All Forum Posts by: Mike Terry
Mike Terry has started 39 posts and replied 275 times.
Post: Valdosta, GA Market Update
- Investor
- Fort Myers, FL
- Posts 292
- Votes 278
This is awesome info thanks Mitch. All indications here are of a pretty healthy market. I would suspect once investors digest the higher rate environment and some of the hurricane damage is moved inventory will settle out in neutral territory. This is the recipe for get rich slowly.
Post: Port Huron, Saint Clair County and the Thumb Coast of Michigan
- Investor
- Fort Myers, FL
- Posts 292
- Votes 278
Hello BPers,
I am an investor investigating the eastern Michigan market for flips, short term rentals and buy and holds. I grew up in Canada and still have family there and will be in the area frequently this year 2025. I would like to network with anyone with experience in Port Huron, Lexington and along the Thumb Coast of Lake Huron to Caseville. If you are out there let's connect.
Mike
Post: Reaching back out about Selling and lease back home in Fort Myers FL
- Investor
- Fort Myers, FL
- Posts 292
- Votes 278
Quote from @Account Closed:
@Raymond J. Rodrigues I was wanting to continue living in the property. Ideally I would like the rent my property for the next 2-3 years. So the goal is to sell the property but remain as a tenant.
Hi Max,
I live and invest in Southwest Florida. DM me your property address. I am fairly well connected in the REI community here. I am sure there is someone in my network that can help you.
Mike
Post: Looking to buy my first investment property
- Investor
- Fort Myers, FL
- Posts 292
- Votes 278
Great post and many of the responses are valuable here. My two cents are with 400k, pick a market and get started. You will learn a ton with your first property. All the theory and strategy on here can help prepare you but the best education is doing. Depending on market, I would plan to invest 100k in a single family home, find a good property manager, realtor, attorney in compelling market and just start. Our current economic conditions are challenging for cash flow in most markets, but I wouldn't let that stop me from diving in. You must do to learn. Best of luck.
Post: How to Find a Private Money Lender
- Investor
- Fort Myers, FL
- Posts 292
- Votes 278
Hi April. This is as good a location as any? What are you trying to accomplish? What types of properties are you trying to finance and in what markets?
Post: Canadian investors in US Real Estate market
- Investor
- Fort Myers, FL
- Posts 292
- Votes 278
Quote from @Vid Vin:
Hello BP community,
Any Canadians out there who have invested in US Real Estate. What was your plan to manage the property especially when you are not living in that area/ country. I am looking at areas in the border states. Any recommendations for realtors, financers and property management companies who helped you get into and get your first property. Any other suggestions are welcomed.
Hi Vid,
Welcome to BP! I am a Canadian living and working in the US for the past 30 plus years. I have a rental portfolio in South Georgia and have been flipping houses in Southwest Florida. It has been a great an profitable ride. Suggestions I would make starting out a cross border tax advisor accountant is invaluable. I successfully operate a small portfolio (3 duplexes and three single families) out of state and a good property manager is essential. If you have significant resources you can start on your own, if not partnering with someone who brings some local knowledge can accelerate and stabilize your journey. Geographically, Michigan, New York and Ohio are great states to invest in with low barriers to entry. I would start looking at listings and familiarize yourself with these markets. I want to be somewhat hands on so I would pick markets that are driveable for you and visit frequently. Find some REI meet ups to continue to network with investors. Investing in the US will smooth out some currency volatility if you are in it long enough. I bought my first US investment property in 2010with CAD when the loonie was close to par, this can compound your profits. Obviously right now is a lower valuation, but there is always ways to take advantage of the currency spread. Good luck with your adventure. It will have ups and downs, you will make mistakes, but I have found real estate investing to be a rewarding endeavor. Best of luck.
Post: I hate having mortgages
- Investor
- Fort Myers, FL
- Posts 292
- Votes 278
One thing that makes me always feel better about debt and leverage is a good breakdown of your tax return with your accountant. I just completed my 2023 return and the amount of information in a return can really give you some clarity on your business. I am in a similar situation to you in that I am in a 100% commission sales job and the number of deductions and the whittling away of your effective tax rate is very powerful once you can wrap your head around the numbers and the big picture. From what you describe I think you are fine and keeping your eye on your portfolio loan to value is key for my comfort. If you ever found your self in trouble you sell a property and reduce your debt load and obligations. Continued success,
Mike
Post: Real Estate Portfolio
- Investor
- Fort Myers, FL
- Posts 292
- Votes 278
Hi Justin,
I am an investor in Michigan, Georgia and Florida. Welcome to Bigger Pockets.
Mike
Post: ROI Questions for Single Fam Flip
- Investor
- Fort Myers, FL
- Posts 292
- Votes 278
This is very ambitious!!! Have you considered bringing on a partner with experience in luxury flips. If I were in your shoes, I would start with a more basic project. My best projects are usually taking a dated home and cleaning it up with interior cosmetic renovations. I always stay away from anything that is a personal choice that one buyer may love an another not care for. Always remember budgets always balloon as do time lines. The bigger the project the greater potential to get off track. It looks like you have a healthy spread from purchase to ARV. I would look at your wish list here and pare it down to necessities to make the project clean bright and sellable. Things like moving electrical panels and specialty mechanicals may not return what you hope for. The biggest impact will be interior paint, trim and doors, upgraded fixtures, bathrooms and kitchens. That is where I would concentrate. Just some random thoughts as I read your post. Best of luck with your project.
Post: Valdosta, GA Flip
- Investor
- Fort Myers, FL
- Posts 292
- Votes 278
Investment Info:
Single-family residence fix & flip investment.
Find this one from a wholesaler. We ha some hassles closing with leins, but we got it sorted out. It's a cosmetic rehab. Junked it out, cleaned up landscaping, drywall repair, texture, paint, new interior doors and trim, new waterheater, new floors in kitchen. some new floors, countertops, new roof, painting cabinets. budget 25k target rehab 6 weeks.
How did you finance this deal?
cash and private money JV
How did you add value to the deal?
new roof, extensive cleaning, cosmetic rehab
What was the outcome?
in Progress
Lessons learned? Challenges?
5 hours a way- distance flip
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Foudn deal with wholesaler on investor lift.
