Theres absolutely positively no way ..... is there?

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Theres absolutely positively no way ..... is there?

Michael Johnson
Specialist · Marco Island, FL · Member since 2016 · 225 posts · 56 votes

Michael Johnson, unproven; yet serious.

I walked into a local real estate office and chatted with a lovely realtor named Annabelle. After 15 or so minutes, boom she invites me to her office and we started looking at the MLS. Then, boom I get a "drip notification" I now get All short sales and foreclosures regardless of # of rooms or price to my email every day..

My backup plan is section 8 homes w/ money I am planning on from a different investment. But here is my question.

What can I do or learn to help  assign a million dollar home... Beautiful Naples FL.

I'm going to go to REIAs of course, networking. I'm going to practice running the numbers, but what else?

I might be aiming too high, so be it. I think it was Trump who said Maximize your Options.. and he's Prez, like it or not.

Thanks!

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Travis Callihan
New to Real Estate · Plumas Lake, CA · Member since 2016 · 32 posts · 24 votes
9y

@Michael Johnson I am by no means an experienced investor so take my advice with a grain of salt.

When I first joined this site I got tons of great advice, but one thing in particular really stuck with me. One guy asked me, why should I spend my valuable time helping out a new investor? There are hundreds of new investors on this site every month, why should I help you? What do you bring to the table?

At first I had no idea how to respond, I asked myself, what do I bring to the table? Initially my response was nothing, I can't bring anything to the table. But after hours of reading the forums here and interacting with investors I realized that I do bring a lot to the table. I am in the military so I bring a large network of potential renters and investors. I have lived in multiple areas and markets so I bring market knowledge. But one of the biggest thing I can bring is an open mind and a willingness to work. I can bring my work ethic and my physical labor if need be.

I have learned the seasoned investors love helping new investors get into the business, but you need to prove that you are serious and willing to compensate them(not in the form of money) for their time.

You say you have power creativity and you are a people person, so how can you use your strengths to help yourself and help someone who is willing to mentor you?

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  • Natalie KolodijBusiness Member
    Moderator
    Tax Strategist| National Tax Educator| Accepting New Clients · Member since 2014 · 3k+ posts · 4k+ votes
    9y

    I literally don't know what you're asking here. 

    You have a million dollar home under contract and you want to wholesale it? 

    If it's a short sale was that price it's under contract for approved from the bank? 

    Explain more ...

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  • Michael Johnson
    OP
    Specialist · Marco Island, FL · Member since 2016 · 225 posts · 56 votes
    9y

    ok, so I have no experience besides what ive taught myself on the internet and listening to podcasts.

    I JUST got access to the MLS.

     I guess my question is... now what?

    which is a boring question.  

    p.s. is there any way I could start with million dollar homes?

    0Reply
  • Patti RobertsonBusiness Member
    Property Manager · Virginia Beach, VA · Member since 2016 · 2k+ posts · 2k+ votes
    9y

    Do you have rehabbers working in the $1M+ market? If so, if you get a good deal, rehabbers are always looking for inventory. Ask Annabelle to look in your MLS for $1M+ homes that have sold, and look to see what the names of the owners are. She should be able to tell if they are flippers. One clue is the name of the Seller. Another is to look at the property history to see if it was purchased low, owned short term, and then sold. She probably won't be able to get you their contact info, but if she gives you the entity names you may be able to find them. Worst case, she will be able to see who the agent is they hire to sell their homes. That agent will be able to get you in touch with them.

    757-472-2547
    2Reply
  • Patti RobertsonBusiness Member
    Property Manager · Virginia Beach, VA · Member since 2016 · 2k+ posts · 2k+ votes
    9y

    The big question though, is do you have the ability to close on a $1M home purchase?  

    757-472-2547
    1Reply
  • Wayne Brooks
    Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
    9y

    Your agent isn't very sharp, in that she didn't ask for a POF or a preapproval. She will though when you're ready to make an offer, then the game will be over, and if not, it will be when she realizes the bank will require one to even look at your offer.

    2Reply
  • Michael Johnson
    OP
    Specialist · Marco Island, FL · Member since 2016 · 225 posts · 56 votes
    9y

    no, no rehabbers (yet) if you mean close on it as in purchase no i dont.. Just a lofty goal to get some advice on. i like all the intuition from the property history..

