Real Estate Investing Forums

Real Estate Investing => Bird Dogs, Wholesaling => Topic started by: Randoskie on October 14, 2016, 03:09:21 pm

Title: Second Bubble Burst
Post by: Randoskie on October 14, 2016, 03:09:21 pm
I keep hearing that the second bubble burst is coming, and with this this economy still limping along, I'm worried, I'm wondering, shud make a permanent move to my Cave in Northern Idaho?
Or am I just being paranoid.
Since construction shut down in California 8 years ago ther is going to be a serious shortage of housing, and I can see areas that's already happening.
My feeling is, It's time to do some serious RE investing. Especially in lower and mid income housing.,..
Doom and gloom is not my style.
Let's make some Money....
Rando
Title: Re: Second Bubble Burst
Post by: Redstar1324 on October 14, 2016, 03:25:31 pm
I wonder if that would affect wholesaling because more people would be looking to sell their houses.
Title: Re: Second Bubble Burst
Post by: Bill H on October 14, 2016, 10:11:24 pm
I keep hearing that the second bubble burst is coming, and with this this economy still limping along, I'm worried, I'm wondering, shud make a permanent move to my Cave in Northern Idaho?

Ask me about this on NOv 89th after the election.

Or am I just being paranoid.
No, just realistic

Since construction shut down in California 8 years ago ther is going to be a serious shortage of housing, and I can see areas that's already happening.
People gotta have $$$ and JOBS to buy.

My feeling is, It's time to do some serious RE investing. Especially in lower and mid income housing.,..
I gave up on rentals after I sold last apt building.

Doom and gloom is not my style.
Me neither but I keep a TIGHT watch on the purse strings right now.

Let's make some Money
AMEN
Title: Re: Second Bubble Burst
Post by: BlakeBuysHouses on October 15, 2016, 11:52:05 am
I think it will be a at least 5 years before it will happen, at least here in Utah. We usually have 6 months of houses for sale and now we only have a month or 2 of inventory.
Title: Re: Second Bubble Burst
Post by: Bluemoon06 on October 17, 2016, 09:58:42 am
It has to happen for the real money to be made.  Just like Baron Rothschild, said "The time to buy is when there's blood in the streets." You get really rich after the crash.  I remember in 2008 when I was picking up houses for pennies on the dollar.  Millions of dollars made for almost free. The key is to keep your powder dry.  When everyone else is tapped out you need to be able to pull down deals.  You need cash and credit available at that time. 
Title: Re: Second Bubble Burst
Post by: All-Ears on October 18, 2016, 04:15:01 am
It should be significantly worse for people compared to the last bubble bursting of 2007

The people at this forum all sound well positioned and unaffected by The Great Recession except for me. This next recession will mess with employment even harder then before.

I think it will begin to completely cut out native born USA citizens from being employed, worse then before. It will make it so illegal alien citizens with no right to be in the country and no English language skills will be favored over honest US citizens. Like a total steam rolling and blatantly open borders.

During the beginning of The Great Recession not only did volunteer work become hypercompetative but interships became unpaid and hypercompetative even for Post-docs saddled with obsurd college debt and can not find any work even far below living wage. Something was definately wrong.

So far I am the only person at your forum who experienced these issues. You biggest issues were having to cut back from five steak dinners per week to four and a half. Or you had to sell one of your hundreds of rental properties for cash, but believe me there were tens of millions of Americans actually affected by The Great Recession.

Its like you guys all live in The Shire, hobbit ville, in the Lord of the Rings movie. All nested safely in the shire having hobbit parties and baking cakes and gathering fresh berries in the shire. Oh how delightful. But the rest of middle earth is not so neato and friendly and insulated.

Its not doom and gloom to be avoided its just reality. You should read Stephen Kings book the peasants revolt. Its about when the peasants (my experience and position) revolt against the rich (you, the clueless royalty, the land owners (Land Lords), and also the weirdly privileged baby boomers). I believe that will happen this next time. There will be violence against the wealthy.

It is hard for people at this forum to imagine because a lot of you must be baby boomers who experienced unordinary wealth opportunities.

Personally I am better positioned today and I plan to benefit from this next "bubble bursting" I will make money but. I think the peasants and natives of the US like me especially this next time around they will revolt. There will not be as many clueless rich people because this time around they are going to get a taste of the violence. The peasants will strike back in a big way, after all they are the majority, and they never had long enough to repair themselves after the first wave of The Great Recession.

(http://smallheathvillage.pbworks.com/f/peasants-revolt.jpg)
Title: Re: Second Bubble Burst
Post by: Randoskie on October 18, 2016, 01:22:15 pm
There will always be menial work for People with your, oh poor me attitude.
You can start with cleaning the toilets in my Castle in the clouds and then cleaning the graffiti off my stone walls.
But step aside for the many that have a better attitude, for they will flourish.
Go forth and do not multiply.

I feel sorry for you, but until you get a better mind set, here's quarter.
Title: Re: Second Bubble Burst
Post by: javipa on October 18, 2016, 08:36:20 pm
I think I smell another used tampon flying my way.

Ears, seriously ...do you suffer from manic depression, or what would make you dwell on such dis-empowering thoughts of doom and gloom. 

My GAWD what a downer you are.

So, what if everyone else was fed with a silver spoon?  What's that to you?

