Learning, Sharing, and Teaching > Real Estate and Landlording
Bigger Pockets - does their advice sound risky to anyone else?
rentalnewbie:
Bigger Pockets has been a great resource to learn about investing and different kinds of investing, they even occasionally have an article where they jump on the frugality bandwagon. However, I am constantly surprised by how risky their advice is (or I perceive it to be). Am I too conservative/slow/over-analyzing or do others feel the same?
As examples:
- Newbie to 5 units in 7 months! was in an email today as a "success story" spotlight. This speed acquisition seems very fast to me (and scary), even if you have the money to pay cash for them all, you don't know what you are doing. A user could post this on their site, but they selected it as the item to promote in the newsletter as the "right approach." This seems to be a typical story angle for them also.
- Lots of articles on how to invest with no money down. While I have no qualms against investing using hard money lenders, I think it's dangerous to say you can invest with "no money." While it might not be in the deal, if you don't have any savings to fall back on, you are vulnerable to any problem that may come up.
Am I a fuddy duddy or do others feel the same?
YttriumNitrate:
Yes, the stories of people leveraging to the hilt and going from 0 to 20 doors in 12 months make for interesting articles on bigger pockets, so they tend to get more of the coverage. I suspect things will change a bit when the next housing decline happens. As Warren Buffet likes to say "only when the tide goes out do you discover who has been swimming naked."
Jon Bon:
Totally agree, its gotten way too "Get Rich Quick".
On some level IMO it goes against the FIRE life. I dont care if you have a kick-ass property management company. 50 units is going to be a full time job!
MMM Goal: Wealth Building
BP Goal: Empire Building
You be you, but it's not for me!
rentalnewbie:
--- Quote from: Jon Bon on August 15, 2018, 11:32:25 AM ---Totally agree, its gotten way too "Get Rich Quick".
On some level IMO it goes against the FIRE life. I dont care if you have a kick-ass property management company. 50 units is going to be a full time job!
MMM Goal: Wealth Building
BP Goal: Empire Building
You be you, but it's not for me!
--- End quote ---
I totally agree. I'll stop when I have "enough" beyond that, it's another job. Even now, I have 1 rental (plus my regular job) and it can be a lot.
sammybiker:
IMO there has been a shift in the culture of the forum. Many of the members of 5+ years ago have made their wealth with this recent bull run and are much less involved in the forums compounded with the influx of newbies (also brought in with the recent bull run) that are looking to grow as well.
Newbies are good, fresh blood, ideas, drive are needed and are healthy. But I'll say a number of the newbies are of a different class...I don't know how to explain it but it's just different. Reading through forum posts today occasionally reminds me of reading through the comments on a Yahoo.com news story.
Hopefully BP works to correct this culture.
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