All Forum Posts by: Michael Swan

Wow @Emily Sawchuk

That is really impressive.  You WILL be financially free in 10 years with that kind of fervor!!

This is Swanny guest on Podcast 238.  If you need any advice bring any questions to me.  I love this stuff!!

Thank you

@K. Tucker

It was my pleasure talking to you on the phone.  I really like teaching and I am a lifelong learner!!

Let’s kill it in 2022!! Take no prisoners!!

Swanny

BP Podcast 238 Guest!!

Hi this is Swanny.

I told my story on BiggerPockets podcast 238.  I became financially free transitioning to true Multifamily (5 units or more).

The most ever W2 income I made as a parochial school teacher and an adjunct professor at the local community college here in San Diego, combined family income was $85,000 before taxes and California has over 13% state income tax alone.

I just retired from my teaching jobs this past school year.  Teaching PE with masks during Covid was not what I signed up for!! 

Maybe watch Podcast 238 and bring your questions.  I was a guest a while ago and now am in the harvest period on my apartment complexes I 1031 exchanged for etc…. from 2015-2019. Plus a few other straight (without my 1031 exchange money) we purchased and are ready to reap the harvest on those too!!  Education, workshops etc… were key for me.  Multifamily Millions by David Lindahl was a great high level read that I studied really well and still incorporate elements of that book into my process.  I just went back to Ohio at Halloween and had a decorate your door contest and gave out prizes for the winners, building community at a 57 unit I own in Mentor ohio that we purchased for $2,000,000 in 2019 and with forced appreciation it is now valued at about $5,000,000 after only a little over 2 yrs of ownership!!

”Whatever the mind can conceive and believe, it will achieve!!” Napolian Hill

It sure did for me!!  If I can do this you can too!! It is great to be financially free!!

“To infinity and beyond!!” Buzz Light Year!!

Swanny

Guest BP Podcast 238

Hi @Jacob Miller 

I have a 57 unit in Mentor.  The address is 7559 Mentor Ave.  We purchased it Aug of 2019, before Covid.  We purchased it at $2,000,000 and it is now approaching $5,000,000 valuation now.  This Aug of 2022 will be 3 years we have owned the complex.  Another complex down the street that we were modeling our renovation and business plan after, just sold for $85,000 a unit for 72 units.  They purchased about the same time we did and they paid $47,000 a unit in 2019 and we paid $35,000 a unit.

It is a really nice area.  The medium level family income is over $75,000 a year now I believe!!

We also have about 100 units in 7 apartment complexes in Painesville and I like that area too.  They have more like $45,000-$50,000 median level family income there.

Really landlord friendly in Lake County in general I have found.

Swanny

Yep!!

@John Clarken

Lake County Ohio I have not seen these problems in Mentor and Painesville.  Cleveland is trying to be more liberal like California. That’s why I invested in Lake County, Ohio.  They don’t follow the Cleveland tenant friendly policies!!

Swanny

Guest BP Podcast 238

I have done really well about 160 front doors in Mentor and Painesville!!

Swanny 

BP Guest Podcast 238

Me personally I have apartment complexes and am attempting to refinance as much as I can!! We have forced appreciation and each property that hits a $1,450,000 or higher valuation we refinance as many of these as we can on Freddie Small Balance loans, first 2-3 yrs interest only, 10 yrs fixed under 4% fixed.  These are non-recourse products too!!  I have a great lending agent that has really got me back tons of tax free money cash out on these low interest loans.  Plus they are assumable too and at these low interest rates will be pretty valuable if someone wants to buy it from me 5 years from now, when interest rates are much higher too!!

America!! What a country!!

Swanny

Guest BiggerPockets Podcast 238

Sure @Larry Smith!!

Go for it!!  My pleasure!!

Swanny

I agree with @Bruce Woodruff

That’s what I would do too.

Swanny

Nice @Dominick Galinis

You will do it!! Make it happen!! I don't have experience with STR. Make sure you pick the brains of people here on BP that do a lot of STR's.

Happy New Year Dominick!!

Swanny