All Forum Posts by: Michael Wallimann

Hey Bigger Pockets family! Looking forward to seeing all you amazing people in Orlando. Always wanting to make new connections and talk real estate techniques, projects, ideas and strategies. Let's have lunch, build new friendships and have a Universal Island Adventure together. Let me know if you want to meet up and kick it in Florida!

@Shanece Adams if you are new to investing I would seriously think about wholesaling smaller single family houses to get your feet wet and learn how to play the game. Beginning with you tube videos featuring Jamil Damji and Brent Daniels might be a good place to start. Both are masters with a passion for teaching wholesaling. Key ingredients...Highly discounted deals are what you need! You're going to want to start putting together lists of leads containing motivated sellers. These lists can stem from "Driving For Dollars" (always a favorite of mine), Divorce, Distress, Absentee Owners, Out of State Owners, Probate, Tired Landlords, High Equity Landlords, Foreclosure, Pre-Foreclosure etc. A great way to get reliable leads is to visit or start calling local title companies and see who has some of these lists. Real Estate is a relationship game. Find out if these title companies host real estate meet-ups. Go to these meet-ups and build great relationships with title officers, lenders and other investors. You will want to put a script together and start honing your cold calling skills as well. Of course laws vary in different states. I would research areas you are interested in before choosing a market. There are many aspects to building this business but if you start with the basic foundation, meet people, build your network, create your goals/gameplan and stay determined I know you will find success. I look forward to hearing about your journey... Best of luck to you!!

@Jenell Poncabare Is there a link to access the starter plan as a pro member?

@Carolina Mejia I love this story! I remember an episode where they were talking about this back in the earlier days of the podcasts. Way to keep recycling that BP knowledge and continue the cycle of Bigger Pockets and the gift that keeps on giving!!

Welcome to the family @Janelle Howell! It sounds like you bring a great skillset to the Bigger Pockets table. I know a lot of us (including myself) could use more streamlined systems. This community truly is amazing. Looking forward to seeing you on here!

 @Tony Clark Would you be interested in agents just outside the Albany area? Saratoga Springs and Lake George were ones that I had in mind. If so I have complete rockstars for you in each of those markets!

@Ciaran Willis Congratulations!! This sounds like a great first deal. The successful will not say "I can't" they ask "How can I?" and you obviously did that. I love this story. You really gained a lot of experience on multiple levels too. You used creative financing to overcome the traditional financing obstacle, got some exposure to rehabbing, negotiations with the seller, a low down payment and interest rate in the days of high(er) rates and even learned evictions. I'm sure there were plenty of other lessons learned along the way as well. This is a big time win, great job! I can tell you are going to have great success in this game. Keep that momentum going and crush your 2023!!!

@Matt Szablowski personally I would not invest in a property that negatively cash flowed in hopes that everything goes right in the future. As @Paul De Luca mentioned the chance of interest rates being sub 4% anytime in the near future is unlikely. Buying properties that negatively cash flow and banking on appreciation is really for more experienced investors (or the ultra wealthy) who can afford to carry those costs for future gains in highly priced areas. I would suggest being patient, continue to search, analyze deals, educate yourself, network, ask for advice, go to meet ups/conferences, stack your savings and be ready to pull the trigger when you find a deal that does make sense. Just my thoughts. You're in the right place asking the right questions. Best of luck to you in all of your future endeavors!

On average about how many calls would you say your VAs make in an hour?

@Robert Alexis as someone who has done both multiple times I would suggest the house hack method for your first property. Not only is it a super safe way to get in the game but the fact that you can continue to do it over and over again plus turn the previous property into a full rental while continuing to grow your portfolio is a very powerful technique. Once you get a couple under your belt then you could start looking upstate where there can be tremendous deals even on the MLS. At that point you'll be much more comfortable with being a landlord and you'll know what duties and qualifications you really want to look for in a property management company. You're in the right place (Bigger Pockets), playing the right game. I hope you update us on how everything turns out. Best of luck to you in all of your future endeavors!