All Forum Posts by: Michael Dumler

@Petar Tosevski you need to add value to others if you want to be successful in lead generation. There's no tricks or secrets to this regard. If you examine the BP forums, some of the most top notch agents are extremely resourceful when answering users posts, not to mention they do it on a consistent basis and ask for nothing in return. Everyone has their different niche for lead generation, but the one thing they all have in common is adding value in some shape or form. Creativity is important, but above all else consistency is the key. Also, as a side note, for new agents I highly recommend shadowing an agent that knows the industry in and out for the first year, just my two cents. Hope this helps! 

@Josh Boulanger different lenders will have different guidelines/regulations for a primary residence vs. an investment. To my understanding, the case is that 20% down regardless of property type allows the borrower to avoid private mortgage insurance. This is where all the nuance begins of calculating and analyzing the best possible lending terms, and of course, all of that will be dependent on the intended purhcahse price of the property. General rule, speak to as many lenders and loan officers as you can, just because one institution tells you one thing does not necessarily mean that is the case for others. For your situation, it seems you have done your due diligence. Hope this helps! 

@Scott Bell at the end of the day, it can be hard to determine if members on the forums are either being nagative or just upfront. If members are telling you something won't work, I would take it with a grain of salt, but on the other hand, I would also look at it from the prospective of them potentially saving you tons of time. BiggerPockets has it's fair share of folks who are either legit investors that have massive portfolios or absolute tire kickers that hardly have any experience. By all means, keep asking questions and continue to visit the forums. 

@Joseph Goode for out of state investments, many would advise that it is essential to develop your core four (agent, pm, lender, contractor). Given you've selected your tartget market, at this point you need to network and find the best in the business. BiggerPockets is a good place to start. As someone has already mentioned, get connected with an agent that works with out of state investors and have them send you deals that meet your criteria. I wouldn't necessarily worry about the nuances of setting systems in place until you get your first deal under contract. Hope this helps! 

@Gerard Aliberti in this market, deals go quick. I think most out of state investors would agree that it's essential to utilize other people's time and expertise, as opposed to flying out to every potential deal. Hence, this is why OOS investors talk about the importance of developing your core four (agent, pm, lender, contractor). Once a property is under contract, then it may make sense to view in person, otherwise, as you mentioned, it will be costly. Hope this helps! 

@Scott Bell he is most likely referring to Deal Machine. I have never used the app, but those who have give mixed reviews. To my understanding, the app allows you to simply take pictures of properties that are of interest to you. Hence, properties that appear to be vacant or need some sort of cosmetic work. Once the user captures a picture, Deal Machine employs their GIS mapping software to locate the address and send a mailer to the owner. Successful wholesalers will leverage other peoples time, thus, hiring someone else to drive for dollars for them. If I remember correctly, Brandon discussed about hiring a high school or college student to drive for dollars and paid them per property. I would say the other big software that wholesalers and myself have used is PropStream. There's hundreds of videos and articles that can go way more in depth for both Deal Machine and PropStream then me trying to explain here on the forums. Hope this helps! 

@Lamont Marable are other offers on the table? I assume this is an on-market property? I understand some investors discuss their success about how giving multiple options/offers to the seller has worked in their favor, but in today's market I'm not quite sure how this would pan out. If the property is properly priced and listed at 190k I can't imagine low balls will even be considered. I have not tried this strategy myself, so maybe I'm speaking out of turn, but I feel this strategy should only be used if the property has been on market for a certian period or if it is not getting any action/notice what so ever. 

@Dylan Smith when it comes to analyzing deals, the BiggerPockets calcs are fairly reliable and get the job done in my opinion. I would also note, be careful broadening your market search. It sounds counterintuitive, but searching and studying multiple markets can hurt your investment strategy in the long run. I can't speak for all investors, but I believe a majority of folks would agree it's more resourceful to pick one market and stick with it in the beginning. I feel a majority of analysis paralysis arises when individuals have multiple properties coming their way from multiple markets. 

@Joey Gorombey long duration of on market listings can potentially mean a number of things including, damage to the property, tenant occupied, process of probate, overpriced, etc... I'm unfamiliar with the Kansas City market so take everything I say with a grain of salt. However, I definitely encourage that you call the listing agent for each one of these properties to gather information. Simply ask if the seller has received any offers and if a seller disclosure can be provided. If the properties are of interest, I recommend working with a buyer's agent. Easiest way to determine if the properties are overpriced is to search for recent sold comparables. Hope this helps!

@Dylan Smith not necessarily. From my two cents, the earlier you take action, the better off you'll be in the long run. Real estate investing is a time intensive battle in the beginning. I've heard folks say for years they'll start taking action when the market "cools" off. These are the same individuals that will make excuses time again as to why they never got into real estate. I would continue to search for properties that meet your criteria, and at the very least submit offers on a continuous basis until something lands. Curious, which market are you in?