James C Norman Jr

Ideally, the optimal time to buy is when everyone is selling and running for the hills, when it's a buyers market. Right now, the markets across the country are overheating and it's a sellers market. Sellers can demand all cash, a fast closing and get offers above asking price too. It doesn't mean you shouldn't be a buyer, only that it's significantly more difficult to find a good deal.

In addition, unless someone has a crystal ball, there isn't a surefire way to know when the next downturn will come about. It can be in a month or 2-3 years from now, no matter the dire predictions we constantly hear.

If an investor is savvy enough and has the means and patience to wait, potentially another 2-3 years or more, properties will be selling for steep discounts to what they are going for now and will put some of the best deals you can find now to shame. Warren Buffett is sitting on $122 billion in cash just waiting for the next opportunity. Buffett is very savvy, patient and disciplined to do so.

There are still deals out there and plenty of profit to be made with the current market conditions, just depends on your investment profile.

Share a difficult situation you experienced and how you handled it as a landlord.

@Benjamin Molnar

Too many are struggling to find deals because markets are so overheated right now. If someone can wait until the next downturn, even if it's 24 months away, they will be rewarded greatly for their patience. Warren Buffett is sitting on a pile of cash about $122 BILLION, waiting for prices to collapse so he can go on a major buying spree. That takes some serious discipline and a long term outlook.

@Bill S.

Agreed. The yield curve is definitely a concern but we can be 12-20 months later until something happens. Not everyone will lose their shirts in a recession either. Best bet is to be conservative with your numbers and not to speculate on appreciation or increased future cash flows, although it is tempting.

@Sami Gren

Not as a rule, but in general, I do everything via text or email for a few reasons.

1. Every tenant is clearly named and stored in my contacts (ex. Unit 1A - John Doe) so I have a clear, organized record of every complaint and communication to refer to

2. When the tenant is dishonest or can insist I said things that I didn't, or is very litigious, I make sure that all communication is in writing so everything is on record

3. When a tenant tends to talk my ear off, obviously text is the best way

On the other hand, if there is a sensitive issue at hand or some explaining I or the tenant needs to do, best is in a phone conversation and NOT texting so I can be better understood or vice versa.

@Sadrud-Din Williams

97% fail?

Totally false and misleading statement. It's simply impossible to measure and quantify a failure rate with such a generalization as simple as "real estate investor". Just look through the categories on Biggerpockets. Are we talking about notes, SFH, multi-family, land, STR's? What markets? What constitutes success and failure? Over what period of time? And a million other factors and metrics... A seriously misleading and discouraging post, should be removed by the site moderator except for the great responses it has elicited...

@Jason Ross

If he's dishonest like that without any care for your money, only his own, he will or already has found other ways to dishonestly profit from you and others. He definitely doesn't have your best interest in mind. What happens for example, when you have a major repair job and he doesn't get multiple quotes, instead just giving the work to his overpriced friend, maybe even arranging for a kickback if he's really slick. There are so many ways for him to be dishonest at your expense, why keep him on and take chances when it's been established that he is untrustworthy? Definitely time to find another PM.

@Cody L.

Agree. Would only add that most simply got too comfortable with the way it usually was in Albany since going all the way back at least to the 1950's. The real estate lobbying groups were well funded and very influential, they practically had all the Republicans and plenty of Democrats in their back pockets in the Senate. Everyone was sure something would change at the last minute and only a watered down version would make it through. They were dead wrong this time. It's a new era, with young, active, left leaning and minority voters changing the game rules, not just in NYC but across the country.