Calling petrfitz: questions about your RE portfolio

Perfitz hasn't answered because he doesn't understand most of the words in the post.

I am actually on vacation at 1 of my 3 vacation houses. I may answer when I get back.

On another note, why should I write a strategy for success for you? Do you want me to write an entire business plan and pro forma for you?

petrofrizz = wonderboy

LOL @ nyc10022.

Are you at the one that's down 30%, the one that's down 50%, or the Vegas one with the bottomless drop in value?

LOL @ alanfart.

inonada,

I can answer you this, his equity has dwindled in all 3 of his properties. In Vegas, his equity won't buy him a bus ticket from NYC to NJ.

I hope you're having a good vacation and look forward to hearing from you later. In terms of "why should I write...", no reason other than to share information with other like-minded people who have an interest in RE. You have a pretty unique perspective on this board, and I'm sure we can all learn a thing or two from that perspective (even the knuckle-heads who insist on repeatedly getting into name-calling matches with you). If you think the information is proprietary and sharing it would put you at a disadvantage in some way in the market, or if you think that you should be compensated for sharing the information, well that's your prerogative and you don't need to write squat.

In terms of writing an entire business plan, etc., I don't think what I'm asking about really amounts to that: I'm just asking about high-level numbers aggregated over all your properties without any information as to the property location or type. For example, anyone can easily know how much leverage Toyota or any company or REIT employs, what kind of liquidity they have, the return on equity they have, but that doesn't mean they have a business plan or a strategy for success. I think it takes a quite a bit more than that. That being said, I understand if you disagree.

A few minutes go by, and the knuckle-heads are already at it. Can you PLEASE pick another thread to get into a pissing match with petrfitz on? I'm trying to have a sensible discussion with him on this one.

celinelover/petrified...?

knucklfied....?

pickified?

pissified?

sensified?

afewminutesgofied?

discussionfied?

withhimonthisonefied?

pissingmatchfied?

canyoupisswithpetrfied?

shallIgoonfied?

Jesus, this board is reaching for new lows.

inonada, those are great questions - I don't know if petrfitz can answer them, but I'd love to hear the answers as well. My parents own quite a few rentals (though none in NY), and I can say (off the top of my head anyway) that probably 95% of their properties are cash-flow positive. A lot of that has to do with the length of time they've had most of the properties, that they've traditionally put substantial down payments, usually rent the properties themselves (no brokers), and are very handy (save quite a bit on repairs and maintenance). That's a tough thing to do if you work another full-time job, but they've made it work for them. They're quite conservative investors, so there's always a fairly large amount of cash (or liquidity) on hand, which may not have been the approach of choice in boom times, but is paying dividends (so to speak) now.

Thanks for sharing, bjw2103. Were there years during the boom times when they sat out the market (in terms of new investments) because things weren't cash-flow positive or near it? Are they in a market where new investments are cash-flow positive now? To what extent are they deploying their cash / liquidity now?

inonada, see, the problem is you picked petro to have a "sensible" conversation with. we've never read anything sensible from petro, and his posts generally lack credibility, so i for one have to wonder what your goal is. other than to hear him boast of his slumlord prowess, he rarely gives any info.

but bjw seems to have some info.

Path to real estate portfolio success:

Step 1: Blindly stumble into buying lower east side flophouse right before largest real estate bubble in US history.

Step 2: Trumpet your genius on real estate chat board

Step 3: Repeat (ok, maybe not)

inonada, to illustrate aboutready's explanation, I give you this ultrahelpful comment:

I am actually on vacation at 1 of my 3 vacation houses. I may answer when I get back.

