All Forum Posts by: Michael Volek

@Tyler Mullen, I only have a few family members back in Texas, and sad to say, they aren't the most reliable. I have a friend that does some construction work, but again, his only concern is getting by. I've been trying to get others interested in real estate, but I just can't seem to convince anyone. It's understandable, you're either ready or you're not. I've emailed real estate agents only to have them pressure me into signing a contract before I've even had a chance to state what it is I'm after. I emailed a real estate attorney requesting a skype chat with him, and he sent me what looked like a $400 bill charging me for services rendered, which I deleted immediately. There wasn't even a response, just a bill. Trust me it's very very frustrating not being able to do things myself. 

But just when I couldn't seem to catch a break, I just got an email today from a Norwegian man in Dubai, an hour north of me, saying he's an investor and he's had success in Norway, Australia, and America! He's the host of the BP meetups in Dubai, which I didn't even know existed, and he'd like to introduce me to his group. I (graciously) emailed him back saying I'm available tomorrow, so we'll see how it goes!

@Lumi Ispas cash flow is king ;) If I may ask a few questions, the clients you spoke of from Abu Dhabi, are they Emirati? And what is that process like? I can't seem to find any info on the matter short of "talk to a realtor." Many times, I don't even get a response to my emails, and the rest of the time all I get is pressure to sign contracts before even getting the chance to discuss what it is I'm hoping to accomplish. Is this the industry standard?

@Charlotte Edwards, it's crazy where life can take you, huh? My wife was a teacher in Las Vegas, but she hated it! So she changed her life to become a Flight Attendant. The pay is less, but we fly for free, and she's much, much happier because of it. We bought a nice house in Las Vegas near the airport and she rents out the rooms to other flight attendants to cover the mortgage while I'm overseas so she can live for free. It's nice because everyone is always gone. I think what you're doing is wonderful, and I like your plan of putting your kids through flight school. I'll have to remember that idea when my wife and I have kids one day. And it's funny you mentioned your husband doesn't smoke or drink, as if that were the requirement for advancement haha ;) Thanks for sharing your story. I hope everything goes according to plan.

@Tyler Weaver, thanks for your advice. Along with my current plan, I am also going to do as you described. I will continue to save as much as my paycheck as I can, but along with that, I am going to get my real estate license online for Texas. I remember someone said that getting your license is proof that you're serious about your education. I should be finished by the time my contract is done 6 months from now, so when I return home to Texas, I'll be able to hit the ground running. I'm also going to look into crowd sourcing. I hear the ads on the podcast all the time. Maybe it is something I can work with in the meantime. Thanks again for the ideas.

First off I want to thank everyone for their advice.

@Kevin Phu thanks for your service as well. I remember leaving for boot camp, and little did I know, my life would never be the same again! Now that's what I call a drastic change!  As vets, we really do have the best resources available, and I plan on maximizing them to their fullest potential. Maybe one day we can swap our crusty old "back in my day" stories, lol ;)

@Tyler Mullen, you, sir, are absolutely correct. I can't let these excuses take over. I need to adapt and overcome. Buying in the UAE is out of the question, but one of my strongest attributes is my resources and ability to network. It's so odd you mentioned,

"If I thought I had a fair chance to join forces with a good partner... I'd be willing to fly to Dubai to meet in person, why not!?!?"

Just today, I had a good friend approach me about investment opportunities in Manila, PI. Just weeks prior he invited me to his wedding, which is also in Philippines, and he knows just how involved I am in this thing, so he offered to show me bank figures and how it's all possible. I know its not much to go off of, but it's a start, and having him on the ground there is extremely useful. I'll take that as a sign! I have to ask, the woman in your profile picture, is she from India? Is it true that foreigners can only own a maximum of 49% of the investment? And is it different if you're married?

@Andrew Johnson, your advice stands out the most. It was almost like a verbal B slap, the good kind, like snap out of it! You put it so plainly, and I appreciate that. For every question you asked, I have a solid answer....all they way up to talking with a realtor. That is the part I was missing, WAS. I have found a solid realtor on BP. He's very knowledgeable of VA home loans, investor friendly and his listed credentials are superb. I sent him an email to 2 of his listed email addresses, and I'm still on the lookout for more realtors to approach. I can't wait to interview them all. I've brushed up on interviewing and screening techniques, and I found a solid business plan template to work on in the meantime.

Again, thank you all for the responses!

-Michael

Holy guacamole!!! This thread makes me feel like I just hit the jackpot!

@Michael Quarles "call me at 555-1212 I have a check made out to you for this address... Wad the paper up, flatten back out and mail it...."  Damn! Now that's aggressive marketing! You savvy savage, you!

@Matthew Tringali, thank you for that. I really appreciate it. I don't think the rental part is the part I would be worried about. I'd be more worried about the rehabbing part. See, I want to buy distressed properties and force the appreciation before renting it out. I don't have anyone I can trust to make sure the rehab results are what they should be. The GC/contractors could literally do as they please, and I'd never know since I'm not there to personally make sure it was done correctly. Even still, that's not the part that paralyzes me. I've never been good with legal stuff like contracts or looking up title searches. I'm afraid I'll miss some crucial step that would ultimately get me into a lot of hot water! I honestly think I need to get my real estate license. I won't be overseas for much longer. My contract ends in 6 months and then I plan on returning to Texas, so I feel like it would be beneficial to use my remaining time here to further my education so, upon my return, I can hit the ground running. Also I'll have a little more confidence proceeding on my own. As they say, the remedy for fear is knowledge. 

If you ever get the chance, I'd love to hear more stories about your overseas investors. The idea absolutely intrigues me.

@Matthew Tringali would you believe me if I told you I love skydiving, snowboarding, hang gliding, and ropeless rock-climbing?

I would love to create that dream team. I'm just worried I'll have to quit my job in order to head back stateside to create it...

@Kameron Fontenot, you'll more than likely find out everything you need to know just by typing ___________ marketing in the search bar.

@Charlotte Edwards, thank you so much for your response. What do you and your husband do in China? I always love to hear about others living overseas and how they still manage to invest stateside. I just wish there were more like us! 

Water and utility payments are very similar here in the UAE; we only pay once or twice a year depending on how we choose to pay. 

I'd like to know more about how you chose a realtor. I also have a sister stateside that could possibly help me with that, although she has no experience in investing or rehabbing, so thank you for wishing me good luck! I know I'll need it!