Do you need breast feeding?  Is that how it works for you? 

Get over yourself. 

Nobody owes you anything.  And yes, nobody knows your problems and obstacles like you do, but anyone who's ever tried anything has had to overcome obstacles.  Obstacles are God's way to sift out the stupid, the ignorant, and the lazy.

The issue is, we all had one of those problems at some point to overcome.  Either way, anyone who's gonna achieve more than mediocrity MUST overcome one, or more of these challenges. 

That said, I've seen the most stupid people make money in real estate.  The problem was they remained stupid, and did stupid things with their money.  I mean abjectly brain-dead, dumb-butt things. 

Others learned. 

And still others gave up driving the couch, got serious, and motivated themselves to blow through their challenges.

So, for the love of all that's holy, stop focusing on your short comings; start looking for opportunity; get back on your Midols; and/or stop bitching about your poor little life of problems.  Waaaaah.
Title: Re: Second Bubble Burst
Post by: Bill H on October 18, 2016, 08:41:14 pm
Javapa,,,,,,AMEN

The best place in the world to find a helping had it right at the end of your OWN arm.
Title: Re: Second Bubble Burst
Post by: All-Ears on October 19, 2016, 09:17:41 am
Because when millions of Americans lose their jobs the truth is ultra depressing.

None of you experienced much hard ship from The Great Recession but others did. I did.

You baby boomer bozo Clowns. Go adjust your beach ball bellies and shine up your clown shoes.
Title: Re: Second Bubble Burst
Post by: Luke9686 on October 19, 2016, 12:33:31 pm
Ears,

You don't know jack **** about the struggles of others.  The fact that these people are still here after 2008 should lead you to respect and want to learn from them.  Many in this industry went belly up, these guys are still here.  You should learn from them.  Even at the worst of it during the recession, the vast majority of people retained stable employment.  It was peiple like you that didn't prepare for the hard times.  Many saw this thing coming a mile away.  You didn't, and rather than learn from those who did you you piss and moan about it.

Have fun in the bread lines, go vote for Hillary.  She'll give you all the wellfare you want.

Go find another forum to troll on, you're out matched here.
Title: Re: Second Bubble Burst
Post by: Randoskie on October 19, 2016, 12:59:10 pm
What's interesting is, I was one of those Hard working Middle Americans that lost my job when the economy got sucked into a black hole.
What did I do? I purchased a few books on Real Estate Investing and Wholesaling.
What I didn't do was come on this forum and whine and complain. I had to get busy to feed my family.
Now, you going to keep belly aching or take action?
Title: Re: Second Bubble Burst
Post by: javipa on October 19, 2016, 01:12:57 pm
I was so hopeful ...when Ears made that blind offer to the couple losing their house, and was finally taking action, and not complaining about his position or plight ...then poof.  Back to square one.

Here, catch a Tampon Ears.
Title: Re: Second Bubble Burst
Post by: Bill H on October 19, 2016, 04:52:08 pm
Because when millions of Americans lose their jobs the truth is ultra depressing.

None of you experienced much hard ship from The Great Recession but others did. I did.

You baby boomer bozo Clowns. Go adjust your beach ball bellies and shine up your clown shoe.

EARS, YOU ARE FULL OF CRAP.

I DID NOT HAVE SHOES TO SHINE...WENT BARE FOOTED IN SUMMER AND IF LUCKY GOT SOMETHING FOR THE WINTER....MOST LIKELY A HAND-ME-DOWN.

I AM 85 WENT THROUGH THE ":GREAT DEPRESSION" OF 1932...GOT MY FIRST JOB FOR $0.11...YEP ELEVEN CENTES AN HOUR AND WAS DAMN GLAD TO GET THAT.

SO DO NOT WHINE WITH ME ABOUT YOUR  SITUATION .......YOU VOTED FOR HIM....I DID NOT.
Title: Re: Second Bubble Burst
Post by: Randoskie on October 19, 2016, 06:09:27 pm
I got an idea for ears. Instant message me or go to my profile & email me, and I'll send you the book that I learned from. For Free.
Then give us some more excuses.
I went the first year doing Real Estate with no car, no source of income, eating beans, hamburger to throw in if we were lucky.
I only did a half dozen deals that first year, had to borrow a car to go get my contracts signed.
With the profits the first year I was able to buy a 98 Toyota, had money for marketing and didn't have to eat beans every day.
I never had steak. I only made 40 Grand. But it was like a fortune to me.
So I will send you this book, and then if I hear some more whining, then I'll help walk you thru some deals, that's more help than I ever got.
Or give me some more excuses and go mow some lawns and blame everybody else for your situation.
This site is for winners with the right attitude, not for whiny ass losers that refuse to listen or take action.

Steps a loser might take
1 Go on a REI site and whine and complain and insult people that can help you.
2 Never take any advice and make plenty of Excuses
3 Have a bad attitude and blame everybody for your situation and most important, never take action.

Steps a winner will take
1 Get an education.
2 Take action

Now what you gonna do?

