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All Forum Posts by: Michael Glaspie

Michael Glaspie has started 19 posts and replied 146 times.

Post: Any one used Martel turnkey before?

Michael GlaspiePosted
  • Real Estate Consultant
  • Fayetteville, NC
  • Posts 151
  • Votes 143

I'll be following this thread to hear more. I am not sure about Martel. I have used Easy Street Properties. I have heard great things about Memphis Invest. I can give you my overall pro and cons from my point of view. 

Turnkey Pro:

Very smooth transactions

A little effort upfront and then mailbox checks after

Turnkey Cons:

Typically will pay above market value

cashflow is tight if financed

Overall I believe that if you want to make a simpler investment, turnkey is a good choice. However, you lose a lot of equity potential and cash flow when using that type of investment model. Either way, if using a turnkey company go for one with a solid track record. I have been looking at some of Martel Turnkey properties too. They look good so Im curious to hear some of the feed back. 

Post: Invest in Fayetteville, NC

Michael GlaspiePosted
  • Real Estate Consultant
  • Fayetteville, NC
  • Posts 151
  • Votes 143

@Brian Cohen our next one will be in June. I will DM you seperately with details. There is also the FAY TREIA hosted by @Cheryl Gleason and many more on meetup.com. This a small community of investor savvy REALTORS that you can see in most of this thread. Reach out to everyone you can and as you start to attend more meetups you will begin to see the same faces. Those are the ones you know are fairly active. Best of luck and let me know if you need anyting. 

Post: Degree/Certification in Commercial Real Estate

Michael GlaspiePosted
  • Real Estate Consultant
  • Fayetteville, NC
  • Posts 151
  • Votes 143

@Ian McDonald here is a list of highly coveted certifications:

CCIM

MiCP

CPM

CRB

CRE

SIOR

There are many more. You can visit https://www.nar.realtor/education/designations-and-certifications to get more information on the details. There are many differetn opportunites to pursue when it comes to Commercial Real Estate. If you are trying to get a conventional education then I would recommend business background. Accounting, financing, and economics. I hope this helps. 

Post: Buy personal home or investment home first?

Michael GlaspiePosted
  • Real Estate Consultant
  • Fayetteville, NC
  • Posts 151
  • Votes 143

@Jay Michael So, there is no RIGHT answer. You have to evaluate the situation and determine which one is ultimately aligned with your goals. If you intend to have multiple rental properties in your portfolio then be cognizant of how your primary home could impact that. 

To answer your question, your Debt to Income is what is evaluated when purchasing multiple properties. Rental properties can allow you to offset mortgage payments with the rental income. Lenders have specific criteria for what they will consider as "off-set". So, depending on your household income, price of the properties, and the terms you negotiate, you can determine how much you can afford to pay for both homes.  

To answer your question deeper, lenders usually see homeowner-occupied loans as less risky and tend to be more favorable to them over investments. So, if you already had an investment property it would still be fairly easy to get a primary home after. 

Now, with that being said, if you know this is just a starter home for your primary and you may move in the next 5 years or so, I would recommend making a smart purchase with some equity and can cashflow when the time comes. Maybe a foreclosure that you can live in and fix up over time. This is just a personal opinion and bias suggestion. But figure might as well share it. 

Best of luck. 

Post: Hello from Western NC!

Michael GlaspiePosted
  • Real Estate Consultant
  • Fayetteville, NC
  • Posts 151
  • Votes 143

@Gary Walker yes this area is hot for investing for sure. Most of my rentals are in this area as well. You will do great along the coast as well. Let me know if there is anything I can do for you. Best of luck and I look forward to seeing your success in the near future. 

Post: Investment Group w/ capital Looking for partner in multi family

Michael GlaspiePosted
  • Real Estate Consultant
  • Fayetteville, NC
  • Posts 151
  • Votes 143

@Jason C. I am interested in speaking with you to get more information of what exaclty you are looking for. I am a commercial broker in NC that personally invests as well. I have specific criteria for all of my investments, but would be very interested in seeing if our investment strategies align. If I am not a good fit, I have another individual who may fit the mold. 

Look forward to hearing from you soon. 

Post: Hello from Western NC!

Michael GlaspiePosted
  • Real Estate Consultant
  • Fayetteville, NC
  • Posts 151
  • Votes 143

@Gary Walker welcome!! I am in NC as well. If there is anything we can help with in regards to the nuances of NC state law and regulations with RE let me know. 

Post: 11k saved for an investment prop... NEED A CONFIDENCE BOOST

Michael GlaspiePosted
  • Real Estate Consultant
  • Fayetteville, NC
  • Posts 151
  • Votes 143

CONFIDENCE BOOST!! How long did it take to save $11k??? So, what's the worst case scenario? You don't do as well as you want and you just recoup the money again down the road. You got this. 

Post: How to manage bookkeeping for rental real estate

Michael GlaspiePosted
  • Real Estate Consultant
  • Fayetteville, NC
  • Posts 151
  • Votes 143

Banks/Lenders etc will simply look at bank statements when doing underwriting. For taxes, you want to be as organized as possible. Excel can do the same thing as QB as far as automated calculations if you set up the formulas in advanced. However, it is the individual documents that make all the difference. Individual leases, receipts, invoices, work orders, etc. 

I use quick books for my portfolio because of the ease in creating financial reports. This allows me to quickly review my financial position. 

I also use SmartVault to maintain all of my individual documents. 

There are appfolio and a bunch of property management software programs that can meet and exceed your expectations. I think it is more important to ask yourself, how organized are YOU. I knew I needed a centralized location for everything because if left to me on an Excel document I would more than likely drop the ball somewhere.  

Post: How do I drive growth?

Michael GlaspiePosted
  • Real Estate Consultant
  • Fayetteville, NC
  • Posts 151
  • Votes 143

@Rick Novotny you're absolutely right. Commercial loans are much easier than the fannie/freddie lenders. I have a much better time securing debt through portfolio loans and the like.