All Forum Posts by: Michael Swan

Hi @Patrick Rowe

Feel free to reach out to me.  I love talking shop with a fellow investor like yourself.  That goes the same for all on here.  I recently retired from my day job and work on my RE investments, my RE Asset management, refinancing and selling a few of my apartment complexes now and acquisitions too.

I love this stuff!!  I am a straight shooter and don’t sugar coat things and am not a yes man if that is what you are looking for advice wise.

Swanny

BP Guest Podcast 238

Hi this is Swanny,

I have done approximately 8-10 of these 1031 exchanges.  If you are only going to pay about $15,000 in taxes, I would just pay them.  

When I did all my 1031 exchanges, before even putting my exchange property up for sale, I already had 3 properties in mind and made sure that I was ready to sign a PSA on the property I wanted to exchange it for.  

You don’t want to be scrambling and buy a property that doesn’t really make sense and be under the gun like that over such a small sum as $15,000 trying to avoid those taxes.  Again, you need a property that makes sense for your business plan to exchange for your current rental property.  If not, just bite the bullet and pay the $15,000 in taxes is my advice based on experience of doing these 1031 exchanges in the past.

Swanny

Guest BP Podcast 238

Hi @Sarah Enero

I am always available to talk.

Swanny

Hi@Chris Mooney

I only own apartment complexes and no 4 units or less properties in Lake County.  My PMs only do larger apartment complexes.  

Sorry I don’t have a 1-4 unit PM to refer you to.  

Swanny

BP Podcast Guest 238

Sure @Nick Allison

Anytime. Glad I could help!!

Swanny

Hi @Sarah Enero

This is Swanny.  I was a guest on Podcast 238 and live in San Diego too.  Me personally at these extremely inflated San Diego prices would not have purchased and only rented for now.  I would look into buying out of state rentals where you can get the 1% rule or greater.  I would try to chunk in my rent with rental property income and the eventually replace a portion of my w2 before tax income and then maybe more and more and more until you have eventually replaced all you after tax w2 income, making you financially free.

I love this stuff and am available to talk.  I just retired from my teaching job this past June of 2021 and am now financially free!! My first little rental property I purchased was about 10 or 11 years ago.  Now I have about 200 front doors and counting.

Don’t be afraid to reach out!!

Swanny

Guest BP Podcast 238

Hi @Nick Allison

I prefer Lake County, Ohio.  Really nice area like Mentor.  Lake county is Landlord friendly, newer buildings comparatively and great rents, often higher than Lakewood and some of those sexier west side areas.  Purchase prices are about 25-35% lower there too.

I have 57 units in Mentor and about 110 units in Painesville too!! Don’t be fooled by the hype!! I’m in California like you too.  I live in San Diego.

Swanny

BP Guest Podcast 238

Thanks @Dan H.,

My motivation for doing just that was to replace all my w2 earnings with cash flow, plus I wanted to move to repositioning apartment complexes and refinancing them based on their NOI. At this point I just retired at the end of last school year, me being a long time catholic School PE teacher.

I 1031 exchanged all my single family rental condos I had in the San Diego area for apartment complexes in NE Ohio.  It has made me financially free now and I told my story on BP podcast 238.

Plus, I love to talk shop!!

Swanny

Hi Andres,

My experience says you can never have enough in reserves. After your rehab if you still have at least $15,000 in reserves for safety you should be good.  Murphy’s law will rear its ugly head sooner or later.  That has not been evidenced more clearly with Covid.  

Like owning only one stock, owning one rental is rather risky without economies of scale.  

I’m always around to talk things out and I recently achieved financial freedom with my RE and then retired from my day job!!

What a feeling to now be financially free!! If I can do this anyone can!!

To infinity and beyond!! 
Buzz Light Year (Tim Allen)

Swanny
BP Guest Podcast 238

Hi @Account Closed

I have 7 apartment complexes in Painesville, one in Mentor, and one in Akron.  We should talk too.  

Have a great day!!

Swanny