Rando
Title: Re: Second Bubble Burst
Post by: javipa on October 19, 2016, 06:45:24 pm
Rando, that is enormously generous of you.  Honestly.
Title: Re: Second Bubble Burst
Post by: Randoskie on October 19, 2016, 07:29:07 pm
Well, I got some time before I hibernate and get snowed in and my cave entrance is blocked by 10' of snow.
And all ears needs some help, not sure if he can get a better attitude and he's worth helping.
And if he needs help on some deals it will cost him 50% I'm not a Saint.
I'm motivated by potential profit, but mostly I cant stand the frikin whining.
Title: Re: Second Bubble Burst
Post by: javipa on October 19, 2016, 07:42:03 pm
Pffft!  OK!  Still, you're a good man, Charlie Brown.
Title: Re: Second Bubble Burst
Post by: BlakeBuysHouses on October 19, 2016, 11:16:03 pm
All markets eventually level out but if you get the right terms it doesn't matter. I like dealing in all markets. If you find the right deal there is always money to be made.
Title: Re: Second Bubble Burst
Post by: Randoskie on October 21, 2016, 12:14:03 pm
It's been a few days and Ears has never requested the book I offered & learned from, the book that got me going from having nothing to having nice vehicles, an airplane, steak dinners and a fat bank account.

Maybe he prefers to whine and complain & blame everybody for his situation rather than to actually do Real Estate deals.

Cmon Ears, if you had a book that you got for free that cud change your life, would you read it and take action, or keep whining and complaining and never take action?

Success or failure is a choice.

Rando
Title: Re: Second Bubble Burst
Post by: Luke9686 on October 21, 2016, 04:32:34 pm
Ears is too busy trying to figure out the business dynamics of owning a hostel at this moment.

Meanwhile I just signed up a deal from my direct mail that should net $30K.  One of those tiny $200/month sub2 deals I was criticized for.  Except this time I'm taking sub2 @$75K and retailing out for $135K.  $3500 to seller and $6-7K in repairs.  Am able to afford the cash to seller and repairs from down payments from previous deals.
Title: Re: Second Bubble Burst
Post by: Bill H on October 21, 2016, 09:12:26 pm
Randpskie. you are far to generous with all ears.

I have reached the point that I would not give him a toothpick if I had TWO lumber yarsd.
Title: Re: Second Bubble Burst
Post by: Redstar1324 on October 21, 2016, 09:47:27 pm
Ears is too busy trying to figure out the business dynamics of owning a hostel at this moment.

Meanwhile I just signed up a deal from my direct mail that should net $30K.  One of those tiny $200/month sub2 deals I was criticized for.  Except this time I'm taking sub2 @$75K and retailing out for $135K.  $3500 to seller and $6-7K in repairs.  Am able to afford the cash to seller and repairs from down payments from previous deals.

I take back everything I said in the past. I don't know ****.

But when I criticized sub2, I didn't realize the profits came from the down payment.

The "$200/month" figure is why I've decided not to ever get in to single family home rentals. It's just not worth it to me.

A couple months ago, I was going to "rehab houses with my bare hands," but that didn't turn out to be the best plan.

I don't even know if I would want to own a hotel at this point. If it's all about the money, wholesaling seems like the best ROI around, in theory.

Of course, I still haven't made a dime.
Title: Re: Second Bubble Burst
Post by: Luke9686 on October 21, 2016, 10:58:01 pm
Have you sent out any mail?  Is so, what were the results?

Title: Re: Second Bubble Burst
Post by: Randoskie on October 21, 2016, 11:45:50 pm
Like I've said before I usually double or triple my profits after expenses on these direct mail campaigns.
But this latest mailing is off the charts. Out of 2,500 post cards sent out I got very few calls. But the calls were of a higher caliber.
The first deal I made $5,000, the second deal was the 18 grand from the double wide mobile home, and now I got a duplex and a house, 3 units on a single lot,  the seller wanted 127,500. I sent it out and I got a buyer that wants it for 137,500
Now most normal persons wud have been happy with a 10 Grand assignment. But no, not me.
Because my testies have swelled, I called up the seller and told him the properties need too much work and its too risky for my partners and I. Unless he can do 120K, Our earlier conversation he said he cud def not go below 127,500. After a little back and forth, We settled on 122K
Holy piles of guano, instead of 10K I just got my buyer to sign my assignment of contract for $15,500 Frikin dollars.
I sometimes surprise myself, am I getting more experienced, more greedy, more smarter, better at negotiating, more obnoxious, going insane or all of the above?
Let's make some Money....

Rando
Title: Re: Second Bubble Burst
Post by: Luke9686 on October 22, 2016, 12:49:17 am
Love it.

If you start mailing to 30/60/90 day late lists you'll find tons of sub2 deals.

Plus the occasional *******.  The other day a guy said he was gonna punch me in the forehead...  Wonder if he knows I'm 6'5" and about 240???
Title: Re: Second Bubble Burst
Post by: Redstar1324 on October 22, 2016, 01:13:23 am
Have you sent out any mail?  Is so, what were the results?



