All Forum Posts by: George P.
George P. has started 116 posts and replied 3982 times.
Post: #36 rental was purchased today
- Property Manager
- Livonia, MI
- Posts 4,081
- Votes 1,598
Originally posted by @G Pyros:
Originally posted by @George P.:
Originally posted by @Allie Pfannenstiel:
@George P.
I am 1 into my journey to 50. What advice do you have to someone in their earliest stages?
- i hope you are making a lot of money from your day job.
- dont quit it until you have doubled your salary. no matter how "tempting" it may look at times.
- stick around people that do this so they challenge and push you continuously
- coworkers are boring and annoying. you fill find this out soon enough
What do you consider "a lot of money"? What is typically the benchmark?
hmm, this answer would depend on what we are talking about...
if it's "salary", i think most people would think 100k is a "lot".
if it's investing, most people would think 500k is a lot
if it's retirement, most people would think 2M is "enough".
also depends on the area of the country... 100k per year in Michigan lets you pull multiple mortgages without a problem.
in this case, i was talking about her ability to afford a new mortgage or two, have enough to rehab and then immediately pull another mortgage on a new house.
i personally think that >800k per year is a lot. actually, i probably think of it as "enough", not a "lot"..
Post: #36 rental was purchased today
- Property Manager
- Livonia, MI
- Posts 4,081
- Votes 1,598
Originally posted by @Allie Pfannenstiel:
@George P.
I am 1 into my journey to 50. What advice do you have to someone in their earliest stages?
- i hope you are making a lot of money from your day job.
- dont quit it until you have doubled your salary. no matter how "tempting" it may look at times.
- stick around people that do this so they challenge and push you continuously
- coworkers are boring and annoying. you fill find this out soon enough
Post: #36 rental was purchased today
- Property Manager
- Livonia, MI
- Posts 4,081
- Votes 1,598
Originally posted by @Max Ferrell:
thank you very much for the story! I'm 15 y/o and stories like this expand my excitement/knowledge on my future real estate investments!..Is there any books that stood out to you in reaching your current level of success that you recommend to a newbie like me?
No, no books. Go and help someone that flips houses in your area.. Much better education for u
Post: Looking for a gas fireplace insert online
- Property Manager
- Livonia, MI
- Posts 4,081
- Votes 1,598
I am looking for a place online to purchase a gas fireplace insert. there are 2 stores close by, but i never pay retail; i am looking for wholesale prices.
the problem with a "google fireplaces" is that there are THOUSANDS of websites that all claim they are the cream of the crop and i want something tried and verified.
from what i can tell (new to fireplace specs), i need:
- around 40k btw
- modern look
- to go inside a wood burning fireplace
- to have a fan
any help would be appreciated.
Post: #36 rental was purchased today
- Property Manager
- Livonia, MI
- Posts 4,081
- Votes 1,598
Originally posted by @Robin Hines:
Very inspiring, George! Another question for you, how are you financing all these rentals?
hi Robin,
at this point it's just cash. whenever i need money, i just pull from a portfolio loans.
Post: #36 rental was purchased today
- Property Manager
- Livonia, MI
- Posts 4,081
- Votes 1,598
Originally posted by @Deren Huang:
50 is so close, what an amazing goal! Quick question though, why not go into multi-family?
Hi Daren, multi's here (that are listed) do not make sense. the only way they do is if i am buying a job with it (handyman). they rarely cashflow. the off market deals is the only way they can positively cash flow. and i am too busy to start calling apartment complex owners...
Post: #36 rental was purchased today
- Property Manager
- Livonia, MI
- Posts 4,081
- Votes 1,598
Originally posted by @Jerry W.:
Congratulations @George P.. I am somewhere between 30 and 35, the number keeps moving up and down. I really liked your post, but the thing about finding the next house while vacationing in FL had me thrown off for a bit. I also work a full time job, but it is pretty high stress at times. I cheat and have 12 of the apartments managed by a local realtor, and a few are out of state and someone else does most of the work on those. I really envy you your 3 week vacation. I have never had one of those. I may add that to my list of things to do.
hi jerry,
i have bid and purchased a few houses just based on pics , so that's not new to me. but the houses in our area are almost cookie cutter houses and i know how much it would take worst case. i bet your area is a lot different. :)
in addition, our houses are in 5 miles radius and i can get to any of them within 20 mins with traffic..
you really have to have systems (help) if you are going to take a long vacation. you have to have google voice, an assistant if they have to show the place, a crew/handyman that can access the keys from a lock box and STILL.... it's stressful because it's your property and those people can "flake out" at any point.
but you have to train them and you do it by saying "i am going for 3 weeks, you are dealing with everything"... they might surprise you!!
Post: Contractors: Quality, Honest, Reliable - Metro Detroit Area - MI
- Property Manager
- Livonia, MI
- Posts 4,081
- Votes 1,598
Originally posted by @Rich W.:
Hello Justin nice feedback. Pricing can be a whole different issue. I wasn't even trying to address that with this topic. We have no problem paying for quality work. I'm just trying to find quality reliable contractors that can service different areas of Metro Detroit consistently. The scope of work for each project determines the price points. There are plenty of contractors who have set prices. Such as a certain price per sq ft for refinishing floors depending the existing condition. If I go with the price they (the contractor) have decided without talking them down or anything, then that contractor should be consistent (atleast some what) with the quality of the work and the timeline for completion.
Example, if you (the contractor) quotes $1000 for the job and 3 days and the next thing you know we are having a talk because it's day 8 and the floors still aren't done (not because you didn't have access), that is a problem. This is the main premise. The 1st or 2nd project the contractor would be on point 3,4 days (basically on schedule), quality acceptable. 3rd project the contractor starts to fall behind or make other mistakes. Hope you get me point.
it comes down to the quality of the person you are talking to, their ability to work with their sub contractors, their ability to schedule jobs, their ability to estimate how long a job takes, etc.
i was on a "tree cutting forum" years ago and i saw a funny comment.... "how come the tree grew three times bigger from the time i quoted the job to the time i got the job"... kind of like any other contracting job.. :)
Post: #36 rental was purchased today
- Property Manager
- Livonia, MI
- Posts 4,081
- Votes 1,598
Originally posted by @Joe Splitrock:
@George P. congratulations! I will admit that I found it a little weird you were posting pictures of somebody else's houses instead of your own. I would just leave out the picture next time. I get it that you want privacy, but your neighbors probably don't want you posting picutres of their houses either.
Those are not my neighbors. Those are pictures of general web searches (google images).
Post: #36 rental was purchased today
- Property Manager
- Livonia, MI
- Posts 4,081
- Votes 1,598
Originally posted by @Dawn Anastasi:
Wow congrats! I don't know how you have 35 properties and keep working! I got around 10 or so and left my full time job. Now I don't mind sleeping until whenever every day. :)
What did u do before?