Self Conflict.... Standing up for Plege/Anthem?

[christopher w]

I can attest to RookieNYC's offer. He has helped me tremendously.

[fdjake]

Same here.....

I've learned and even applied some of the strategies he uses just from reading his posts. 

This stuff is GOLD.....It's being done by REAL PEOPLE who are willing to HELP....Having access to them is priceless.

[christopher w]

You know Positive is sitting at his computer seething right now.

I will say this to anyone who is reading this and feeling like he got screwed.  I was absolutely done posting in Random Ramblings (as were several other prominent posters) because of Positive Outlook. Trying to reason with the guy was like banging your head against a wall. And the cutting and pasting along with his constant "prove me wrong" crap just got old very fast. Hopefully some of the others that have quit posting here will come back and start contributing again.

[fdjake]

I was on my way out too Chris.

It just came down to a complete lack of respect for any thougth other than his....

I really enjoy this site.....I know I can be opinionated and stubborn at times but I've picked up a LOT of great info here.....Even the NORMAL debates are entertaining because you KNOW there are very smart people here....You better be able to back up your ideas, because the BS meter is sensitive on this site.

But his game just got OLD.....

MY GOD......He may have been THE MOST ANNOYING HUMAN BEING on EARTH.

[Mdhaas]

I can be opinionated and stubborn at times

At Times?  LOL   

Glad your still here.

[hammertime]

Wow, arent you guys afraid of the PO Army that are referred to in this quote leaving?

PLENTY of posts where people out and out tell me that they agree with what I am saying

Oh never mind.  I looked and didn't see any that agreed 

[REIER]

example...I bought a 2 family property upstate NY for like 40k 2 years ago..Hated it..had nothing but issues with tenants,water bills,vandalism etc..I sold the property for 55k with owner financing...Took %20 down and held the mortgage at %10 with a 5 year call..A call means the buyer has to take me out of the mortgage at year 5...If you calculate the down money plus the interest over the 5 years plus the buyout amount at year 5 its unreal...Much better than owning it...Also in the event of a default I simply take back the property because I have a signed deed in lieu of foreclosure,keep the down payment and monthly interest payments made and find another buyer..But this owner is a good landlord and Im actually doing a similar deal with him on another property..The possibilities are endless..

You ain't kidding about rentals. I just can't deal with tenants, just not worth it and hope new investors understand what they are getting into with them.

 I'll be interested in learning more about Owner Financing and Hard Money lending through your book recommendations.

[REIER]

You know Positive is sitting at his computer seething right now.

I will say this to anyone who is reading this and feeling like he got screwed.  I was absolutely done posting in Random Ramblings (as were several other prominent posters) because of Positive Outlook. Trying to reason with the guy was like banging your head against a wall. And the cutting and pasting along with his constant "prove me wrong" crap just got old very fast. Hopefully some of the others that have quit posting here will come back and start contributing again.

I guess I don't understand why he didn't catch on that something big was going down when all of a sudden Mdhaas (Global Member Moderator) got involved in this thread and kept telling him he was proving his point.    I feel he was given many chances to stop what he was doing, but was probably at a point of no return and just kept digging him deeper and deeper. Hopfully he will now have the ambition to build that blog.

[justin0419]

Heck I think I was one of the two he kept hoping would join in the reindeer games (just because I'm a regular poster and questioned him on his timeline with his rehab vs. cutting & pasting on here).  I simply wasn't getting involved this time.  I never had anything against him, but it was getting really old of the calling everyone out to stir the pot.  
I was actually thinking about just doing a one liner this afternoon saying he was about to go the way of the Hooch.
It's nice to hear everyone kinda open back up again and offer help to everyone.  Same goes for me.  I offer up what I can for areas where I have experience.  I haven't branched out too much yet because it's been so easy to keep making the deals we're making.  I still want to do self storage in a few years after I retire.
 

Even the NORMAL debates are entertaining because you KNOW there are very smart people here....You better be able to back up your ideas, because the BS meter is sensitive on this site.

That's what I love about the site.  If some moron posts garbage, he's getting called out on it and someone is going to set the record straight.  

You ain't kidding about rentals. I just can't deal with tenants, just not worth it and hope new investors understand what they are getting into with them.

It's a special gift of wanting to be abused and willing to deal with stupidity.  I had a tenant leave a message today claiming she'd been trying to reach us for 3 weeks (first I've heard of this).  When I finally talked to her about this tonight, she said that my phone never rang and always went straight to a message.  I had to explain to her that's what cell phones do when they're turned off...they go straight to voicemail and you have to actually leave me a message if you want me to know you need something.  

[fdjake]

I can be opinionated and stubborn at times

At Times?  LOL   

Glad your still here.

Nicely played Sir....   

and Thank You!

[furnishedowner]

About pos outlook,
I think I may miss his energy and Uber-responsiveness, but he just wasn't learning that it wasn't a personal forum.

rookieNYC,
I'm looking forward to those books.  Beating my head against the wall here now with showing property that people don't rent.  This has, however, been a great ride.  I happened to land in a town with an acute hotel shortage and had the only furnished rental units in town.  Can you believe that I was once getting $2100/month for a furnished studio unit?

Now I am rethinking my whole business plan.  It's all about being able to shift gears quickly.  This site woke me up--I still thank the forgotten poster who wrote, "If that is your market, you better milk that cow!"   Which I did.