I'm currently waiting on these in the mail, as required by the post office bulk mailing regulations. I'm buying a "permit imprint stamp" so that I can print stamps on my computer.

https://m.uline.com/h5/r/www.uline.com/Product/Detail/S-5503/Mailing-Labels/Mailing-Labels-Clear-Acetate-1-1-2

Punch you in the forehead? Call the cops. I've done that on my tenants about 20 times so far. They all know I have the police on speed dial.
Title: Re: Second Bubble Burst
Post by: Redstar1324 on October 22, 2016, 01:20:22 am
Like I've said before I usually double or triple my profits after expenses on these direct mail campaigns.
But this latest mailing is off the charts. Out of 2,500 post cards sent out I got very few calls. But the calls were of a higher caliber.
The first deal I made $5,000, the second deal was the 18 grand from the double wide mobile home, and now I got a duplex and a house, 3 units on a single lot,  the seller wanted 127,500. I sent it out and I got a buyer that wants it for 137,500
Now most normal persons wud have been happy with a 10 Grand assignment. But no, not me.
Because my testies have swelled, I called up the seller and told him the properties need too much work and its too risky for my partners and I. Unless he can do 120K, Our earlier conversation he said he cud def not go below 127,500. After a little back and forth, We settled on 122K
Holy piles of guano, instead of 10K I just got my buyer to sign my assignment of contract for $15,500 Frikin dollars.
I sometimes surprise myself, am I getting more experienced, more greedy, more smarter, better at negotiating, more obnoxious, going insane or all of the above?
Let's make some Money....

Rando

Double or triple profits? That sounds great. If my first one or two on my own go well, I'm going to ask my dad to invest in my marketing so I can be sending out 50,000 (or 50,000,000) letters/postcards per month.

I have no problem being ruthless. If I owed a mortgage and caught cancer, the bank would take my house and mess my credit up in my final moments. That, or some other investor would try to save me by doing what some of you are doing.

I still think postcards are a viable option for the future, but I have a problem of a criminal record and identity to hide. I'm currently using my first and middle name. I will probably switch to middle and last.

Or I may do something like "Red Star Property Group LLC" for when it goes national.

Only thing is, corporations are taxed at a higher rate. I don't see a lot of liability risk in wholesaling.

(I hate doing these posts with quotes embedded in quotes, but sometimes it has to be clear who I'm responding to)
Title: Re: Second Bubble Burst
Post by: Randoskie on October 22, 2016, 01:59:11 am
At first I was only going after the Sub TO's, and it wasnt an easy thing, I did a few deals and it was profitable, and 1 deal imploded. I found most pre foreclosure people will stay in the house for years for free until the bank takes them back.
But I still keep an eye out for them. My city is so full of these junk houses and wholesale opportunities and I found it much easier to concentrate on them.
I've often thought of doing some rehabs, but when I'm making 5,12, 16,18, and $15,500 just in the last few months on  wholesale deals that  I spend 30 minutes on, it's a no brainer, no risk, no work, just rake in the buks.
Rando
Title: Re: Second Bubble Burst
Post by: Redstar1324 on October 22, 2016, 02:11:11 am
Not that you need a complete amateur with $0 in the bank to tell you what to do, but I also think rehab is a waste of time due to the amount of time it takes.
Title: Re: Second Bubble Burst
Post by: All-Ears on October 22, 2016, 11:23:16 am
Because when millions of Americans lose their jobs the truth is ultra depressing.

None of you experienced much hard ship from The Great Recession but others did. I did.

You baby boomer bozo Clowns. Go adjust your beach ball bellies and shine up your clown shoe.

EARS, YOU ARE FULL OF CRAP.

I DID NOT HAVE SHOES TO SHINE...WENT BARE FOOTED IN SUMMER AND IF LUCKY GOT SOMETHING FOR THE WINTER....MOST LIKELY A HAND-ME-DOWN.

I AM 85 WENT THROUGH THE ":GREAT DEPRESSION" OF 1932...GOT MY FIRST JOB FOR $0.11...YEP ELEVEN CENTES AN HOUR AND WAS DAMN GLAD TO GET THAT.

SO DO NOT WHINE WITH ME ABOUT YOUR  SITUATION .......YOU VOTED FOR HIM....I DID NOT.

If the Great Depression was not easy for you, why would the Great Recession be easy for me? I was in my early 20's when the economic collapse began and I had zero clue it was going to happen. It wrecked me. You guys were ultra big tough and strong and resilient, I definately was not. The Great Recession wrecked me. If that is too much for you to handle then go **** yourself. Why would my terrible experience from the first bubble burst (without rosey colored glasses) tick you off so much?

About voting. I did not vote for anybody. Saying "YOU VOTED FOR HIM", where the heck does that come from? No I did not vote for him you ding a ling. I do not even watch TV, you buffoon. It is a scientific fact that your vote for president does not count. Look it up. The whole thing is designed for ding a lings like you to buy into the whole soap opera and pit Americans against eachother, weakening people more. Your vote for president does not count. No matter how much mud you throw you still have no control over it. I willtell you how the soap opera was pre-written. First we have a black president, Obama, then they have a female president, Hillary, and next they will have a gay president. You cant see that far into the future and see you are being duped?

About baby boomers. This is all I see all day every day. It is the most maddening thing. After reading the book Jay recommended, The Millionaire Next Door, all I see are baby boomers with millions of dollars and the vast majority of them have lived lives doing all the things that book says are not millionaire traits. It is a total fact that baby boomers have committed generational theft. The country was in perfect shape when they got it and it is now in shambles. Its the truth.

