All Forum Posts by: Michael Calvey

Our recent blog about Gen Z and home ownership is interesting. 

"While homeownership numbers stagnated for the TikTok generation, they are still ahead of where their parents were at the same age. For example, around 27.8% of 24-year-old Gen Zers own a home, while only 23.5% of Gen Xers, who are generally the parents of Gen Z, owned homes at that age. Meanwhile, 24.5% of millennials owned homes at the same age."

Gen Z Is Dominating Their Parents in Homeownership

Quote from @James De Stefano:

I'm early on along the journey, but so far it's been the "walking on eggshells" while screening / accepting / declining prospective tenants. 

Maybe it's because it's beaten into our heads as RE agents, but I'm particularly careful when emailing, texting or calling applicants.   There's just 100 ways people can scream discrimination, when 90% of the time it's simply " You don't meet the income to rent"  

There's crazier things for sure, but this has been consistent! ha

Screening tenants can be tricky—like tiptoeing through a minefield because you need to be careful about laws and the risk of discrimination claims. It's great that you're already being careful. Here are some simpler tips to make your process smoother and less stressful:

1. Make a Rule Book: Make sure you screen everyone the same way. Think of it like following a recipe—same steps, same ingredients, every time. This keeps things fair and covers your back if someone says you were unfair. Writing down what you do and why can also help you remember later.
2. Be Clear When You Say No: If you have to turn someone down, tell them exactly why. Like if their income isn't enough, explain how you figure out if someone can afford the rent. This helps them see it’s nothing personal, just math.
3. Keep Learning: Laws about renting to people can change. Staying sharp with courses or classes not only helps you stay out of trouble but also shows you’re serious about being fair.
4. Ask the Experts: When you're not sure what to do, talking to a lawyer who knows about real estate can really help calm your nerves and make sure you're doing everything right.
5. Use Smart Tools: Think about using a service that checks tenants for you. It's like having a helper that makes sure you’re thorough and following the law, which can make your job a lot easier.

It's cool to see someone who really cares about doing things right. How do you usually handle screening tenants, and have you found any helpful tools or tricks?

I'm curious, within your own real estate investing biz, what is the one thing you hate doing but needs to be done to run your business?

Quote from @Agustin Rossi:

Hey Mike! Great question. I will be investing in real estate no matter what the interest rates are. I want to have a business and what better than real estate. My why is bigger than my doubts and fears. I am 27 years old, about to hit 30 and now, young young is the best time to start. Step by step, I am not gonna go fast for buying a property but if the right deal comes to me and I find it I will go ahead and buy my first buy and hold and go from there. The hardest part is to start in my opinion. Either way, we are gonna die and I want to to live the best life and help the people I love to have their best life too. Real estate is the industry and in the US is even better to do it, with all the tax benefits, and lending opportunities out there, even if it takes time, which it will, it is worth it and you can see that from all the podcasts of BP there are and the books as well. Thanks!

 I love this mindset!

I’ve been seeing a lot of articles with people (millennials, mostly) struggling to buy properties, whether it's their first home, or for investing in real estate. Curious what has been the experience here. If you’re millennial, even better but just want to gauge what the struggle is.

Not enough properties? Interest rates? Down payment? Not sure you're making the right decision?

Quote from @Scott Trench:

@Michael Calvey - Could we please refer Sam to all of the property managers in Memphis for him to select from and interview? 

Sam - we are putting a list of local property managers in markets around the country together for exactly this reason. 

We plan to launch this in a few weeks, but you need people to interview right away, given that you are likely in process of being robbed. 

 Absolutely. I'll get connect with Sam and get him a list. 

Stand out as a preferred tax & financial professional on the largest network of real estate investors with our upcoming Tax & Financial Pro Finder.

Stand out as a preferred tax & financial professional on the largest network of real estate investors with our upcoming Tax & Financial Pro Finder.

Quote from @Troy P.:

I'm currently in the market for a Tax Pro that can assist with my relatively basic returns and continue to assist with a tax strategy moving forward.

 Hey Troy - We totally get your struggle in finding the tax advisor, especially one who knows the ins and outs of real estate investing. That's exactly why we're rolling out our new Tax Pro and Financial Pro tool this March. 

Our goal is to bridge the gap between real estate investors and tax & financial advisors who truly get the nuances of REI.

This tool is all about connecting folks like you with advisors who aren't just about managing investments or doing basic tax returns. They are pros who understand real estate and can help you make a solid plan to help you accomplish your goals. They're the kind of pros who can dig into your plan, give it a good shake, and offer smart advice on everything from portfolio strategies to tax stuff.

Sounds like it could be a game changer for you, right? Keep an eye out for it in March, and feel free to shoot any questions my way!

And if you know any Tax Pros or Financial Advisors who are looking to take on new clients, have them fill out this form so we can talk with them about advertising and working with our BiggerPockets audience.

Hey Mike,

We totally get your struggle in finding the right financial advisor, especially one who knows the ins and outs of real estate investing. That's exactly why we're rolling out our new Financial Services Finder at BiggerPockets this March. 

Our goal is to bridge the gap between real estate investors and financial advisors who truly get the nuances of REI.

This tool is all about connecting folks like you with advisors who aren't just about managing investments. They really understand real estate and can help you make a solid plan as you move away from your W2 job. They're the kind of pros who can dig into your plan, give it a good shake, and offer smart advice on everything from portfolio strategies to tax stuff.

Sounds like it could be a game changer for you, right? Keep an eye out for it in March, and feel free to shoot any questions my way!