On another note, why should I write a strategy for success for you? Do you want me to write an entire business plan and pro forma for you?

inonada, they definitely held back in the past few years. They bought a small apartment in Harvard Sq in Cambridge, MA around 2005, which is cash-flow positive, but barely (last I heard anyway). They went for it because it's very easy to rent, with so many grad students and young professionals in the area. Right now, they're biding their time, looking to buy in Manhattan/Brooklyn in the next few years, though not strictly as an investment (both their children live here, so they want something nearby in anticipation of grandchildren). Lots of cash in CDs (though rates are horrible right now), not much in stocks right now (other than what they've had longterm, but like everyone they got hit pretty hard on quite a few of those). Ironically, their biggest "mistakes" involve RE here - they sold a beautiful 11-unit brownstone in prime Brooklyn Heights in the late 70s (should have held on to it!), and they couldn't quite pull the trigger on some very cheap, distressed properties in Manhattan in 89-91.

"Are you at the one that's down 30%, the one that's down 50%, or the Vegas one with the bottomless drop in value?"

lol

Bjw2103, that sounds like a solid strategy they have followed / are following. As far as their "mistakes", that's just life. No matter who you are and how good your investments have been, there's always a different set of picks that would yield superior results: that's the benefit of hindsight.

As far as my goals here, I'm just hoping to get answers like those bjw2103 gave to learn a thing or two about petrfitz and his viewpoint. It seems to me that petrfitz turns confrontational because people are confrontational with him, and he gets a kick out of being confrontational back. But does that make his viewpoint any less valid? Not really. Perhaps if people spewed less vitriol in his direction, you'd find he'd spew less vitriol back.

"It seems to me that petrfitz turns confrontational because people are confrontational with him, and he gets a kick out of being confrontational back."

Sounds like a huge chunk of the board.

But the part missed here is, while many are confrontational, there are few (well, really, none) who have been more wrong/unsubstantiated/outright nonsensical, and certainly nobody else has done anything anywhere near the comic relief of perfitz talking about his millions and model wife and helocopter and 14 inch penis while demonstrated exactly how NOT to make money.

> But does that make his viewpoint any less valid? Not really

You have cause and effect backward here.... the vitriol certainly doesn't make his point less valid. His points are/were completely invalid to start, and the vitriol (both directions) followed from that.

nyc10022, you'll never learn, will you? He doesn't have a model wife, he has a Shakespearean model wife.

alanhart
about 1 hour ago
ignore this person
report abuse inonada, to illustrate aboutready's explanation, I give you this ultrahelpful comment:

alanhart, thanks for pointing that out. I know I should stay focused on my buddy yep yepper (I'll get to him in a few), but I thought maybe I should point out one of aboutready's ultrahelpful comments from today, with a quote that could also be taken in context from a George Carlin performance, "printer, for the last f'ng time, how many of the recent sales were CONDOS? Did we just undergo a coop building boom? No dipshit, we did not. "... as seen in this link: http://www.streeteasy.com/nyc/talk/discussion/13563-whats-happening-to-manhattan-residential-real-estate-prices-this-summer?last_page=true

so let's move on to our pal, that old faithful doggie. He was quiet for a couple days, nothing too significant (although I have to find a gem from yesterday that is truly appropriate for him) and then here we are, yep yep yep yep:

w67thstreet
about 3 hours ago
ignore this person
report abuse celinelover/petrified...?

w67thstreet
about 3 hours ago
ignore this person
report abuse knucklfied....?

w67thstreet
about 3 hours ago
ignore this person
report abuse pickified?

w67thstreet
about 3 hours ago
ignore this person
report abuse pissified?

w67thstreet
about 3 hours ago
ignore this person
report abuse sensified?

w67thstreet
about 3 hours ago
ignore this person
report abuse afewminutesgofied?

w67thstreet
about 3 hours ago
ignore this person
report abuse discussionfied?

w67thstreet
about 3 hours ago
ignore this person
report abuse withhimonthisonefied?

w67thstreet
about 3 hours ago
ignore this person
report abuse pissingmatchfied?

w67thstreet
about 3 hours ago
ignore this person
report abuse canyoupisswithpetrfied?

w67thstreet
about 3 hours ago
ignore this person
report abuse shallIgoonfied?

