I decided to keep east lake all to myself.
wuqijun invited everyone to join with him, he gave a recent call in this forum. He wanted to have joint flips possibilities. I also opted for it at that time. Now, I need lot of money.
I just looked it up on Yelp and apparently it got two one-star reviews recently because of change in management? @sfdragonboy is gonna to love this lol
I learned about both!
@wuqijun is very organized and methodical in his flipping business. I was ready to invest! And I felt like I could learn a lot through investing too.
But then we took a step back and talked through my situation, and based on that @wuqijun strongly felt I should invest in my own properties. A selfless and objective advisor! He encouraged me to buy condos in parts of the Bay Area with stronger cash flow (similar to the conversation in another thread about buying in Antioch.)
The difference between me and @wuqijun is that he’s super bullish on everything and unafraid. He thinks I should buy several more condos asap! And I feel like I can just about handle 1 additional property I like to have a large cash and equity cushion in case something goes wrong…
At one point I said ok I will set a goal to buy a condo to rent out in 2018, @wuqijun was like “NO! NOT JUST ONE! Why not four?!” We eventually compromised on 2 in 2018 and 2 in 2019 He did make the point that if not now, when? That it is good to stretch myself and accumulate assets when I’m young, and that even if there is a downturn, people still need a place to live.
I don’t feel like a bear but compared to @wuqijun I definitely am. I’m very bullish on real estate in places like Vegas or actually Tahoe, but that would require managing from afar.
But you think BA RE is going to drop 20-30% in the next 2 years. I don’t get it…
I’m not sure what you mean so I deleted my responses!
Definitely wuqijun is super bullish, but elt1’s cautious statements are mandatory to take care. If you have cash to fund, Why not four is correct or go for Multiplex, esp on rental property.
IMO, earlier the better, but make sure you have positive cash flow or slight negative cash flow.
I was just quoting you from the post where you talked to the couple who are waiting for a 40% drop.Follow your own path. This is a year of uncertainty. Stocks are shaky and BA RE is toppy. At least rents have flattened. Choose appreciation vs cash flow. Do what is more comfortable. I can give advice on Tahoe. Rents are still increasing in the Sacramento MSA, Reno and Vegas.
Assuming there are many around
Good recap! Yes mainly I feel that if you are under 40, it should be time to accumulate as much assets as possible. So you wouldn’t have to work so hard at an older age and can just relax, kickback, and collect the rent/dividend.
It should be obvious to everyone but asset prices increase a lot faster than people’s salary, and it’s just going to be that much harder to buy more homes as prices appreciate and your earning power stagnates, so if your dream is to own 10 homes, the sooner you start, the better.
Under 40, I have only one house and much less than $1 mil. I am a loser
My dream is to be a warlord, now I am just nobody here.