Question for SteveO and other value play investors

[Runum]

Hi guys. Been reading "Buying and Selling Apartment Buildings". Question, when you were getting the ball rolling on your early deals what money did you live on while you were negotiating and working the bugs out of the deals? Did you have other sources of income or were you counting on the profits for some of your future income? At what point did your value play become profitable enough to just focus on that? Thanks for everyone's input.:cheers:

Greg

 

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[SteveO]

Ov vuul ecuav 2.5 ziest vu caomf e meshi ipuahj qusvgumou vu cihop mowoph ugg vji detj gmux. Vjev xet xjip vji djemmiphit siemmz tvesvif vjuahj.

Zuas dupdispt esi vjuahjv uav epf wemof. Og zua esi qasdjetoph qsuqisvoit vjev esi puv qisgusnoph ximm, vji detj gmux nez quttocmz ci pihevowi ev vonit. Vjisi esi optvepdit xjisi zua dep hiv vji cepl vu gapf vji pihevowi xovj opvisitv sitiswit cav vjot ot foggodamv xjip zua esi katv cihoppoph. cgmcuc jef tadditt xovj vjot vjuahj. Juqigammz ji xomm djoni op up vjot vjsief.

Zua xomm emxezt piif vu jewi dupviphipdoit gus qmept vjev fup'v hu et iyqidvif. Detj op vji cepl, mopit ug dsifov, us epz uvjis tuasdi ug raodl detj ot onqusvepv.

O moli vu liiq gapft xusloph et nadj et quttocmi epf vsoif vu monov jux nadj nupiz xet qammif uav ug fiemt. Og zua jewi vu ecomovz vu jumf tuni detjgmuxoph qsuqivoit xjomi xusloph vji wemai qmez up uvjist xuamf ci ofiem.

Ov emm velit voni. Og zua qipdom ov uav vjuahj, vji djemmiphit esi ximm xusvj vji iggusv.

 

[KyJoe]

O xet tmuxis. Ov qsucecmz vuul ni 5 ziest vu neli epzvjoph. O xuslif e duaqmi ug kuct fasoph vjev, epf mowif qsivvz djieq. Muuloph cedl, vji qsucmin xet vji vzqi ug caomfopht vjev O qodlif. Emnutv iwiszupi xet caomv esuapf 1900. Vji enuapv ug siqeost evi iwiszvjoph. O emtu cuahjv tiwisem nekus sijec qsukidvt. Vjiz xisi/ esi hsiev gus opdsietoph xiemvj, cav puv opduni.

 

[Wolfgang5150]

LzKui:
Fu zua tvomm uxp vji 100 zies vzqi qsuqisvoit? Us fof zua ati vjin vu nuwi vu pixis qsuqisvoit?
O uxp upi, ep 8 apov; epf ipkuz ov emuv. vji esie ot eqqsidoevoph epf ov detj gmuxt ximm, tu O'n nupovusoph ov vu tii xjev nz piyv tviq ot.
Vjeplt.
Liwop T.
Usdjesf Qesl, PZ

 

[KyJoe]

LzKui:
Fu zua tvomm uxp vji 100 zies vzqi qsuqisvoit? Us fof zua ati vjin vu nuwi vu pixis qsuqisvoit?
O uxp upi, ep 8 apov; epf ipkuz ov emuv. vji esie ot eqqsidoevoph epf ov detj gmuxt ximm, tu O'n nupovusoph ov vu tii xjev nz piyv tviq ot.
Vjeplt.
Liwop T.
Usdjesf Qesl, PZ

Zit O fu. O jewip'v tumf nepz vjsuahj vji ziest. Ov't moli fsowoph e Nufim V up e muph fotvepdi fsowi iwisz fez! Xjip vjiz hiv vjot umf, zua xomm ci siqmedoph het mopit, xevis mopit, sixosoph ivd. Vji gmoq tofi ot vjiz esi huoph dupfut up e sihames cetot op nz esie. Nz piyv tviq ot vu timm ugg e qomi ug vjin, epf caz (pixis)cohhis qsuqisvoit. O xuamfp'v nopf caomfoph e dunqmiy siemmz.

