All Forum Posts by: Mike Landry

I've always been against insurance that you dont "need" but I am a little curious about this. Can you give a ballpark of what kind of premium you would have to pay and for how long before you could borrow $100,000. What's the interest rate you borrow at. 

My other thought against this is that you can do the same thing with retirement accounts. Not borrow from them but against them.

Thanks everyone. That helps. 

Is it ok for an agent to ask for a referral fee if they refer a client to another agent that buys a house?  What is industry "standard" if one exists.  $500, .5%?  Is it best to keep referrals inside the same brokerage?  Is it appropriate to ask for a referral fee or should it only be taken when offered first?  Is there certain paperwork/disclosures that need to be filled out?  in Texas fyi.

Thanks!

I had a question if this is something new going on. I now have 5 house policies, 1 umbrella, 2 cars, and 1 boat all with one independent insurance company. I have been happy with them until my last house policy. They added a $160 administration fee on top of the policy cost. They tried to explain that they are going the way of the airlines and charging fees is the new normal. Has anyone else seen this. I would call them investor friendly until now. Oh why not name drop, spearhead insurance. Anyone else have problems with them in houston? 

airline pilot. Flexible schedule helps.

Use a credit card?

I guess I missed the tax part of the question, sorry. I  think the tax benefit is a minimal consideration when considering your return on cash, return on equity, and power of leverage. 

I like to think of diversification. When you pay your mortgage down, you are essentially investing at an earning of what your mortgage rate is...4.5% or so. This is a very safe conservative investment. What else is in your investment portfolio? Can you earn a higher rate somewhere else? 

Are you younger and trying to grow your portfolio? Then be more aggressive and put that money into the next property. 

Are you nearing retirement? Go more conservative and pay off your mortgage. 

question for you syndicators...if I become a partner in the deal, do you usually teach your investors what you are doing and looking for? Do you go over the numbers and negotiations? Or are you just looking fur investors that want 8% return and nothing to do with the properties?

I too will do multi family one day and would be more interested in being an investor on a deal if it also included a mentorship aspect. But I'm more interested in owning my own property vs funding someone else's in the long term.