All Forum Posts by: Michael Slockers

@Remington Lyman If you are a realtor I'm not sure if you are obligated to a certain contract? Something to ask a realtor or your broker perhaps to keep you out of hot water.

@Remington Lyman Get with the potential-sellers and understand their objections? Every seller has objections that need to be addressed openly and honestly. There may be trust issues, they aren't happy with the terms, or they don't understand the contract. For that matter, they may be dealing with COVID related matters like fear, job loss, stock market fears, etc. This is one more unknown for them. 

What problem are you solving for these people? That's rhetorical. Be able to answer that for each of your sellers. 

@Account Closed ??? Not sure what this is referring to... but I like the sounds of it so please let me know!

@Grant Maxey Awesome to own your house! Why the rehab? That would be my first question... I've bought several houses in Tulsa for less than 35k and they cash flow like crazy. If I had 35k, that's what I would do with it, unless a rehab is absolutely necessary.

Next piece of advice is to jack up your savings. Being a homeowner now, you need MORE MORE MORE savings in case things go wrong. Plus, savings will help you acquire something in the future when a good deal does show up! 

Next piece of advice I would offer is to consider a refi on your home. Rates have come down a lot and 4.75% over the next 30 years will add up, when you can have access to 3.25-3.5% pretty readily currently. Lowering your monthly payment will help you save more and will improve your monthly income/outflow ratio which should make you more bankable.

I've had luck with private lenders on a lot of my deals. That could be family and friends or seller-financing. Over all of our portfolio, I only have 2 loans with lending institutions (of 10 properties). Several more are through private lenders, and then some are cash. 

Last thing I have for you is figure out what "floats your boat", study it, and spend time with people who are going to make you better in that area. If it's swinging a hammer, learn how to be great at that; if it's long term rentals, study up, know the areas you like in town, talk with property managers, real estate agents, and other lenders. Do deal analysis to learn the ropes.

Overall WELCOME to the club! I wish I had started when I was 25. I did my first new construction when I was 22. I was crazy. My next new construction was when I was 24. Then again at age 27. Then I hung it up for a while as we started a family. Later on I jumped back in to flips and rentals. It's been fun, though not easy. It has been a side-hustle for me the whole time!

@Derrick C. What ended up happening with this?

@Matt Leber Well yeah! 

@Matt Leber is it Richie?

@Donnie Martens BASE HITS WIN GAMES! Great job! I'm sure cash flow is great too. Do you manage it remotely and how is that working out?

@Ricardo Nieto a little confusing on the story but I'm pretty sure it's a hard NO. 🙃

@Alejandro Piedra welcome! Great to hear you are getting started! Same up some cash and get ready for a fun ride!!!

Tulsa and DFW, both solid choices in my opinion. DFW is seriously hot while Tulsa seems stable with some possible decline coming if the oil price mess continues. We are heavy energy industry in this area!!!

My comment above was specific to entering houses where COVID may have been introduced. But also applies to all surfaces at stores, mailboxes, etc.

I would add to this that folks affected do some research on the "staying power" of the virus. Journal of New England medicine this week published that the virus can stay on certain surfaces more than 24 hours and still be viable.