BiggerPockets Real Estate Podcast

BiggerPockets Podcast 094: House Hacking, Partnerships, and Investing in Multifamilies While Working a Full Time Job with Michael Siekerka

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Starting out in the world of house flipping and landlording can be taxing and a lot to take on at first, but it’s all a learning experience, which is why we want you to get to know a master at both, Michael Siekerka. 

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Michael’s first real estate investing experience was just six months after he graduated college, when he occupied his first purchase by doing a fix and flip. After years of rehabbing properties by partnering with friends for quick income, he eventually found his niche in buy and hold properties. In this informative episode, Michael shares with us how he manages his properties, the criteria he uses to find new places to rent out and the methods he follows to work successfully with hard money lenders and agents to boost his revenue. This is a show to hear if you’re in the market for success!

Read the Transcript

Click here to read the transcript.

Listen to The Show on iTunes

Click here to listen on iTunes.

Listen to the Podcast Here

In This Show We Cover:

  • How to partner with friends correctlyBiggerPockets-Podcast-Cover 300 300
  • How to go from a fix and flip business plan to buy and hold properties
  • Learning to finance correctly
  • The dangers of using hard money lenders
  • The pros of working with a real estate agent
  • How to handle a basement leak — after the property is on the market
  • Collaborating with commercial lenders
  • Why working a job AND investing can be an ideal setup
  • Making sure you have a Plan B
  • The positives of working with a showing agent
  • How his focuses have changed since his first purchase
  • Importance of vetting tenants
  • Why you should get references for prospective property managers
  • And lots more!

Links from the Show

Online Rent Pay Tools Mike Recommends

Books Mentioned in the Show 

Connect with Mike

Real strategies that work for real people seeking to build wealth through real estate investments. Co-hosted by Brandon Turner and David Greene, this podcast provides actionable advice from investo...
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    Elizabeth Blazina
    Replied over 5 years ago
    Great Podcast Josh and Brandon! Enjoyed hearing your story Michael. Generally I have a question or two after podcasts but not this time. Josh and Brandon , you two complete each other ,,, like Mini- Me and Dr Evil:) Where one throws in a personal note the other probes for pertinent information. All equally important. Thanks Guys!
    Michael Siekerka
    Replied over 5 years ago
    Thanks Elizabeth! I’ve been waiting for some follow up questions/comments, but I think Josh and Brandon did a great job of asking relevant follow up questions (as always). Feel free to reach out if you do think of anything. -Michael
    Jon Lafferty Investor from Woodstown, NJ
    Replied over 5 years ago
    Guys, I thoroughly enjoyed this podcast, the humor was great. It really sounded like everyone was having a good time. Michael I just wanted to say I spent some time on your site and your renovations are beautiful. What class of area are you generally focused on? It looks like much of your property is located in fairly metro area’s. Since many of your properties are 50 + years old do you find it better to just do a full rehab rather than let the property nickle and dime you? Thanks all, Jon
    Michael Seeker Investor from Louisville and Memphis, TN
    Replied over 5 years ago
    Hey Jon – thanks for checking out the website! The SFRs that I’ve rehabbed are all within about 10 minutes of downtown in primarily residential areas. All of the historic buildings are multifamily and mostly in the historic district between downtown and the UofL (great location for rentals!). I typically try to do as much work up front as possible which makes management/ownership a lot easier. I rarely get the chance to do a full rehab because typically the buildings are tenanted at the time of purchase. In those cases, I usually go through as leases come up and then do a full (if needed) reno of each unit while tackling all of the common stuff along the way. Many of these older buildings have been reno’d in the past 20 years or so and one of the things I look for are buildings that were rehabbed correctly and won’t give me the nickle and dime expenses on a recurring basis. If something was not reno’d properly then I only look at it if the price is low enough to warrant a full overhaul.
    Paul J. Investor from Los Osos, California
    Replied over 5 years ago
    Love the bit about prescreening. I am a relatively new landlord but I am also a person who hates to be on the phone – and by training my applicants ahead that I am quick on email and text, but slow on the phone – I end up self-selecting other people who operate the same way. It has made for some great tenant relationships so far.
    Matthew Herrington Investor from Islip, New York
    Replied over 5 years ago
    Hi Mike, Great show! I thought I heard a bit about 5 questions to ask rental applicants? I scanned the show again but couldn’t zero in on it. I thought the first question to ask was “Why are you moving?” If it’s in there I would love to see that list.
    Michael Seeker Investor from Louisville and Memphis, TN
    Replied over 5 years ago
    Hey Matthew – here’s the list I’m currently using, copied directly from my most recent Craigslist posting: -When is the earliest you are looking to move? -Do you or does anybody living with you have any pets? If yes, please describe. -What is your reason for moving? -Please also provide a phone number you can be reached at
    Marianne Jett Real Estate Investor from Peninsula/Bay Area, California
    Replied over 5 years ago
    Great Podcast! Was good to hear the positives of working with a real estate agent and all the details about your experiences working with a hard money lender. Thanks for sharing.
    Tom Keith Investor from Longview, Texas
    Replied over 5 years ago
    Hey Guys, really enjoyed the podcast once again. You make learning easy for us newbies. Thanks so much. Just got Brandon’s book in the mail. It’s raining and good weather to read. Take Care. Tom & Roni.
    Deshan Kennedy Real Estate Agent from Fredericksburg, VA
    Replied almost 5 years ago
    Great podcast Michael. Michael, I have one question from your podcast, when you said that you put both lenders against one another and you got what you wanted out of the deal, what exactly was your looking for from the lender to decide which one you wanted to go with?
    Michael Seeker Investor from Louisville and Memphis, TN
    Replied almost 5 years ago
    Hey Deshan, for that specific deal I believe it was the amortization (25 years instead of 20). Generally speaking, the “terms” I’m looking to compare between lenders are the rate, amortization, LTV and loan term. Closing costs also come into play, but are generally not as big of a deal as the combination of the other 4 items mentioned.
    Vaughn Berger from Las Vegas, Nevada
    Replied almost 5 years ago
    I was having one of those days and decided to listen episode #94 while waiting for my flight. I normally listen to the episode on the phone and take notes using evernote. I decided to slow down the speed to .4x to not miss any if the good points….and I haven’t stopped laughing. If you’re waiting for your flight RNO?LAS and see a guy with this wierd grin….that’s me! Thanks for the great content and putting a smile on my face! !!
    Don Spafford Investor from Idaho Falls, ID
    Replied over 2 years ago
    Thanks for the tip on Google Wallet. I’ve been using erentpayment or something like that and it has worked out well for me. They have good customer service as well. It is cheap to use and even gives the tenant the option if they want to report their payments to a credit agency to help build their credit.