I am going to plan the next phase.  If I ever get again out to NYC, rookieNYC, I would love to PM you and buy you dinner. To pick your brain about notes and stuff.  That would be great.

This site has been enormously valuable to me.  I am a Liberal in a far-right Conservative town.  Sort of like being a Klan member in Coastal California.  Because I am a business owner, I don't talk politics anyplace except here.  I have learned respect for other viewpoints through this channel.  And I used to think that only Liberals were smart!

I get all you other regular posters--fdjake, goldriver, justin, christopher, etc. and value your knowledge.

As for you, Hoosier, maybe I should take you out behind the barn...

Furnishedowner

[rookieNYC]

Furnishedowner,
Yes please PM me if you are ever coming to to NYC...Dinner would be great..I have also discussed the possibilities with Chris W if he ever made his way to NYC...I would love to share my tactics with others..There are so many ways to play the funding/bank game...You can do HML,you can purchase *investment* properties at a deep discount all cash and find a want to be landlord cashflow investor to buy(at a marked up price ofcourse)and hold the mortgage or provide 6 months to 1 year of HM loan to them at high rates until they go conventional..You can look into transactional funding which involves end buyers but doesnt carry the same safety net as collateralized lending does...You can purchase notes at a deep discount but I dont do this and I will tell you why..Alot of HML create the loans and keep the points and sell off the loan at a reduced rate..So when I got into the business I thought why cant I find the borrower,create the safest lowest LTV loan,implement all of my safety precautions...deed in lieu..prepaying myself the interest and points..using the best attorney I could find because the borrower is paying the fees,cherry pick the best deals and properties I want to lend on,work with knowledgable people who understand exit strategies and their market..There is alot more than just putting money on the street..But you will learn as you go..And I understand about expanding your horizons..I keep looking for numerous income streams even to this day...Real Estate,HML,Carrying Business notes,cash business,Holding long term mortgages at good rates,bankrolling certain business minded people...I have my hand in alot of different areas to create income streams...Income is the key to making money..Capital gains isnt bad either..And learning from others is key also..Since I got into HML I have picked up a new business from my attorneys...Now Im working on deals to sell tapes of properties that banks want off their books to other hedge funds..Once my attorney found out the line of work I was in he presented me with the offer..I havent closed the deal yet but Im working on it and if it closes the numbers are staggering..It will take time but more than anything Im learning new areas of the market..Like I said before I see more opps now in this economy than any other time in my career and Im only 39...

[christopher w]

Furnished,

If you are interested in notes there is a guy here in Dallas named Tom Henderson that has a great website www.hpnotes.com with some good information and a great ebook. He also had a great newsletter although he has not sent one out in awhile.

[christopher w]

Rookie,

Seriously man. Your my hero. The information you have given me is priceless.

I took the information you gave me and ran with it. I have a list of investors a mile long (many of whom I have met through this website) but as we all know you can never know too many good, smart, well heeled people. So what I did was find as many local HML's as I could. I then went online and did a search through the local county clerks for each of the lenders on my list. Once I found the trust deeds with them as the lender I just followed the paper trail to the final investor. Many times it was just local people that buy notes and deeds on the side. Once I had their name (it is all right there for free on the internet) I just looked them up using whitepages.com or anywho.com and put their name on my list of (potential) investors. Other times it was local banks or credit unions that ended up with the paper. From there I would just call directly. I already know now that they are in the market to lend or buy paper; so now it is all about getting in front of them.

The mortgage crunch has been scary for people in my business. The recent refi boom has been great but as soon as the fed stops buying MBS; rates are going to shoot up by a point and refi's will be dead. I now feel like I am ready to move to the next level and stop with the brokering and start acting as the bank. I learned in a couple of 30 minute phone calls with you what I could not find in many many hours looking online. 

With all of the properties that are about to hit the market the need for capital will be greater than ever. I intend to be there to help meet that need. Thanks again.

p.s. To FDJake

Your call on the Ford stock has been flat out amazing. I think you have made a ton of money for a lot of people on this site (me included).  Thank you as well.

[rookieNYC]

Chris W,
  You know my *real* cell # and you are free to use it anytime..I hope you do well in the HML business and I know you will..With your background in real estate and financing you are well suited to do extremely well..The beauty of HML is whats the worst case scenario?...The person defaults?...So what ?..At a %50-%65 LTV(keep in mind you are prepaying yourself interest and points so you lower your exposure and real out of pocket $$$) I will take that scenario and being that you have the loan done this way it insures that the borrower will almost *always* pay you back...I said it before and I will say it again..Lend to someone and have a good portion of their capital or equity and they will climb mountains to pay you back..Lend to someone with no skin in the game or make the LTV too high and you are in a precarious position because they will walk away and you will have limited room to really make a killing if you have to dump it..Another suggestion and this is the beauty of being you is that you probably have a long list of RE investors in your area..Contact the liquid investors and tell them you are now in the HML business and you wanted to know if they were interested in any properties that you get back through default(nevermind the added HML business they will bring you)..I bet they will be,naturally you tack on %20 and make the deal..Or sell it with owner financing(to a less liquid investor) at a pumped up price and hold paper at %9-%10...There are so many ways to play it..Thats why we are here to call on each other for ideas and techniques to build wealth..I truly love to make money,not because I drive a nice car or because I live in a nice house(because I dont,I live WELL below my means)..But more so to learn and create income streams...