All Forum Posts by: Michael Kiley

@Steve Vaughan 

I made it a goal to seek the good a long time ago. Zig Ziglar would say "The world has never erected a statue to a critic; therefore they're not held in such high esteem" (or something to that effect :) Years ago, when I read Dr Steven Covey's "The 7 Habits of Highly Effective People", I decided to began with the end in mind and I would be a person who always found the good in everything and everyone. Seek the good. This idea has transformed my life. It may be hard to measure as a goal, but the more you do it, the better you'll feel...and you can't feel good without a bit of that rubbing off on everyone around you. Best of luck reaching those goals!

Hi Clint,

I enjoyed reading your post about transitioning to STR's and the beach house duplex at Carolina Beach. That's amazing that you get paid $1400 a month to live 2 blocks from the ocean! Sounds like a dream life!

Your quote about having 10 rentals that cash flow 6k sounds a lot like my current FI plan but I too have wondered if there is an easier way. After reading your story, I'm feeling inspired! Thank you for posting.

Michael Kiley

This is an excellent thread with some great responses! I've had some success with BRRRR, but I live in Cleveland and I'm a real estate agent with a construction background. You know it's totally possible to Buy a property that needs some work, Rehab it and Rent it. Then Refinance it and NOT take 100% of your money out! It's important to remember that many businesses fail because they are underfunded.

@Charlsi Kelley Sure! Let's connect when you are in town next week. 

South Euclid and Cleveland Heights?! Why settle for 2nd best when you could look on the better side of town (West of the Cuyahoga River) :) No seriously, those are good areas but I'm partial to the westside and there are lots of potential BRRRR's in C & B neighborhoods over here.

Both of mine involves a 5-gallon bucket of paint...

Once I came down a ladder and stepped right into it...paint up to my knee!

Another time, I had to dump it over my girlfriends head to get her to stop telling me how to do my job...it worked by the way

I agree with what @Christopher Blanco and @James Wise said. 

Also, lead paint is not an issue if it is sealed properly. Opportunities to BRRRR are plentiful in the Land

Figure out a way to supplement your real estate business until you can start earning more. Or maybe start as a part-time agent until you can safely take the leap to full time. For me, I delivered a paper route with 500 customers and used that as my farming area. It helped supplement my income greatly and turned out to be a great source for listings too. Also, find ways to cut your expenses. Scott Trench had a lot to say about living frugally in his book, "Set For Life".  @Russell Brazil was right, you must be well capitalized to make it. Real estate agents receive their income in chunks. Best of luck!

If a flipper pays cash for a property, he's not required to get insurance. When there is a loan, the bank will require it.

I never use an inspection contingency on any house I buy. As a builder, remodeler, and long-time investor, I've never met an inspector that knows more about how homes fail and what people do to cover up said failures. I wouldn't recommend skipping out on the inspection though unless you are experienced in that area. 

@Kris Marmol 

The good thing about doing a BRRRR on your first deal is that you can pull your capital back out and do another one much sooner. Traditional investing takes longer because you will have to build up your capital all over again. Have you read David Greene's book yet?