All Forum Posts by: Mike Bargetto

@John Semanchuk I was on the phone with my property manager discussing an off market deal while you wrote that! It is raining cats and dogs out there. Thank you for Lisa's name also. I will google her contact info now. 

In 2015 We purchased an SFR in West Ashley where flood insurance is required. We laugh about it now because it was such a great learning experience for us. It was our first rental acquisition and we hired a horrific Realtor who ended up leaving us mid transaction. Poof, gone. We learned pretty far into the deal that flood insurance of $2500/yr was required. It was a FSBO so no other agent was running the transaction, and not knowing any better, we went through with the deal because back then we banked on appreciation to build our wealth. In the last 3 years we have cash flowed maybe $2,000 total! I will say 2015 to present was a great time to make a mistake like this as we have seen appreciation which thankfully has acted as cover up to our blemish (if we are able to sell it in the spring without a big dip in the market).

All that being said, a flood policy can eat all gains. 

Mike Bargetto   

There have already been quite a few comments and I think most people here agree on starting small but I will throw in my "two cents" because it's good for me to say and hear it myself. I can't recommend SFR's enough because they are so lucrative. what is wrong with owning 10-20 SFR's? Absolutely nothing. My wife and I are currently finding out that the cash flow coming from our SFR's is plenty as we build our portfolio and the more we accumulate we will then be adding in 4-plexes and then apartments. We are witnessing the stability that comes from residential and how that will establish the foundation needed to move into multi/mobile home parks. In the future, if a bigger deal of ours fails we will have numerous singles, 2 and 4's to fall back on. I highly recommend it building a strong foundation.

It is about longevity and enjoying the process. It's a wonderful journey so don't overlook each rung for the top of the ladder. 

Mike Bargetto

Future BP Podcast Guest. 

Hi there @Jon Hull, I am interested in looking at your portfolio for sale. Please email me at 

[email protected]

Thank you, 

Mike

I can't believe there are agents trolling bigger pockets looking for people illegally marketing properties. 

Great story @William Noel. Thank you for sharing.  A part of our plan to scale our portfolio is parks. Very inspiring to hear of your success in this niche. 

Hi @Beatrice Gicharu if you have more information please email me at [email protected]

Pictures and any other details would be much appreciated. thank you! 

~Mike Bargetto

This is a great question. My wife and I have actually created a personal retreat weekend to plan out 2019. Its our first annual trip like this and it takes place this month. We've created an entire agenda that details both personal and professional growth targets. It should be amazing and it is designed to maximize our energy put towards these endeavors. 

2019 professional Investment Goals:

1. Open 2nd Whole Life insurance policy for myself and utilize as a vault to maximize returns (and be most prepared for the unknowns). Invest through the policy.

2. Cash out refinance our primary residence for more acquisitions.

3. Sell a Charleston investment property that has too much equity (relative to returns.) and 1031 into 2 more doors  

4. Purchase 12 more doors before 12/31/2019.

2019 Personal Goals:

Have our first child. 

I guess it is that time of year that these discussions start coming up. It's so exciting! Thanks again. 

Mike Bargetto 

@Michael Guydish Thanks for the mention. Look me up sometime for a beer and real estate chatter if you'd like. Have a good one. 

Welcome to Bigger Pockets @Michael Guydish! My advise is "Live where you want to and invest where you need to" I love living in my hometown~Santa Cruz~and other than our primary res. and fix and flips, the numbers don't work for me so we go out of state. 

That is exciting that you are winding down this stage of life. Enjoy your last bit of college! 

~Mike Bargetto