All Forum Posts by: Michael Volek

@Youdo Thirakul ahh Anchorage. I miss the northern lights, those gorgeous mountains, and clean, fresh air. I don't, however, miss the bald eagles swooping down trying to snatch up my chihuahua while I'm trying to take him for a walk. Geez Louise!

I also get most of my reading through audible. Some ground breaking books are:

The One Thing by Gary Keller - this one was a game-changer.

Getting Things Done by David Allen - also game-changer but the BP podcast will suffice.

Never Split the Difference by Chris Voss - amazing book but again the BP podcast was extremely informational and also very amusing.

Set for Life by the man, the myth, Scott Trench - his idea of a "financial runway" is too good to ignore.

All of @Brandon Turner's books for obvious reasons.

J Scott's Flipping Book and also the Estimating Rehab book - invaluable

Pretty much anything by R. Kiyosaki- obviously his Rich Dad, Poor Dad is monumental for getting your mindset right.

The Richest Man in Babylon by George Clayson is a book I'll read to my kids as a bedtime story (seriously).

The Magnolia Story by Chip and Joanna Gaines - this book is packed full of inspiration that will change your outlook on overcoming failures and hardships.

The Miracle Morning by the one and only Hal Elrod.

The E-Myth revisited by Michael Gerber.

So Good They Can't Ignore You by Cal Newport.

And last but not least, The Subtle Art of Not Giving a F*** by Mark Manson - this one will be a book I read and re-read for the rest of my life. It has a funny title, but don't let that fool you. This book, IMO, is the perfect book for when you need to rebalance. It has some very profound concepts that will get you thinking in the right direction. This life is the only life we have, and work shouldn't be top priority.

The list goes on and on and on, but I hope this list fills you with great ideas, passion, and inspiration. Good luck!

-Michael Volek

@Pat L. now which habit would that be, smoking or not wearing the mask? Lol.

Trust me I know the feeling well, I painted military aircraft for over a decade. Some guys just flat out refuse to wear their PPE. But they understand the consequences, and I'm not trying to get on them like a parent.

Still I'm glad to hear he came around. I don't want that on my conscience if God forbid he became ill because of it.

@Pat L. good gracious! Now that's a funny picture! Not sure how I feel about it from a health perspective, but hey if the BBQ is on point, sometimes it's best to let the man be! XD

I agree with @Andrew Clark. Another idea is purchasing using FHA. Find a 70k house with an ARV of 140k and put down 3.5% or $2500 and do the work yourself. You'd be surprised how far the other $2500 will take you. You can also wrap up the reno cost with a 203k and put down 3.5% on the total.

Yes, there's a little more to it than my example, but don't let nay-sayers tell you otherwise. Also, check out The Book on No and Low Money Down, by BP's own @Brandon Turner. Make sure you got your wig glued down, because it's about to be blown off.

Solid advice here. I was just asking myself the same question so thank you @Karen Margrave for beating me to it!

Hello BP,

I'm curious to find out where everyone is getting their windows in Indianapolis. I know they can be pricey. I budgeted 3-4k for 10 ea new, standard sized windows ( ~ 20" x 40" ? ) including install. It could be less, I know. Just wondering if anyone is finding them at a better price and where. I'll post a picture of the window.

I'm also looking for kitchen cabinets, the type that are mounted on the wall, and also the lower cabinets, specifically framed, semi-stock MDF cabinets with a wood veneer (J Scott anyone?). I'm not finding them in big box stores.

Any recommendations would be appreciated. Thanks in advance.

-Michael Volek

@Shawn York, I was going to recommend @Michael Thompson, but he beat me to it!

@Marc Phelps, you tell the contractors how much to renovate, not the other way around. The price is negotiable, but if they want too much and you know you can rehab for less, then move on. I'd recommend speaking with @Ritch Bonisa. I think he would be a great place to start. Hope this helps.

-Michael Volek

Hi @Nate Erez, welcome to  BiggerPockets!

I'm also an out-of-country investor. I was born in Texas, but I live in Abu Dhabi and invest in Indianapolis. You can find some great buy and hold properties in Indy for a relatively low cost compared to other parts of the country. It's pretty common to find 12% ROI's. The laws are landlord friendly, just like Texas.

Like @Omar Khan mentioned, Texas is also a fantastic state (and I'm not just saying that because I'm from there). I will be purchasing more properties once I get back. As far as areas, that's a big question, and it depends largely on a number of factors. There's just so many different ways to go about it. Dallas/Ft Worth is one of the best markets in America. San Antonio, Austin, and Houston are also booming. Maybe Houston would be the best place to start if you're looking to BRRR some properties since Hurricane Harvey damaged a lot of homes there. But again, it just depends on your goals.

Fortunately for you, you're in the right spot. Networking will do wonders to get you on your way. I met some good friends here on BP, one of them is my mentor, and he helped propel my investment career much more than I could have imagined. Especially since he is also an overseas investor. I would advise you to take full advantage of BP as a resource.

Anyway, keep honing your criteria, keep asking questions, and surely you'll be on your way. I hope to hear of your success stories once you're a guest on the podcast ;) Good luck brother and take care.

-Michael Volek

@Troy B. it's only scary if you're (no offense) uneducated. I'm an American living in Abu Dhabi and I invest in Indianapolis without the use of a W-2. I'm definitely not some big shot with a lot of money either. Is it stressful? Yes. Scary, not so much. It comes down to your understanding of the market, your "boots on the ground" team, and your risk tolerance. Lucky for you, you have the world's most experienced investors right at your fingertips.

This is a strange time in the housing market so cash flowing deals are few and far between, especially in hot markets. The same can be said about distressed properties to flip or BRRRR. But don't let that stop you. There's great deals to be unearthed all over. People choose the Midwest for a reason. Be stubborn. Be persistent. You'll find a way.