YouSaid · the spoken record

Joshua Dorkin

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65
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2015-05-10
most recent
2015-05-10
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1
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podcast

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  1. “Real estate's definitively local. You're in good markets. You're in a place where jobs are growing and the economy is strong, then the market's going to be solid. So the key is, can I buy for cash flow now, not stress the appreciation? And if prices drop, then theoretically cash flow probably is not going to shift that much, right? Rents could drop. you know, it's not as likely because rents themselves aren't tied to interest rates, right? So what is the key? The key is, can I buy this piece of property?”

    2015-05-10 · We Study Billionaires · TIP 034 : Real Estate Investing with BiggerPockets' Joshua Dorkin (Investing Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  2. “Yeah. Now, that's great from an investor standpoint. If I'm a buying hold investor, I've now got a strong pool of renters. And so is that good for me or bad for me? I think at the end of the day, from the real estate, I probably can talk more intelligibly about the investor market than just the traditional mom and pop buyer market. And I'd say from that perspective, yes, there are negatives, but there's also positives. All real estate of all is local, as they always say. And it's true. I mean, during the bubble, you know, you had places like Las Vegas that were going crazy in Phoenix and you had other markets like, I don't know, Baltimore and Milwaukee that were probably not. And so.”

    2015-05-10 · We Study Billionaires · TIP 034 : Real Estate Investing with BiggerPockets' Joshua Dorkin (Investing Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  3. “Again, if it just kind of follows inflation and, you know, I could probably beat it. So, to your question on what's it going to do to the market long-term, short term, I certainly think that it affects housing prices to the negative. It's going to make it harder for people to buy. So theoretically, that's going to shrink the buyer pull, right? I think over the long term, that's going to reduce prices. It's going to increase rentership.”

    2015-05-10 · We Study Billionaires · TIP 034 : Real Estate Investing with BiggerPockets' Joshua Dorkin (Investing Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  4. “You guys are a value investing show. Don't ever, ever, ever account for appreciation personally because you can't predict appreciation. You cannot predict it. And so it's the icing on the cake. If you get appreciation, that's great. And you get all these other value with you, you get tax incentives and things like that with long-term holdings. But I think if you're savvy, you can find other ways to get better returns. I mean, I can be a private money lender at 8% on my cash and beating that 2% in this property. So it's hard. There's this emotional attachment saying, you know, hey, I can't get rid of this house. This is crazy. This makes no sense that I should be able to own a home at three and a quarter percent. I'd be nuts. You know, it's going to be worth X amount in 10, 20 years when I've paid the note off.”

    2015-05-10 · We Study Billionaires · TIP 034 : Real Estate Investing with BiggerPockets' Joshua Dorkin (Investing Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  5. “And the reason I'm going to get rid of the house is I did the math. And what the math tells me is that my return on that home at three and a quarter percent is going to be somewhere under 2% per annum as a rental property. And, you know, so is my cash better deployed in this home at 2% return? Or can I beat that? I sure hope I could beat it, you know, and if I can't beat it, then, you know, I'm doing something wrong. Are you?”

    2015-05-10 · We Study Billionaires · TIP 034 : Real Estate Investing with BiggerPockets' Joshua Dorkin (Investing Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  6. “I think it's legit. The market is, I'd say there's no doubt that it's being manipulated. My home I refinanced at three and a quarter, I think. I'm sitting on a 30-year loan at 3.4. And like you said, I was like, holy, you know, let's crazy. This is crazy. We just bought a new house because that house we outgrown. I've got three kids and need more space. And so, you know, over the past couple months, I've been dealing with the equation of, you know, I'd be crazy to get rid of a house with a three and a quarter percent loan. Yet I'm going to get rid of that house.”

    2015-05-10 · We Study Billionaires · TIP 034 : Real Estate Investing with BiggerPockets' Joshua Dorkin (Investing Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  7. “Was cool was one day I realized that this was not just a place where I'm getting help for myself, but people are helping each other and it's actually becoming a community. So what was the selfish beginning became something that could help others. So my tragic misfortune and tens of thousands of dollars and losses in real estate turned out to be a gold mine because today we've got millions and millions of people who come to bigger pockets across the various channels and we're our goal is to help people Mistakes are okay. They're going to happen. The key is to educate yourself up front to the point that you can mitigate those mistakes and know at least how to proceed if you do start making those mistakes.”

