All Forum Posts by: Michael Volek

Well, let me just add that the overall cost is very important, sorry I shouldn't have said it isn't, I just want you to understand that there's many options and you can pick the best depending on your financial situation. Hope that helps.

What fees do you speak of? If you're talking about rehab numbers, you might be able to roll them into the loan or go around it when using creative financing once you refi. Regardless there's so many options out there to choose from and you'll still make money provided you run the numbers. You could literally put the info out on BP and folks will flock to you and say if it's a good deal or not. And try not to worry too much about the $225k+ priced housing. From the research I've done, the overall cost of the property isn't as important as running the numbers. Yeah you need funds to begin, but if it cash flows after all expenses then it cash flows....if that's your thing. Keep researching, keep asking, and keep learning. You'll do good.

Hey Dan welcome to BP! You may already know this, but your VA loan will make things so much easier as far as financing so make sure you know how to use it. Also if you're stationed in Texas, you should look into owner occupied multi-families, because you can get it with no money down, live in it, and collect rent from the other units to offset or eliminate your mortgage payments, or even cash flow. It's a really nice position to be in. Being an AF vet myself, I'm becoming more and more educated in the matter (I'm a noob myself) and I'm very excited to begin. I hope everything goes well for you. Best of luck.

 I really enjoyed that link. Great advice and I can't wait to apply it.

Let's say you just sent out your second wave of letter/postcards and you're finally starting to get calls which instantly fills you with a tremendous amount of anxiety and excitement. Heavy breathing. The sweats. And let's say you can't help but answer the phone like a maniacal, mad scientist, business-negotiating abomination waving a wicked voodoo staff straight out of the comic books. You just can't contain yourself.

And I'm not talking about me. I'm asking for my friend, who is definitely not me.

So I guess my (friend's) question would be: From the moment you receive the first call and you're getting the initial information, how do you go about building rapport? How do you establish that initial connection? I understand that it is probably a good idea to maintain a reserved demeanor (unlike my friend) and feel out the situation before diving straight into the business side of it. Please give me some examples of how you secured a deal, and extra points to anyone that secured a deal even after pissing off the seller. I'll be expecting all the juicy details so don't hold back!

 It's 3am so I could be sleeptyping right now, but 70% of 190k is 133k. Doing a cash out refi at that amount should put a few grand in his pocket and cash flow.

I remember reading about this in the Flipping Book, and it dawns on me I never figured out how J managed to get his numbers when comparing other similar properties. For instance, when he speaks of comparing the subject property to comp #3, in regards to sq footage, he subtracts 8000 from the subject property's worth, because obviously a larger house would be worth more. 

My question is: if all other variables were the same (as in all had 3bd/2ba, age, porch, etc.), but the last comp has an extra 700sqft, would you adjust using the price per sqft? If so, I don't think that's how he adjusted it, but I could very possibly be missing something.

Can anyone clarify this?

This is a good tactic as they are usually involved in the more expensive work. So how do you come across these guys?

I'm pretty new at this so forgive me if I ask an easy question. Can you please explain what a 5/1 ARM at 4.5% is? And are you putting up 20% like a conventional or applying for some other type of loan with points? I agree getting the rehab paid for by the bank is a really nice incentive for those that don't have much to start with (ie people like me), so any info on how you put this one together would be greatly appreciated.

 Hello Rubelyn! Thanks for reaching out to me and wishing me success! I am signed up for the next webinar. I hope to see you there!