All Forum Posts by: Michael Ross

@Account Closed, as federal law enforcement my retirement will be hefty and that is not going anywhere. How did you get started? Minimum of $500 per door sounds amazing. Was it always that way for your 2 investment properties?

Team,

I'm looking at properties in Metro-Detroit and am debating on buying a foreclosed home to rehab or looking in nicer areas for more turnkey properties. I am in the foreign service and will be doing business from afar but I have a team of folks back home to assist. What has been your experience? My goal is to slowly grow a portfolio at 1 to 2 per year until I have 15-20 properties by the time I retire from the government at 50 years old. With the first house, after expenses, I am aiming for cash flow $150+ which I will snowball into another property. Is this a conservative/realistic expectation? 

As always, I look forward to the advice and experiences!

@Nick Yates, that is exactly what I am looking at. I am looking to spend, after repair costs, no more than $70K, in Westland or Redford area. After all is said and fixed costs considered I am aiming at $100 - $300 cash flow. What do you think?

@Nick Yates , that is encouraging. I'm looking at HUD housing and cheaper properties in Wayne County. Are you picking up cheap houses, making them habitable and renting them out?

@Martin L. @Tim 

@Tim Greenfield @Matthew McNeil , thank you. This is giving me the energy and motivation to look at the syndicates and shop around for a PM. I have been lucky in the people I have met in 17 years in government who can be helpful. I am excited that now I am in a position that I can really get in the game. I'm about to get on a phone call to discuss options near Detroit where I grew up and in November I'm looking at properties near Tampa and MacDill Air Force Base. 

@Steven Dreyer, that is my situation in Southwest Florida and Metro-Detroit. I’m trying to figure out if real estate is as simple as I think or extremely complicated as others say. I anticipate that there are many wannabes who wish they were in the game. Bigger Pockets has fueled a decade long drive to buy real estate. How much do you pay a month for the property management?

Thank you @Andy  

@Andy Mirza

@Andy Mirza thank you! Is there a minimum buy in for Commercial Real Estate Syndication? Do you get paid monthly or on the sale?

@Steven Dreyer, what camp in Oki are you on? I was at Hansen in 02-03. How did you find the property you bought?

I am currently in the foreign service and a Marine reservist. I have my money diversified between my Thrift Savings Plan (maxing out), investments with my in-laws construction business overseas, an S&P 500 SPDR, and a healthy savings. I will be working at one our embassies next year in the Middle East and want to know how difficult it will be to manage a property from a far. Most of my career in the military has been overseas and the foreign service will be more of the same. Right now I am looking at Metro-Detroit to do AirBNB which I have done in the past next to the Pentagon. I am also looking at a traditional rental property in Tampa/St. Pete which will be near MacDill AFB. I anticipate that property management can handle somethings, but do I physically need to be near to get in the game? The wife and I also just purchased a plot of land in The Philippines in a resort area and have plans to build on it later (Tagaytay Highlands).