All Forum Posts by: Michael S.

Hello Erin, We are working with Andrew Fidler in Toledo. Andrew and LaPlante have done great work with us so far. He certainly knows the market and the business. Let me know if I can be of help. Michael

@Sean Durham I also subscribe to the same tenet. I didn't talk about it for a couple years until I actually had deals done. The article was a good read. For me, I think stating goals publicly or in writing, formalizes them and opens up external accountability to meeting said goals. Still an interesting read.

@Sam Josh I am not the most prolific or adept user of Social Media. While the response was irritating and motivating, it also reminded me why I tend to keep my business to myself. However, I want folks in my circle to see our progress over the next couple years, and ask questions, and get engaged. You're right, double-edged sword.

In Toledo OH I primarily work with @Andrew Fidler at LaPlante Business Services / Stonehenge Realty. 

I assume, many Newbies and seasoned investors have experienced some “hate/envy/nay-saying” as you began your journeys. I’d like to hear how each of us takes it, and turns it into more motivation.

I must say, the Bigger Pockets Community showed nothing but support and encouragement when I posted about my first 2 deals. My Facebook “Friends” were vast majority encouraging. However, one Hater in particular stood out to me.

I won’t go into specifics. However, all he did was reinforce my resolve and persistence in staying my course. My Why, is my Family. I do also take supreme enjoyment in proving Haters wrong.

How have you taken peoples' negativity about your REI journey and used it as additional motivation?

Once again, I want to give a shout out to @Andrew Fidler for all his help so far.

Hello BP Community,

We are out of the gates fast. They say the second deal and subsequent deals happen quickly after the first. So… We closed the first deal on Weds 11/15 (Lyman Duplex), and got the 2nd deal into contract on Fri 11/17 (Parrakeet House). This deal will close on 12/1. The team will start the repairs necessary to prepare the house for occupancy.

That said, here are some details of our 2nd deal:

• Location: Toledo OH
• Type: Single Family (2/1)
• Purchase Price: $23,000
• Estimated Repair Costs: $4,000
• After Repair Value (ARV): $38,000
• Market Rent: $700
• 2% Rule / Rent to Price: 3.04%%
• Cash on Cash (COC): 18.89%
• Cash Purchase

This is a long-term buy and hold. As we progress building our portfolio. We will be focused on serving Section 8 and Housing Authority tenants. That said, we are committed to giving our residents safe, secure, solid housing. The zip codes we focus in are certainly not war zones. We’re targeting our acquisitions in solid neighborhoods (7 out of 10 score; or B-/C+). Our team on the ground understands our criteria and we are aligned in our missions.

This deal gives us the perfect case study comparison between the results from the duplex and the Single Family Residence (SFR) . On paper, the SFR seems to have the most potential for higher performance and less turnover. Both properties are in the same zip code, so we'll get a good picture of the outcomes over the next several months.

Deal #3 will likely take a bit longer to materialize. Unless a deal comes up that we just can’t refuse, we will be stalling out for about 4-5 months to attack the debt load and prepare. So,.. for the next few months we are stacking chips, and stabilizing these 2 deals.

We’ll keep you posted.

My call out did't work last time so... Oh yeah, I want to specifically thank @Andrew Fidler for his knowledge and guidance. The man knows his business for sure.

Originally posted by @David Hansen:

@Michael S. Let me know next time you’re in town and we’ll have coffee!

 Will do. 

Originally posted by @Account Closed:

going by the numbers its a slam of grand proportions!  but we need moore!   what class of neighborhood? I'm thinking c- , d if you going to provide for the poor.

Good Luck.   keep BP updated.

Hello Hatteenia . The neighborhood is solid. Working class decent neighborhood, certainly not a war zone. If using ABCD, this would be a C+ / B- or a 7 on 1-10 scale. We'll see how everything works out.