This real estate investing journey started when Mike and his wife bought a house in Florida from Ohio, and started short-term renting it to friends and family only in between using it themselves. Then, the family moved to North Carolina for work. Mike got fired while his daughter was in high school. His wife also got fired. They moved into the Florida house for a short time. Now scrambling a bit, the family bought a fixer looking for appreciation, then did arbitrage. What is short-term rental arbitrage? Mike rented the house to a tenant who would be the STR host. He did the maintenance himself. He met the arbitrager through Bigger Pockets. The value proposition for him: save time and learn. Then a bit later, Mike took the management over. In the meantime, they were building their portfolio. Now, Ronnalee is retiring and taking over the STR management of their portfolio and others! This is a story of guessing, learning, and letting the real estate investing “career” unfold as you go.
If you liked this episode, you will also like Episode 123: When You House Hack an STR and It Has Mold But You Still Make Money and Episode 119: Cost Segregation.
Sponsored by TouchStay Digital Guidebooks: https://touchstay.com/
About Mike:
Mike Terry is the CEO and founder of RMC ReDevlopment, which is a diversified real estate investment company that he runs with his wife of 27 years, Ronnalee, in Southwest Florida and South Georgia. Mike was a former teacher and college basketball coach who became an accidental landlord and over the last 5 years has flipped 14 properties, built a rental portfolio of 26 doors including two Short Term Rentals. Mike and Ronnalee remain firmly focused on attaining financial independence and real estate has been an integral part of their journey.
Connect with Mike:
Email: mterrybball@hotmail.com
Bigger Pockets: Mike Terry RMC ReDevelopment
LinkedIn: https://www.linkedin.com/in/mike-terry-9a3b73a7/Donate to the show: https://cash.app/$AdultingIsEasy
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