All Forum Posts by: Mike Dymski

I did not have an LLC until 10+ years of investing...and still have a some units in my personal name after 15+ years. Always had an umbrella policy though.

Unfortunately, this was likely an inevitable outcome and cost over a multiple decade period of risk exposure...along with not getting appraisal value for the illegal unit when you sell.

Nice work.  You know you've made it when you don't know the exact number of properties you own!

I am not on the forums enough to notice but as rates decrease, loan transaction volume will increase.  We have a debt driven economy.  Thankfully, investors owned property and low rate debt during this period of record inflation.  Those who don't own appreciating assets got pummeled.

ICE has been renting hotels in AZ and TX to house migrants.  Many owners of older hotels faced very low occupancy during the pandemic; so, many of them accepted government ICE contracts.  Separately, there are tons of older extended stay hotels in all the major growth cities with people living in them paying (fairly high) monthly rates due to convenience or lack of qualification for typical rentals.

My daughter makes $25 per hour working at Starbucks while at school ($20 per hour plus tips).  Check around and see what's out there.  Check in with the local technical school.  There is a high demand for high paying trade work, often with scholarships and two year degrees.

This is spot on.  I will add that buying in the path of progress helps...desirable areas in growing cities adjacant to the areas that have already taken off.

“The ability to attend to a task and stick to long-term goals is the greatest predictor of success, greater than academic achievement, extracurricular involvement, test scores, and IQ. Gritty students succeed, and failure strengthens grit like no other crucible.”

― Jessica Lahey

Keep doing what you are doing and in 10-15 years (your retirement timeline) you'll have a ton of equity built up to turn into whatever cash flowing investment you want at that time (real estate or otherwise).  At that point, many investors just keep their paid off properties and live off the cash flow (mostly risk free).

The issue is not the issue.  The biggest thing we have to worry about is government intervention, and the actions of 2020's have been unprecedented.