Mike Schofield

Hello! My name is Mike and I live in the Lakes Region of New Hampshire. I have a great family and love where we live. I am a licensed Master Plumber and a teacher at a Career Technical Center. July 2023: We've added a STR home to our portfolio in Palm Coast, FL. It's a beautiful 4 bed 2 bath pool/hot tub home about 10 minutes from the beach, 15 minutes from Daytona and 30 minutes to St. Augustine(love it!) we found the area while looking for a place we would love to go yearly and offers the most bang for the buck in the area. It's been working out very well as of March 2024! June 2022: We added an additional turnkey home with JWB in Jacksonville. Renovated 4 bed 2 bathroom house, so far so good in Jacksonville! July 2021: We have 2 turnkey properties under contract with JWB in Jacksonville. One is a new construction 3 bed 2 bath and the 2nd is a 3 bed 1 bath remodel. We are visiting Jacksonville in August to see the JWB operation and explore the area. We are also interested in the St. Augustine area too! July of 2020 we purchased a single family home in Laconia, NH that was gutted and empty since 2010 with the intention of BRRRRing the property in an up and coming neighborhood. The windows, roof and siding were in good condition and we had a blank canvas inside for the most part. The house was a 3 bed 1 bath 1350 square feet, granite and brick foundation. This project need structural updates to stabilize the foundation and carry the 2nd floor properly as well as removing the useless chimney to open up the living space. After a 4 month renovation we decided to sell the property due to the hot market in the area and put the profit to use elsewhere. We received a full price offer in 5 days and closed in January 2021 almost 6 months to the day of ownership. This was a much larger scale project compared to the 1st flip in 2019 and I learned a ton! We had to literally touch every system and aspect of this house. A few sleepless nights and a lot of trial and error, but it could not have gone better! This was a great confidence booster and experience for sure. As of April 2020 we have once again tried the turnkey approach this time in Memphis, TN. We purchased a 3 bed 1 bathroom home in the beginning of the month and the process was super smooth and felt way more efficient than the 1st attempt. This provider was always ahead of us with emailing and giving feedback. We never once had to ask about what was happening or how the schedule looked. To this point they have been phenomenal and if the communication/services continues this way we will definitely purchase more with them! We are roughly 1 1/2 years into ownership of this property and with COVID it's been a bit of a bumpy ride with some ups and downs. Our tenant held on as long as possible, but now has missed a few months rent is we have begun the eviction process so we will see! This property continued to be a money pit, between late rent and repairs, we were able to sell it for a break even in the summer of 2022. We closed on a single family house 2/13/19 in Littleton, NH with the intent to flip it this spring. The Littleton Project is completed and sold as of 7/5/2019! We ran about 2 weeks over schedule putting the house on the market 5/18/2019, but did a much deeper remodel than originally intended. We added 450 sq. and a 3/4 bath in the basement of the home(making it 3 bed and 2 bath with a bonus/laundry room), entirely remodeled the kitchen, new floors and paint through out, as well as the high efficiency propane combi boiler and baseboard. The house was on the market for 4 days when we received and accepted an offer. This was a successful and great experience, allowing us to get a flip under our belts! We are looking forward to the next on and beyond! We are also currently investing in flips in Virginia Beach to help fund our buy and hold portfolio. We've successfully completed the 1st, 2nd and 3rd (technically the 4th) homes and sold them! We have one home in the works and it is taking a bit longer than planned as the city has been really tough on the permitting of that particular house, but we are through that and the work is now being completed! The difficult flip finally wrapped up after 19 months floating and waiting for the city. It actually worked out and because of appreciation we made a decent profit. Currently in a holding pattern on these projects due to inventory in the summer of 2021. We also purchased and sold a "turnkey" property in Birmingham, AL (actually Adamsville, AL) over the last year. In April of 2018 we visited Birmingham and toured some similar properties (but none in Adamsville), we found Birmingham to be a really cool place and decided to invest! We closed in September 2018 and after holding the property empty for 10 months, with minimum rental inquires, we inquired with a local realtor about selling the property. After touring the home the realtor let us know it was a beautifully renovated property, but the houses around it were "less than desirable" hahaha doesn't pay to own the nicest home in a crappy neighborhood. The turnkey provider purchased the home back from us at the same price we bought it for coming out with just a small lose and a quality learning experience. We will definitely consider long distance investing again, but will probably take a different route. Experience: 23 years as a plumber involved in all phases of construction. We built our primary residence at the age of 22 back in 2003. In the last 10 years made multiple offers of various real estate, from flips to multi-family. Finally the 2nd half of 2018 to present we've gained some traction with the purchase of the Birmingham property, VB flip investing and now the Littleton project. We've added some turnkey buy and holds in Jacksonville in the last couple years. We are hoping to purchase a STR along the cost of FL between St. Augustine and Daytona Beach soon. Having a blast! Real Estate Goals: My goal is to invest in fixing and flipping to create the opportunity to buy and hold multiple rental properties. To build a portfolio of income properties for retirement. Currently Seeking: Knowledge, financing, great properties and a partnership with the right person (or people!).