    2015-05-10 · We Study Billionaires · TIP 034 : Real Estate Investing with BiggerPockets' Joshua Dorkin (Investing Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  8. “I'm a dinosaur here, I guess. You know, little by little, people would come and would actually help out and answer questions. And I got value and suddenly they got value because they would help somebody and it felt good to help out. And there's this level of kind of mentorship that comes with that. And it started to grow, and it was organic, and little by little. And so what was.”

    2015-05-10 · We Study Billionaires · TIP 034 : Real Estate Investing with BiggerPockets' Joshua Dorkin (Investing Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  9. “Began to kind of build up this community little by little, people would drip in. I was doing these internet marketing techniques before internet marketing was internet marketing. And, you know, I mean, sadly, we predate, you know, the MySpace, you know, it was MySpace was getting hot at the time.”

    2015-05-10 · We Study Billionaires · TIP 034 : Real Estate Investing with BiggerPockets' Joshua Dorkin (Investing Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  10. “Then 10,000, then 25,000, and then 50, and so on and so forth And I was like, that's crazy. I don't believe it. So I started bigger pockets. It was a community of me. It was a form of one. Wow, this sounds cool.”

    2015-05-10 · We Study Billionaires · TIP 034 : Real Estate Investing with BiggerPockets' Joshua Dorkin (Investing Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  11. “At the time, the landscape of the internet and the landscape of kind of what was out there was very different. And so, you know, at least what I saw as the only viable sources of education in the real estate investing field at the time, they were the kind of get rich quick guys, the guys with the babes and bikinis and the mansions and the Ferraris and the late-night commercials. I saw that and I said, oh, I don't trust this. I really, you know, I don't believe that the information I'm getting is going to be forthright. I believe that there's going to be something in there. It's going to be a pitch. There'll be some value. And then I'm going to have to go do more. And I was right. And that's kind of how that business works is there's a funnel and, you know, you get some free tidbits and then to get any more that's of value, you got to spend $997. And then you got $5,000.”

    2015-05-10 · We Study Billionaires · TIP 034 : Real Estate Investing with BiggerPockets' Joshua Dorkin (Investing Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  12. “But at the end of the day, you buy a property in a C level neighborhood, you're dealing with war zones. And so I bought property in a war zone, property that was difficult to manage, was difficult to screen tenants for, was difficult to oversee, was difficult to deal with turnover. And I got myself in a lot of trouble. And so not, you know, actual trouble, but, you know, financially, it was really a challenge. And so I made a lot of mistakes. And as a result, I started this platform. I started bigger pockets because I was looking for answers to the questions that I had after the fact, a little too late, but you know, it's okay. And”

    2015-05-10 · We Study Billionaires · TIP 034 : Real Estate Investing with BiggerPockets' Joshua Dorkin (Investing Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  13. “So, you know, I had bought property thousands of miles away because it was cheap. And people now give me a hard time because I rant and rave about places like Detroit and say, hey, you're crazy if you buy in Detroit. I don't think you're crazy if you're buying Detroit. I think you're crazy if you buy in Detroit and you don't actually know Detroit. And so I bought in a place that I thought I knew that I really was unfamiliar with and I was, you know, I said, hey, I'm going to buy inexpensive property that should on paper have good returns.”

    2015-05-10 · We Study Billionaires · TIP 034 : Real Estate Investing with BiggerPockets' Joshua Dorkin (Investing Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  14. “Was inspired by my brother who had purchased a bunch of property and he had come to me and said, hey, Josh, you know, I know you're kind of sitting with some money on the side. Why don't you buy some real estate? And I said, oh, sure. You know, let's do this. Yeah, I'm a smart guy. I can just go and pick up some property and figure it out. And so I did that. Turns out Smart doesn't really matter.”

    2015-05-10 · We Study Billionaires · TIP 034 : Real Estate Investing with BiggerPockets' Joshua Dorkin (Investing Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  15. “Sure. So we all make mistakes. Let's start there, right? As a real estate investor, if you're not making mistakes, you're probably not doing anything. It's almost impossible to do this business, get into this field without messing up. Technically, my first real estate deal was this condo that I bought in California and lived in and actually did make money on that. So that went well. That one well. Although I learned a whole hell of a lot in doing that, I rant and rave about condos and boards and things like that and all the chaos that can come with buying a property with a board. Lots of things kind of leave your Control when you do that. But yeah, I”

    2015-05-10 · We Study Billionaires · TIP 034 : Real Estate Investing with BiggerPockets' Joshua Dorkin (Investing Podcast) · IDENTIFIED FROM THE TRANSCRIPT