More about The Millionaire Next Door. People like Jay had parents who were doing all the things to generate wealth and following the principles of wealth. A big one is being frugal. Sure he had all the property portfolios handed to him for nothings day, but he came from a background of parents doing the rights things economically with rentals. However. The vast majority of baby boomers did not have to do that. They are just living on ponzi schemes that successive generations are paying off for them. Social security, incredible pension plans, medicaid. Its not normal how they did not follow the characteristics in the Millionaire Next Door, and wound up on top. I know every baby boomer will light up like a venomous flame thrower hearing that, because it is the truth. Dont like it, go **** yourself. Its free speech. Its an unmoderated online forum too.

admittedly I have a mountain of anamosity towards the baby boomer generation. Id like not to.

About calling me a girl. This is the only time in my life people have said that me. It just does not happen in real life. About Jays "Now go vite for Hillary" mud slinging. Who the **** do you think you are? Ive stated above that I do not vote. I certainly would never vote for Hillary.

I stopped watching TV during the first Obama campaign it sickened me so much.

We live in some scary times. The future is not looking so bright for many native born Americans. Im going to come out on top somehow.

That is just about the first bubble from 2007.

My take on the second bubble burst will be too much for baby boomers here to handle reading so I will not even state my opinion here.
Title: Re: Second Bubble Burst
Post by: Randoskie on October 22, 2016, 12:05:05 pm
Haha, now your getting comical, we are laughing at you Ears. I gave you an opportunity to climb out of your poor little me situation. All you have to do is stop whining like a child, get the book that I used to change my life, and what do you do? Nothing. Just whine some more. It's really pitiful, but funny also.
A grown man acting like a little girl, unwilling to do what it takes to be successful.
What is your excuse? Why wont you accept my gift of a free book that I used to change my financial life?
Why do you persist in being a whiny coward, yea coward, cuz it takes guts to read a book and take action and change your life.
At least redstar has the guts to take action.
So you gonna whine some more, insult us some more, complain and act like a stupid kid?
Or get the book, read it and become successful?
If your not going to try, then go back to bothering your family and others that are probably avoiding you because of your downer attitude.
Good luck.
Rando
Title: Re: Second Bubble Burst
Post by: All-Ears on October 22, 2016, 12:17:02 pm
Rando,

Because I have probably already read and applied the ebook you are mentioning.
Title: Re: Second Bubble Burst
Post by: Randoskie on October 22, 2016, 12:24:15 pm
OK, then what is your excuse? Why wud it work for me an old unemployed construction worker that never graduated from HS and not for you?
You going to complain and whine and insult us some more? Let's hear why it wont work for you?
We are all waiting.
Title: Re: Second Bubble Burst
Post by: All-Ears on October 22, 2016, 12:27:01 pm
Haha,

Lets change the topic,

Rando what is your rendition of the Second Bubble Burst?

How will this one play out?
Title: Re: Second Bubble Burst
Post by: All-Ears on October 22, 2016, 12:30:46 pm
Also I am not doing too shabby with advancing my knowledge and taking action.

The past moneth of me being at this forum I have done a ton going in the right direction

Its only a matter of time before I complete a real estate deal and make some money
Title: Re: Second Bubble Burst
Post by: Randoskie on October 22, 2016, 12:52:16 pm
Your advancing your knowledge & taking action?
What have you learned? And what action are you taking?
Why Change the subject?
Give us the rundown on Mr all ears, the angry guy with the bad attitude.
When you were a child were you ridiculed and told you wud never amount to anything and always be a loser?
Did your first love run off with your best friend?
What makes all ears so intent on not being a happy fun guy that will succeed?
What horrible events took place that makes you so depressing?
Please tell us, maybe it will be a learning lesson, things for us to avoid.
Title: Re: Second Bubble Burst
Post by: javipa on October 22, 2016, 12:55:13 pm


About Jays "Now go vote for Hillary" mud slinging. Who the **** do you think you are?


This isn't a quote from me. 

I did call you a girl, because of your previous (and continued) incessant bitching and complaining about your circumstances, and justifications for failure, if not why you can't succeed as easily as someone else.

As far as being handed my parent's properties,  I never said that.  My mom is still alive.  When she dies then we'll see what's left.  However, her portfolio is not my portfolio, and I wasn't handed squat in the meantime.  What I received was management experience, and I've taken that and done well with it.  Anything else, I had to learn and do on the job, and on my own.

But you can continue wallowing in self-pity, envy, jealousy, anger and all sorts of emotionally dis-empowering dysfunctions if you wish.   It's no skin off my nose.  However, those are the kinds of sellers I like dealing with, because they have no faith in themselves, see no options; assume circumstances won't change; and are so short-sighted that it takes very little negotiation to equity-strip them like two-dollar prostitutes.  Yay for losers.
Title: Re: Second Bubble Burst
Post by: Randoskie on October 22, 2016, 02:53:00 pm
But All ears finally took advantage of my offer and I sent him the book, and photos of some of my recent big checks to prove I'm not blowing wind.
Let's see if he can read a book and take action Like I did, me, an old chewed up ex construction worker that never finished HS that took the info in this book and got busy.
Now he cant admit that I'm a better man than him, can he?
Don't count All Ears out yet, I got high hopes for him.
Rando
Title: Re: Second Bubble Burst
Post by: All-Ears on October 22, 2016, 07:55:23 pm
Alright thanks for the advice and comments guys.

