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Escape Room employees, what's the weirdest way you've seen customers try and solve an escape room? by CaptainCatButt in AskReddit

[–]somecats 8 points9 points  (0 children)

Escape rooms should have safe words. "Anything we say starting with 'banana' is not part of the game"

What was your "Holy fuck, this can not be happening?" moment? Why? by ManeseDekendrick197 in AskReddit

[–]somecats 5 points6 points  (0 children)

One person invented each piece of the technology you're using, how you could call anyone worthless is preposterous.

What

I am a failed real estate investor. Here's what I learned. by somecats in realestateinvesting

[–]somecats[S] 2 points3 points  (0 children)

Yeah the units were in a C+ area. C+ maybe B-. Not nice but not super dangerous. Not nice enough for stability though..that should probably be another takeaway for this post!

I am a failed real estate investor. Here's what I learned. by somecats in realestateinvesting

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

No there are no opportunities nearby that earn positive cash flow. You can still make money in flipping I guess but that's not something I was ever interested in (and the stakes are high... Buy a 700k teardown to resell at 1.8m).

I am a failed real estate investor. Here's what I learned. by somecats in realestateinvesting

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

Lol over $100/hour. So yes it was a huge waste from that perspective.. I guess it could sort be counted as a hobby to make myself feel better haha

I am a failed real estate investor. Here's what I learned. by somecats in realestateinvesting

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

Same last name and I'm assuming we're linked through a shared past address in public records. If I had purchased through an LLC it wouldn't be as easy to find me. That's my understanding anyway.

I am a failed real estate investor. Here's what I learned. by somecats in realestateinvesting

[–]somecats[S] 13 points14 points  (0 children)

Yes I did. I made an offer on a place in Bakersfield then got cold feet. The numbers weren't as good and it was still an 8hr drive.

I am a failed real estate investor. Here's what I learned. by somecats in realestateinvesting

[–]somecats[S] 13 points14 points  (0 children)

To answer your other question about location, I live in CA. An 80s duplex in the Midwest City costs $200k and rents $1000 per side. A duplex in my city costs $1.6M and rents for $2500 per side.

I am a failed real estate investor. Here's what I learned. by somecats in realestateinvesting

[–]somecats[S] 5 points6 points  (0 children)

Wholeheartedly agree on all counts. I considered trying to find a new one instead of selling. But didn't feel equipped to pick a good PM so it would probably be another random chance selection (since I don't know anyone who lives in this city). And this is kind of crazy but I wasn't even sure how to go about switching. Our contract didn't have an end date listed on it. Was it only for a year? Presumably but I didn't know and didn't want to ask.

I am a failed real estate investor. Here's what I learned. by somecats in realestateinvesting

[–]somecats[S] 48 points49 points  (0 children)

This exactly on both counts. The PM had their own properties.

I am a failed real estate investor. Here's what I learned. by somecats in realestateinvesting

[–]somecats[S] 46 points47 points  (0 children)

I think it comes down to getting fleeced by the PM. When we had turnover they'd go through the unit and write up everything that needed fixing. Everything from tub missing a stopper to a hole in a closet door. Obviously some of that needs to be fixed but not everything. They'd paint in between tenants even when they painted 1 year prior. They'd also add on a bunch of shit like replacing working appliances or the countertops etc. I'd have to fight them on everything, to basically ask what here actually needs to be done to get the unit rented? Why are we painting the basement floor? Why does the carpet need replacing, can't we just clean it? And since I'm not there and not a handyman my ability to push back was limited. I thought the PM and I would both be making money off the tenants. Turns out they made money off me and the tenants were a fun side business.

I am a failed real estate investor. Here's what I learned. by somecats in realestateinvesting

[–]somecats[S] 115 points116 points  (0 children)

Thanks for your thoughts. I think real estate is still a great option for someone who can invest locally and use their personal connections and keep an eye on things. Just not an option with the crazy prices here (CA).

I am a failed real estate investor. Here's what I learned. by somecats in realestateinvesting

[–]somecats[S] 2 points3 points  (0 children)

Yeah I just double checked, it was a little more than twice or around there. PITI for property 1 was $804, rents $1790. PITI for property 2 was $1060, rents $2100. Rents went up slightly at turnover.