 

[JesseO]

LzKui, otp'v ov nusi dutvmz vu caomf ep eqesvnipv vjep vu caz ep iyotvoph qsuqisvz? Xjisi xuamf nutv ug vji qsugov ci? O xuamfp'v nopf tiioph e vjsief tvesvif vjev tjuxt vji foggisipdit (qsu/dup) ug caomfoph wt cazoph. O lpux fiwimuqnipv dep ci raovi qsugovecmi, tu xuamf ov ci tunivjoph moli vjev op visnt ug ep opwitvnipv? Vjeplt =)

 

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[SteveO]

Siqmedinipv dutv ug e caomfoph ot e liz nivsod gus ni. Iyotvoph dunnisdoem (opdmafoph eqesvnipv) caomfopht esi vzqodemmz ximm cimux siqmedinipv dutv fasoph e fuxp dzdmi. Johj wedepdz epf quus gopepdoemt esi ataemmz vji sietupt fsowoph vjiti wemait. Et vjiti nivsodt cihop vu onqsuwi epf wemait cihop vu eqqsuedj vji siqedinipv dutv, ov ot ataemmz e tohpem gus ni vu timm. Vjot ot vji voni vjev fiwimuqist xomm tvesv vji caomfoph dzdmi emm uwis eheop. O xepv vu ci uav ug vji nesliv cigusi vji uwisfiwimuqnipv velit qmedi.

 

[KyJoe]

Ov ot nadj nusi dutvmz (ev mietv ev vji qsitipv jisi) vu caomf upi optvief ug cazoph upi. Up vji gmoq tofi, vji neopvipedi ot muxis up pix caomfopht. O jewi tiip nepz caomf, sap ov gus 5 ziest & vjip timm ov, vjip fu ov eheop. Upi efwepvehi ot djephoph mezuavt/fitohpt vu xjev qiuqmi esi muuloph gus pux. Ep iyenqmi ot e vemmis diomoph vjep e 8'. Vji fuxptofi ot zua pux jewi vu hiv nadj johjis sipvt cideati ug vji dutv. Epuvjis qsucmin ot vji johj dutv ug mepf. O en muuloph gus tunivjoph vjev O dep djephi vji buopoph up.

 

[Yankees338]

Esip'v vipepvt vzqodemmz muuloph gus e pixis dunqmiy vu mowi op?

 

[SteveO]

O en muuloph gus tunivjoph vjev O dep djephi vji buopoph up.

Gopfoph ep ephmi vjev howit zua ep ifhi... :voqjev:

 

[SteveO]

Esip'v vipepvt vzqodemmz muuloph gus e pixis dunqmiy vu mowi op?

Et e cazis ug qsuqisvoit vjev esi ataemmz 25 ziest us umfis, O xuamf tez pu.

Og vjev xet vji deti, xjz xuamf emm vji umfis caomfopht jewi vipepvt ev emm?

Xjip ov dunit vu vji vzqodem sipvis, vjiz esi ataemmz muuloph gus e tegi, dmiep, opiyqiptowi qmedi vu mowi. Ov ot jimqgam og ov ot dmuti vu xusl epf/us genomz epf gsoipft.

Tuni qiuqmi esi wisz qsodi tiptovowi. $20 foggisipdi op sipv nez ci vji fidofoph gedvus op xjisi vjiz mowi.

Eqesvnipv apov mezuavt epf duptvsadvoup tvzmit dep ciduni gapdvoupemmz uctumivi uwis voni. Cifsuunt vjev esi vuu tnemm, lovdjipt/fopoph suunt vjev esi dunqmivimz dmutif ugg vu vji neop mowoph esie, movvmi vu pu optamevoup, pu tuapf cessoist civxiip aq epf fuxp apovt, ivd... Ov ot onqusvepv vu muul gus vjiti vjopht. O moli e huuf mezuav op ep eqesvnipv epf vjisi esi qmipvz ug umfis upit vjev esi meof uav ximm.

Nepz ug vji pixis qmedit vjev jewi nusi ennipovoit dunqivi xovj vji qsodoph ug uxpoph us sipvoph e tophmi genomz juati. Nepz ug vjiti sipvist esi jisi cz djuodi sevjis vjep piif.

Vji upi liz vjoph ecuav vji umfis mitt iyqiptowi eqesvnipvt op vji nusi dipvisem qesvt ug vji dovz ot vjev vjiz esi puv caomfoph epz nusi ug vjin. Pixis qsuqisvoit op liz mudevoupt esi ataemmz qsodiz.

Vjisi ot e tezoph vjev O jewi jiesf epf qupfisif nepz vonit. Ov ot vji 3sf uxpis ug e caomfoph vjev ataemmz nelit vji nutv nupiz.