Rando I read this book about wholesaling a year ago. I will read it a second time and then apply its knowledge a second time.
Title: Re: Second Bubble Burst
Post by: Randoskie on October 22, 2016, 08:43:57 pm
Hmmm, Wow, you read it 0ne time a year ago and did nothing? It's a short book. I read it 6 times and ran with it.
You had every thing you needed, even the contracts are in that book.
I think I made a big mistake thinking you had redeeming value.
Holy crap, you had what you needed to succeed, but your bad attitude was and is your downfall.
And it was all us baby Boomers fault.
Somebody shoot me.
Title: Re: Second Bubble Burst
Post by: All-Ears on October 23, 2016, 04:56:03 am
Hi Randoskie,

Thanks again for emailing the book. I am reading it a second time this week and applying myself with the techniques outlined, again, Im not lazy by any means. I have read numerous books you and javipa recommended and taking the right steps, so I am listening to you guys.

Also I am withdrawaling from some of these more upsetting topics here. I see the pattern with flame wars in any topics about job loss, long-term unemployment, baby bomers, financial collapse, bubble bursting, etc.
Title: Re: Second Bubble Burst
Post by: Randoskie on October 27, 2016, 03:08:57 pm
I just got a new book called "Be Obsessed or Be Average"
We got a storm coming in, with some rain that cud help this drought stricken valley,
perfect time to hole up and do some reading.
Read a book, get an education, make money, be happy.
Title: Re: Second Bubble Burst
Post by: Redstar1324 on October 28, 2016, 02:44:16 am
That reminds me of Grant Cardone...

"Obsession is a gift."
Title: Re: Second Bubble Burst
Post by: Randoskie on October 28, 2016, 04:20:47 pm
Have you read the book or just seen a picture of it?
I read thru the sample, and now I just received the hard cover book, it was expensive, 17 buks I think, small price to pay for some serious knowledge. I wonder how much I've spent on my books and courses?
Probable a lot less than I lost doing things wrong before I took the time and effort to learn what to do and what not to do....
Let's get an education and make some Money....

Rando
Title: Re: Second Bubble Burst
Post by: Redstar1324 on October 30, 2016, 04:51:24 am
I didn't even know that the book you were referring to WAS Grant Cardone until just Googling it.

It reminded me of a chapter from his book, "The 10x Rule."

I think reading is procrastination for me at this point.

On a side note, it just so happens that Grant Cardone's twin brother, Gary, owns a small percentage of my dad's utility company. Small world. He "hooked up" the majority owners with the major investors in France, or something like that.

Grant Cardone has been to their companies office trying to pitch his "sales training" program to my dad's former boss, the majority owner. (My dad has recently retired and lives off his 20% ownership).

The majority owner of the company is the 5th largest donor to the Church of Scientology in the world.

He's one of those "show up twice a week, let other people run the company," type of guys that I aspire to be.

Yet at the same time, you don't seem very obsessed given that you say you half ass it and could probably make more if you focused on it more.
Title: Re: Second Bubble Burst
Post by: Randoskie on October 30, 2016, 02:22:10 pm
Reading is procrastination? I'm going back to my cave. I can't take Redstar's nonsensical rantings.
I have my cave fixed up with a fire pit where I can chew on barbequed moose leg while contemplating the Universe.
I have all these questions to ponder about gravity and magnetism and electricity and the origins of matter.
I will emerge this spring with the answers and be ready to make some money.

Rando

Title: Re: Second Bubble Burst
Post by: Randoskie on November 02, 2016, 12:21:50 pm
I just sold a burnt house in Amarillo TX for $8,000 and I'm here in California, my partner and I will split $1,500 each, but we may be able to get the seller to lower the price from 5K to 3K, Worth a try.
Let's make some Money....

Rando
Title: Re: Second Bubble Burst
Post by: Redstar1324 on November 02, 2016, 12:26:12 pm
Where can you even find a vacant lot for $3,000?

I guess I have a lot to learn.
Title: Re: Second Bubble Burst
Post by: Randoskie on November 02, 2016, 12:47:17 pm
I've had some decent houses on contract in Detroit for $8,000 and I cudnt give them away.
This house in Texas is burnt down, a few walls still standing, we started trying to get 15K and nobody wanted it, finally got a buyer at 8K, now to go back to sellers who just want to get rid of it and see if they will take 3K
My partner Shyla from Maryland found it, I don't remember exactly how she located it.
Title: Re: Second Bubble Burst
Post by: Redstar1324 on November 02, 2016, 03:38:35 pm
Rando,

 I have probably asked this before, but do you get the majority of your sales from direct mail, bandit signs, or Craigslist ads? Can you estimate a percentage?

I just spent $185 and got about 400,000 absentee owners with owners addresses ranging from Florida to California to Puerto Rico to Africa.

I don't want to waste my money.
Title: Re: Second Bubble Burst
Post by: Randoskie on November 02, 2016, 05:27:46 pm
Haha, it seems you may have just wasted 185 buks. I have told you several times to get your lists from Listsource.com You can target any area and zipcode. You can concentrate on absentee owners or high equity owners.
I was wondering why u insisted on getting ur list from a title company. It don't make sense. AFRICA???  I wud rather have 2,500 names in the area I'm interested in flipping that 1 million in all over USA and Africa.
You need a quality targeted list in the area you want to flip in. Repeat that. Next time you want to throw ur money away, give it to me or Javipa or Luke or Gold River, we need a cord of wood, winters coming.
But after you have lost ur money that's when you will start to listen to advice.
this year I've got my deals from bandit signs, bird dogs, and direct mail. 20% bandit signs, 30% bird dogs and 50% direct mail.
What you gonna do?
Title: Re: Second Bubble Burst
Post by: Redstar1324 on November 02, 2016, 07:41:01 pm
I didn't get them from a title company. I got them from the property appraiser.