    Maybe this is a stretch, but what about buying an expensive house that  is in a good location, decent lot.. then sell part of the land etc etc. But thats zoning and probably a question for a different place.

    0Reply
  • Shannon K.
    Buffalo, NY · Member since 2015 · 252 posts · 109 votes
    9y

    If your backup plan is section 8 homes, what are you trying to do with a million dollar home? I'm a bit confused as to the direction you're trying to take here.  Those 2 opportunities seem to be completely opposite in my mind...

    As you admit you have no experience here, but you seem to be excited that you now have access to the MLS. That's good...but its likely every other investor in the area has the same thing. It would be good to crawl first with some baby steps before you run to million dollar deals. Figure out what your strategy is. Are you going to assign contracts or buy section 8's? Do you want to be a landlord or deal with high-end homes? Once you have an objective clearly defined, the next step with what to do with the MLS data will be apparent. Good luck!

    5Reply
  • Michael Johnson
    OP
    Specialist · Marco Island, FL · Member since 2016 · 225 posts · 56 votes
    9y

    Thanks shannon. Well, I am getting into real estate, somehow.. its just a matter of where.. Im planning to pull around 20k out of the stock market, but thats slightly wishful thinking. Along with other financing.

    Listening to a podcast, unsure which; i heard to start in the best position you can.. I didn't move to Florida to deal with inner-city like problems. So section 8 homes sound less appealing. more of a last resort.

    Really my only advantages are, powerful creativity, a "people person" and a crazy sleep schedule.

    Im ok with the odds, but how can I win?

    1Reply
  • Travis Callihan
    New to Real Estate · Plumas Lake, CA · Member since 2016 · 32 posts · 24 votes
    9y

    @Michael Johnson I am by no means an experienced investor so take my advice with a grain of salt.

    When I first joined this site I got tons of great advice, but one thing in particular really stuck with me. One guy asked me, why should I spend my valuable time helping out a new investor? There are hundreds of new investors on this site every month, why should I help you? What do you bring to the table?

    At first I had no idea how to respond, I asked myself, what do I bring to the table? Initially my response was nothing, I can't bring anything to the table. But after hours of reading the forums here and interacting with investors I realized that I do bring a lot to the table. I am in the military so I bring a large network of potential renters and investors. I have lived in multiple areas and markets so I bring market knowledge. But one of the biggest thing I can bring is an open mind and a willingness to work. I can bring my work ethic and my physical labor if need be.

    I have learned the seasoned investors love helping new investors get into the business, but you need to prove that you are serious and willing to compensate them(not in the form of money) for their time.

    You say you have power creativity and you are a people person, so how can you use your strengths to help yourself and help someone who is willing to mentor you?

    7Reply
  • Michael Johnson
    OP
    Specialist · Marco Island, FL · Member since 2016 · 225 posts · 56 votes
    9y

    nice...

    well, as concisely as possible, I believe that I am well worth the investment. and that right now "my grasp exceeds my reach" (thats backwards but i mean it that way) As far as work ethic goes, I dont know anyone who is as obsessed as me (personally anyway). I believe in win wins, yada yada. All the cliches even though they are true.

    Most importantly, what can I bring to the table. I'll call it as it is, besides the can-do attitude, volunteering, my life depends on it commitment... All benefits are in the future. But I can see (and show) how in the past Ive created some pretty amazing situations where others overlooked, that seems profitable in REI. Also, seeming to be able to improve on what others do the more I see and get my hands on..

    But more than all of that, I really am a good guy. And have some awesome things in store for the world. Small things now, big later. p.s. Dont you wanna help me change the world even more than you already are?

    The creativity I mentioned before, refers to many things but in particular this limo "company" I started after getting a crazy speeding ticket in my friends race car. I geared it towards broke college kids, but really it was my free ride to Race Car School. The Business plan for it was beautiful. But i stopped while I was ahead. I'm 22 as of now.

    Im definitely not expecting a handout.. honestly kinda hoping for a hand up. But really my goal is to at least get on your radar (to whom it may concern) and say to at least keep me in mind. Give me a chance to prove worth it. Once i figure out how anyway..

    Until later.

