All Forum Posts by: Michael Rogers

@Kristen Savino I just clicked on the link that @Joshua Dorkin originally provided and it downloaded and opened for me..

Did you try downloading the bigger pockets app and downloading it from there?

Glad to see people are still finding the spreadsheet useful!!!

You're welcome.  Glad everyone is still finding it useful.
 

It's hard to believe it's been 10 years ago since we put this spreadsheet out there @Joshua Dorkin.    A lot has changed.  I was 30 years old then.  Had no children.  Now have 4 kiddos.    At that time it was the middle of the Great Recession and I was stuck in a corporate job watching co-workers get let go.  Miserable.  My real estate investing business has grown tremendously since then and I'm now doing real estate full time, managing self storage, and flipping/wholesaling properties.  

Time flies!!!!!  Enjoy each day....  Best of luck to everyone.

@Mindy Jensen  Agreed.  Good job getting to the podium at the Shareholder meeting.  Love the shareholder meetings!!!!  I've been twice, but never got selected far enough up in line to ask a question.....

Check out this February 2017 Youtube video interview with Charlie Munger (Berkshire Hathaway Vice Chairman). 

Youtube Link:  Charlie Munger discusses Real Estate Investing

Charlie talks about real estate being a difficult investment.  When I first watched this I was a little taken aback, but I think his basic point is right.  Real estate is local and if you are trying to invest at a macro level with large sums of money (which he would be doing) it's very difficult to get a durable competitive advantage over a local player that know his/her local market and is mining local deals from motivated sellers.  

My takeaway is that you need to have a niche and become the master of it to make money in that niche of real estate.

Charlie's funniest quote from this video:  "The Patels from India that buy all these motels.  They know more about motels than you do.  They live in the God-**** motels.  Every dime they get they fix up and buy another hotel.  You want to compete with the Patels; not I."

@Mindy Jensen - You are a Berkshire follower.  Your thoughts?

@Craig Jackson - I recommend reducing your hours and going part-time if you can.  This will give you the benefit of keeping your employee benefits, while trying out if being self employed is for you.  I like it and have picked up additional income from flipping and wholesaling houses.  Having extra time now that I am a full-time investor has allowed my house buying business to pick up.

I personally like self employment over the corporate world.  it's more flexible and gives me more time for my family.  I really wouldn't do anything differently.  I like the way I eased into as I made more and more money from by real estate.  I'm not an advocate of just quitting your job one day unless you have already tried real estate investing and have some successes and cash flow from your current real estate business.

@James Masotti - All is going well.  Income from flips/wholesales has been higher than I expected so that's positive.  I think it's mainly because I now have more time to be looking for deals.

Best of luck!

wholesale, systematize, grow

Thanks. ~350 storage units, 15 residential rental units, two commercial buildings, and several houses that are in the process of being flipped.

Thanks Drew.  I didn't have a specific number of properties.  I just looked at my actual out of pocket spending each month for the last 12 months or so and got an idea of expected monthly expenses.  I also added in federal income tax and the cost of health insurance.  I'm probably earning about 85% to 90% of what I need on my rental properties right now.  I just need to grow those a little bit or close at least 1 flip per year to keep things going.  I also made sure I had about 9 months of expenses set aside in an emergency fund.

@Dylan Hall - Thanks Dylan... Hang in there and learn all you can on Bigger Pockets.. I was in the same spot you are several years ago.

@Eric Marofske - Thanks Eric!  I am always amazed at the number of fellow CPAs on Bigger Pockets.  Real estate must attract accountants. :)

@Jabdiel Flores - Thanks.  You can do it.

@Joshua D. - Thanks! Definitely excited to be out of the rat race.

@John De Souza - Thanks John. Glad to be a part of it.  You'll have to teach me the secret handshake. ;)

@Andrew K. - Thanks Andrew - I hope you enjoy the podcast.

@Scott Harper - Thanks! Enjoy the podcast.  I tried to give the pros and cons of storage.  I think it's mostly good.

@Tim Puffer and @Juan Vargas - Thanks guys!

@John French - Thanks!  Glad the podcast was helpful!

@David Salfer @Tommy F. @Stephen Harris @Martin Lee @Owen Dashner- Thanks guys for the words of encouragement.

@Julie Marquez @Juan M. Jaramillo @Altamar Knighton - Thanks so much!

@Garry C. - You can do it man!

@Robert Wodogaza - Thanks! I'll keep you guys posted as I make the transition.

Wow!  What a great showing of support.  Thanks so much everyone!!!

@Clint E. - We've got about 350 storage units and roughly 15 residential/commercial units on the rental side.  I'll also do 3 or 4 flips a year.  My strategy has evolved.  I think I've become more focused on buying properties with a margin of safety as I've gotten older.  I'm pickier, but I'm also looking at alot more properties than I used to.

@Rene G.- Congrats on retiring as well.  What's the best advice to get the first few self employed months off to a smooth start?