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Real Estate First Post

Discussion in 'Real Estate Investing' started by SteveO, Jul 24, 2007.

  1. SteveO
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    SteveO Legendary Contributor FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    I look forward to seeing a better behaved group of people in here.
     
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  2. MJ DeMarco
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    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Hey Steve, great to see you. You going to ever write that book for Dearborn? They are a great publisher and well noted.
     
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  3. emorgan
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    emorgan Contributor

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    Still should

    I think Steve O should still write a book- what he accomplished is quite remarkable!

    MJ are you shopping for publishers? I know some are better than others as far as letting you control your own content and promote it online.
     
  4. Yankees338
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    Yankees338 Bronze Contributor

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    SteveO, I'm assuming you're Steve Olafson from RD forums? If so, I second their motions. Write a book! I'd definitely buy it. I appreciate every bit of advice you have to say.
     
  5. MJ DeMarco
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    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Erin,

    Thanks for asking -- I am going to go the self-published route. The publishing industry fascinates me and it might be my next business venture.

    I haven't ruled out a publisher -- they just don't promote very well and of course are expensive.

    For me, the challenge is doing it myself.
     
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  6. SteveO
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    SteveO Legendary Contributor FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Most of what I learned about investing in apartments came from two books. It seems that combined, they would make a lot of sense and be benefitial to others. But, I like to golf and workout. There are still investments to be made. I would have to sacrifice something. :D

    We can focus on reading MJ's book. I would enjoy seeing the content as we have taken very different paths.
     
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  7. emorgan
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    emorgan Contributor

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    Smart move

    MJ- I think that is a smart move. I have found myself around a lot of authors this past year- everyone from Robert Kiyosaki ( you know him lol) to Frank Rumbaskas (Never Cold Call Again).

    It has been very interesting to see how both of these guys self-published and then made their way to the NY Times Best Sellers list.

    Steve O- nonsense- we can write it a bit at a time over coffee..oh wait, you gave that up...
     
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  8. MJ DeMarco
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    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Yea, you won't see me giving too much real estate advice on this forum ... simply isn't my area of expertise. I have some knowledge, but don't have any battle scars or experience outside of personal residences and land deals that didn't go as planned.

    Glad you're here to pick up my own slack. :notworthy:
     
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  9. Russ H
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    Russ H Gold Contributor Read Millionaire Fastlane Speedway Pass

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    Helloooo (hello hello hello)

    My, it's big in here!

    And I like the way it smells: Someone has removed the garbage.

    And I don't see any spam, either!

    Very cool.:hurray:

    Thanks, MJ!
     
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  10. MJ DeMarco
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    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    RD Russ? Welcome and great to see you here. As for spam, there can't be any ... this forum is in diapers ... maybe 48 hrs old. I still am figuring out the ins-and-outs of this board, but I definitely know how to delete spam and ban trolls. :p
     
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  11. MJ DeMarco
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    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Steve, which books were they?
     
  12. SteveO
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    SteveO Legendary Contributor FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    "How to Buy and Sell Apartment Buildings" by Eugene and Stephen Vollucci

    This book stresses the importance of buying in locations where the vacancy is temporarily high and selling when the fundementals are more sound.

    "The Complete Guide to Buying and Selling Apartment Buildings" by Steve Berges.

    This one is all about the "Value Play". Purchase mismanaged properties and improve the operations.

    They are a perfect combination for each other as both processes can be used in conjunction.
     
  13. Jason_MI
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    Jason_MI New Contributor

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    I'm going through Vollucci's book right now. I must admit that although I think it's laid out very well, the writing is very difficult for me; I have to reread things two or three times go get the gist. Or I'm just dumb.

    Are the other ones you mentioned of the same caliber and recommended?
     
  14. JesseO
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    JesseO Contributor

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    I'm reading Vollucci's book right now, Jason. There are a few things in there that have taken me time to actually comprehend. I love how he inserted so many examples so far. After this one I'll be reading one of Berges' books. It seems to be a different style but I haven't done any real reading in it yet.
     
  15. emorgan
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    emorgan Contributor

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    Steve O knows...

    Fun fact: Steve O knows Vollucci and came dangerously close to doing some business with him.
     
  16. SteveO
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    SteveO Legendary Contributor FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    I did do a deal with Vollucci. He used to call me his star pupil as I took the ball and ran.
     
  17. biophase
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    biophase Legendary Contributor I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    My first post

    Hello everyone. It's good to see many used-to-be regulars move over. Looking forward to this forum!
     
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  18. JesseO
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    JesseO Contributor

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    lol, I love it.
     
  19. tbsells
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    tbsells Contributor

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    I'm here and very well behaved as usual. Steve, you said you learned most of what you know about apartment buying from two books. Which two? I have about 20 SFR's and duplexes and need to move on. I have gotten too limited and my comfort zone to small. I need to grow. But, I need to know what I'm doing first. The SFR's and duplexes are easy. Hard to make a big mistake. I really don't know how to evaluate apartment buildings.
     
  20. tbsells
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    tbsells Contributor

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    Steve,
    Disregard the earlier question. I just saw the above post.
     
  21. andviv
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    andviv Gold Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass Summit Attendee

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    about those two books

    Berges' book is easier to read, in my opinion, but I think I have certain inclination towards Vollucci's, as that idea resonates a little bit better. But hey, if SteveO says both combined are the answer then that's what I'll do.
     
  22. SteveO
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    SteveO Legendary Contributor FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    There are probably other books that would do the job as well. I just had a lot of success using these two.

    I initially focused on Volluci's method which worked well. At some point, Berges process was folded in. Both are critical and I can't say that one works better than the other. But, if one of the methods does not pan out for one reason or another, you still have the other to fall back on. Returns can be pretty phenominal when both work well.
     
  23. Cat Man Du
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    Cat Man Du Contributor

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    SteveO

    SteveO,

    Can you give us the info on Non-Recourse mortgage loans i.e. on commercial property only, loan limits low-high, any other details needed.
    I have a business line of credit - but i am liable. Have a high FICO, but own a few rental properties and would like to expand. Thanks for your help and when is the book coming? Cat Man Du
     
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  24. SteveO
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    SteveO Legendary Contributor FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Non-recourse loans come in a lot of shapes and sizes. The two that I am most familiar with are conduit (bond money, I believe) and Fannie Mae apartment loans.

    I don't know what the lower limits are but there are no upper limits. My guess would be that costs of the loan (legal, engineering reports, etc...) would make it too expensive below a certain level. 3-4M might be close to the lower limit.

    There are probably other non-recourse loans that I have not dealt with. The ones that I mentioned are usually very low interest rates but come with steep prepayment penalties.

    No book for a while. I have golfing to do. :)
     
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  25. Lathan
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    Lathan Silver Contributor Speedway Pass

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    What's it like looking back and seeing how far this forum has come? :happy:

    You really created something special here, Mj. Every forum I've ever joined I just logged in once or twice and never returned. This forum is now a part of my daily life. Really learning a lot here. Thanks
     
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