All Forum Posts by: Account Closed

Anita Fofie I have looked into this recently and know that BMO and TD Bank can do it. However they need 50% down for investment property and 30% for primary residence.

Karen Margrave I'm not really worried because of the exact facts that you laid out. I was just curious if people in my position would move the money to other investments. It still makes sense to just hold on to the property for the long haul. It's actually the perfect home, in the perfect neighborhood, with the best schools as well. We consider ourselves lucky and love living there. But I also love to make money too. Nobody can predict the future but I get the feeling things are going to change very soon.l but it may not affect San Jose as much as others because of the strong economy here. Thanks for you input.

I am curious to know if any experienced investors or contractors could give me a ballpark number on how much it would cost me to build a 500sqft guest house in my back yard in San Jose. Basically a small studio with a small bathroom.

does anyone know a contractor that could build me a guest house in my backyard in San Jose?  

Like many others in the Bay Area we were lucky enough to buy a home at a good time and capitalize on the increase in prices over the past few years. However with thoughts that this bubble may burst in the near future what would should one do with there primary residence with all that built in equity now. If the market does crash and prices drop all that equity will disappear. But low and sell high seems like the easiest answer, but we still need a place to live. Do we go back to being renters? Curious to know what everyone thinks the smart thing to do would be?

@Account Closed "dangerous game". Your funny.  I agree with you that I am still very green but definitely have a lot of information and connections to share with others.   They can choose whether to listen to me or not.  That's thier choice.  It's funny that you mention Jay Hinrichs.  As he is one of the many experienced investors I have being learning from over the past year.  So the fact that I am learning from respected and experienced investors and passing on that exact same information to others with my own experiences on top of that has some great value to it.  You don't have to be experienced to give your opinion and knowledge.  We all have different knowledge and experience no matter what level we are at in the game.  

Jonathan Codilla You mentioned 2 things that are going to bring in all the haters. "Out of state", and "turnkey" investing. This type of investing is debated everyday on here. There are a lot of people who got screwed doing out of state turnkey investing that gives it a bad name. It's risky but can be done successfully with the right people. Otherwise forget it. I started turnkey investing in Indianapolis and Birmingham a year ago. Out of 6 deals 1 was rotten and taught me several valuable lessons. But 1 in 6 isn't that bad right? At least the other 5 I can confidently say I am happy with the purchases and management. And that rotten one is now transferee to the manager for the other 5 and we are turning it around. Feel free to contact me to if you have any questions.

if anyone is interested in Birmingham they should listen to @Jay Hinrichs.  I listened to him 6 months ago and couldn't be happier.  I started investing in Birmingham in May and will hopefully be heading back there sometime this winter for more as soon as my finances are in order.  PM me if you would like to hear more about Birmingham and who I used.

As for Maverick.  I have connected with several people over the past year, and this is not the first time I have heard bad things about Maverick and it's not just their Birmingham properties.  The funny thing is that you may be working with a guy who works for Maverick and not even know it.  Some fail to disclose exactly who is all involved in the sale.  This drives me crazy.  They will say something like "I got partners there that I work with".  Marketers acting like they own the properties and then you find out later through the grapevine that they are just another marketer and perhaps even working for a company like Maverick.  Be sure to ask questions like

who owns the property?

Who rehabs the property?

Who is the property manager? 

What is your role in the sale?

Who do you work for?  

@Ann Howell don't be discouraged by these turnkey haters.  Like I mentioned earlier if you find the right people you can make it work.  Everyone invests differently.  Some use turnkey for various reasons and others use a team of there own for various reasons.  We are all unique investors and the right way is the way that works for you.  

@Ann Howell Awsome!  I love and respect people that  have the courage to expose the bad people out there. 

As for everyone else interested in turnkey investing....be careful.  You have to find the right company and property manager.  After a year of networking on BP and sharing experiences it is clearly evident that thier are many bad companies out there giving turnkey investing a bad name.  Finding the select few good ones is the key.  If you network enough you will find out who they are.