All Forum Posts by: Michael Swan

Hi @Jacob Miller 

I have a 57 unit in Mentor.  The address is 7559 Mentor Ave.  We purchased it Aug of 2019, before Covid.  We purchased it at $2,000,000 and it is now approaching $5,000,000 valuation now.  This Aug of 2022 will be 3 years we have owned the complex.  Another complex down the street that we were modeling our renovation and business plan after, just sold for $85,000 a unit for 72 units.  They purchased about the same time we did and they paid $47,000 a unit in 2019 and we paid $35,000 a unit.

It is a really nice area.  The medium level family income is over $75,000 a year now I believe!!

We also have about 100 units in 7 apartment complexes in Painesville and I like that area too.  They have more like $45,000-$50,000 median level family income there.

Really landlord friendly in Lake County in general I have found.

Swanny

Yep!!

@John Clarken

Lake County Ohio I have not seen these problems in Mentor and Painesville.  Cleveland is trying to be more liberal like California. That’s why I invested in Lake County, Ohio.  They don’t follow the Cleveland tenant friendly policies!!

Swanny

Guest BP Podcast 238

I have done really well about 160 front doors in Mentor and Painesville!!

Swanny 

BP Guest Podcast 238

Me personally I have apartment complexes and am attempting to refinance as much as I can!! We have forced appreciation and each property that hits a $1,450,000 or higher valuation we refinance as many of these as we can on Freddie Small Balance loans, first 2-3 yrs interest only, 10 yrs fixed under 4% fixed.  These are non-recourse products too!!  I have a great lending agent that has really got me back tons of tax free money cash out on these low interest loans.  Plus they are assumable too and at these low interest rates will be pretty valuable if someone wants to buy it from me 5 years from now, when interest rates are much higher too!!

America!! What a country!!

Swanny

Guest BiggerPockets Podcast 238

Sure @Larry Smith!!

Go for it!!  My pleasure!!

Swanny

I agree with @Bruce Woodruff

That’s what I would do too.

Swanny

Nice @Dominick Galinis

You will do it!! Make it happen!! I don't have experience with STR. Make sure you pick the brains of people here on BP that do a lot of STR's.

Happy New Year Dominick!!

Swanny

My pleasure @Danielle Jackson.

How about you for 2022? 

Onward and upward all!!  Let’s do this in 2022!! 

As Buzz Light year said, “To infinity and beyond.”  That is like infinite returns and beyond for us in RE!! 

Swanny

Hi all at BP Nation!!

I wish everyone a Happy New Year!! I always look at the good on BP that all of us appreciate.   We love talking up and motivating others to succeed in becoming financially free through Real Estate.

For the most part I believe 90-95% of the people here on BP are yearning to learn from more experienced and successful investors that already have gone down that road they want to travel.

Me personally I cherish these memories of getting help and helping others since I was a guest with Brandon and Scott Trench as the hosts on Podcast 238 back in Aug of 2017.  It even goes back further than that on my forum posts etc… on that podcast I told of my experiences as a lowly paid parochial school teacher and how I was on my way to becoming financially free.

Also, Brandon and Josh included me in Ch 1 pages 25-26 of their book How to invest in RE the Ultimate Beginner’s Guide to Getting Started in 2018 too. BP also featured me on the front cover of their wealth magazine with a feature article inside about a year ago in the fall of 2020.

I love this stuff and have advised for free, sooooooooo many people by phone meetings etc…. to figure out what is best for them and what I would do it I were in their shoes. By the way I have spent over an hour average with each person on the phone  for years now!!

You may ask why? It is pretty simple. I have been a teacher and coach my entire adult life and just retired from my teaching job this past June of ‘21 and am financially free!! Just because I stopped teaching at my day job does not mean I stop teaching and coaching!!

I believe deeply that the more people in my lifetime that I teach and coach etc… is my  real legacy that I leave long after I die!!  That is how you live on forever as people pass on what you have taught them to others etc…. A little piece of me lives on in others!!

If you change the way you look at things, the things you look at change right before your eyes!!! It sure has for me.

How about for you for 2022?

Swanny

BP Guest Podcast 238