All Forum Posts by: Michael Temple
Michael Temple has started 27 posts and replied 250 times.
Post: Toledo Lead Paint Law...Halted for the THIRD Time

- Rental Property Investor
- Toledo, OH
- Posts 257
- Votes 215
@Kyle O. @Renee F. I have *some* news on all this. First, the city claims they will take $10,000,000 of the ARPA funds they are going to receive and replace all the lead water lines. We will see if that actually happens. Not that this affects the current situation landlords are facing, but I saw it mentioned earlier so I figured I would mention it here.
I am on a committee for the Chamber of Commerce for a PAC we run. We interview potential and current city council and mayoral candidates each election cycle. I asked every single candidate the exact same question if they would advocate for putting ARPA dollars into a fund to help landlords become compliant, i.e. help pay for remediation efforts. Every single person answered yes. I followed up by asking how much money should be put in the fund and many of them got a bit foggier on this question. I received answers from they didn't know (or wouldn't commit publicly) to $30 million. I doubt it will be that high, but I figure anything over what they have now is an improvement.
Last, but not least there are currently only about 40 people certified to do inspections. The person that coordinates this program for the city claims they need 150 people minimum to meet the city's deadlines. I am not sure if they will get there. They might end up having to push back the "drop dead" dates on this regulation simply because they don't have enough inspectors.
I know all of this is a mixed bag of news, but hopefully, you find something good in here. The bottom line is this law is going forward. Politically none of the politicians can be on record as backing down from it. How it ultimately gets implemented is anybody's guess at the moment.
By the way, if anyone needs a lead inspector that IS an investor and understands the issues please PM me and I will pass their name and contact info along.
Post: Exit Strategy/What's your "number"?

- Rental Property Investor
- Toledo, OH
- Posts 257
- Votes 215
@Bryan Danger Good point, there are multiple ways to get to an endpoint. My comment wasn't meant to suggest everyone in FIRE does it the same way. I have just read some profiles of people that have done it that way and it seemed very limiting to me. I am sure there are others that don't do it that way.
@Joe Splitrock I never thought of FIRE that way, but it does have that flavor when you look at it that way. I also never considered the technology angle and how much easier it is to do it today vs. when your aunt and uncle did it in the 80s. We tend to forget over time "how things used to be" when we get so used to the way things are now :)
Post: Best place to find paint for the best price

- Rental Property Investor
- Toledo, OH
- Posts 257
- Votes 215
@Peter Morgan I have used both Sherwin Williams and Behr from Home Depot. I think both are good paint. If you are a member of a REIA group you should get a 20% discount on paint from Home Depot as part of your member benefits. That should bring the cost down quite a bit on decent paint.
Post: Tenants pet died should I end pet fee?

- Rental Property Investor
- Toledo, OH
- Posts 257
- Votes 215
@Joe Capobianco I would ask to do an inspection and assuming everything looks good and they have no plans to replace the pet I would drop the fee. Simply tell them if they decide to get another pet to let you know and you will put the fee back on. It sounds like they are honest and wouldn't try and slip it past you so I would give a little on this one. I think it might build some goodwill.
Post: Promising Arizona Seminars

- Rental Property Investor
- Toledo, OH
- Posts 257
- Votes 215
I highly recommend any seminars by Pete Fortunato or anyone he is speaking with. Pete does his own seminars and then does a number of them with other people. I also like stuff by John Schaub, Gary Johnston, David Tilney, Chad Carson, and Dyches Boddiford. All of them are fantastic teachers and none of them are "gurus" trying to sell you expensive boot camps or personal coaching programs or any of the other inflated stuff out there in the REI industry. Just down to earth, well-experienced investors offering a very reasonably priced seminar.
Post: Exit Strategy/What's your "number"?

- Rental Property Investor
- Toledo, OH
- Posts 257
- Votes 215
@Jay Hinrichs LOL, you sound like me on vacation :) I don't mind getting away, but I get bored easily and after about a week I am crawling up a wall.
@Joe Splitrock I wondered the same thing about the FIRE community. My issue with the idea is it feels like you are working really hard to not work at all and the sacrifices I read about so many of them making just to get over the finish line. Some never go out, never vacation, buy nothing, don't have a family, and save like maniacs to reach early retirement and I think to myself, then what? I would rather have a profession I enjoy and live life as I am getting to where I am going. Enjoy the journey AND the destination.
Post: Exit Strategy/What's your "number"?

