All Forum Posts by: Michael Linquist

I couldn't agree more with @Tim Bishop . However, I will expand on his advice and suggest contacting Jerry Puckett as well as Michael Quarles. They both are experts at marketing & different mailing campaigns. Jerry also offers mentoring.

So, I contacted Mike Quarles and he was very friendly. Great suggestion for a coach. I believe I will going with his coaching program over Tim Taylors coaching because it is drastically cheaper and offers the same thing. Also, Mike Quarles was very nice and had a sense of humor and on the plus side is still actively involved in real estate investing as well as contracting. So, thank you for the suggestion.

I may use Jerry Puckett services in the future for marketing, but I believe you had the 2 mixed up. I don't think Jerry Puckett offers mentoring (just aggressive marketing) but Mike Quarles definitely does. I will start his program January 1st.

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Originally posted by @Rocky V.:

Wow! That's expensive. Is he an active investor or riding on the coattails of his students? I would look for local/active investors and get mentoring from one of them.

Well, he says that he used to be an active investor but he got tired of doing that so now his business relies on his students success. If each student makes 200,000, he would collect 20% = 40,000. If he has 20 students that all net 200,000 he pockets 800,000 plus their start up cost. So, 1,000,000.

Originally posted by @Jon Huber:

@Michael Linquist Instead of paying him the money, wait one month. In that one month, listen to at least one BP podcast a day, and read at least on BP blog a day. I can assure you that your view point will change.

Okay, I will wait a month and listen to BP podcast and read posts before making a decision then. Thank you

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I'm really torn between working with real estate coach tim taylor or not. I need to learn how to make offer and deals and get started wholesaling properties. I really need a coach to show and walk me through the basics. I was totally on board after talking to Tim Taylor on the phone today but then I decided to google his program and now I have mixed feelings about the whole thing.....here is the article I read.

http://activerain.trulia.com/blogsview/1601220/tim...

He offered me the following:

He gets:

12,500 cash upfront for course

20% of all my deals go to him for one year

I get:

Tim Taylor as my personal coach and his personal number to ask questions (he only takes on 20 students at a time now)

His program and methods of how to get house and flip and make money

The fact that I'm willing to pay this tells you how much I want to learn real estate lol. And please let me know if you've had a good experience with Tim Taylor. I already have had one of his previous students only say great things about him. And I definitely don't need to hear I can learn it all from podcast, and bigger pockets forum, and books. lol. I need hands on coaching and someone that will guide me as I am DOING them.

Also, other coaches I'm thinking about getting coaching from are Michael Quarles and Jerry Puckett.

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Originally posted by @Tim Bishop:

If you've got a 500-1000 dollar a month budget I'd suggest giving Michael Quarles a call at yellowletters.com and set up a marketing campaign. That's a ton of money to pay a guy to tell you what you is probably really basic to intermediate info (I don't know anything about Tim Taylor). You could set up a 500 per month campaign and save your other 500 per month to consult with attorneys and pay for gas to drive around neighborhoods calling on fsbo's and for rent signs. It's all about how much work you want to put in. No Coach or marketing campaign will guarantee success. Your first deal could very well cover many months of that strategy.

I have no affiliation with yellowletters

What exactly do you mean by a "marketing campain". I have no idea how to even write a contract yet. Shouldn't I start with that first. What would a marketing campain do for a newbie like me? And why is consulting with attorneys a good idea. What will that do for me?

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Originally posted by @Hattie Dizmond:

@Michael Linquist

I will tell you right now that deal flow is your #1 need for any strategy involving the actual purchase and sell of properties. That money you have burning a hole in your pocket is much better served getting your deal pipeline cranked up.

Also, since you are saying you want to rehab houses, you should focus on that, not wholesaling as an exit strategy. Wholesaling can evolve naturally, because you're not going to be able to take down all the deals you uncover, if you seriously go after the lead generation & deal flow. Find a good, experienced flipper and offer to do leg work for them. Ask if they will let you accompany them on walk-thru's of the properties they are evaluating.

There's a lot to learn about the rehab process, and those people are great sources of information.

Ok, I just registered for Michael Quarles site and I will look up Jerry Puckett after. Have you personally or one of your friends done Michael Quarles or Jerry Pucketts course? Did it make a big difference?

I like your idea about offering to do free leg work and walk thrus with an experienced flipper in my area.

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So, how can I get a good "hands on" wholesaler coach. I need someone that will really let me learn by doing or working with them. I do have someone that might let me work with him, but I want to know a way I can make a official offer to him so I can get legitimate coaching. Should I offer him $500-1000 a month just to come learn from him 2 days a week or something? And, From you successful wholesalers perspective, Would YOU coach someone for money if they asked you to? Should I sign up for investment coach in my local area...like this guy?

http://timtaylorsuccesscoach.com/

Side note: I'm going to a REIA tonight in my local area.

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Originally posted by @Chad U.:

Hey @Michael Linquist

The margins on this specific example are way too thin, especially for your first rehab. You can end up losing significant money particularly if the ARV is off by even $10K, or rehab budget goes over by $10K.