I don't HAVE to mail to the ones in Africa. There's about 300,000 that are more local.

I think would agree with me on this, right Luke?
Title: Re: Second Bubble Burst
Post by: Luke9686 on November 03, 2016, 08:19:11 am
I think Rando misunderstood your post to mean the properties themselves were all over the US, when it's the owners that are all over the US.  Correct?

Also, it doesn't matter the list if it never gets mailed to.  If I remember correctly several days ago you posted that you had mail going out either Monday or Tuesday of this week.  Did it get sent?  If not, why?

Also, not knowing sub2 and not having an equity qualifier on your list you in fact wasted some money because some of the calls you get will want to sell to you but won't have the necessary equity to do so.


Regardless, send a couple thousand pieces of mail to the zip codes you want to work in.  You'll get a deal or two.

Yesterday I got a call from a guy two payments behind in an outstanding suburb.  He'll do sub2.  Owes $85K, $5K to seller, I'll probably wholetale it for around $115-120K.  ARV is $145-155.
Title: Re: Second Bubble Burst
Post by: Redstar1324 on November 03, 2016, 09:12:32 am
Luke,

Mail hasn't gone out because I hired an "amateur" printer and she's working around her other job. Hopefully done today.

I'm trying to understand your sub2 deal.

You're taking over the guys mortgage, on which he owes $85,000.

You are owner financing this and collecting a down payment?

Is the "$5,000 to seller," your down payment?

I don't understand the wholesale aspect of it. Aren't wholesaling and sub2 two different things?
Title: Re: Second Bubble Burst
Post by: Luke9686 on November 03, 2016, 09:19:26 am
Sub2 is really just a acquisition strategy.  On this particular one, I'm buying sub2 and selling it to a retail buyer looking for a fixer upper.  It's not quite a wholesale, not quite full retail.  I'll most likely negotiate to pay seller $2500 at close and $2500 a few months down the road.  I'll have to come out of pocket for the cash, which shouldn't be an issue because I have several smaller deals in the works.

I could do a normal wholesale, but I'd probably only be able to get around $100K for it, leaving my profit at $10K.  I know in this area people will pay more, just not traditional investors.  What I'll do is talk to realtors telling them to bring cash buyers on this deal, and inform them to add their commission on top of my price. 

There's an excellent video from BiggerPockets on finding more cash buyers using realtors.
Title: Re: Second Bubble Burst
Post by: Redstar1324 on November 03, 2016, 10:06:05 am
How was the $5,000 figure determined? Is that just to motivate the seller even further because he's not motivated enough by the prospect of being foreclosed on?

Do you also have to pay his two months of back payments?
Title: Re: Second Bubble Burst
Post by: Luke9686 on November 03, 2016, 10:22:03 am
I pitched sub2, he was open to it but needed cash to walk.  We verbally agreed on $5K.  In terms of the payments, I'll have this thing sold before I even close on it, so I'm not real worried about the behind payments.  It'll just come out of my profit at the end.  This area is a hot area with great schools.  House $175K and under sell in about a week.
Title: Re: Second Bubble Burst
Post by: Redstar1324 on November 03, 2016, 10:31:16 am
Cash to walk as mandated by his mortgage lender?

I have another question.

I'll assume his lender is a major institution such as Bank of America.

Don't they have a say in this? Do they have to screen you as an acceptable person to assume the mortgage? Could Bank of America decide they just don't want to do it?
Title: Re: Second Bubble Burst
Post by: Luke9686 on November 03, 2016, 11:06:09 am
$5K as mandated by the seller.  There's equity there, he knows it, and wants something for his time.  If you found a deal like this I'm sure you'd be able to find the $5K to make it happen.  You can't think of ways to kill a deal just because you don't have the cash to make it work.  Hell I'd lend you $5K at 20% interest to make this thing work...

This is where proper education on these different techniques is necessary.  When taking a property subject to you aren't assuming the loan.  You are taking the property "subject to the existing loan."  Essentially the deed goes to me (or my trust, etc) and I start making payments.  Like I said though, I'll end up either double closing this or assigning to my buyer for a $15-20K fee.  Probably double close since the spread is so much...

You do realize that in an attempt to save a few bucks you are actually costing yourself money, right?  Instead of your mail getting out weeks ago, it's still not out.  People like me, Rando, Gold, Jay, etc are stealing your deals...
Title: Re: Second Bubble Burst
Post by: Redstar1324 on November 03, 2016, 01:58:58 pm
I still have a lot to learn about sub2. But I remember you advised me to stick with wholesaling for now, anyway. I agree - for now.

Up until now, I thought all sub2's had to be unloaded via owner financing. Apparently, that is not the case.

I still don't fully understand the way the mortgage changes hands.

Let's say your buyers name is Joe Smith and his mortgage is through Bank of America.

There is a mortgage recorded between those two parties.

