All Forum Posts by: Michael Plante

Hello! I'm excited to be posting this morning. I am a husband and father of 2 young kids (soon to be 3). I am also a doctor which brings in a nice income. What I am finding however, is that even though we make "good money", I am not very happy with my current lifestyle. My dream is to be able to not have to go to work on a schedule. I want to be able to work WHEN I want WHERE I want. So, I am starting to consider transitioning out of practice. To do this, other streams of income are required (obviously) before I make any leaps which is how I found Bigger Pockets. I have ZERO experience with real estate but believe it can help us build the life we want. I am wondering if there are any young professionals like me on here that have transitioned from their lucrative business to real estate with the intention of freeing up their time. I guess I am looking for some advice (and maybe some solace) that this can be done and how to get started. Thank you for taking time to read my post. Looking forward to this journey!

Good news bad news

good news you make good money

Bad news. If you are like most people you spend just about all that you earn. Replacing what you earn/your lifestyle will take more time and effort

For me it was easy to replace minimum wage with rental income and flipping My sister on the other hand, making probably around how much you make, proved impossible for her and she had to wait to retire until she was in her 60s

I, on the other hand was able to retire in my 40s because of a more modest lifestyle

for you and most people the rental route is a long route. Flipping will replace your income faster but is more time intensive.

4 Votes

Call a mortgage broker

With a 10 minute conversation telling them what you have posted here you will have your answer. Then call another broker same thing

They only make money when you get a Loan

0 Votes

No need to meet

Start eviction tomorrow via real estate attorney

In the future with an inherited tenant simply send a registered letter informing the new rent amount. Give 60 days notice

you are being played and your solution is not good at all

2 Votes

Call Atty ask about evicting for dangerous animal as admitted by tenant?

1 Vote

As you know that is a tough one

try these places

Cascade,
21st
Center state
Vanderbilt

0 Votes

I am surprised the insurance company didn’t require it be changed

I sold a home in 2018 lender wouldn’t lend until the poly B was changed out

0 Votes

Personally I would say no thank you
but then again I don’t like partners

I want the entire cake to myself

Never saw the point of having a partner take a share when I can just pay whoever I want to do what ever work and go away

Or get a loan, pay a low interest rate and deduct it from income taxes VS giving a partner a share for just providing the money

0 Votes

Originally posted by @Marco Masanotti:

Hi !

I’m a Canadian RE investor looking to buy multi families in the USA.

What state should I be looking at ? All tips are appreciated and if you guys have money to deploy in Canada I would love to answer questions.

Best,

Marco

I would look into the tax consequences very carefully

https://www.djb.com/2020/08/u-...

2 Votes

I am amazed at how many people told the OP to call a plumber

I would have told the tenant to do just what the OP did $3 at Lowe’s

0 Votes

All Forum Posts by: Michael Plante

Michael Plante has started 69 posts and replied 2369 times.

Post: Real Estate Markets (Tampa/Portland)

Post: Young professional wanting a life change

Post: Best Strategy to Finance First Rental Property

Post: Rookie mistakes I'm making and a tenant with tumors

Post: Tenant not allowing entry because of dog

Post: Financing for a single wide mobile home on land

Post: Polybutylene Pipes in home

Post: Equity share- Revenue Share- Partnership w Contractor on Sixplex

Post: Canadian investing in USA and vice versa

Post: Clogged kitchen sink