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All Forum Posts by: Donald Cooley

Donald Cooley has started 19 posts and replied 127 times.

Post: Detroit NEWBIE club

Donald CooleyPosted
  • Railroad Conductor / Future investor
  • New Baltimore, MI
  • Posts 130
  • Votes 40

I'd be interested and was thinking about the same thing. Let me know what you have in mind. 

Post: First Rental - How to set rent, Property Insurance

Donald CooleyPosted
  • Railroad Conductor / Future investor
  • New Baltimore, MI
  • Posts 130
  • Votes 40

Congrats on your first purchase! We use Foremost insurance, which I believe is a subsidiary of Farmers Insurance. You may want to call around to compare different rates for the insurance and make them compete for your business. I think the only number you have control over is the house payment, I'm guessing the home equity is a shorter term on the payback. I'm relatively new myself, but I believe you will be able to refi out, and pay off the equity line, once the house is seasoned.

Post: Monroe Michigan rental market

Donald CooleyPosted
  • Railroad Conductor / Future investor
  • New Baltimore, MI
  • Posts 130
  • Votes 40

One thing you may consider is that it sits in the shadow of the Fermi nuclear power plant, it is also a rather rural area. I work (w2 income) occasionally in Flatrock which is just about 10 minutes north of there. 

Post: What Are The Top Questions To Ask Owners Of A Rental Property?

Donald CooleyPosted
  • Railroad Conductor / Future investor
  • New Baltimore, MI
  • Posts 130
  • Votes 40

If it's occupied ask for the current agreements. One thing I learned on my first deal is they had made some updates, I found out when I went to register it as rental they had a inspection yet to be done for a permit. Thankfully it worked out ok as it passed, but I woke up to the fact I may have been on the hook if it didn't pass. 

Post: New to Bigger Pockets

Donald CooleyPosted
  • Railroad Conductor / Future investor
  • New Baltimore, MI
  • Posts 130
  • Votes 40

Welcome to BP! So much to learn on this site, take full advantage of all the great information on this site. Personally I've started right in with rentals, I recently bought my first one in Warren and it cash flows well.  Good luck in whatever you decide to do. Look forward to hearing your progress. Good luck on your endeavors! 

Don

Post: Newbie from Rochester Hills Michigan

Donald CooleyPosted
  • Railroad Conductor / Future investor
  • New Baltimore, MI
  • Posts 130
  • Votes 40

Welcome to BP! There is plenty to soak up on this site. Good luck on your endeavors. 

Don

Post: Former Marine finally home. Let's connect

Donald CooleyPosted
  • Railroad Conductor / Future investor
  • New Baltimore, MI
  • Posts 130
  • Votes 40

Welcome home and welcome to BP! Thank you for your service. Best of luck on your endeavors. Use all the assets on this site there is plenty to learn. 

Post: Add another Mike on the Newbie list

Donald CooleyPosted
  • Railroad Conductor / Future investor
  • New Baltimore, MI
  • Posts 130
  • Votes 40

Welcome to BP! Good luck on that first deal. 

Post: I am becoming unmotivated....

Donald CooleyPosted
  • Railroad Conductor / Future investor
  • New Baltimore, MI
  • Posts 130
  • Votes 40

The best way I have found to keep moving is instead of telling yourself all the reason it won't work, start asking instead how can I make this work with what I have. I have learned through the podcasts, forums, and webinars many creative ways to get things. Keep pushing, set goals, and let nothing get in the way (mostly yourself). Best of luck on your endeavors!

Post: Want to know the best way to build your real estate network?

Donald CooleyPosted
  • Railroad Conductor / Future investor
  • New Baltimore, MI
  • Posts 130
  • Votes 40

Wow, what a great piece of information...I need to get more active on these forums, not only to learn, but network and really grow my business and take it to the next step and reach my goal of financial freedom! 

Thanks