All Forum Posts by: Kurt Michaelson

@JJ Gritts Thanks for organizing this and I look forward to attending this meetup next week.

@Adam Diedrich Welcome to the BP community and to the OKC area. I'm new to the area as well and share similar interests as you with regard to RE investing. 

I'd suggest looking on Meetup.com where some of the local investing groups are gathering. I know of 2 that are coming up at the beginning of April.

@Jason Lee There are some meetups, but I know of a commercial RE broker that I could put you in contact with, to help you with any additional info you might be looking for? Would that help?

@Steve Gagne Do you have any suggestions?

Yes, I look forward to that debrief with you and with more details when we meet. I can't say thank you enough for what you and your team did to help people during and after the storm.

@William McGuire Welcome and thank you for your service. I recently move to Yukon, OK and will be looking into wholesaling as well. You and I share the same real estate objectives: build capital and long term wealth, passive income and a way to build a strong retirement income for the family.

Keep you head on a swivel.

@Robert Hedrick I don't think it's too late at all. I think many people have similar concerns like you as they enter into this aspect of real estate. I'm in now way an expert on this, or have extensive experience, but just want to share my opinion to your question.

Wholesaling is, in my opinion, a great way to enter the field of real estate investing, to learn what other investors look for and to find good deals that will benefit all parties involved.

The problem though lies in the fact that not every person who gets started with wholesaling continues to effectively and successfully wholesale. There is frustration with rejections from seller who are asking unrealistic prices for their property, and it's not easy as some guru's make it to be because it's not. There's a lot of work involved. You're marketing deals for buyers and while there may be a lot of people in the market to wholesale, you don't know if they're in your market or not. And honestly, as I've heard someone else say, there's enough real estate out there for everyone, so I don't think it's saturated at all.

It might be a good idea to evaluate your market, or where you would like to get involved in wholesaling and then determine how you'd like to effectively pursue those properties, i.e., probate, tax delinquent, city code violations, pre-foreclosure, foreclosures, divorce, etc., then work specifically in that demographic and focus on hot to succeed.

I hope that helps. All the best to your success.

@David Lecko I've moved to Oklahoma for a new job that I started this week and what a dramatic difference in housing prices out here compared to SoCal! 

I'm looking forward to returning to D4$ once my family and I get settled in our new apartment in a couple of weeks and sales begin to come in too.

DealMachine is a great app and I'm happy to acknowledge that any time my friend.

I drove for Lyft/Uber as my full-time source of income and you have to be online ready to drive otherwise you don't make any money. 

I did this for about 9 months and was using DealMachine to add new properties to pursue. There were days when I spent more time searching for real estate opportunities than serving people as a driver.

Anyone who chooses to drive for either Uber or Lyft has to know what amount of money they need to make each day, in order to pay the bills and you've got to make more than what's put into the gas tank. 

For example, if it costs $35 to fill up, a driver can't set a goal to make $100 and then call it a day because the net earnings is only $65. How much an individual has to make while driving is different for everyone and it depends on the city market they are driving in too.

Can driving for Lyft/Uber work? Yes. Would a more stable, salaried employment work better to support a family? Even more, yes.

If someone is going to drive for either Lyft/Uber, it should be evaluated just like a real estate deal and you need to know if it's going to make sense (financially) to do this. I think it works better as a side hustle rather than as a full-time source of income. Does that make sense?

Welcome Matt!

I think wholesaling is a good way to begin building a foundation to understand the San Diego market. Attend RE group meetups as often as you can and begin to build relationships with other investors.

I recently moved from Murrieta and was often in San Diego county as an Uber/Lyft driver and I found a lot of opportunities, so they are there, you just have to get there at the right time to capitalize.

Listen to the podcasts, ask questions - you'll get a lot of feedback here in the forums and consistently read books about real estate investing and business leadership.

I'm not sure if you've read anything yet (books, i.e., Rich Dad Poor Dad), but is there a book that you've read that has inspired you to take this next step in your career?

Two books that have been a big help for me are If You Can't Wholesale After This, I've Got Nothing for You by Todd Fleming and Brandon' Turner's book, The Book on Investing In Real Estate with No (and Low) Money Down is another great book too. Both are available on Amazon.

Keep in mind though, wholesaling is not easy work. You've got to keep your CRM updated, manage your marketing budget, keep up on your direct mail marketing letters/postcards, etc. If you find a good deal where you are able to help solve a homeowners problem, whatever it is, to sell the house to you below market, you shouldn't have a problem finding a buyer.

All the best of success to you in your new endeavor.