All Forum Posts by: Mike Schorah

@Luca Burato

I don't see why you couldn't flip anywhere with $100K. If you're putting 10% down (which seems to be the minimum with hard money loans) on a home that would have a $300K ARV (The median home value across the United States is $287K (https://www.cnbc.com/2021/06/1...)), then that would be 5 homes that you could flip at once (at $20K down per home). It'd be tight, but could work. I think it's a better idea to start with 1 home, though, so less money is risked and learning is easier since learning from 1 would be hard enough compared to learning from 5 at the same time and getting burned out.

@Curt S.

I did an internship at a commercial real estate company and I saw it happen. Usually gift baskets were given, but I think a bottle of wine would also be acceptable. If it's a contractor, nothing beats a six pack of beer (I know.. I used to be a contractor).

Also, I heard of Home Depot or Lowes cards being given just for house flipping leads.

@Jonathan Smith

Deals on Wheels: How to Buy, Sell & finance Used Mobile Homes for Big Profits by Lonnie Scruggs. This is an oldie, but goodie. I believe Brandon Turner referenced the author in a podcast, but don't quote me on it. I put up an ad and was inundated with phone calls from potential buyers. I decided against it because I'm more interested in flipping, but if I was to invest in mobile homes, I'd definitely follow the strategies in this book.

I think it depends on the area. There are 2 areas close to me where Amazon distribution centers opened in the last 15 years.

Middletown, DE - This distribution center opened roughly 15 years ago and it has caused growth in the area to explode almost instantaneously. The area was very small and tripled in size in regards to number of stores and population. In the past 5 years, they even expanded the road to accommodate the explosion in traffic. I checked Google. The population went from 6,000 to 12,000 in a matter of a couple of years and now is at 21,000.

North East, MD - This distribution center opened roughly 5 years ago and growth is still stagnant. The area is very small and the local government discourages growth. Stores, population, and roadways have remained the same and aren't expecting to change. The population has been stagnant at 3,500 over the past 10 years.

@Troy Dryden Bartels

Awesome! It's great to have you here!

I'd suggest books, podcasts, and low cost online courses. Even dedicating 30 minutes a day will get you farther than dedicating no time a day. An extra 2 hours a day would be optimal, though.

For hands-off, you're best house hacking... buy a multifamily, live in one side and rent out the others. For even more hands-off, you're better off renting out rooms to professionals. Hire a Property Manager for any rentals that you acquire. Even more hands-off would be to just invest in an REIT (Real Estate Investment Trust).

To learn more, I'd go to Amazon and search for books on the sector that you're looking for). Then, I'd go to Udemy for some low cost classes. I'd also listen to the BiggerPockets podcast. If the episodes are too long (Usually an hour and a half), then I'd break them down into 45 minute sections to listen to each day. 

@Tyler Delaney I think it depends on where you want to go in real estate. 

Interested in flipping houses? Construction management all the way. In The Book On Flipping Houses, J Scott says that in order to be a successful house flipper, you need to be a crackerjack estimator. A degree in construction management would prepare you for that role and it would prepare you for the project management processes involved in flipping houses. 

Interested in anything else other than flipping houses? I think any loosely related degree will work (not something like anthropology, biology, etc. for instance). For example, I did a commerical property management internship in college. The Property Manager had a Bachelor's degree in Communications. The Vice President had a Bachelor's degree in Politics and Policy (After landing a job at the company, he went on to get a Master's degree in Real Estate Development). The President of the company earned a Bachelor's in History (You have to know where you came from to know where you're going to go).

@Taylor L. Elkton, MD. Not too far from Richmond. I was in Richmond last fall!

Hello BiggerPockets community!

My real estate journey is described in my post from last week.

Here’s where I’m looking to find out my next move. I currently can dedicate $500 per month towards marketing. My goal was to go Driving For Dollars and get a list of 400 vacant/distressed properties. After doing research, I was going to mail them every month for a year. This is where I’m stuck.

There aren’t any in-person real estate Meetups in my area. I thought there was one and I went to it yesterday to find out that they didn’t cancel their calendar of Meetups since COVID started. I don’t want this to hold up my progress.

All I’m looking for is someone that I can feed analyzed “deals” or leads to for free in exchange for being able to walk the property while it’s in rehabbed condition and under contract (taking a cue from J Scott’s The Book On Flipping Houses).

Since I can’t find anyone at Meetups to network with for the purpose of the above, where else should I look?

How do I avoid getting sucked into working for free for some mentor that will just use and abuse my time?

@Jada Walker

First, I'd start with attending a Meetup to network with real estate investors.

Once you've formed business relationships with them, then I'd reach out and ask if you could do cold calling for them (you don't need money, but you need thick skin) OR driving for dollars with skip tracing.

@Lauren Rodriguez

The Art Of The Deal

Rich Dad, Poor Dad

The Book On Investing In Real Estate With No (and Low) Money Down

The Book On Flipping Houses

The Book On Estimating Rehab Costs

Real Estate Investing Gone Bad

Flip

The Book On Tax Strategies For The Savvy Real Estate Investor

The Flipping Blueprint

Dictionary Of Real Estate Terms

Raising Private Capital

The Book On Negotiating Real Estate

Flip Your Future

Fix And Flip Your Way To Financial Freedom