[saiine]

[quote=Coronita]I’m beginning to agree people are pretty stupid…

Folks really listen to this guy?

https://finance.yahoo.com/news/dave-portnoy-day-trading-cant-164238702.html%5B/quote%5D

Dude is a straight up degen.

[saiine]

[quote=Rich Toscano][quote=saiine]There’s no version of reality where we are not at an ATH in November for the election. [/quote]

This reminds me of my business partner’s friend who said “I’m 100% certain the market will be lower in a month” and sold everything… on March 23 (the day of the low… mkt was up 25% a month later).

If you believe you KNOW what the market will do over a short term time frame… you are fooling yourself, my friend.[/quote]

You are correct Rich, but I ain’t giving up my calls (yet) 🙂

Today was some of the most obscene market fuckery. Feds now buying individual Corp bonds. I can’t wait for them to announce that they will start buying all Robinhood portfolios which solely contain Hertz.

Strange times we are living in..

Oh and if you didn’t already realize that covid is cancelled, this should help https://www.independent.co.uk/news/world/americas/us-politics/trump-latest-coronavirus-cases-usa-update-testing-numbers-a9567566.html

[saiine]

There’s no version of reality where we are not at an ATH in November for the election. It took the fed 3 months to take us from 18 to 27k, during a global pandemic and with then touting stuff like “we have unlimited ammo”.

SPY $400 calls for October gang! $13 a contract today.

[saiine]

Bro, we were at full retard a month ago. This is plaid retard now.

Bought Macy’s calls this morning and returned 100% in 1 trading session – wtf.

[quote=gzz]Tesla just cut prices a whole bunch in China to get sales that are still below covid. 11k a month are 132k a year. The VW Lavida, by itself, sold more than 500k units in 2019 in China.

Tesla sales tend to spike when a model hits the market for the first time due to pre-sale reservations, and then stay up another few months as people who are interested but don’t want to reserve buy. Then they fall hard.

Seems like we’re at the Full Retard stage of the rally now. Multiple bankrupt companies saw their stock more than double today, such as Hertz, JC Penney and Chesapeake. Nikola, which is a pretend electric car company that IPO’d via a reverse merger and has never sold a single vehicle, now has a market capitalization higher than Tata, Renault, Nissan, and Subaru.[/quote]

[saiine]

ltsddd, please hold off until next week so my MGM calls live – thanks in advance.

[saiine]

Was buying puts on the way down through March, and now calls. This market is insane. I don’t think we’re going to see a “crash” before Nov, and it wouldn’t surprise me if we slid into November at an ATH. Nothing is more important to Trump than the stock market.

Thank you j-pow and your printer.

[saiine]

50% towards RE, and 50% in TSLA 🙂

[saiine]

Awesome thread!

I haven’t posted in ages, but I still visit at least once a week.

Anyone here attend the meetup at my sisters restaurant back in the day? It was in Encinitas, at Today’s Pizza & Salad.

Anyways, other than providing great information and perspective on the SD real estate market, I can credit Piggington for helping me find my realtor (shouts to sdrealtor), and for friendships that continue to this day!

Rich, really appreciate the years of dedication my dude! We should have another meetup – for old times sake.

[saiine]

Thanks Flyer,

Do you care to share any additional words of wisdom specific to Vegas? Trying to learn all I can and it sounds like you have experience.

Thanks!

[quote=FlyerInHi]Saline, be careful of the “mentor”. Nobody does it for free.

I own properties in Vegas. It’s not like San Diego at all. Vegas is a very transient city with a lot of riff raff. When you buy a cheap property, be careful who you rent to.

Avoid North Las Vegas and North East of Downtown and areas near the East beltway.[/quote]

[saiine]

Thanks,

Yes my plan is to start with 1. I realize a lot I will learn a lot with the first few properties, and likely make some mistakes.

I found a mentor out in Las Vegas who I have connected with who seems extremely bullish on the Vegas market. Looking forward to learning more from him.

I’m not in this for the short game, I am looking 10-15 years down the line – but I have to start somewhere.

[quote=sdsurfer]If it was me, I’d start with one out of state unit before I go for 8 of them. Get a feel for owning out of state and how the relationship with your management company is going to be before you make the larger investment. I know so many people that have been talking about investing in multi-unit properties “because the price per unit is better”, but I’d think the expenses/maintenance are higher too.[/quote]

[saiine]

Myriad,

Assuming I have a team on the ground / property management company. Why would I need to fly to the property?

[saiine]

Hi Gzz,

Perhaps I was not clear. My goal is to acquire multiple properties to earn that amount of passive income in the next decade.

I would be starting with 1 property at a target price point between 50-80k. I would try (after all expenses) to profit $200 monthly.

I’ll share my thought process here, and if I am way off or my assumptions are wrong, please chime in.

A purchase price of 80,000 with 20% down at 4.5% that rents for $1150. (This is realistic based on some of the properties I have seen)

Principle, Interest and Taxes 484.00. Accounting for 10% vacancy ($115), 25% banked for capital expenditures ($287), 9% property management ($100), I am looking at $164 net. I can get that to $200 if I put a little more down.

The thought is that I would then rinse and repeat this approach. Throughout the next decade, I will certainly learn to recognize better deals, perhaps a flip or purchasing larger units, negotiating lower property management expenses, etc.

Deferred maintenance is a valid point, and that is what I classified as capital expenditures above.

Appreciate your insight – let me know what you think.

[saiine]

Yes, that AMA is Anton. The Yahoo article is a little misleading, and he does address that in his AMA. At the time written, it states he only owned 2 properties (He now owns 35).

He also wrote dealcheck.io – which I suggest checking out.

Anyway, it’s not just Anton who has been successful with real estate and particularly investment properties. His story sounds very similar to other stories I’ve read, and I am convinced my goal is feasible with hard work.

It certainly isn’t easy, and having initial capital helps (as he did).

Anyway, I spoke with my lender today and was pre-approved. I should clarify that I am looking at 2-4 unit properties, which I have learned means conventional financing works. I misspoke earlier and said 4-6 unit.

My lender informed me he has many clients that have gone down this path.

[saiine]

Thanks for your comments,

I was inspired by this post here: https://www.reddit.com/r/realestateinvesting/comments/817z6d/ama_ive_built_a_portfolio_of_35_rental_units_and/

He did an additional post worth checking out here: https://www.reddit.com/r/realestateinvesting/comments/8y1e7w/investor_us_lessons_learned_from_analyzing_100/

gzz, can you expand on why my expectations are unrealistic?

[saiine]

Fire, and call sdrealtor. I, and others have had nothing but good experiences with him.

[Author]

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