Real Estate Update
We bought #8 already, and this one is particularly ugly. Just the way I like it
I paid 53.5K for this house, I think the appraisal will come in around 95K, which means my loan will be for 71K (75% LTV). This only leaves 17.7K for rehab. While I think that I’ll come in budget it’s tight and that’s an ongoing trend. So let’s talk about it
Quick rant about my overall position on the market and how my strategy is changing to adapt.
Margins in the area I invest are tightening systemically. LOTS more people are investing in that area, many do so directly because of this website (#selfsabatoge) so deals are both harder to find and also are going up in price. I see this as a trend I can expect to continue.
My last deal was tight, and I expect this one to be as well. I’ll still make lots of equity and cash flow, but I look at the trend and think “do I want to continue to chase after an opportunity in the market that is shrinking and is one that I want to move away from eventually anyway? No. So I will continue looking out for good deals, I would like to get one more to complete my ten, but my overall focus is going to shift towards multifamily.
I started writing these deal reviews not to sell courses or mentor ships, but to build credibility so I can raise money when the time comes. With single families becoming less lucrative and my exposure from content creation increasing it seems like the right time has come.
What happened this month
Not much!
I have spent a LOT of time on this website lately. I hope it shows bwahaha.
I’m still doing the desert rat real estate Sunday morning meetups for local Las Vegas people
A friend of mine and I also started an OOS investor ground for people in town. Not sure where either of them will go, I’m just happy to be bringing more superstars together.
Photography update
Really not much to discuss. I just like having an excuse to share some random pictures I took in the month.
I did buy a new lens. I want to go to Europe this summer so I wanted something versatile. Very exciting!
Podcast launch
I’ve been talking shit about starting a podcast for months, I’ve been recording for a few weeks now but slowly tweaking the format but as of this writing I have about ~5 episodes recorded and should have ~10 by next week and then I will launch.
Here is the real truth: it’s going to be far from perfect. I have a lot to learn about production and marketing, but I will iterate and improve.
The show won’t be just about real estate investors, it’ll be about PEOPLE who are trying to grow and get better. The format will be somewhat unique in that I’m finding people I can interview multiple times over a year (or longer) to track their progress and show the struggles of self improvement over time. It will not be another highlight reel show.
What’s going to happen in the April
I will finish up and start the refinance on rental #8 (the one I just bought).
I’m going to launch that podcast I think (very nervous)
A partner and I are putting in an offer on a large multifamily property! I doubt we will get it but I’m excited to be trying!
Books I read this month
I gotta tell ya, it FELT like a short month for books but the truth is I’ve been CLEANING them off lately!
In Search of Lost Time – Marcel Proust
Ego is the Enemy – Ryan Holiday
The Coddling of the American Mind – Jonathan Haidt, Greg Lukianoff
Grit – Angela Duckworth
A Short History of Nearly Everything – Bill Bryson
Big Shifts Ahead – John Burns, Chris Porter
Metamorphosis – Franz Kafka
I wrote and extensive review of The Coddling of the American Mind here. I HIGHLY recommend this book
Want to get involved?
Content production and dissemination is not a strong suit of mine, and as I do more I need more help.
Branding, digital marketing, editing, podcast production, graphic design, etc.
I’m not asking for handouts so if you have value in these areas and think you can help, please pitch me.
2 Responses
Alex,
Love the energy you bring. Recent (past year) newbie in RE Investing attempting to consume all I can on the subject. Started targeting certain areas on east coast within 4-5 hours of my home – heard decent things about Fayetteville and then heard you on BP podcast this past Fall on the city and how you “do it”. Light bulb went off for me and apologizing ahead of time for copying your blueprint. Wishing you continued success and learning on your journey!
Tim
Tim, you’re welcome to go to Fayetteville. I get 5 emails a day about new investors since the podcast, unfortunately it’s driven prices up to a point where I’m unwilling to participate. So it’s all yours 😉
Keep me in touch on your success, I’d love to hear your progress.