All Forum Posts by: Michael Quarles

Quote from @Wale Lawal:

@Evan T. Ong

To succeed in real estate investing, follow these strategies: attend seminars, build an online presence, fund your first deal, learn wholesaling, partner with someone with capital, retain information from books, and achieve a net worth of $1 billion. Focus on online learning, networking, wholesaling research, and practice. Save for the future and set aside money for your first deal. Stay persistent, learn, and think creatively to succeed in this competitive field.

Good luck!

I must have done it all wrong.  I guess I’m too old school.  

I attended my first and only seminar after doing a few hundred deals.  Realized that a lot of people call themselves real estate investors without ever buying a house for profit. I left early.  

I have however been the speaker at a bucketload of seminars and bootcamps.  Omg, way too many. 

I certainly didn’t have an online presence.  IMHO it’s one of the last things you should be concerned with.  

I’m a huge believer in never using your own money to buy and I’ve never borrowed from a bank to buy a house except my own residence. And I’ve bought a lot of houses. 

certainly learn wholesaling and assigning so that you understand what not to do.  

I’ve never needed a partner.  That seems weird to me.  

Happy house hunting.  

Quote from @Alecia Loveless:

@Helene Goodworth I always put 20% down. But sometimes the appraisal comes back higher so I end up with extra equity after closing.

I have a great relationship with my primary lender and they require at least 20% down. They’re willing to work with me and are local to my market. They don’t sell off their mortgages so I will always have a local connection in case I need assistance with the loan or any other aspect of my business.

There’s plenty of good reasons to put 20% down and to me, not being concert leveraged is of primary concern.

Why are you always putting 20% down?   I’m perplexed.  

Welcome and good to meet you. 

Greatest advise I could give is tell all of your friends and acquaintances that you, after a lot of thought and consideration, have become a real estate investor.  

After you’re comfortable in doing that the only thing left is tojump.  Burn the boat.  

Everything else solves itself.   Besides BP is here to help.  

Btw here is an agreement which may help https://www.dropbox.com/scl/fi/3g1nojoh8tfs9ccorcouu/Generic...

The reality of real estate investing is that you only need two tools.  

1- a Blue Pen

2- a Note Pad.  

Everything else is fluff.  Some of the fluff is enormously helpful. Some is enormously detrimental.  

I spent well over 1 mil on a CRM, owned a rock solid direct mail provider and drove a Rolls Royce.  

The only thing I miss is the Rolls.  Everything else I can do with pen and paper.  

Don’t get caught up in the “if I hads” and go buy houses.  

You meet at least 10 people a day you don’t know.  

As Grant says Contacts are Contracts.  

Hi.  I must say I learn something new everyday. 

What does DSCR stand for?

Getting back to the 20%.  Of the 1000 plus deals I’ve never put down 20%. My very first deal was seller financed.  I always worry when people putting large sums of liquid assets into deals.  

Although real estate seems to always increase in value there are times when it feels like a jagged knife.  

1- direct marketing

2- networking.  chamber stuff, everywhere you go everyone you touch 

3- networking. Personal.   people in your phone

4- past sellers/offers 

5- google   Just be careful 

6- TV be more careful  

7- hard money lenders  

8- active for rents 

Good to meet you. 

Every time I enter into an agreement to purchase I have the following: 

Exclusive irrevocable possession and occupancy shall be delivered to Buyer, Buyer’s Assignees, or Buyer’s Agents at 5:00 PM on
 the date this agreement is signed by Seller,  on the date of Close of Escrow,  on ________________, 20______ or  no later than
___________ days after Close of Escrow.

I have collected my fair share of cash for keys in SS where the lender tries playing God.  

That said I’ve also paid my fair share for keys.  It’s just part of the costs and as long as I’m under 65% CTV I’m fine. 

Good to say hello.  Hello. 

Am I reading your sheet correctly.  Are you thinking of investing 117k on a deal?  

That’s crazy!   Please learn seller financing and sub2 financing.  Keep your cash and only invest in deals that your exposure isn’t more than 10%

A rule that has always worked for me is to never try to make a deal be a deal.  

Deals are like good looking people.  When you see one you know.  

Good to meet you. 

I never ever count on ARV. I focus exclusively on current value.

Here are the four things I order  

1- BPO (150.00)

2- home inspection (350.00)

3- pre-lim (225.00 maybe free)

4- appraisal. (500.00) 

That 1225 tells me everything I need to know and I’ll kick the deal at each stage if the numbers don’t perform. 

FYI never lead any of the four.  You want honest unfiltered answers. 

That BPO agent is gold.  I’ll use them when I wholetail. 

Good to meet you. 

I bought my first property at 18.  Seller financed. 

Your negative is that you’re not an adult. No one can make money off of you by helping you learn. 

Which isn’t a bad thing for you.   

Visit the “largest” closing company in your city.   Meet with the title officer and ask them for a short list of investors who actually buy.   

Go say hello.  Rinse and repeat until you find one who sees themself in you.  Just be careful.