All Forum Posts by: Michael P.

@Michael P.

Sure, as long as you don’t mind if I go ahead and increase the list price by 25% first! 🤣

Quote from @Michael P.:

Quote from @Scott Trench:

Thank you guys! It is good to hear that the changes are starting to show up to the point where you notice them, and it makes sense that we have to sit on the current trajectory for some time to reinforce to folks what the core values here are.

We are aligning around the concept of “The Millionaire Next Door” as the type of person we speak to and we hope that you call out any content that strays too far from this message.

I think that we are making, and have made, big changes to get back to this core message, but understand that it will take time to get there. Until then, I understand that I will continue to get this feedback. It doesn’t matter if I talked about this for the past 5 years on BP Money, if I let other parts of our content let some of the hype in. It doesn’t matter the ratio of “slow and steady” stories to “home runs” on the real estate podcast. BiggerPockets needs to aspire to perfection in every single piece of content reflecting a “rational optimism” about real estate investing - we believe in it’s power, and fear near-term volatility. 

I just hope that some of you, our most prominent forum members, can provide actionable advice as part of that feedback, or just let me know if the frustrations are from things done in 2023, 2022, or before, or are present-day outputs of BP. 

I’ll bear the frustration for the former, knowing it is venting/frustration earned from years past, and I’ll consider feedback on the latter as actionable to inform present-day decision-making.

How would you define this millionaire next door. Sounds like someone with a W2 in engineering with a 401k a paid off primary and 1-2 rental houses nearby. Just my guess. 

The Millionaire Next Door: The Surprising Secrets of America's Wealthy Paperback – November 16, 2010 by Thomas J. Stanley (Author), William D. Danko (Author)

It’s people who live a fairly conservative lifestyle and while they own  mundane type businesses or work professional type jobs (or high paying blue collar jobs) put aside a good amount of income for investment.  They buy homes in upper middle class to lower upper class neighborhoods which represent solid appreciation potential and reasonable upkeep/taxes/insurance expenses.  So you have two people living in houses side by side, both with annual incomes of say $250k.  One has debts totally $1.8 million including maxed out cc at 19%; with their only asset being a $125,000 401k and $10,000 in “emergency” savings.  The “millionaire” living next door owns his $850,000 house free and clear, his only debt is paid off monthly when he pays his cc bill, and his net worth is 6 times his annual income not including his home. 

Thank you guys! It is good to hear that the changes are starting to show up to the point where you notice them, and it makes sense that we have to sit on the current trajectory for some time to reinforce to folks what the core values here are.

We are aligning around the concept of “The Millionaire Next Door” as the type of person we speak to and we hope that you call out any content that strays too far from this message.

I think that we are making, and have made, big changes to get back to this core message, but understand that it will take time to get there. Until then, I understand that I will continue to get this feedback. It doesn’t matter if I talked about this for the past 5 years on BP Money, if I let other parts of our content let some of the hype in. It doesn’t matter the ratio of “slow and steady” stories to “home runs” on the real estate podcast. BiggerPockets needs to aspire to perfection in every single piece of content reflecting a “rational optimism” about real estate investing - we believe in it’s power, and fear near-term volatility. 

I just hope that some of you, our most prominent forum members, can provide actionable advice as part of that feedback, or just let me know if the frustrations are from things done in 2023, 2022, or before, or are present-day outputs of BP. 

I’ll bear the frustration for the former, knowing it is venting/frustration earned from years past, and I’ll consider feedback on the latter as actionable to inform present-day decision-making.

Quote from @Jay Hinrichs:

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Quote from @Phillip Dakhnovets:

Hello, my friends,

My name is Phillip Dakhnovets, and I have recently moved with my family to the Toledo, Ohio, area. We are absolutely in love with the amazing park system, the beautiful Maumee River, and the local hospitality.

In my real estate investing career, I have been fortunate to visit and analyze properties all around the country. Like most people on this site, I opened Zillow and selected the greater Toledo area as soon as I knew we were moving here. Over the past couple of months, I drove all around the city to see firsthand how good the deals really were, and here is what I learned:

Toledo has a LOT of investment property deals. I thought the 1% rule properties were all gone—but not in Toledo. The city has a great infrastructure and a strong manufacturing presence. People are hardworking and resilient. There’s tons of inventory at realistic prices. From my experience, these factors are the secret sauce for a long-term growth investor.

My family absolutely loves the city, and we are fortunate to call it home. We look forward to growing in the area and connecting with the real estate community. Please shoot me a PM if you would like to chat or just say hi.

All the best,

Phillip Dakhnovets

Guardian Property Management & Maintenance

 If the 1% rule exists there (and the city is growing and not crime-riddled) then while it may not be "the future" it certainly sounds like a good market to invest in.

If my grandma had B@LL$ she would be a grandpa haha

???

I’m just joking around mate hehe 

 I figured as much but I think I may just not be sufficiently accustomed to Aussie humor lol

True that mate, 

I forgot to apologize for my sense of humor haha 🙏

We have weird and dirty jokes lol 

No need to apologize, just understand us who were born and raised in 'Merica might have no idea what you're talking about. 

Andrew just ask Engelo what Negative Gearing is ??? 

Given I haven't heard of it and you didn't define it, I'm a bit frightened to do so... 

this is a real estate site.. and that is a real estate term in Aussie land.. I will let engelo pontificate on it.. being that he is famous there.. you may not have known it but he bought the cheapest home ever sold in All of Australia and made national news.. then they kicked him out of the country and he had to flee to the US were as we know we love imigration legal or not.

Buying the cheapest house on record is interesting. And getting kicked out of Australia is pretty hardcore 

Hi @Cameron Moran!

Fellow BGSU (and University of Toledo) grad here. I own a small real estate business (note: I treat it like a business and not an investment) in Toledo and (gasp) Maumee. 

Toledo REIA and PIN (Toledo Property Investors Network) are both professional organizations that might help further your education and networking locally. They meet the first (and second) Tuesday of every month.

My experience is that REIA tends to be heavy-handed with the sales pitch, while PIN is more investor focused. If you'd like to join me as my guest at the next PIN meeting feel free to drop me a DM. 

Thanks Dave. 

It is important to people reading that just because you see property management in the name does not mean it is a legit property management company. Toledo has lots of problems with management companies here not being properly licensed, using "rent a broker's," and helping people from out of state invest and the end up in areas that are not profitable and are high maintenance and it only makes the "unqualified" managers money and not the investors. We are always happy to see new faces in Toledo as we need good quality landlords in this great city. And what that means is landlords that want to provide quality and safe housing. We don't need anymore slumlords and unlicensed property management companies. I am tired of cleaning up those messes. But if you are someone that got involved with the wrong company and your portfolio is not performing, you know how to find me. 

Angela Harding 

TPM Realty