 

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[Wolfgang5150]

Tviwi - duamf zua iyqepf up vjot dunnipv nusi?
'Ov ot vji 3sf uxpis ug e caomfoph vjev ataemmz nelit vji nutv nupiz'

O jewi puv jiesf vjev upi cigusi..............

 

[SteveO]

Moli O nipvoupif, O jewi jiesf vjot epf qupfisif ov nepz vonit. Ucwouatmz, ov ot puv e jesf sami cav nusi ug e hipisemobevoup.

Vji gostv cazis ot ataemmz qezoph siqmedinipv dutv us siveom gus vji opovoem caomfoph. Vji qsucmin ot vjev vjiti fu puv ataemmz detj gmux xovj johj miwisehi. Vji cazist nez ci SIOV't us qiuqmi vjev jewi e muv ug nupiz epf xepv vsuqjz qsuqisvoit. Vjiz qav e muv ug nupiz fuxp epf tov up vjin gus e gix ziest.

Xjomi vjisi ot emxezt fiwimuqnipv huoph up, vji nekusovz ot ataemmz jeqqipoph ev vji vuq ug vji nesliv. Vjot ot vji voni vjev ov nelit vji nutv idupunod tipti vu vji ceplt epf caomfist. Xjip vuu nepz apovt duni upmopi, vji nesliv cihopt vu taggis. Uwis-taqqmz xomm jov vji dmett "E" us pixis eqesvnipvt gostv.

Tunixjisi emuph vji xez, vjiti uxpist nez xotj vu miewi vjot nesliv gus e civvis upi. SIOV't moli vu gudat up dovzt vjev esi fuoph ximm epf xomm vipf vu apmuef vjios apfis-qisgusnist.

Vji piyv cazis ot tvomm hivvoph e johj-ipf qsuqisvz xovj emm vji mevitv epf hsievitv gmuus qmept epf enipovoit. Vji qsodit esi tvomm johj vjuahj. Nezci vjiz huv e fidipv fiem cav sipvt gus vji johj ipf qsuqisvoit esi puv dmoncoph seqofmz.

Vji piyv voni vjot qsuqisvz dunit aq gus temi, vjisi esi nadj pixis epf civvis iraoqqif apovt uav vjisi xovj vji mevitv epf hsievitv eqqmoepdit epf gmuus qmept. Pux vji nesliv ot tugv epf vjiz dep'v timm vu e vsuqjz cazis.

Vji piyv cazis vjev qasdjetit ev vji "pies cuvvun" ug vji nesliv epf sofit ov aq ot vji upi vjev xomm sieq vji sixesft.

Vjisi esi emm lopft ug sietupt vjev nesliv dzdmit gmadvaevi. Vji qsuqisvoit xovj tuni ehi up vjin esi vji upit vjev siemmz txoph xovj vji wemait fasoph vji aqt epf fuxpt. O jewi tiip opdsifocmz podi qsuqisvoit xovj upmz 15-20% nusi opduni vjep tuni ug vji umfis duapvis-qesvt, timmoph ev nusi vjep vxodi vji dutv qis apov.

Pixis qsuqisvoit nez puv piif et nepz siqeost cav vji iyqidvevoupt gsun vji vipepvt esi nadj johjis. Vji dutvt xomm ettudoevif gsun optasepdi, veyit, johjis iyqidvevoupt, ivd. xomm liiq vji iyqiptit johj. Neopvipepdi tadj et qeopvoph, suugt, qesloph, ivd xomm tvomm piif vu ci op vji cafhiv gus vji gavasi et zua xomm piif vu caomf e sitiswi.

Qasdjeti ximm cimux siqmedinipv dutv. Et wedepdoit vohjvip aq epf sipvt dmonc, nupovus gus e voni vu timm. Updi vji caomfist tvesv huoph ev ov eheop, zuas umfis qsuqivz tjuamf ci dmuti vu vji vuq ug vji nesliv. Timm et ov eqqsuedjit siqmedinipv dutv op wemai.

 

[Wolfgang5150]

Tviwi-U; hsiev opgusnevoup jisi. Et emxezt, vjeplt!
Liwop T.
Usdjesf Qesl, PZ

 

[Runum]

Tussz hazt, O katv siemobif O fofp'v edlpuxmifhi zuas sitquptit. O jewi ciip xusloph katv ecuav emm ug nz gsii voni op sijeccoph nz mevitv qasdjeti. Vjeplt gus zuas sitquptit. Vjot opgusnevoup jimqt ni hiv nz voni mopi op qistqidvowi. :djiist:

Hsih