Mentoring Mathieu – The Insurance Broker – Session 1
This is mentoring session #1 with Mathieu – The Insurance Broker. Also, a Lionkissedher in PA.
Show Notes
- 1:29 – What’s been happening since the last time Mathieu was on the show
- 2:25 – An update on the 6 units and storage facility Mathieu owns
- 3:21 – How Mathieu found the 6 unit building
- 5:45 – What made Mathieu finally decide to pull the trigger (And the many issues the building had)
- 7:13 – Storage units, Jay’s experience almost buying one
- 8:57 – What gave Mathieu the idea to convert a big garage into storage units
- 13:05 – How Mathieu got around the 20 mile limit necessary to get buy his property
- 14:12 – A 12 unit apartment complex Jay found where the closest property management was 45 minutes away (But he backed out of the deal)
- 15:13 – How Mathieu found his property manager
- 16:32 – $20,000 to convert a garage into 20 storage units – Is there a better alternative?
- 19:47 – What to do when considering buying a storage facility
- 20:52 – Jay’s wife’s interest in owning an events space and the complexity in this
- 21:26 – The issue owning an events space in a small town
- 22:04 – Considering turning a space into a laundromat
- 23:31 – The reason why it’s so cheap for Mathieu to build out the storage units
- 24:30 – The issue working with contractors
- 26:44 – How Mathieu has handling purchasing his properties
- 28:35 – The issue Mathieu had when trusting a tenant
- 32:30 – Having a bank quote Jay the based on the Zestimate
- 34:50 – How sustainable is growing with a home equity line of credit?
- 35:03 – What Jay doesn’t like about portfolio loans
- 36:50 – Why Jay likes local credit unions
- 39:03 – The 3 people Jay listens to almostas much as his wife
- 41:20 – Mathieu’s experience re-purchasing a duplex
- 42:05 – Why you need to think about your long-term play
- 43:30 – The benefit of having a great relationship with your bank
- 44:53 – Why a HELOC is a good place to get you started
- 45:21 – Why Mathieu is focused on a 10 year payoff
- 47:05 – Hard money lending
- 49:40 – Jay’s second live-in flip
- 50:56 – Mathieu’s experience with a live-in flip
Links:
- Yuengling Beer
- MLS
- Bigger Pockets Podcast
- Pole Barns
- HELOC
- Portfolio Loan
- Zillow
- EARN. INVEST. REPEAT. T-shirts
- Real Estate Investing for The W2 Employee Facebook Group
- Join the W2 Capitalist Mastermind
Connect with Mathieu
Quotes:
- “Contractors… they’re very difficult to work with. That’s the issue” – Mathieu
- “Everybody’s going to make mistakes. If you’re not, you’re not trying too hard.” – Jay
- “If you do it once, you know how it works. Then it’s just doing it again and making copies.” – Mathieu
- “You can always use the cash flow now – either to build up reserves or fund your next one.” – Jay