Quotations by Michael Munsey

When the housing market is down and it is a buyer's market, I could purchase one home for the same capital needed to mortgage three to four houses with a 25 percent down payment. The positive cash flow from my rental property is very similar whether I purchase one rental property with zero debt versus leveraging my capital to purchase three properties with a 25 percent down payment and a mortgage. The potential that the value of my property will appreciate is three times greater when purchasing three properties from that of purchasing one rental property when the housing market rebounds. [2014] - Michael Munsey

Ways to Generate Passive Income: Vending businesses, Online marketing, Rental property, Stock dividends, Mutual funds, Royalties from mineral rights, Royalties from copyrights, Laundry mats, Car washes, Private investing (angel investors) [2014] - Michael Munsey

We would not own a property that we would not live in ourselves. We will not own a property that is not in a safe neighborhood. We primarily purchase one-story properties because there is less maintenance and upkeep on a one story property versus a two-story property. Since we are limited on capital, we prefer to purchase move-in ready properties, which help minimize the initial capital needed to purchase a property even though the purchase price of the property will be lower. [2014] - Michael Munsey

A good agent can bring you good deals on property when properties hit the market once they know you are a serious buyer. Your real estate agent must understand what you are trying to accomplish with the purchase of your investment properties. They must be willing to be aggressive when negotiating. When looking for my first property, I had a couple of agents tell me that they would not submit the offer as low as I had requested. I moved on to the next agent that was not embarrassed to submit to the initial offer I requested. [2014] - Michael Munsey

Before purchasing any property, I strongly recommend finding an inspector that has experience as a contractor. If there are concerns with the property, an experienced inspector can also help to give you a reasonable estimate on the amount of money to correct or repair the problem area. [2014] - Michael Munsey

If you have been to any real estate seminars, I am sure you have been advised to place all the properties you acquire under a corporation to help minimize the taxes you pay and to limit your legal liability. Be sure to consult both your accountant and attorney prior to going through the process of setting up a formal company. [2014] - Michael Munsey