All Forum Posts by: Anthony Micklus

I remember listening to a CD by Robert Kiyosaki and he said never be the cheapest. There is always someone else that is going to come in cheaper than you. In being self-employeed I have found this to be true. I tried to be the cheapest for a while but what I found was that most of those clients were high maintenance and had no loyalty to me. 

There are a few candidates. It is tough convincing someone to loan you 10s of thousands of dollars when you don't have any successful deals under your belt. Also I am limited to people I know because of the laws. I am always running into the Chicken and Egg thing. When I have talked with people about it they say well let me know when you have something and when I have something I can't seem to find anyone who is interested. 

@Rafael Norat I want to build a portfolio. I am in the process of getting my real estate license which will give me access to MLS in my area. From there I plan to do rehabs with private money. The profits from those rehabs will go to paying off my credit card debt first thus giving me more leverage with the banks. From there I plan to buy and hold SFH then work my way up to Multi-family and or Apartments until I generate enough passive income to cover my expenses. (Ever played Cashflow 101?) I am also considering Wholesale buying in a neighboring state. I only live 15 miles and a ferry ride from the border.

One of my personal favorites is the ABCs of real estate investing written by Ken McElroy 

You definitely want to interview them first. Here are a few questions I have asked my realtors.

Do you invest yourself?

Do you have a specialty?

How long have you been doing this?

How many properties did you sell last year?

How many properties are you listing right now?

Hi Matt,

I am going through the process of becoming a Realtor right now. I too was afraid at first because I heard one investor say "never become a realtor, there are all sorts of disclosure and liability issues." I don't remember what state he was in but in my state (Which is pretty stringent) all that I am required to do is disclose to the buyer (if I am buying it myself) that I am a realtor. 

There are lots of advantages. You have access to MLS, you can run comps on any property, you can also go look at properties anytime you want. (Subject to the MLS instructions) without the worry of synchronizing your watch with a realtor. And you eluded to the other benefit. You get a built in Mentor.

@Kevin Delaney is correct YOU pick THEM. I talked with 2 brokers locally so far. One keeps calling me to find out how I am doing. Keep in mind that the broker gets a cut of everything you sell. It would be pretty self defeating for them to steal your deals. I would say interview a 2 or 3 brokers and find out where you fit in. Then go for it!

Welcome to BP Mark! You have a lot going for you. Having a handy man background will help you to estimate the cost to rehab properties (even if you don't do it yourself.) your military service will give you access to VA loans. (I am not in the military but that is what I have heard.) Start by getting an education. Pour through the Resources here and listen to the pod casts from show 1 on.

I have a similar spreadsheet with basic information plus a category (investor, Tenant Buyer etc.)  and a notes field with some details of what they are looking for. I also copy email info into my Outlook contacts. It makes it really easy to do an email blast to everyone.

I have a fair amount of time. Some good experience though it is all theory and not much practicality. I have basically no capital. I often find myself wondering do I pay down my credit card debt or spend more money on building my real estate business?

I live in an area where we have a lot of small towns all over the map. When I say small I mean blink and you miss it small. Most of these towns don't even hit 5000 population. The upside is the property can be picked up much lower than the larger population centers. I am talking like 1/2 the price or lower. Does anyone specialize in Rural properties if so how does it work for you?