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All Forum Posts by: Michael Hong

Michael Hong has started 5 posts and replied 55 times.

Post: First Time Investor Starting out in Philadelphia !

Michael HongPosted
  • Real Estate Agent
  • Philadelphia, PA
  • Posts 59
  • Votes 10
Originally posted by @Joseph Scorese:

Hi @Michael Hong

Welcome to BP!

Let me know if I can assist in referring any professional services or questions. Also, any information on local real estate educational groups as well.

Regards,

Joe Scorese

 Joseph: 

Thanks for the warm welcome. Really appreciate it. And I did notice you were a loan officer, mind if I call sometime later today? I have a few questions that I need to know prior to making my first purchase. 

And yes! I have been trying to make it out to the Dave and Buster's in Columbus Blvd but my class was scheduled on Mondays at 6. Last day of class this Monday, so I hope to make it out to the next one. I may have a review day coming up two weeks later.

Post: Philadelphia, NJ, DE markets, willing to work with you on price !

Michael HongPosted
  • Real Estate Agent
  • Philadelphia, PA
  • Posts 59
  • Votes 10

 Nice! Hoping to mature myself to that level soon Troy! But for now I am just networking and trying to get a team together. Any chance any of these GC's that work in Philly would like me as a referral? 

Post: Implementing BRRR in Order to meet 45th Birthday Goal

Michael HongPosted
  • Real Estate Agent
  • Philadelphia, PA
  • Posts 59
  • Votes 10
Originally posted by @Brian Larson:

thats awesome Michael. You wrote was, does they mean you have made it? If so,  how did you get there and when did you start?

Negative. I am still young have about 17 years to go. I say "was" because I found that in this industry, there are literally an unimaginable number of strategies and ideas, that I found myself never having a solid goal for more than one week, and I love it! I would love to retire early, but I am just not 100% sure if it will be at 45. 

Post: First Time Investor Starting out in Philadelphia !

Michael HongPosted
  • Real Estate Agent
  • Philadelphia, PA
  • Posts 59
  • Votes 10

Hey guys!

I did an intro post before, but figured I'd make a more formal one now. 

Currently I am finishing my RE class to become an agent. I will gladly offer my services to you guys here, just inbox me and let me see if I can be of any assistance. 

But while I was busy studying for my state exam, I started the preliminary work getting together a pretty detailed SOW for myself. I have pinpointed a project that I would like to rehab and flip. Everything seems like it's in line and I will create a new post of that project. I will try and keep it updated as much as possible, maybe every 3-4 days. 

But for now, I just wanted to reach out again and introduce myself as an investor friendly agent, and as a fellow investor as well. 

I would love any tips from you gurus out there, and if anyone else is starting out and have a few questions let me know as well, I love seeing how everyone else is overcoming the obstacle of getting their first project started!

Post: Newcomer in the Philly Area!

Michael HongPosted
  • Real Estate Agent
  • Philadelphia, PA
  • Posts 59
  • Votes 10
Originally posted by @Mark Nolan:

@Michael Hong

Welcome to Bigger Pockets. Make sure to check out all the informative podcasts.

 Mark thanks for the welcome. And absolutely love the podcasts, and actually just purchased The Book on Flipping Houses. Getting ready to make a move soon and feel more confident than ever!

Post: Philadelphia, NJ, DE markets, willing to work with you on price !

Michael HongPosted
  • Real Estate Agent
  • Philadelphia, PA
  • Posts 59
  • Votes 10
Originally posted by @Troy Sheets:

Have you worked and are you licensed in Philadelphia? Not that it is a difficult thing to do but many people don't want to work in Philadelphia. I have subs I use for my day job that refuse to work in Philadelphia for a few reasons. 

I guess what I'm really asking is, are you sure your subs will work in Philadelphia? Are they licensed in Philadelphia? Do you have all the subs lined up you'll need to do a gut remodel? If so, we should talk. We have multiple projects going/about to kick off in Philadelphia and I'd love to add another GC to the roster as we're quickly stretching ours thin. 

 I am also curious, as I am running into similar problems!

Seen your website Troy, great work! Have you been able to find a GC or subs? Or do you do most or all of your work yourself?

Post: Portfolio Lenders in Philadelphia....and a request

Michael HongPosted
  • Real Estate Agent
  • Philadelphia, PA
  • Posts 59
  • Votes 10

I too have a handyman that does his own work. I am actually working with him to put together a full-time team, he is extremely busy. He may not be that much help right now, but can definitely become a great asset later on as he is loyal, trustworthy, prompt, does great work, and has great work and business ethics. Would this contact info suffice for that lenders spreadsheet ???

Post: Need reliable HVAC installation in South Philadelphia

Michael HongPosted
  • Real Estate Agent
  • Philadelphia, PA
  • Posts 59
  • Votes 10

Hey guys sorry to piggy back off this post, but I came across this searching HVAC in philly. I also am in need of an HVAC installation estimate. 

Post: Wholesalers To Flippers 1st Rehab (Pics)

Michael HongPosted
  • Real Estate Agent
  • Philadelphia, PA
  • Posts 59
  • Votes 10
Originally posted by @Nathan Paisley:

Hey @Kirk Berryman we did not paint the cabinets, we purchased RTA shaker cabinets. Kinda of a pain but we figured out a system and could put one together in less than 1 minute so we moved fast lol. 

Thanks for the compliments everybody! So my brother and I decided we're gonna get a cash out refi from our private money lender. There's just so much equity and the area is awesome. Oh and it's completely rehabbed! We've decided that instead of wholesaling every property, we're gonna acquire every property.  So getting the financing in place is taking some time but it'll be worth it in the end. 

I'll post numbers as soon as we start moving forward with the refi. 

We do have another property lined up to flip with a partner, fully funded by him and we would just do the rehab and split the profits. But again we want to hold that property because our wholesale deals have so much equity and this property is only 9 years old and 10 mins from my house! 

I'll keep you posted.

 Funding has been a pain for me as well. I've read a few forums here but still kind of difficult to get a decent quote. I'm currently reading The Book on Flipping Houses and so far it has shown me a lot with regards to rehabbing and marketing, but I feel like I have to read the funding chapter again. I'm meeting a few local banks and investors next week, if I hear anything and you're still looking I'll be glad to get you some contacts.

Post: Wholesalers To Flippers 1st Rehab (Pics)

Michael HongPosted
  • Real Estate Agent
  • Philadelphia, PA
  • Posts 59
  • Votes 10

I love the attention to detail you guys put into this house! Congrats on the first flip hope everything goes smoothly till settlement!