    0Reply
  • Percy N.
    Developer · Philadelphia, PA · Member since 2015 · 2k+ posts · 904 votes
    9y
    Michael Johnson , seems like you may benefit from some experienced investors or wholesalers. Go to local REIA meetings, post on CL, etc. to network. Do a few $100-$200k deals and then worry about the $1MM.
    0Reply
  • John Thedford
    Real Estate Broker · Naples, FL · Member since 2013 · 9k+ posts · 6k+ votes
    9y

    What about getting your license? That is always a bonus. Everyone is new at one time and there is a learning curve. Get your license to establish some education. Work on finding distressed owners that need help. Sometimes they will find you. Then you have two options: list or purchase. Get funding lined up now so that when you find a deal you have both options. 

    1Reply
  • David Zheng
    Investor · Saint Louis, MO · Member since 2016 · 970 posts · 1k+ votes
    9y

    Michael, I had the toughest time reading what you're writing. You need to focus haha. You are literally everywhere and it will scare investors or partners if you aren't concise.

    3Reply
  • JD MartinBusiness Member
    Moderator
    Rock Star Extraordinaire · Northeast, TN · Member since 2015 · 10k+ posts · 16k+ votes
    9y
    Originally posted by @Michael Johnson:

    Michael Johnson, unproven; yet serious.

    I walked into a local real estate office and chatted with a lovely realtor named Annabelle. After 15 or so minutes, boom she invites me to her office and we started looking at the MLS. Then, boom I get a "drip notification" I now get All short sales and foreclosures regardless of # of rooms or price to my email every day..

    My backup plan is section 8 homes w/ money I am planning on from a different investment. But here is my question.

    What can I do or learn to help  assign a million dollar home... Beautiful Naples FL.

    I'm going to go to REIAs of course, networking. I'm going to practice running the numbers, but what else?

    I might be aiming too high, so be it. I think it was Trump who said Maximize your Options.. and he's Prez, like it or not.

    Thanks!

     This sounds like the beginning of a "Dear Penthouse" letter! 

    Joking aside, I'm not sure what you are looking for. Do you have a house that you are trying to wholesale, and don't know how to find interested buyers? 

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  • Colton S.
    Investor · Wendell, NC · Member since 2014 · 189 posts · 54 votes
    9y

    @Michael Johnson This might help you, this is related to what Donald Trump said about "Maximize your options".

    "Maximize your options."

    It's necessary to be flexible, he says.

    "I never get too attached to one deal or one approach," Trump writes. "For starters, I keep a lot of balls in the air, because most deals fall out, no matter how promising they seem at first. In addition, once I've made a deal, I always come up with at least a half dozen approaches to making it work, because anything can happen, even to the best-laid plans."

    Also, feel free to read the rest on this website. He talks a lot about knowing your market, using your leverage and more.

    1Reply
  • Brent Coombs
    Investor · Cleveland, OH · Member since 2015 · 6k+ posts · 2k+ votes
    9y

    @Michael Johnson, let's start with what you suggest you have(?) ie. You wrote: "I'm planning to pull around 20k out of the stock market, but that's slightly wishful thinking".

    Er, you either DO have $20k that you can pull out, or, you don't!

    Get real! And then, go from there.

    Seems to me, if you're excited to be granted a seemingly secret inner circle knowledge of what's on the MLS, why not get that information the LEGITIMATE way - become a Realtor?

    3% commission on each $1M home you list/sell... You get the idea! Cheers...

    0Reply
  • Kerry BairdPro Member
    Rental Property Investor · Melbourne, FL · Member since 2011 · 3k+ posts · 2k+ votes
    9y

    What the quote from Trump means to me: Have a Plan A, and Plan B, and a Plan C for any given deal.  But you have a LOT to learn.

    For example, I used to send out direct mail.  I would get a number of calls from possible sellers.  One house is an ugly rehab, one is a hoarder house in good condition, one is a "pretty" house with no equity, and with one the owner is ready to deed the house over for nothing and wants out now. 

    So, what tools do I have in my toolbox? 

    Ugly house:  Can I rehab this myself, or do I know someone who can? Do I know someone who buys rehab properties in this ZIP code? Do I have a title company who can do double closings? Can I get transactional funding in place? Can I take this subject to the existing financing?  Will the seller do a lease option instead?

