Good morning,
One phrase that I keep finding myself using is: real estate rewards creativity.
I’m constantly seeing examples of people finding a way to take on a deal. Could be creativity in finding the deal, financing the deal, or maximizing returns. Nothing like some creativity and elbow grease.
This week’s investor is no different. Joe found himself needing a home for him and his family. And the only way he could make it work was if he house hacked!
It is my pleasure to introduce you to Joe Michaels
How many doors do you have?
Right now I have 6 doors
What got you into real estate investing?
Kinda fell into it. We decided the only way we could comfortably afford a home was to buy a duplex.
We lived there for 5 years. As our family began to grow we began to look for a larger home. We stumbled onto a very unique 4 bedroom main house with a side 2 BR apt and a 1br Apt above the garage. Before we knew it we had 4 doors and I began researching how to buy more!
What market(s) do you operate in?
Northeast Pennsylvania
How would you describe your portfolio?
Small Multifamily.
What are you currently buying?
Closed on a seller financed deal in July 2022, currently negotiating a seller financed deal with the owner that I met across the street from that deal!!
Tell us about your biggest mistake in real estate?
Hiring “cheep” handymen. Pay for professional quality work, its worth every penny!
Tell us about your biggest win in real estate?
Leverage. OPM (other peoples money). The bank literally gave us our second home with zero out of pocket expenses for closing. They handed us an asset that not only pays for itself, we get paid!
We upgraded our life big time! Went from a small 2BR to a 4BR, Granite countertops, stainless steel appliances, wood fireplace (my personal fav!) and a newish in ground pool for the kiddo!
Outside of real estate what else do you invest in?
My wife is a teacher so she is blessed with an amazing pension at retirement (55). We put a little into her 403b and earmark that for medical expenses for 55 -Medicare.
I have a passion for Bitcoin since i discovered it in 2017. I am not a day trader. I buy and hold AKA HODL. (hold on for dear life!). It is a 10 plus year bet. It either goes to 1 Million or zero!
Books people should read before investing
Other than the tried and true “Rich Dad Poor Dad”, I love “The book on Rental Property Investing” by Brandon Turner at Bigger Pockets. That was my real estate for dummies book!
I find a tremendous amount of value by listening to podcasts/Youtube videos everyday. There is a wealth of free content out there via, Bigger Pockets, Coach Carson, April Crossley, and of course Resilient REI
What advice would you give to a new investor?
If you can, House Hack! Coming into real estate with zero handyman skills, you can DIY repair most things as you get started on your journey. You will find a Youtube video on just about anything!
Joe Michaels (@joemichaelsbass) / Twitter — twitter.com
Dad, husband, bassist, libertarian, landlord and #Bitcoin
This week on the podcast
Episode 24 – Crypto vs Real Estate — resilientrei.bio.link
Listen on Apple iTunes, Spotify, and Google 👇
Enough Business
“Never let the future disturb you. You will meet it, if you have to, with the same weapons of reason which today arm you against the present.”
Marcus Aurelius
