All Forum Posts by: James Michels

How do you calculate an estimated monthly insurance payment for a property during the analysis stage? I’ve been spending the best part of an hour and now have multiple agents calling me.

Is it possible to purchase multiple residential properties for no money down in short time intervals between each purchase? I know you’re only allowed a maximum of ten conventional mortgages in your name, but if I found several properties that are cheap and can cash flow from each of them even with 0% down and a mortgage insurance expense, is that achievable?

I’ve only lived in two cities.

Livonia, Michigan.

Now, this is the kinda ideal midwestern city to start and raise a family in. It’s safe and quiet and not too far from more eventful places like Ann Arbor and Detroit. The only problem is that it’s very expensive.

Currently, I’m in Jackson, Michigan.

The area is very patchy, but houses are definitely cheaper.

For investors in Southern Central Michigan, is there anyone you favor when needing repairs done on a property?

I’ve been practicing analyzing deals on sites such as Zillow. Now, I’ve read up on certain rules of thumb in regards to analyzing cash on cash return and cap rates, so I have incorporated these rules of thumb into my analyzing. I would love to hear others’ opinions on these rules. Please give your opinion for each.

The 1% Rule

The 2% Rule

The 50 % Rule

@Drew Lamb

I would get involved with crowdfunding real estate. Would be a decent way to build up a portfolio fast and get your feet wet in the real estate game. As long as you do your due diligence on the platform you choose.

@Chris Iley thank you for the advice. Currently, I’m working educating myself on the subject, starting to build my network, and working on a side project outside of real estate that could simultaneously build up my cash reserve and generate some cash flow. I’ve been living in Jackson for almost four years, but I’m from Livonia originally. Lately, I’ve been practicing doing the numbers on various deals in both areas.

@Drexel Harris

Thank you, friend.

@Bridget Krause

That’s great to hear. I hope you continue in your success.

@Mitch Messer

Thank you very much.