After the sub2, is the mortgage now recorded as Bank of America --> Luke, or is it still Bank of America --> Joe Smith?
Title: Re: Second Bubble Burst
Post by: Randoskie on November 03, 2016, 02:37:56 pm
I suggest staying on target, and if you want to learn about a different aspect of investing, to get a Frikin book. That's how we learned. And then by taking action and doing. thes endless questions have been answered many times and it's driving me up the frikin wall.
Title: Re: Second Bubble Burst
Post by: javipa on November 03, 2016, 03:47:49 pm
Redstar, just stick with wholesaling fixers for now.

Every investing strategy is its own niche.  You've already asked 4.2 million questions about the wholesaling niche and not done one deal yet. 

So, focus on completing your first wholesale flip, and later you can mentally masturbate over all the details of a sub2 transaction.
Title: Re: Second Bubble Burst
Post by: Luke9686 on November 03, 2016, 04:20:30 pm
Why is the moon round?


Sorry, had to.


SEND OUT THOSE DAMN POSTCARDS!!!!!
Title: Re: Second Bubble Burst
Post by: Randoskie on November 04, 2016, 12:26:02 am
I know I'm off in a different direction. Some disturbing news... My Brother in Law who is usually quite sane and rational is telling me to stock up on guns, ammo and food, cuz this Nov 8th the excrement is going to hit the fan. He's talking martial law, troops, power outage, no gas. water etc. He's talking about a rigged election, emails from Hilary, Trump followers revolting and holy crap on and on.
I don't believe it, but, I'm gonna buy some extra dry goods like beans and rice and canned goods. Maybe fill up my spare gas cans.
It can't hurt to be prepared.
I wud rather have it and not need it. Than, well, you know.
Anybody else heard anything? Shud I tell my broham to take a chill pill?
Title: Re: Second Bubble Burst
Post by: Luke9686 on November 04, 2016, 09:26:37 am
I've heard it all before, but don't take much of it seriously.  Those people who post that stuff on Youtube do it mostly for clicks.

That being said, if Trump wins there will be riots in the streets.  With all the video evidence that recently came out where it was proven that the Hillary campaign was behind the violence at Trump rallies, I have no doubt about it.  Elections can and will be rigged, there's no doubt in my mind.  It's funny, the same lefties that were crying about election rigging in 2000 are now saying it's offensive to "our democratic institution" to suggest the election could be rigged.  If it can be rigged, why wouldn't they rig it?  It's not like they are perfect examples of high morals.  These are lying, stealing, murderous thieves.

Get yourself a few days of supplies just in case crap pops off.  I'm fortunate enough to live in an area where there isn't much potential for craziness.
Title: Re: Second Bubble Burst
Post by: Redstar1324 on November 04, 2016, 01:47:46 pm
Luke,

 You seem like the right guy to ask. What do you do about business structure? Do you incorporate to wholesale? I don't think there is much liability and it does raise the taxes.
Title: Re: Second Bubble Burst
Post by: Redstar1324 on November 04, 2016, 02:53:47 pm
Why is the moon round?


Sorry, had to.


SEND OUT THOSE DAMN POSTCARDS!!!!!

Because of gravity and centrifugal force.

Also, I doubt it's entirely round, but it most assuredly is made of cheese.
Title: Re: Second Bubble Burst
Post by: Gold River on November 05, 2016, 08:39:30 pm
Hi,

    This really could be the 3rd, 5th, 9th, 17th, 26th or 547th bubble burst in world history.

Let's see I remember a lot more dips in our economy than one (1) and debating on two (2)?

Buy a bottle of bubbles at Toys R Us and burst the bubbles, meanwhile I am going to make some money and debate how many bubbles have burst in my lifetime!

Come on now no since fretting over if it will happen as world history says "It's not if but when"!

Meanwhile good luck and go make some money!


                  GR
Title: Re: Second Bubble Burst
Post by: Randoskie on November 07, 2016, 09:02:19 pm
Can you imagine poor Bill being married to Hilary especially if she becomes prez? oh how humiliating,
will we call him the first man?
Luckily he can be off doing his own thing while she's getting settled in.
Staying away from that aggressive tyrant will be his priority.
Title: Re: Second Bubble Burst
Post by: dreamchasing on November 08, 2016, 11:25:14 am
Oh man, send it to me! Or if you could give me the title, I'd love to look it up! Please and thank you!

I got an idea for ears. Instant message me or go to my profile & email me, and I'll send you the book that I learned from. For Free.
Then give us some more excuses.
I went the first year doing Real Estate with no car, no source of income, eating beans, hamburger to throw in if we were lucky.
I only did a half dozen deals that first year, had to borrow a car to go get my contracts signed.
With the profits the first year I was able to buy a 98 Toyota, had money for marketing and didn't have to eat beans every day.
I never had steak. I only made 40 Grand. But it was like a fortune to me.
So I will send you this book, and then if I hear some more whining, then I'll help walk you thru some deals, that's more help than I ever got.
Or give me some more excuses and go mow some lawns and blame everybody else for your situation.
This site is for winners with the right attitude, not for whiny ass losers that refuse to listen or take action.

Steps a loser might take
1 Go on a REI site and whine and complain and insult people that can help you.
2 Never take any advice and make plenty of Excuses
3 Have a bad attitude and blame everybody for your situation and most important, never take action.

Steps a winner will take
1 Get an education.
2 Take action

Now what you gonna do?

Rando