Mentoring Mathieu – The Insurance Broker – Session 2
“Long-term what are you trying to accomplish and will this help get you there?” This is mentoring session #2 with Mathieu – The Insurance Broker.
Show Notes:
- 1:28 – Mathieu’s very first eviction
- 3:39 – Jay’s experience having to evict 3 of 4 tenants
- 5:12 – The “woe is me” mentality
- 6:35 – A bad experience Mathieu had with a potential tenant that made him not invest
- 8:05 – Why the area Mathieu is investing in now is a “depressed area” but he still wants to invest there
- 10:23 – The high Pennsylvania property taxes and why this is an issue for investing
- 12:07 – The update on Mathieu’s storage units
- 15:03 – The decreasing number of blighted properties available with more investment in Pennsylvania
- 17:23 – Being “right” in the long-term with investing
- 18:40 – Refinancing the HELOC
- 20:10 – Why you need to be careful with a portfolio loan
- 21:27 – The two exit strategies for Jay’s properties
- 22:32 – Jay’s duplex that he just sold for a 428% return in 3 years
- 23:41 – What the banks are telling Mathieu in regard to his potential investments
- 25:20 – What happened when Mathieu surprised his contractor with an unexpected inspection
- 27:25 – Diversifying your investments
- 29:30 – How Jay handles appliances for a 42-unit building
- 33:02 – The actual income from offering laundry services
- 36:08 – Why Mathieu is torn on doing the portfolio loan
- 37:04 – Thinking about what you want to accomplish in the long-term
Links:
Connect with Mathieu
Quotes:
- “If you can’t rent a property for more than half a percent of what it’s worth you should have enough equity in that thing to sell it. It’s time to move on.” – Jay
- “I do – I’ve got mobile homes, I’ve got apartment complexes, single-family homes – and they’re all in different cities so I’m diversifying.” – Jay
- “Long-term what are you trying to accomplish and will this help get you there?” – Jay
- “It’s not about what’s convenient this month or next month, but what’s going to be convenient in 10 years or 20 years.” – Mathieu