All Forum Posts by: Mike Bargetto

Kelly, I just saw this thread for the first time and I'm wondering what the outcome was on this big decision of yours last year. We are closing on a 3/2 in W. Ashley in early October and we may just manage it ourselves from California. Inwould love any insight now that you're the expert! Mike

Keith, what a great deal. This should allow for a rapid acceleration in wealth building due to such low expenses on a great first property. We hacked our first which made it easier getting our second. So on and so forth. Congrats!!!

California is seeing a 25% increase to minimum wage rates over a 2-year period. I am wondering if folks on the forum have considered what this may do to rents in the state. Service costs generally increase when such wages increase and I wonder if we can say the same with rents and thus rental incomes for investors. 

Any thoughts?

Darrin, I don't see the price anywhere. 60 after repairs but what is the asking price?

Mike

@Carlos Flores 

We have been "hacking" our home for the last 18 months through Airbnb.com. Have you heard of it? We rent out our spare bedroom to qualified, positively reviewed travelers who are wanting to stay in a nice home instead of a hotel during their vacation. It has worked out well and we are wondering how we can take this to a larger scale so the entire mortgage is paid through these rentals. They are all short term rentals so everybody is on their best behavior and we don't ever have to deal with that roommate who always leaves dishes in the sink! Important info for you is that Airbnb takes care of all transactions and they mostly make all their income from the traveller and not the host, save for a $15-20 transaction fee. It is mind boggling how easy it is to make a booking as well. All work is done through the website or their convenient app. This could be a great option for anybody wanting to increase cash flow on a vacation rental or to increase monthly income on rented/owned personal space. Imagine having your mortgage paid for and how much extra income that would provide to purchase more properties...just another tool for the tool box on raising capital and being creative. Also meeting now almost a hundred great people from all over the world right in your living room is a great way to live life! 

Does anybody else on BP use Airbnb?

Right on @Carlton B. thank you for the info. I'll message him tonight after work. 

Mike

Hey BP Community, perhaps somebody is interested or knows somebody who is. We are looking for a real estate agent in the Milwaukee area. Our goal is to purchase 1 unit this year and 3-4 next year most likely all in the same general area. I have contacted a couple of agents so far and there hasn't been a whole lot of enthusiasm. Unreturned phone calls, emails, etc. is actually not what I'm looking for in an agent.. If anybody can pass this info along to somebody who is competent and eager to win it would be appreciated. I figured what better place than here to find somebody of quality. 

Bargetto

Thank you everybody for the notes and votes last week! logging back on and will be digging deep into forums, old and new as I find what I am looking for.

Dream with your eyes open,

Mike

I'm Mike and I am coming from sunny Newport Beach, CA! We purchased a home last year and while we currently live in it we are looking now to see what is out there for buy-and-hold rental investments. I have heard great things about Bigger Pockets and now after listening to a couple of podcasts a day over the last week, this BP community is showing me there is hope to us finding great opportunities. I am a local fireman, a strong libertarian and a below-average fly fisherman. I look forward to learning more about the folks on the forums and perhaps I'll even meet some of you in person someday! We really look forward to buying several properties in the coming years throughout the country. 

In the name of Life, Liberty and the Pursuit of Happiness, thanks for having me!

Mike