Any investor who has dreamed of quitting their job and investing in Real Estate full time must consider this. Health care costs can be one of the largest line item expenses for any business. But understanding your options and plans available can be confusing and frustrating.
So I thought it would be helpful to bring in my health insurance broker, Chad Creasey from RCB & Associates, to break it all down for us: What options are available to real estate investors, what are the pitfalls of choosing your own insurance, how to project whether you'll qualify for Obamacare subsidies, and who you can turn to for help.
Open enrollment season is also coming up starting November 1st and running through December 15th. If you're going through a change in employment and need advice on finding your own health insurance, then you definitely need to have someone like Chad on your team. Best of all, when you go through an agent or broker for health insurance, there is no additional cost to you.
I'd also like to welcome Chad and RCB & Associates as new sponsors to this show. They're a strong supporter of the RPOA and I've been benefiting from Chad's advice for the past five years.
Chad can be reached by cell, email, or his website:
In today's tight housing market, landlords can be much more selective in who they rent their properties to. Because of this, there are certain groups of tenants that are finding it more and more difficult to find affordable housing.
Today we're going to talk about one of these groups and the efforts by the state and West Michigan community to help them.
We're going to take a look at Returning Citizens, those who have been incarcerated, served their time, and are looking to re-enter society and find stable housing - which is an important part of preventing recidivism.
This episode will definitely be of interest to landlords who are willing to consider the benefits of renting to returning citizens, as well as anyone interested in understanding the difficulty they face in finding a place to live.
This is a round-table discussion, and we've gathered a great group of guests to share their perspectives:
Angie Sprank is the Community Coordinator for Region 4 Offender Success Program and helps returning citizens remain successful in their transition back to society.
Shellie Cole-Mickens is the Founder and Director of House of Blessings, providing housing and support for women with mental health and substance abuse challenges as well as extensive criminal histories. She is also a returned citizen since 1996.
JoNathan Martin is a returned citizen since 2015, and works closely with other returning citizens to offer them support and guidance.
Ruth Walters is an officer with the Grand Rapids Police Department and runs a program called "CLEAR" for returning citizens to assist them in staying in the community.
For more information on the Offender Success Program in the West Michigan area you can contact Angie Sprank at:
For those outside of Michigan, you can contact your state's Department of Corrections.
Despite the higher turnover and maintenance costs, as well as the additional tenant headaches, investing in C & D rental properties can be more lucrative if you have a plan and know what you're doing.
Dan Essink owns and invests in Lower Income properties in the Muskegon, Michigan area. He also manages them through his company, DICE Property Management. Today, Dan is going to share his experiences and perspective with us: How he got started by house-hacking his first duplex, the true cost of evictions and how he manages to avoid losing additional money on turnovers, and setting your boundaries with residents so they don't consume all of your time and effort.
Dan also talks about the property he's buying on Land contract through both his Self-Directed IRA (SDIRA) and his Health Savings Account (HSA) with only $15,000 down.
We'll also learn Dan's conservative thought process when it comes to investing in 401k's, running APODs, and understanding Amortization Tables and loan terms.
Dan shares a lot of great info in this episode that I know you're going to appreciate. Please take a moment to give us a rating and review on itunes.
Recently I received the following email from RPOA member and podcast listener Maureen Weick:
I have 1.5 acres of vacant land in northern Allegan County. I have been trying to decide what to do with it and would love to hear some opinions. These are my questions/thoughts -
1) Do I just sell outright as vacant land? ---Not a fan of this one - I will have capital gains to pay, unless I can manage the sale under a 1031 Exchange
2) Should I put a used double wide trailer there (this is rural lot) and rent it out? If I did that, should I put on a slab or a full basement?
3) Should I build a small home there and rent it out? Again, basement or slab? I hear it is quite expensive to build right now --but will that ever get any better.....?
If this was your property what would you do?
In order to answer these questions I asked Justin Workman to sit down with us and go over Maureen's options. What followed was a lively discussion about 1031 Exchanges, building spec homes, buying mobile homes, and other possible options that will be of interest to any real estate investor.
Enjoy the show. If you have a question you'd like us to consider for the podcast, please send me an email: firstname.lastname@example.org