All Forum Posts by: Michael Borger

Aloha, Jervani. Welcome to the world of real estate investing! You might want to go to the next upcoming REA meeting (hirei.org). I haven't been in a while, but you'll meet lots of people at various stages in their real estate endeavors. They meet at the Japanese Cultural Center on Beretania Street the first Thursday evening of each month.

I'd also suggest having a look through the past articles on my websites http://bigrockinvestments.com and http://masterycoachingmichael.com/blog in addition to http://hawaiihousingnews.com. I write about a variety of topics that should help you get started.

It also sounds like you're very busy - you might want to look at virtual assistants to do some of the heavy lifting for you once you get your educational foundation set.

Best wishes,
Michael Borger

I largely did mine myself (with the help of some VAs for quick fixes), but check out the Genesis + AgentPress parent/child theme combo. It's very user-friendly with a robust community.

If you can get your desired profit while selling at a slightly less than otherwise desired resale price, you can reduce your DOM and help ensure you won't be one of those 'stuck' properties.

I'm in Hawaii and here, relationship-building is HUGE. Not to take anything away from direct mail and such, but building strong connections with agents, escrow officers and such goes a very long way. I imagine it's the same in most markets.

You're generally on the right track. The first commenter has some good advice as well to tighten up your methods. One thing I didn't see mentioned is the condition. If some of the comps are in fair or average condition, then you need to bump those up for your ARV according to how much extra value the comps would have if they were fully rehabbed per the neighborhood. This is really where running comps becomes as much of an art as it is a science. Good luck!

I think the important thing, Don, is that you recognized where you could have improved so you don't make the same mistakes going forward. No one ever gets it down perfectly, but you adjust, learn from it and go forward. The next one will be even better.

As far as paying a contractor, heck yes. My FortuneBuilders guys are really big on "The E-Myth" which, to this day, remains one of the best and most helpful books I've ever read. It might be fun to do your own work, but as an investor it's not the most efficient use of your time.

Good luck with the next rehab!

Agreed - it's all negotiable, it just depends on how strong your offer needs to be. Here in Hawaii, they're generally split down the middle but I've offered to pay a seller's share at times if it keeps the deal together.