Ok, It's Settled. Real Estate Is The Fastest Path To Wealth

[hanera]

Full stack? Which startup? Still around?

[wuqijun]

Paypal

[hanera]

Elon Musk baby. I guess you got a fat payout after it was acquired. And didn’t join YouTube for another windfall.

[wuqijun]

Didn’t join YouTube but got on the Apple train…

[Jil]

@hanera

@Jil

https://www.redfin.com/CA/Santa-Clara/1624-Santa-Clara-St-95050/home/623354

Didn’t click on this when I ask those two questions. Both agents from Intero To win, you’ve to overpay i.e. add $100k-$200k.

I already proved that I am highest (You questioned how do I know) ! I understand both Intero agents may be friends !

Above the highest bid, if I want to provide 100k-200k or 1 Million, I am not playing Warren Buffet game, but leading to bankruptcy path !

[wuqijun]

You should try to go to the listing agent directly on every single house and work with him directly, rather than using your own agent over and over for multiple bids. The latter is a path to failure or extreme overbidding.

[Jil]

@wuqijun

I think in Jil’s case, he doesn’t have unlimited resources. He is bounded by the limit of his funds.

Yet he is not willing to diversify out of his comfort zone in order to acquire the assets he wished to acquire.

Few expensive ones for heavy debt burden.

Yes, like every one, I have limited funds and definitely not willing to compromise my lookouts. You are right that I took few homes with highest debt burden, with more than 25 finances/refinances. Now, I am paying off portion of it so that I pay very less interest that puts me super positive cash flow (as I am already slightly +ve cash flow). Whatever I gained that is more than enough at this stage. Yes, I can also quit my job, but hanging on to it for few more years.

[Jil]

@wuqijun

You should try to go to the listing agent directly on every single house and work with him directly, rather than using your own agent over and over for multiple bids. The latter is a path to failure or extreme overbidding.

Is this your strategy?

[wuqijun]

Yes.

[Jil]

@ww13

That looks like a 30 day close on your example. Looks like it was favoritism . Is your agent one of the big players? If so, they might have a little more leverage to prevent this from happening.
Can you clarify the rationale behind San Mateo?

My agent had got correct information, no doubt. There was exactly one another competitor who had 1M down payment, he was the winner as his offer was very near to mine. It is ultimately seller’s decision to finalize it.

[Jil]

@wuqijun

Yes.

Even after this, if you loose it, what will you do?

[wuqijun]

It’s hard for you to lose that way. Listing agent will give you info on what you would need to do to win. It’s only a question of if you actually wanted to pay what he indicated you should pay, and that you have the financial capability of doing so.

[Jil]

@wuqijun

It’s hard for you to lose that way. Listing agent will give you info on what you would need to do to win. It’s only a question of if you actually wanted to pay what he indicated you should pay, and that you have the financial capability of doing so.

If you were the seller, Person A comes with 25% down payment offer 1.5M and Person B with 70% down payment offer 1.494M, who do you feel safer to accept?

[wuqijun]

I would always go for the highest bid, being 1.5M. But in your case, listing agent would then tell you that in order to win, you will need to pay 1.5M and put down 70%. So then you would know what you would need to do to win it.

[harriet]

@Jil

True, In few cases, I have noticed the final prices are 5k-8k less than mine !

See here, my bid was 1.5M while the bid won was 6k less than me. Once I lost, I got response from my agent that there were 7 offers and some are higher cash down payment up to 1 M level.

Something fishy going on there…

This happened to me when I tried to bid on a condo (it was dirt cheap so I overlooked the HOA). Now that condo’s price more than doubled…some realtors are such crooks.

[harriet]

@Jil

If you were the seller, Person A comes with 25% down payment offer 1.5M and Person B with 70% down payment offer 1.494M, who do you feel safer to accept?

I’m not convinced that the winning bid originally came in just $6K under $1.5M. $1.494M is not a number that anybody would have in mind.

[wuqijun]

Jil probably got fleeced by the listing agent working with the eventual winner who went to him directly for advice. That’s why I told Jil to do the same. That’s the only way to win the bid.

[ww13]

How is this for slippery. Agent takes a listing meeting. It’s an inherited property, agent says it’s lot value and buys it themselves. Convinces them it’s in their best interest. Turns around and flips it a few months for double. Of course I heard this second hand, but the very fact they bought it says enough.

He has fancy branding and is publicly praised on nextdoor.

[hanera]

@wuqijun

Jil probably got fleeced by the listing agent working with the eventual winner who went to him directly for advice. That’s why I told Jil to do the same. That’s the only way to win the bid.

Look like Jil is a novice Although it is illegal for listing agent to leak bidding info, most LA drop hints as to what terms and what bid would most likely win. So if you want to win, wait till one hour before closing and let your agent does the magic and tell you the price and terms. LA influences the seller decision a lot. Three out of five houses I bought in Austin wasn’t the highest bidder. Your agent’s relations with the LA can decide whether you win or not.

[sfdragonboy]

@hanera

most LA drop hints as to what terms and what bid would most likely win. So if you want to win, wait till one hour before closing and let your agent does the magic and tell you the price and terms.

Now, that is a pretty damning statement. @SamShuehRealtor, care to chime in or you can’t turn on your brothers/sisters???