All Forum Posts by: Michael Plante
Michael Plante has started 69 posts and replied 2369 times.
Post: Real Estate Markets (Tampa/Portland)
- Deland, FL
- Posts 2,434
- Votes 1,875
Personally I would never own any investment real estate in Portland
Post: Young professional wanting a life change
- Deland, FL
- Posts 2,434
- Votes 1,875
Originally posted by @Troy Scottaline:
Hello! I'm excited to be posting this morning. I am a husband and father of 2 young kids (soon to be 3). I am also a doctor which brings in a nice income. What I am finding however, is that even though we make "good money", I am not very happy with my current lifestyle. My dream is to be able to not have to go to work on a schedule. I want to be able to work WHEN I want WHERE I want. So, I am starting to consider transitioning out of practice. To do this, other streams of income are required (obviously) before I make any leaps which is how I found Bigger Pockets. I have ZERO experience with real estate but believe it can help us build the life we want. I am wondering if there are any young professionals like me on here that have transitioned from their lucrative business to real estate with the intention of freeing up their time. I guess I am looking for some advice (and maybe some solace) that this can be done and how to get started. Thank you for taking time to read my post. Looking forward to this journey!
Good news bad news
good news you make good money
Bad news. If you are like most people you spend just about all that you earn. Replacing what you earn/your lifestyle will take more time and effort
For me it was easy to replace minimum wage with rental income and flipping My sister on the other hand, making probably around how much you make, proved impossible for her and she had to wait to retire until she was in her 60s
I, on the other hand was able to retire in my 40s because of a more modest lifestyle
for you and most people the rental route is a long route. Flipping will replace your income faster but is more time intensive.
Post: Best Strategy to Finance First Rental Property
- Deland, FL
- Posts 2,434
- Votes 1,875
Call a mortgage broker
With a 10 minute conversation telling them what you have posted here you will have your answer. Then call another broker same thing
They only make money when you get a Loan
Post: Rookie mistakes I'm making and a tenant with tumors
- Deland, FL
- Posts 2,434
- Votes 1,875
No need to meet
Start eviction tomorrow via real estate attorney
In the future with an inherited tenant simply send a registered letter informing the new rent amount. Give 60 days notice
you are being played and your solution is not good at all
Post: Tenant not allowing entry because of dog
- Deland, FL
- Posts 2,434
- Votes 1,875
Call Atty ask about evicting for dangerous animal as admitted by tenant?
Post: Financing for a single wide mobile home on land
- Deland, FL
- Posts 2,434
- Votes 1,875
As you know that is a tough one
try these places
- Cascade,
- 21st
- Center state
- Vanderbilt
Post: Polybutylene Pipes in home
- Deland, FL
- Posts 2,434
- Votes 1,875
I am surprised the insurance company didn’t require it be changed
I sold a home in 2018 lender wouldn’t lend until the poly B was changed out
Post: Equity share- Revenue Share- Partnership w Contractor on Sixplex
- Deland, FL
- Posts 2,434
- Votes 1,875
Personally I would say no thank you
but then again I don’t like partners
I want the entire cake to myself
Never saw the point of having a partner take a share when I can just pay whoever I want to do what ever work and go away
Or get a loan, pay a low interest rate and deduct it from income taxes VS giving a partner a share for just providing the money
Post: Canadian investing in USA and vice versa
- Deland, FL
- Posts 2,434
- Votes 1,875
Originally posted by @Marco Masanotti:
Hi !
I’m a Canadian RE investor looking to buy multi families in the USA.
What state should I be looking at ? All tips are appreciated and if you guys have money to deploy in Canada I would love to answer questions.
Best,
Marco
I would look into the tax consequences very carefully
Post: Clogged kitchen sink
- Deland, FL
- Posts 2,434
- Votes 1,875
I am amazed at how many people told the OP to call a plumber
I would have told the tenant to do just what the OP did $3 at Lowe’s
