All Forum Posts by: Austin F.

You could bring in a private tester and pay for a private report that doesn't get shared with the state.

They also sell lead check testers at big box stores, test ever paint color, and if you're really worried test a variety of things that are white. Don't forget the flat bit between the window glass and storm window, another common hot spot. Its very fast and easy, 5 seconds per test.

Edit to add: Most lead based paint was used in exterior coverings. *Generally* interior paint will be free of lead EXCEPT white hence testing white multiple times.

Surround yourself with like minded people.

I spent most of my investment journey alone talking with 9 to 5ers about my deals, but once I found like minded people to talk to, wow. Having a marketplace of ideas to draw from is incredibly helpful and motivating.

I also always make sure to respond to newbies, or those asking for advice. If they take the time to reach out I take the time to construct thoughtful responses.

Pros: Free beer on Saturday nights

Cons: Sometimes have to wear a toga to do walk throughs.

I like my student renters. There are occasionally holes and broken windows, but they pay more, sign year leases, never threaten to sue me, and are pretty relaxed regarding maintenance issues. I end my lease the day after graduation, leave the property empty for one week to clean, do repairs and improvements then the next group comes in.

The biggest thing I have found renting to students is that the responsible students are looking for their house far in advance. I am currently leasing for May move ins.

Great returns, and minimal management besides that I don't care what it is.

Here's one more thought. Pull out a line of credit secured against the 14 (12?) you already have. Use that line as the down payments on more properties (Utah is a growth market short and long term). Pay down the line aggressively with your current cash flow, rinse, repeat.

No cash-out refi so your loan pay down timeline stays the same, yet unlocked equity to acquire more properties. 

I'm pretty happy if my tenants take out the trash every week... 

I did it.

Is it totally passive? No, I self manage. But I skied 50 days last year, spent a month riding my motorcycle around Mexico, traveled around the west in a van for 3 months, and call people back essentially when I feel like it. There are of course stressful days, and plans that get ruined but its a small price to pay for having a 'free' lifestyle.

I'm not writing to brag (okay maybe a little) but 'freedom' IS possible. I don't have 50 doors, I don't grind every day, I set realistic goals for the lifestyle I wanted, and met them. I continue to set goals with the lifestyle I want in mind, and keep an eye on what really matters to ME.

Or even for guys who are experienced but get into a "what the heck do I do with this" moment. 50 bucks for a 30 minute talk with an experienced GC could have saved me some serious headaches on some projects I've done, especially if it could be done on demand. 

Figure out your milage rate then the formula I use for monthly taxes is as such:

Purchase price/2=x

((x*milage rate)/1000)/12

or for an Xcel sheet here is my formula for monthly taxes:

=((((B1/2)*C5)/1000)/12)

B1= Purchase price

C5= Milage rate

So for my MI county it is as such for a 200k house

200,000/2

(100,000*52.7085)/1000

5270.85 per year

EDIT for bonus content:

https://www.michigan.gov/taxes...