All Forum Posts by: Michael Swan

My pleasure @Danielle Jackson.

How about you for 2022? 

Onward and upward all!!  Let’s do this in 2022!! 

As Buzz Light year said, “To infinity and beyond.”  That is like infinite returns and beyond for us in RE!! 

Swanny

Hi all at BP Nation!!

I wish everyone a Happy New Year!! I always look at the good on BP that all of us appreciate.   We love talking up and motivating others to succeed in becoming financially free through Real Estate.

For the most part I believe 90-95% of the people here on BP are yearning to learn from more experienced and successful investors that already have gone down that road they want to travel.

Me personally I cherish these memories of getting help and helping others since I was a guest with Brandon and Scott Trench as the hosts on Podcast 238 back in Aug of 2017.  It even goes back further than that on my forum posts etc… on that podcast I told of my experiences as a lowly paid parochial school teacher and how I was on my way to becoming financially free.

Also, Brandon and Josh included me in Ch 1 pages 25-26 of their book How to invest in RE the Ultimate Beginner’s Guide to Getting Started in 2018 too. BP also featured me on the front cover of their wealth magazine with a feature article inside about a year ago in the fall of 2020.

I love this stuff and have advised for free, sooooooooo many people by phone meetings etc…. to figure out what is best for them and what I would do it I were in their shoes. By the way I have spent over an hour average with each person on the phone  for years now!!

You may ask why? It is pretty simple. I have been a teacher and coach my entire adult life and just retired from my teaching job this past June of ‘21 and am financially free!! Just because I stopped teaching at my day job does not mean I stop teaching and coaching!!

I believe deeply that the more people in my lifetime that I teach and coach etc… is my  real legacy that I leave long after I die!!  That is how you live on forever as people pass on what you have taught them to others etc…. A little piece of me lives on in others!!

If you change the way you look at things, the things you look at change right before your eyes!!! It sure has for me.

How about for you for 2022?

Swanny

BP Guest Podcast 238

I would do maybe the most noticeable room first.  Plus it would be easier if the unit was vacant, between residents.  Good luck with that.

Swanny

Just build up the sub flooring. That is what I would do if it is soooooo noticeable.

Swanny

I purchased a similar product in Akron Ohio in Aug of 2017.  Average rents for the 24 one bed 1 bath units were sitting at $450.00 average rents.  We had 14 out of 24 that were on section 8 at purchase.  Fast forward, over 4 years later and through covid, we were lucky we had those Section 8 residents and kept pushing the rents along the way.  Now the section 8 rents are hitting $655 and that is what we are charging new non-section 8 residents too.  Our inherited residents have gone up a little slower over time and they sit at about $600 average right now in their way up in the next 6 months to those $650.00 a unit rents.

Please feel free to message me and we can talk.  I told my story on Podcast 238 and I am now in the period I call the harvest period for my 9 apartment complexes.  This property will be the next one I refi.  We purchased about 4 yrs ago that 24 unit in Akron for $635,000 and with downpayment we are all in at $180,000.  The current valuation is hovering between 1.4 and 1.5 million.  We have about $380,000 debt on the property.  Our cash flow averages about $4,000-$5,000 a month currently.  We have been repositioning it and after all rents are over $625.00 average for the entire complex we will pull the trigger on the refi for a Freddie non-recourse and take out at least $700,000 cash back tax free and be on a non-recourse 10 year fixed loan at about 4%.   We may or may not decide to do the first 2-3 yrs of that loan interest only.  The last two we refinanced ant too out a ton of cash, one we did first 3 yrs interest Only and the other we chose not to do any interest only period.  One was fixed for 10 years at 3.6% and the other 3.9%.

I can’t wait to talk to you!!  I could also talk to you about what I do at takeover with the tenants too and that plan you have to raise those rents at takeover.  Why reinvent the wheel!!

Swanny

BP Podcast Guest 238

Jacob I would agree.  Make sure you have plenty of reserves for when Murphy’s Law rears its ugly head.  Not if , but when.  You can never have enough in reserves I have found.

Swanny

Hi @Account Closed

I too congratulate you!!  Your story is extremely motivating and I too achieved a similar achievement.  I am now in the harvest period, refinancing some and selling some too!!

People come out and criticize every aspect of what we have accomplished.

Whatever the mind can conceive and believe it will achieve!!! People out their can be like you and me and be financially free!!!

Plus, if you think about it we have done this all through Covid too!!

Swanny

Hi @Larry Smith

I invest in Lake County Ohio presently.  I agree that you need a great team to do this out of State investing thing.  Feel free to reach out to me and message me.  I am an investor only, not a commercial or residential RE agent.

I love to talk shop and told my story on BP Podcast 238 and in their wealth magazine too about a year ago. I just retired from my day job this past spring of 2021.  Financially free and working on my 9 apartment complexes, managing the Property Managers, working on more acquisitions too.  That goes for anyone out here on BP.  I am here to help and advise.  

Onward and upward BP nation!!

Swanny

BP Guest Podcast 238

Great suggestions here on this thread to think about Cameron!! This is such a great community here to help you out on your journey to financial freedom!!

Swanny