- Rental Property Investor
- Toledo, OH
- Posts 257
- Votes 215
@Bryan Danger
"Sounds like you've already built a lot of freedom and flexibility into your business, which is great. Good for you! It's those guys that I guess drive my curiosity.
I don't disagree with REI being interesting and fun. I'm also still making deals and changing the portfolio from afar as the timing is right... I just realized at some point
that there were many (other) passions and interests and that enough was enough; at least in terms of full time work to expand/make more money. Maybe
several of those guy are already living their best life and simply took time away to go meet with you and discuss the portfolio/make a deal/offer... but I also wonder how many simply got trapped in the cycle. For most in the 9-5 its a buy/work/buy cycle that keeps them in it, but in REI the end goal or "success" often seems to be a bit more of a gray zone - thus my question."
I am not sure this is necessarily an either/or choice. You can use investments in real estate to support your lifestyle, which may or may not include doing more deals. Maybe, as you said, you have other interests and real estate passive income is simply a way to fund those other interests. On the other hand, you might enjoy still keeping your hand in it as it were and doing deals because it is fun and stimulating.
What I really love about it is once you have the skills, knowledge, experience, network, and portfolio you can choose to do "just a little" as it were. For example, if you have an SDIRA and you have already reached the traditional retirement age you could always do a flip or two per year, maybe a little wholesaling and use those now immediately accessible tax-free funds to do something special like a trip around the world. You don't need to go get J.O.B. (Just Over Broke) to earn extra cash like people that followed a more traditional approach to life might have to.
Maybe you convert all of your rentals into seller-financed notes and live off a portfolio of notes without having maintenance for properties. Maybe you like managing properties because you are good at it. I know at least 3 investors well into their 70s that still do all of their own management. They love it and are good at it. It doesn't crimp their retirement lifestyle at all. They still travel, spend time with family, etc.
The main point I am driving at is this investment classes in all its aspects (rentals, wholesaling, flips, notes, private lending) gives you A LOT of options at any age to control income, lifestyle, time commitment, and ultimately do what you want to do however you want to do it. There is no one right answer.
Post: For those that "haven't been affected by eviction moratorium"

- Rental Property Investor
- Toledo, OH
- Posts 257
- Votes 215
@Laura Guy I agree this violated property rights and privately negotiated contracts. I don't care which president was in office when it started or ended. It was a huge overreach across the board. It also didn't help tenants, but hurt them. They are still responsible for the past due rent. Depending on how far behind they are most will not ever be able to pay off that debt, pay current rent, and live. So, despite the back-patting going on in D.C., this didn't really help anyone, but probably hurt too many to count on both sides of the fence, i.e. property owners and renters.
A fellow investor I know with over 50 years of investing experience says "A situation no matter how bad, or grave the circumstances can still be made worse by the government."
Post: Exit Strategy/What's your "number"?

- Rental Property Investor
- Toledo, OH
- Posts 257
- Votes 215
I don't have an "exit goal number" per se. I have my own consulting business that offers a lot of personal freedom and I have been doing it long enough that I can pick and choose my clients and projects. I invest in real estate to build wealth and I love deal-making. To me, retirement doesn't look that much different than my current life except maybe I travel more than I do now.
In the last 6 months, I have met real estate investors from all over the country and several of them are 60+ and still out making deals, buying notes, flipping, adding to their portfolio, exchanging real estate, etc. They don't need to do this to live. They want to do this because it is interesting and fun. I couldn't agree with them more.
Post: Moving Property to an LLC- Tampa Florida

- Rental Property Investor
- Toledo, OH
- Posts 257
- Votes 215
@Deborah Hernandez I don't currently invest in Florida, but I have a number of friends that do. I believe FL has a transfer tax that can be pretty steep. I also believe moving property to an LLC might trigger this tax. You will want to speak with a FL-based CPA and/or attorney to be sure.
Most of the FL investors I know use land trusts instead. By moving the property into a trust and then assigning the beneficial interest to an LLC you may avoid that tax, again check with a CPA. I would check out books on trusts by Mark Warda. He is a FL attorney that really knows this area well.