All Forum Posts by: David Roberts

Bumpity bump bump

Hi, I am the owner of Modern Property Management, based in Southgate MI 48195. We service the Metro Detroit area (Sorry no Detroit city).

if you need a manager, please consider us. We are full service and very good at what we do. We have full time contractors on staff and can handle any level of rehab. Close your deal, throw us the keys and we will call you when it is done!

We have excellent structure and systems in place with fast communication for tenants and owners.

We have hands on tenant placement and an intense screening process to minimize the risk of accepting a bad tenant. We meet all tenants in person!

Grow together with us!

Please reach out if you need help. Thank you!

Www.modernpropmanagement.com 

[email protected] 

Well, what is the definition of retired?  I know quite a few "older folks " beyond the age of 65 that still work for something to do.

Is it just being able to work but not having to?

Are you required to travel 10 times a year and have a fancy car to be retired?  People buy too much into tv advertising...

If you can live the life how you want, that seems to me you are retired.  If you were able to quit the rat race and can do real estate because you want to, you are retired. 

Personally I do not like to travel, and cars do not appeal to me.  I have fun making money and have fun hunting deals.  If i was 90 years old i will likely still be involved somehow in real estate.  Too much of a good thing can get boring, including travel.

What if you have 36 units leveraged, with 2 mil unencumbered cash in the bank?  10 mil? Whatever

Are you retired then?  In the rust belt, you can lend 1 mil cash out and live a very decent life.  If you are lending, are you not retired?

@Tim Johnson really? Anybody that does conventional refis without seasoning on single family, with 75% arv of new appraisal value? Banks will do delayed refi but only 75% of purchase price or appraisal value, whichever is lower. I am looking for someone that dows that with 75% of the appraised value so i can refi a remodeled rental quicker.

@Tim Johnson You can do 5% on a 75% LTV on investment SFR in michigan right now? Does this also work for a 75% cash out refi with the rental property owned in all cash for 6 months? Loan amount about 100k...

Originally posted by @Joe Villeneuve:

Originally posted by @David Roberts:

I'm so glad I took Joe on as a mentor when I first started.  The best lesson I learned was how to recycle the seed money.  Best lesson ever.

 Glad things are working out for you.  How are things working out for you?  We need to meet for lunch to catch up.

Im retiring from the rat race in 32 days lol.

I'm so glad I took Joe on as a mentor when I first started.  The best lesson I learned was how to recycle the seed money.  Best lesson ever.

Originally posted by @Willie Brown:

@Vincent Chau I use the recommended REI GUARD Insurance. As far as the portal thing goes I've been slacking on that. I forgot how to even get back on it! Ross Diversified is another insurance carrier I use.

REI GUARD jacked up their insurance by double earlier this year. FYI. They did that in the suburbs, so I can't imagine what Detroit city proper insurance would be.

@Junior Picanco PM Me

Thank you!  That does help.