All Forum Posts by: Michael Glaser

Amazing job!

Any banking or lending institutions in the Kansas City area that are able to refinance out of SFH? Looking to pull my money out at the end of the year to take down an apartment complex. PM if you’d like to vet me!

@Manolo D. Thanks for sharing your experience of owning a business. 

My original question was for those who, like myself, are trying to scale their REI and quit their jobs. I'm investing in Kansas City with hopes of moving to Colorado between Denver and Boulder. Cost of living in that area is rather high. I'd like to start planning on my "WHY" number once I get more comfortable in my current business model.

If anyone can speak from experience on how and when they quit. More importantly how they calculated what to pay themselves. 

If I were in your position...

Drive for dollars and find a house on your own. You're going to be on the MLS for years until the market turns IMO. Go to local REI meet-ups and try and meet some wholesalers. Or find a pocket of the city you want to move and start sending out handwritten letters/mailers.

203k loans when you find something and make the house a rental house. Not your home. Move out in 2yrs and you're on your way. 

Looking for SFR, duplexes, triplexes & fourplexes in KCK west of 635. Happy to look at any off-market deals. I currently have rentals in the Kansas City, Kansas area and looking to grow my portfolio. Light rehabs are best but will consider all offers if they make sense. Currently getting a 15% CoC return or greater on my current properties.

My goal is to be 100% done with my W-2 job in 5 years through REI and move from LA to Colorado. If I can do it sooner than all the better.

I hear on the podcasts so-and-so quit their job and now are doing this full time. They have a SFH that they sold into a 4-plex that they sold into a 12-unit and syndicated into an XYX, so on and so forth. When I think of doing that my heart sinks and I immediately think of "How do they pay themselves?", moreover, "What do they pay themselves?" If your money is always in flux how do you decide your income?

I'd be interested to hear from former W-2 people that have made the transition to 100% REI. If you're solely relying on rental income or are you refinancing and taking a cut of that for your own household, cars, bills, vacation, investments, etc as you continue to reinvest.

Mainly the mechanics of how you decide what you pay yourself. CPA's please chime in!

I always tell my bank to have their appraisals name their price to put me at the top of the stack. Worth its weight in gold!

I've done it. Now I'm emotional about why my offer was denied...

 I think it was a fair offer, more than fair actually considering the work that needed to be done. I could've bought it at around $90 and kept a $1,100 renter in it, but the house needs real work done. 

Is there a play that I'm missing? Get a renter in there for 2 yrs at the home current condition and punt the reno until construction crews aren't as busy? Meaning, timing the market dipping which is a dangerous game to play I realize.

Thoughts @Andrew Syrios @John Teachout

@Andrew Syrios Offer was denied. This is probably not a good deal even at $75. 

I could probably rent it for $1100 and buy it in the $90’s, but the numbers don’t work.

Another play would be to sit on it for 3yrs and hope the market slows down. Contractors need work and I could get a discount.

I’m not trying to force anything. I think the seller and I are too far off.

@John Teachout  

Slab.

City Sewer. 

There are more than a few directions I could go with this one.