Do some research on here re: the "70% Rule" to determine what your purchase price should be. In your example, $210K x 70% - rehab ($20K) = $127K is all the property is worth if purchasing to rehab and flip. If it was a buy and hold, then you could likely pay the $160K in this case. Unfortunately, many wholesalers think selling an as-is property for 80-85% of ARV is a good deal.

Hope that helps.

Oh, that makes sense

So, should I focus on trying to learn to buy houses at the auction myself (wholesaling) and learn how to do comps and all the other stuff that goes along with not just blindly purchasing a property lol. I'm really quite clueless at this point, but very excited/motivated, which is a very dangerous place to be lol.

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Originally posted by @Hattie Dizmond:

@Michael Linquist

The very polite point @Dawn Anastasi is making with her question is...this better be your Dad or someone else you're willing to trust with your life, because you're about to put all your eggs in one basket.

This "guru" (FYI...that term doesn't exactly breed warm responses around BP.) you're talking to...where did you find this person? Have you checked his references? Have you actually seen properties he's wholesaled? (Wholesaling is what you're describing that he's doing.) What do you actually know about him other than what he has told you? You might want to do some homework, before you just blindly accept what he's telling you.

Also, there are some really great people and highly successful investors on this sight. But, I'm not buying a deal from any of them, up to and including Brandon Turner, without doing my own due diligence on the deal. I'm going to run the comps myself - or get MY realtor to do it for me. I'm going to run the deal through my calculator and apply my analysis protocol. I'm going to make sure I walk through the property for myself to validate the rehab requirements. (If I'm not confident in my ability to assess the rehab, then I'm going to take my contractor with me.)

My partner and I "check each other's work", before we make an offer on a property. That's a deal that doesn't involve anyone but us, and we double check each other. Why? Because anyone can make a mistake. And, because she sees things I don't, and I see things she doesn't. It's the same reason there are so many people who post deals here on BP for review.

My best advice to you is to continue to save for your first investment and build your reserves, while you're getting educated. Listen to the Podcasts. Read the blogs & monitor the forums. Get involved in your local REIA and make sure you diversify your information sources. That way, when everyone is giving you the same answer, you can have a degree of confidence in that answer. Only getting the answer from one place leaves you in a very vulnerable position.

So, I know this guy because I used to throw signs for him when he was whole selling in the past. I've talked to him a lot and trust him, but not 100%. Since that time(which was 2 years ago) he has left the broker/company he was working under before and his developing his own whole selling business with a partner. The company he left is really struggling without him because he is good at what he does. I originally called him a week ago to try and develop a mentor relationship/friendship with him, but once he started explaining all the risks involved in buying properties from auctions(like he does) I kinda got scared and then asked if there was a way to get him to help me at first if he was given percentages of everything I did.

I'm actually going to a local Tampa REIA meeting tonight for the first time!!

http://www.meetup.com/TampaBayREIA/events/21369755...

I'm going to try and network with some local people because frankly....I really want to learn! I would pay someone to teach me lol.

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Originally posted by @Dawn Anastasi:

@Michael Linquist how do you know the comps are legit? Were they validated by an independent 3rd party?

Well, I guess I really don’t. He just showed them to me printed up on a piece of paper. What kind of a “third party” would validate something like a comparison. It seemed like he had basically pulled up all the properties that had been sold in that neighborhood over the last couple of months with there square footage, year built, and selling price and basically was saying that it would most likely sell for what the other ones did if rehabbed. He also showed me pics (which I don’t have, but if I decide to do anything will post them up here) of the inside and outside of the house.

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Hey,

My name is Mike, I live in Tampa Florida. I'm in my mid 20's and work as a Registered nurse full time at Tampa General hospital. I am getting started with rehabbing real estate properties in the next couple of months, and I am going to need a lot of advice. I've never rehabbed a house before nor do I have the cash to do so. So, this is my plan over the next couple of months. Let me know what you think.

First thing that I already did is network with a local real estate guru. He buys properties from house auction and then sells them to investors to rehab and sell at market value price. So, he makes profit and then investor also makes profit after putting in work for rehab.

I'm going to purchase a property from him because it is my first and he checks the properties to make sure there is no 2nd mortgage, Hoa, or other hidden cost....or to not buy a house with something like "chinese drywall" and have to gut the whole thing. So, I will purchase from him with hard money loan and then rehab with hard money loan and sell at market value. He gave me an example that went like this: He buys property for 145,000 and then sells to me for 160,000. I put 20,000 of rehab repair in house and according to comps he showed me of surrounding houses. The house I buy should sell for at least 210,000 after rehab.

Is this a good way to start? I just am kinda scared of losing money on my first rehab, especially because I'm using a hard money loan. Please reply with suggestions to my plan or let me know how you first got started in rehabbing or flipping houses with no previous knowledge? Thanks :)

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All Forum Posts by: Michael Linquist

Michael Linquist has started 7 posts and replied 30 times.

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