All Forum Posts by: Michael Johnson

@Jon Holdman , thanks for that tip. I was planning on purchasing outright. The price is low enough where I actually have the cash to do it, and the renovation, and then still hopefully make some money on it.

@Bryan L. , I was thinking of doing a fix-and-flip on it. There are two homes in the (pretty crappy) neighborhood where I think I could fix them up and sell them to someone doing rentals. We're talking super-cheap procurement on their part (<$45k).

I'm gearing up for my first deal. Yay! It's a HUD home, decent price I think, but I still need to do a little research on the comps and any necessary repairs.

Where I'm concerned is if there are any restrictions typically on HUD home purchases. Is there a "gotcha" I'm not seeing like minimum hold time or maximum resale price? Obviously market value has a limitation, but I was curious to see what your collective experiences were.

I did a little research here already on others buying HUD, but didn't see the answers to at least part of what I'm asking.

Thanks in advance

-Michael

@Bryan Hancock - Thanks...that's perfect. I didn't have anything lined up for Thursday, yet, and now I do!

Is this the meetup.com thing? Do I need to let anyone know I'm coming? Where do I go once I get there? For me, lunch is usually around 2 or 3, so I'm assuming this is actually a normal person's lunch at noon.

I think I've heard of this meeting. Is that the Big Daddy's near Burnet and 183? I try to be home on Thursdays since in addition to racing, driver training/coaching, and hopefully real estate investing, I teach a West Coast Swing dance class on Thursday nights.

Thanks, Sydney. I'd definitely look to you for advice. I grew up in NC, but have spent a lot of summers across the border in Myrtle Beach. I've even worked a few nights as a DJ at 2001 there. I have fond memories of the area.

I'm sure I'll have a lot of annoying and painfully simple questions at first, but I hope to be able to return the favor often. I'm looking over the basics of the wholesale process now. Since the videos can't cover everything, I'm sure to have questions, and may reach out at some point.

Good one...great movie. =-)

I'm hoping to get going with actual investments soon. I'll be certain to ask a lot of questions. Maybe if I'm at a race where any of the BP regulars are, I can get you into the paddock/pit area and give a personal tour.

-Michael

Hi Bigger Pockets folks

My name is Michael Johnson. I'm a professional race car driver from Austin, Texas. I've been lurking on BP for a while trying to get some information about how to do this stuff the right way. The amount of information available here, and the willingness of the community to help, is astonishing. With people out there charging literally tens of thousands of dollars for the same information, I'd have to say this is the best resource I've found for real estate investing.

My primary purpose for joining and getting started in investing is to become my own sponsor. Racing, as you can imagine, is expensive. In the most affordable series I race in, the running costs are about $200k/year. That's before I make a single dime. Running around the country courting sponsors and doing events for them does offer me a nice advantage, though. As I'm often in a town for several days, I get an opportunity to look around and find interesting properties to get interested in.

I'm looking forward to taking advantage of the resources available here, and also working with some of you on future deals I hope to uncover. I'm always excited to listen and discuss real estate investing and even racing if you're so inclined. =-)

-Michael