All Forum Posts by: Matt Flood

@Marlon Wilson Hi and thanks for the kind words.  Good to be here.

@Mike Carino Hey Mike, thanks for reaching out.  Wow, 4 places in your first year, that's impressive.  

Surrounded by farms out here and I like it but…. not the life for me!  So the reason I am focusing on Monroe is it's proximity to my home and more importantly the property tax rate in Monroe county vs. Wayne.  I'm certainly not opposed to going that way just thought I would check out Monroe first, I guess because I would just rather spend my time there.  Ultimately, it will come down to the numbers.  I haven't even really dove in yet, but soon.  Would really like to speak more and here about your experience(s) in RE.  Thanks again

@Tom Lybeck  Hi Tom,  I am brand new here also and this place rocks!  I don't even have my first deal yet but am happy to hear the rental experience has been an enjoyable one for you.  Hope I will be able to say the same in the coming months and years..

I have family that just moved to Fargo and it sounds like that area is booming due to the natural gas industry.  Hope you find what you are looking for here and not sure if you have checked out the podcasts yet but they are what got me hooked.  Great info at every turn.. See you around

Hi BP, I am signing up for the pro membership in order to have access to the deal analysis calculator.  I am beginning the search for my first multi-unit and as I am aware, my analysis is only as good as the accuracy of the numbers used.  

I called my current insurance carrier that covers my homeowners, cars, etc. to get a quote on a property I found and they asked me about 40 different questions pertaining to the details/features of the subject property, some of which, one couldn't possibly know without having gone through the property yet.   

My question is, how is everyone else getting accurate numbers for insurance when analyzing deals?  Is there a template with all of this info I could fill out and send my ins. agent for quotes.  

I am finding that insurance in my area is quite high (over $1000/yr.) on multi-units, which is fine as long as I am factoring that in but if it's true that there is a good chance I will have to analyze 100 properties to find one good one….Well I like the staff at my ins. agency, but not that much and they certainly won't like me after the 20th one or so…  Any advice would be helpful.  Thank you in advance and have a great day!

Matt Flood

@Paul Timmins Wow, thanks for all the great advice. You just gave me a half a days worth of homework.Lol All actionable too, thank you. Have already found my three REI groups.

@Larry Fried Hi, thanks for the kind welcome.  Did in fact set up keyword alerts.

@Donovan H. Hi Donovan, such a diverse group of people on here.  Thanks for the well wishes.  

@Dmitriy Fomichenko Hi, and thank you.  I will

@Jeffrey Greenhow Hey, thanks for that!  I am familiar with that "boundary". Good idea talking to the local law enforcement...

 Thanks Michael Sato.  I think this place is a going to be a great resource.  

One more thing.  I recently spoke with a small local bank about getting a mortgage for 40k on a property and they requested two yrs. tax returns before they approve anything but the loan officer said it looks promising.  So, hopefully I will soon have a pre-approval in hand. 

Thanks,

Matt Flood

Hi BP, my name is Matt and I am from the Monroe, MI area. (SE corner of Michigan about smack dab between Detroit and Toledo, OH.  I have been thinking about doing this for a long time now and am finally in a position.  I tried updating my profile as much as I could before posting but it gave me static about zip code changes and I couldn't figure out how to post a pic of myself….Sorry, not very tech savvy.

Background-  I am 34 and am very fortunate to have a full time job as a firefighter/Paramedic in the metro Detroit burbs.  Been at it for 10 years.  I worked residential construction as a kid and all through college.  I still do carpentry work for friends and family and make concrete countertops and furniture in my spare time.  Have been studying and am ready to take my test to be a licensed contractor in MI.  

Goals-  My end game is to build a RE portfolio consisting of cash flowing rental properties (ideally multi-unit) large enough to provide security in retirement, manage as passively as possible and pass on to my daughter some day for her financial freedom.

Reality- I have just over 20k in liquid capital to begin with.  Currently in my own home for 6 years that is mortgaged (Owe 125k/guessing it's worth 135k) and we like it, not planning on moving anytime soon.  I'm just starting to look in the city of Monroe, MI which is about 15 minutes from my home for a multi-unit property to start out.  

Plan- As stated my budget is 20k.  My plan in order to be conservative is to use up to 12k for a down payment which puts me at a 50-60k purchase price (which is realistic for a fixer-upper in the area) with a 20% down payment.  This will leave me plenty of $ for necessary repairs.  I am thinking my carpentry experience is really going to pay dividends here.

I have spoken to several RE agents who were kind enough to start emailing me MLS properties and am a bit nervous to begin analyzing as I have never done it and am afraid I will be so conservative with my numbers that nothing will look like a feasible deal. I am thinking about becoming a paying member in order to use the analyzer/calculator.

Look forward to meeting other members and chatting.  BTW I did check out the UBG, watched the webinars, and have started tearing through podcasts (my favorite…so convenient!)  

Sorry for the loooong post, will try to keep it shorter in the future.  

Thanks,  

Matt Flood