All Forum Posts by: Michael Wallimann

Hey BP Family! I wish that you are all well, staying safe and still collecting rents in these interesting times. I trust the community here at Bigger Pockets light years ahead of what google will tell me so I am hoping that some of you out there might be able to help point me in the right direction to find amazing WHOLESALERS in the cities of Salem, Beverly, Lynn and the North Shore of Massachusetts in general. I would also appreciate any leads out in Lowell, MA as well. Thank you in advance. Stay safe and keep keeping on!

75% this month. We shall see how the upcoming months unfold...

@Joe Blakley I'm glad to hear that a better deal fell into your lap and I honestly think that with uncertainty in the air for who knows how long that "C" class town might be better suited to weather a decline in the economy. To answer your question as to where I fit in the current state of affairs I am trying to lock up as much liquid capital as possible just in case things go south quickly. If institutions and lenders decide to tighten I want to already be ahead of the game and ready to go shopping if and when everything goes on sale. Best of luck to you, BP members and all kind humans inhabiting our amazing planet. Stay safe and carefully keep moving forward!

Welcome to the greatest website known to mankind @Joy VanAssche! It sounds like you and your husband have the background, experience and means to make this new venture a tremendous success. If you two ever find yourselves in the San Juan Islands feel free to reach out. I always love talking real estate. Best of luck to you in you new business!

It seems like with what you are searching for I would definitely recommend reading "Long Distance Real Estate Investing" by @David Green and as for info on market analysis goes "Recession Proof Real Estate Investing" by @J Scott is chock full of interesting facts, cycles, and survival strategies in any market. For business thoughts, theories and concepts I recommend "The 10X Rule" by @Grant Cardone, "Never Split The Difference" by Chris Voss, "The 4 Disciplines of Execution" by Chris McChesney and Sean Covey and of course the classic "The E-Myth Revisited" by Michael Gerber. These are some power packed books that should definitely get you on the right path!

@James Wallimann we should start attending these!

The cash flow isn't very exciting to me on this deal. I'm curious of a couple things...How are you planning on getting this deal with no down payment and only $1,000 for closing costs?

There's always so many factors to consider but just quickly from knowing what I know with such minimal cash flow and the fact that you added a third bedroom I think I would look at a cash out refinance and invest that money back into something that cash flows a bit more comfortably than that one currently does. Again there are many factors. That was just my gut reaction. I'm sure the answer will make sense to you when it is presented. Best of luck to you!

I use GIS Maps as well. Of course they vary from state to state, county to county but some are super user friendly and easy to collect good metrics that can help in pinpointing properties that may more likely lead to bites. I wholeheartedly agree with @Remington Lyman and @Robert Ellis on the calling above mailing approach as well. Best of luck in your future endeavors!

@Elias Pappan Honestly I think you nailed it right off the bat by saying it's time to get back to your roots and start doing! It's easy to get sidetracked and drag one's feet by saying "Oh I need an LLC, I need business cards, I need a website, I need a VA" etc. When what really needs to happen is to take a step forward and then another step forward. Especially in the beginning, it is just time to do whatever needs to be done to make the deal go through. Doing everything yourself is necessary so that you know every little aspect that goes down throughout the process. Knowing the sequence of events, knowing what to anticipate next, knowing who to call and when. These are all essential to gaining your grasp of what it takes to conduct the business you are in. It is only after time goes on and more and more deals are done that the opportunity to reflect and start to make lists of the jobs that you can sub out occurs. I believe that it all starts with putting it on your shoulders and doing what needs to be done now. Experience the process, live, learn and grow as it all unfolds!