All Forum Posts by: Mike White

Investment Info:

Single-family residence buy & hold investment in Columbus.

Purchase price: $147,000

I purchased this property using a VA loan. My long term plan is to used this home as a long term rental, however I am currently using it as my primary residence (per VA rules). My current strategy is to begin using the property as a short-term rental, AirBnB. I then plan to use the profits to invest in more properties as long-term rentals using the BRRRR strategy. This is just the beginning as I am still working on furnishing the spare bedrooms to get them guest ready. I love to hear any input on strategies, pitfalls, or just general advise and experiences to run this as a successful weekend AirBnB.

What made you interested in investing in this type of deal?

Necessity. I needed a way to add to my cash reserve as quickly as possible.

How did you find this deal and how did you negotiate it?

MLS, it was purchased as a primary residence with the plan to turn it into a long-term rental after a couple years.

How did you finance this deal?

VA Loan

How did you add value to the deal?

Minor cosmetic improvements.

What was the outcome?

Still in the early stages so no outcome yet.

Lessons learned? Challenges?

Find an agent that understands your goals.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I worked with a newer agent that still didn't fully understand my plan. He couldn't get past the idea I wanted to eventually turn this into a cashflowing rental property. I did not take my time interviewing agents.

Hey Shilo, 

Great discussion topic! I believe in investing in mindset all the way! The recent BP podcast interview with Annie Duke was awesome, in my opinion. I just ordered her book, " Thinking in Bets: Making Smarter Decisions When You Don't Have All the Facts" from Amazon and another book she recommended titled, "The Geometry of Wealth" by Brian Portnoy. I'm excited to read them as soon as they arrive. Both books cost me about $30 and the time to read them.

I think the return will be infinite and are always compounding in my life.

To me, mindset is the greatest asset a person has. I am always trying to develop my mindset toward better and more positive results, problem solving, and crushing fears and  obstacles.

@Shiloh Lundahl , Thanks for the invite! I think I am going to miss this one, I'll be out of town.

@Michael Briggs  I appreciate the thoughtful and intelligent response. Thanks for the article, I will most definitely read it (I have only read your synopsis, as of now). 

I am well aware that the Circuit Courts vary greatly in their interpretation and implementation of the law. I currently live in the Ninth Circuit, which is arguably the most liberal of all them. Let's just say I have some experience in the subject of immigration law.

My personal views are these; there are immigration laws in place and why take the chance of having your (not you specifically) name involved in more case law? Just because a prosecution hasn't happened yet, what happens when one does? I also personally prefer to maintain a high level of honesty and integrity in my business and would rather take the vacancy than to knowingly violate a federal law, regardless if there hasn't been a solid precedence of prosecution.  I personally wouldn't be willing to take that chance, the money isn't worth it to me.

 In this particular case, the question was posed as knowing the individual was illegally present in the U.S. It is not worth the potential imprisonment and fine to do business that way. As other have also stated, the potential property damage and lack of recourse is a cause of concern. Not to mention the vacancy if/when the tenant vacates prior to the end of the lease term, due to deportation (self or legal).

FYI, You should be aware that it is a federal crime to knowingly harbor an illegal immigrant, pursuant to 8 USC title 1324 (A)(III)

"Any person who - knowing or in reckless disregard of the fact that an has come to, entered, or remains in the in violation of law, conceals, harbors, or shields from detection, or attempts to conceal, harbor, or shield from detection, such alien in any place, including any building or any means of transportation;"

I am planning a move to the Atlanta area in 2018. I am just starting out on my investing journey and have been looking to start with a duplex/fourplex. I have been running the numbers and I cant really find anything that will cashflow over $150 or so. Since I don't live in the area yet and have been doing my market research I was beginning to think perhaps I was doing something wrong. I'll glad (not really glad per-se) to see that I am not running my number wrong. I would love any advise and input from locals. My focus areas have been mostly Cobb county (I'm somewhat drawn to Smyrna) and north Paulding county. I'm finding more of the "bank for the buck" advantages in the Dallas and Hiram area. I am looking to house-hack for awhile until I get fully settled in in GA.

I attempted to attend this event. Unfortunately I got stuck in traffic and would’ve been about 15 minutes late. I drove in from 2 hours away only to find this address was in a large complex with no suite number for the event. I would like to make the next event. Can someone please provide the suite number to me if there is another event held at this location. Thanks. - Mike.