    Hoarder house: do I know an estate sale place to clear the house out? Or do I want to place a roll-off and do it myself? Which is the better return on my time and money? Do I know someone who wants hoarder houses? How do I buy this one? Sub2, lease option, hard money, conventional?

    Pretty house: does anyone in my area pay a finder's fee for a no-equity deal?  Will the owner lease option? Are they late on payments? Can I do a short sale? Do I skip this deal and move on?

    Owner-wants-out house: run a preliminary title search, call up my insurance agent, call a traveling notary and sign the deed and contract with the owner. Run the paperwork over to title or to the recorder's and record the deed.  Start prepping the house for quick sale.

    This is where the creativity comes in to play: figuring out what tool to use for acquisition as well as for disposition, and applying my strengths to the situation;  meeting with sellers directly, not using a Realtor in the middle to mess up our communication; sorting the house into categories that make sense financially for me, as well as for the seller. 

    2Reply
  • Michael Johnson
    OP
    Specialist · Marco Island, FL · Member since 2016 · 225 posts · 56 votes
    9y
    ok.. concise.

    I want the lifestyle that will make money while i pursue it. (obviously)

    I want to take care of my aging parents who will need me soon, and im just starting out.

    I want vacation homes.. (FL supposedly has some tricky rules)

    0Reply
  • Michael Johnson
    OP
    Specialist · Marco Island, FL · Member since 2016 · 225 posts · 56 votes
    9y

    Im definetly not opposed to becoming a realtor what makes me nervous though is getting started finishing but still having a failure to launch.

    i believe 16k out of the stock market in the next 1-3 months is very realistic.

    lastly thanks to everyone offering advice. And you are right. I mean it. Im a bit of a pandoras box, and ive been quiet for a while.

    0Reply
  • Zayyaf Woodward
    Real Estate Investor · Kalamazoo, MI · Member since 2016 · 5 posts · 1 vote
    9y

    Micheal, what are you even saying? You are all over the place. Every sentence of yours has a contradiction.

    1Reply
  • Michael Johnson
    OP
    Specialist · Marco Island, FL · Member since 2016 · 225 posts · 56 votes
    9y

    the latest.. is what i want.

    that and a job (short term goal) in an appraisers office/realtors/property management. or related. I need to get my hands on something sooner vs later.

    in my defense though... "Why should an investor pick me?" is a serious question to tackle... im workin on it lol.

    0Reply
  • Natalie KolodijBusiness Member
    Moderator
    Tax Strategist| National Tax Educator| Accepting New Clients · Member since 2014 · 3k+ posts · 4k+ votes
    9y
    Originally posted by @Michael Johnson:

    Im definetly not opposed to becoming a realtor what makes me nervous though is getting started finishing but still having a failure to launch.

    i believe 16k out of the stock market in the next 1-3 months is very realistic.

    lastly thanks to everyone offering advice. And you are right. I mean it. Im a bit of a pandoras box, and ive been quiet for a while.

     ...As in you have 15,800 in there now and you think it'll go up to 16k? 

    Or you're about to put a couple grand in and think you can buy/sell it up to 16? 

    You keep being very vague with what your resources and goals actually are. It Makes it hard to help. 

    Step one for you is maybe writing out a goals list. A focused one.

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  • Zayyaf Woodward
    Real Estate Investor · Kalamazoo, MI · Member since 2016 · 5 posts · 1 vote
    9y

    "the latest.. is what i want" - what does that even mean Michael? The BP community loves giving advice to newbies but please stop with the hyperboles and embellishments and speak clearly and to the point so that we know what you're actually asking.

    I feel like this is going to be an extremely difficult uphill battle.

    I wish you luck in your endevours however.

    0Reply
  • James Barry
    Real Estate Broker · Houston, TX · Member since 2016 · 27 posts · 15 votes
    9y
    Michael, Please reach out to me in a message. We need someone like you on our team
    1Reply
  • Eric R.
    Washington, DC · Member since 2016 · 36 posts · 7 votes
    9y
    I don't mean to sound flippant, but it sounds like you're trying to sprint through a marathon. Take your time. Read the FAQs available here on BiggerPockets, or buy yourself a copy of The Book on Rental Property Investing. Investing time is at least as important as investing money here, maybe more so. Good luck!
    2Reply
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