piglet, you're so derivative. but thanks for reposting for me, that thought had been brewing in my head for a couple of weeks, weeks of snide and nasty little comments by printer. so again, thanks tons!!

inonada, petro does not spew as a result of being baited. he LOVES to be incorrect, in oh so many ways. in others he's probably not so happy, but you'll never see him admit it.

hey, aboutready, you are a student of psychology, what do you call it when someone pretends not to be bothered by masking annoyance or anger with fake happiness or gratitude?

inonada, you're right, it's all hindsight. Truth is, it was very difficult managing that Heights property, so I'm not sure how realistic it was hanging on to it, but it's sure tempting to think about every time I walk by now! I also admire your mindset with regards to petrfitz' knowledge. I find the guy to be lacking any real credibility, but maybe you'll be able to get something out of him. My good pal nyc10022 is only slightly better, what with all the vitriol (as you aptly noted) spewed. It's a real shame what's happened to this board in the past year, but hope we see more posts like yours.

the answer shrimpie would be a person (UWSismynabe) who needs to change handles to deal with anonymous posters... DING! Did I get it right?

Iknownada.... well here's one for you... HRP, called it at $2/share 12-8 or therabouts... $5.75 close today, I warned everyone $1000 psf prime NYC headed to $750... and $500 when all is said.. 1965Bway 11H went for a little above $1000psf... that's a $1000psf swing in 9 months... need I say more? One other thing, when I was in the RE program at my Ivy MBA school, a REIT analyst came in did a 20 yr return for REITS versus equity mkts etc... it would've beat the pants off of bjw's parents (no offense)... and that's not adjusting for the illiquidity, BETA, management etc. of individual investors..... but ALOT ALOT of people got bailed out b/c of the BUBBLE... so move on.... RE as an asset class is dead for a long time.... I'm just glad I've got rock solid leases till 2014.... and even I'm starting to worry about renewals.... but listen to Petridish... ALL RE ALL THE TIME...

hey Petridish... how manyz RE deals did you buy in the last 9 months... if good 12 months ago..... it's a f'n screaming bargain at 20% off, no? no?

except i'm not annoyed, piglet. not in the slightest. i stand by what i wrote, as i meant it, every word, and i don't mind your repeating it.

you're annoying in a general sense, but that's because, as i have written many a time, you're entirely lacking in wit, and you seem to serve no purpose. but that doesn't bother me personally, or get me all annoyed, as you seem to wish to think. feel free to follow me around looking for things to quote.

sorry inonada and bjw, i'm through here. bjw, i'm sure there are people on this board with information, legitimate, regarding investing in property. but petrfitz has not only shown himself to lack credibility, but also some other very basic human characteristics. i wouldn't recommend him as a source, to anyone.

piglet... sure does keep a dossier on us :)... UWSismynabe.... I think I'm onto something... : )

aboutready, I agree. Frankly, petrfitz is among the few people on this board whose contributions I find to be useless (I think you can guess who the others are), but I won't stop inonada from trying. I suspect it'll prove fruitless anyway.

w67thstreet, nice call on HRT. Anything out there you particularly like at the moment?

iknownada... I'm starting to feel like I know nada.. but stand by HPR call and adding some SCI... my other holdings in my children's trust fund.... can't go wrong with death... it's like adding gov't largesse into your portfolio....

Seriously, I'm very nervous about this mkt... it's seems I could be wrong for a long time... but the only thing I can say for certain... deleverage and keep alot of powder dry...... you've already missed this run-up, wouldn't be chasing it.... IMHO.....

This just makes me laugh. Every time I read it.

http://www.streeteasy.com/nyc/talk/discussion/8504-las-vegas-report-the-shape-of-things-to-come-here-in-new-york-nah-its-your-once-in-a-lifetime-chance-to-become-neighbors-with-petrfitz-and-celine

And he still never answered the questions:

no need to get abusive petrfitz. so just to be clear, this is a single family detached estate with frontage on both lake las vegas and lake mead? must be nice. pool? kidney shaped or lap pool? maybe both - that works. how many car garage?

how much frontage on each lake? and what exactly is the distance from your back door to lake las vegas? and from your front door to lake mead? i mean you make it sound like a tall person could straddle it. and is it a sandy beach along your shoreline or sea wall with dock?

