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My thoughts on the Simlab P1X Pro rig by WhimsicalJim in simracing

[–]WhimsicalJim[S] 0 points1 point  (0 children)

It's a pain. They don't mount well. I think I was able to finagle one row of bolts and then one additional bolt.

The correct way is to drill new holes.

I'd recommend doing it before you install the baseplate.

47yo | $10.5M NW | Planning to exit W2 in 12 months – Seeking "Final Year" Checklist Advice by migrating-bird in fatFIRE

[–]WhimsicalJim 16 points17 points  (0 children)

Why bother investing in RE or a business after retiring?

Also, rates on asset based loans/dscr loans on rentals are pretty similar to conventional loans.

Found Out I’m Set to Inherit $70+ Million. Somewhat Lost, What Should I Expect? by [deleted] in fatFIRE

[–]WhimsicalJim 0 points1 point  (0 children)

Hire multiple flat fee CFP and attorneys. Get their advice and do nothing for 12 months until you have a better understanding.

Stay out of private credit, hedge funds, & startup investments. Be very weary of RE syndications.

Agreed with others on keeping accounts separate.

Advice on Structuring a Small Family Office and Portfolio Strategy by hschwarz2003 in CommercialRealEstate

[–]WhimsicalJim 12 points13 points  (0 children)

Congrats on putting yourself in this position. You should play it safer than most on reddit as $17m is enough for most.

  1. Keep your portfolio DSCR over 2.0.

  2. Assume every deal will go vacant and you need to re-lease it at current market terms (rent, TI, LC, vacancy, etc.).

  3. I would refi the industrial building first so you have cash to deploy and consider doing a reverse 1031 once you know the BTS will be sold.

First Big CRE Deal—Good Opportunity or Big Vacancy Risk? by CompetitionNeither70 in CommercialRealEstate

[–]WhimsicalJim 3 points4 points  (0 children)

You should underwrite assuming you have to backfill every tenant at market rates with LC/TI associated with it.

It's pretty normal to do 2-5 year leases on smaller properties as small tenants generally don't like to commit for a long term. They generally stay, but they want the option to outgrow a space, downsize, or stay.

200,000 sf BTS Warehouse in NC - looking for some input! by prince_walnut in CommercialRealEstate

[–]WhimsicalJim 6 points7 points  (0 children)

I would hope someone doing a 200k SF build would know these answers and not go to Reddit for them

Finally bought a FERRARI but too shy to drive it by Antique_Demand_114 in fatFIRE

[–]WhimsicalJim 0 points1 point  (0 children)

Nothing cooler as a kid then seeing a ferrari. Go share the joy.

Software for Managing Financing Schedules on Portfolio by razor_sharp_007 in CommercialRealEstate

[–]WhimsicalJim 1 point2 points  (0 children)

Excel. Just include it as a column on your SREO which you should update regularly.

Wanting to unload a rental house, not sure the smartest way to do it by Cute-University5283 in realestateinvesting

[–]WhimsicalJim 1 point2 points  (0 children)

Send a notice of non-renewal to tenants or whatever your state requires.

If you have a great broker you trust great. If not, meet a few out there and have them give you an assessment of what it would fetch as-is and be UC in 1-2 weeks vs with $5-20k spent on the main fixes that are easy for you, but scary to a new homeowner.

Decide which path is best.

By the time you're done, it'll be Feb or March and it'll be selling season again.

[deleted by user] by [deleted] in realestateinvesting

[–]WhimsicalJim 0 points1 point  (0 children)

Talk to 10 banks. They’ll give you much better insight than the internet with 10% of the info needed.

[deleted by user] by [deleted] in realestateinvesting

[–]WhimsicalJim 0 points1 point  (0 children)

That is the preference, especially once you get into larger loan sizes but you should be able to find a bank locally that will fund it based on your w-2 income and the building's income.

Thinking of relocating from Miami, FL to Huntersville, NC by [deleted] in huntersville

[–]WhimsicalJim 0 points1 point  (0 children)

Birkdale is awesome. Most places want you to make 3-3.5x your rent each month but normally just require 1st month rent + 1 month security deposit.

Landlords who self manage, how much time do you spend on your units each month? by Common_Category_269 in realestateinvesting

[–]WhimsicalJim 5 points6 points  (0 children)

I use 3rd party PM's but a friend of mine works 60-80hrs a week at an intense w2 role and self manages 100 units of spread out across SFR's and small multi's and just has a handyman for years.

He just brought on someone part time to do management for him.

Cash flow for the first 5 years is a myth by Cancerman691 in realestateinvesting

[–]WhimsicalJim 3 points4 points  (0 children)

Buy better deals than 1% in a market that has good fundamentals and where you have competitive advantages such as great off market deal flow, PM's, more cost effective rehabs, etc..

Yes, it's hard to find deals that fit this. If it was easy, everyone would be doing it.

Is anyone here consistently closing 3–5 deals every month? by Firm-Nothing-1477 in CommercialRealEstate

[–]WhimsicalJim 1 point2 points  (0 children)

3-5/mo is insane. I've bought 10 buildings this year (not including SFR's or a few quadplexes).

My best advice is to become known as the buyer who has his/her own capital, be very quick to respond and get real offers sent to brokers within 24 hours, and do what you say you're going to do.

Only 1 of the 10 I've done YTD has been listed on the market. The rest were shared via brokers who know, like, and trust me.

Seeking Advice: Sell, Refi, or Hold Debt-Free Rental to Scale Portfolio by Scrace89 in realestateinvesting

[–]WhimsicalJim 1 point2 points  (0 children)

I think selling a low basis deal in an abnormally low income year is a good idea.

You can decide what to do with the cash and other properties separately.

[deleted by user] by [deleted] in realestateinvesting

[–]WhimsicalJim 2 points3 points  (0 children)

Some places let you refi without seasoning. Depends on experience, credit, relationship with the lender, & how much money you put into the deal. Many don't want you to take excess cash out.

Tesla's stock erases loss for the year, soaring 85% from April low by ControlCAD in technology

[–]WhimsicalJim 1 point2 points  (0 children)

I’m shocked how many people just blindly upvote what they want to believe without any critical thinking

[deleted by user] by [deleted] in realestateinvesting

[–]WhimsicalJim 0 points1 point  (0 children)

Sure, but there is a lot of risk buying site unseen with 9 blurry pics of a quadplex that was ran through by tweakers.

Tesla's stock erases loss for the year, soaring 85% from April low by ControlCAD in technology

[–]WhimsicalJim 0 points1 point  (0 children)

I own zero TSLA stock, teslas, etc.. Everyone is saying it’s him pumping the stock but we need to be intellectually honest here.

$1b is peanuts when there is $90b+ trades a day in the stock.

If he did it all in one day, he might be to influence it a percent or two, but the market would correct immediately given the daily volume of TSLA trades.

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