All Forum Posts by: Michael Swan

@Kory Clark congrats on graduating from college recently.  If you could somehow pull it off living onsite incognito like you suggest, could be interesting.

Swanny

Personal connection at work.  Colleague has mother and step dad that is PM with office and personal home in Mentor.

Swanny

@Carrie Giordanowhat part? I have apartment complexes and single family in Euclid, Cleveland Heights, Shaker Heights, and Painesville.

Swanny

Be careful out there people.  I remember a time not too long ago in San Diego where people were taunting flipping, wholesaling, etc...  That is why I have sold my first 4 rental condos in 2 San Diego suburbs (Santee and Lakeside) int he past year and 1031 exchanging them for apartment complexes in North East Ohio.  This summer I will be trading in 4 more for apartment complexes out odd state.  They are beginning to give mortgages to people that clearly can't handle their own finances.  It is getting scary out there.  Pretty soon people will be saying that we have to get in now and we will never be able to afford a house again.

When people start talking about something for nothing, instantaneous gratification Guru garbage, the end is not too far away.  Get your equity out and use it for these three rules.  1. It can't lose money 2. It must cash flow. Become financially free by replacing your W2 earned income with passive tax deferred cash flow.  I don't know about you, but I don't want another job.  That is what flipping is. It is also taxed at some of the highest tax rates too.

Swanny

I don't know if I would want to live in my apartment complexes.  The people that live in the apartment complexes are the apartment complexes that I am purchasing, due to the fact these owners are just done listening to tenants' complaints etc...  They are too close and it is a bad thing!!  I was once told that the worst property manager ever is yourself and living onsite would surely fit that bill.  I would read Multifamily Millions by David Lindahl right away.

Swanny

The best money I ever spent was to become a $500.00 member to LUI and attended Del Walmsley's 2 day seminar.  I listen to LUI podcasts 2 or three times a week in the car.  I did NOT sign up for their preferred membership. I only paid $500.00 and when you combine this with Davi Lindahl's book, Multifamily Millions and Loopholes of Real Estate by Garrett Sutton, I came to an epiphany that in 8 years from today, I will have over 50 million in Real Estate and 16 million in net worth and 1 million in tax deferred cash flow per year.  Then, when I read Grant Cardone's 10x rule and maybe I will have a goal like him someday.  1 million in cash flow each month and 5,000 front doors etc...

Remember, If you shoot for the stars, you may only grab a handful of clouds.  However, you won't grab a handful of mud.

Swanny

I would paint the cabinets and get that cheap marble looking Formica and put it on top.  You don't have that much counter surface. What part of Ohio?  If it is in a "C" class neighborhood, that would do.  If it is in a "B" class neighborhood, a whole different strategy.  

Take care,

Swanny

Sorry. I meant, when you stop learning, you stop living.  You get my points with my typos.

Lol

Swanny

@Timothy Murphy III My real estate attorney I have used for all my apartment deals is Matt Viola. He has really helped me to grow my business and protect my interests. I am really surprised that anyone does a deal without an attorney that specializes in this particular area of real estate. He has been invaluable to my success and expansion. You should do a blog or forums ousts describing all the benefits of having AC real estate attorney on your side when making such a a big purchase. The price of services you guys provide are a drop in the bucket. Plus, you can include your services into them closing HUD statement and your fees are included in the loan. I just don't think people are aware of how important you are to investors of muilitamily apartments and commercial deals. If I were you, I would be posting often on apartment and commercial posts and blogs etc... I love this stuff. When you stop learning, you stop learning.

Educating people on what you can provide is invaluable to people here at Biggerpockets.  

Swanny

Hi Josh,

I can only speak of the area that I invest in North East Ohio.  I have 8 single family I own in Euclid. I also own apartment complexes in Shaker Heights, Cleveland Heights, Euclid, and Painesville.  i am currently in negotiations for another apartment complex in these areas.  Call me so I can discuss with you from investor too investor, before you get into an undesirable area.  Look at my profile and call me soon.

Swanny