See here wEST67thstreet, how does it feel to have the mystery of your name spelled out and exposed for everyone to see? ;)

I'll take a look at HPR and SCI. The run-up has been nice, and I took my fair share (but it's never enough, see comment w/ bjw regarding "mistakes"). Harder and harder to find "this is stupid cheap" names these days, but probably some still out there. I got some powder in the market, some powder on the side, all long-term powder for this chunk of my portfolio. Things go up, I'm happy: make some money. Things go down, I'm happy: buy some more at cheap valuations. Things go up, I'm sad: should've put the rest to work. Things go down, I'm sad: lose some money. Such is life...

aboutready, I have respect for you, you are one tough strawberry blond foul-mouthed cookie. I also admire that although you wish you could have w67thstreet, that hunk of a hairy hemorrhoid, that you stick with your dainty (or was it delightful?) husband the tax cheat and pay all the bills and wear the pants at home and keep the family unit together. That's very solid.

Anyway, I'm not really here for you. yep yepper and his "pool is in the shape of a dick.... two nut sacks as hot tubs... a his and celine's.... " behavior are why I'm here.

Hey w67thstreet, are you inonada? At least that guy's honest in Spanish. You seem to know everything. I've never said a single personal thing about myself - the most I've let on is that I had a long flight for business the other week - and yet you are positive about who I am... until next week, when you have a new theory.

By the way, everyone, please be advised, yep yepper has an IVY LEAGUE MBA. Add to that the Porsche and the Rolex and the ...

"My good pal nyc10022 is only slightly better, what with all the vitriol (as you aptly noted) spewed."

I'll easily take being aligned with perfitz's vitriol level over bjw's sad case of being at perfitz's accuracy level...

"nyc10022, you'll never learn, will you? He doesn't have a model wife, he has a Shakespearean model wife."

lol.

Though doesn't that mean she's fat?

"It's a real shame what's happened to this board in the past year"

I agree, it is pretty sad... all the folks who were proven wrong (in spades) about their take on the market are still here thinking they have "credibility".

"I agree, it is pretty sad... all the folks who were proven wrong (in spades) about their take on the market are still here thinking they have "credibility"."

Here we go again - what exactly was my "take"? Are you going to call me a "bull" again, because that one worked out so well. What a joke.

"Though doesn't that mean she's fat?"
I think it probably means she's a man.
(But not THE Man ... that's petrofrizz himself)

Petrofitz had time to write something completely unhelpful on another thread about 30min ago, but conveniently neglected to write anything helpful on here either. All that sunning he did on his boats this weekend must have made him forgetful.

petrfitz, genuinely curious as to what your answers would be to inonada's questions. Consider it an opportunity to redeem yourself a bit.

""I agree, it is pretty sad... all the folks who were proven wrong (in spades) about their take on the market are still here thinking they have "credibility"."

Here we go again - what exactly was my "take"? Are you going to call me a "bull" again, because that one worked out so well. What a joke."

Wow, aren't you sensitive. I wasn't talking about you, putz!

Actually, the bull mark did work out well... we figured out you bought within months of the peak of the market! Nothing speaks more bull than buying wrong!

Ping, petrfitz.

"Wow, aren't you sensitive. I wasn't talking about you, putz!"

Really, because you quoted one of my posts and responded to it.

"Actually, the bull mark did work out well... we figured out you bought within months of the peak of the market! Nothing speaks more bull than buying wrong!"

I don't think you actually understand what a bull is then. And I'm still confused by this "we" you speak of so often - are you more than one person?

petrfitz, still waiting on some kind of reply...

Please update petrfitz, EddieWilson, nyc10022, spunky.