patrick.net

Brentok3 says

Managing single family has no real economies-of-scale, 100 houses is typically 100 times the effort of one house

I'm not sure I agree with this. Trying to manage one or two houses means that you are doing it "on call" or as a side job -- you still have to have a day job, and you will probably miss out on snagging some tenants, pay more to have someone else respond to maintenance issues, etc. If you manage 300 houses it means you can afford to make bigger investments in maintenance tools, you can hire a full time staff of some sort, etc. 300 houses means you are replacing 10 roofs per year, so you ought to be getting a better deal...and generally you will develop better relationships with the tradespeople you rely on, etc...

With 300 houses you have a whole garage full of tools (tile saw, 30 foot ladder, scaffolding and an air compressor)....with 3 houses you are probably renting these things.

Just my 2 cents.

I mentioned it before. If your single family portfolio grown-up to some point, you should seriously consider multifamily field.

duckhead says

SHAKALAKADINGDONG.

I have tears. Literally tears.

duckhead says

“It has to be all done by hand.” Or by beak if you will, and here is where we ducks have you humans by the balls!!!*

Thank you. You rock.

I got this text message today from my brother, who owns several apartment units that he rents. I probably hear an anecdote like this from him or my father once a month or so.

"Bathroom sink drain after 11 months.. She agreed at check in, in writing, that all drains ran free and clear (thank you Dad!)... At check out she denied responsibility. She paid... But I'm the bad guy."

The "thank you Dad!" comment is also noteworthy (I think) because he is thanking him for the lease that spells out many details of the rental agreement. The lease has been honed over 25 years based on his experience (and consultation with real estate lawyers). The point I'm trying to make is that there is more to "it" than having some capital and buying a few books. To be a landlord and have it be worth your while, you have to be a good fit for it in temperament, skills, and expectations. It's not for everyone.

Call it Crazy says

He does come up with good ones!!

Bazingaa!!! is one of my favorites but SHAKALAKADINGDONG is a new level of accomplishment.

Damn swebb, I am literally a bit nauseous from looking at that picture.

repo4sale says

2.5 years of OBAMA Economics

So you are saying:

- You made money during an era of bubble economics that are driven by irrational exuberance instead of sound economics?

- Obama is to blame for an economy that nose dived under Bush? (I am sure I also don't need to remind you that its a Republican Congress that currently controls the budget.)

If you got out of your investments before they tanked in 2008, then good on you, but I fail to see how your strategy would work today unless you have tips on how you determine if there will be future demand for the property you are buying. Many cities that projected growth over the past few years have seen populations flat or even declining. Expansion is nil with the exception of a few key areas, and vacant commercial space is by and large increasing.

swebb says

"Bathroom sink drain after 11 months

Shave your...er... back!

Interesting. I am as perplexed as any by this mini boom in CA. Especially in the bay area, prices are just bizarre. But the dollar being the reserve currency of the world, I think we might have a bit more leeway than most.

The word fundamentals has lost its meaning-not only in housing, but everything. What the FED is doing is not that different from Zimbabwe

Our FED is not that different from Zimbabwe-apart from us being the reserve currency. Now you can become a trillionare for the sale price of just 20 bucks-once upon a time the Zimbabwe dollar was higher than ours.
http://scripophily.net/rebaofzioneh.html

You wrote "I'd like to talk a little bit about buying real estate in a depression. I'm not predicting one, or hoping for one, just talking about what might happen and what to do if a depression does come along, for whatever reason. "

What precisely DO you call what we are in? Wake up for Christ's sake.

IMHO houses "are worth" (and it never fails the only people worried about worth are those trying to make a fast buck in my view) often they are worth only what a moron is willing to pay (and the bank will then lend the given dope.)

IMHO a house is not I repeat NOT a fucking ATM or money making machine when are people going to get off that God damn brainwashing bus?