If you’re a regular listener to this show you know that I often ask my show guests what they really wanted to be when they grew up. My point behind this is to demonstrate that life doesn’t always turn out like we planned, but people have often found a nice “Plan B” in the realm of real estate. Today’s guest, Michael Green, saw a lite-nite infomercial with Carlton Sheets when he was thirteen years old and since that time, has wanted to be a real estate investor. He had some life detours – some BIG ones as you’re going to hear in a few minutes. But he stayed with that dream and today he is one of the more prolific and successful real estate investors in America.
Now for the next part: Michael is in a tough area to do this business – Baltimore, MD. There are a lot of investors and it’s either high price points or massive rehab budgets on mostly unsalvageable properties. At least that’s the reputation. But Michael is living proof that in spite of personal circumstances, in the face of a very competitive marketplace, and against big odds, perseverance will win the day. His story is coming up in a few minutes.
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Real Estate Investing QuickStart
- The Flipping America REIA meets every Wednesday from noon to 2 and Thursday from 7-9. You can join the REIA and learn real estate investing from the comfort of your own home, or get together with a few friends and form a chapter in your area. Learn more at flippingamericareia.com.
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- FlipCalcs allows you to enter one data set about a property and consider up to six deal possibilities.
- “Real Estate Investing Quick Start” Fifteen lessons to start your real estate investing career. Study from the comfort of your own home. I give you 8 action assignments in lesson 1 and show you how to complete them while holding your feet to the fire over the next 15 lessons. bit.ly/requickstart.
- Best Places inthe world to invest https://financesonline.com/real-estate-trends/
- In the category called “that’s a stretch” https://www.cnbc.com/2020/02/12/mini-mortgage-refinance-boom-continues-as-coronavirus-keeps-rates-low.html
- Stay in style with today’s tile. https://realestate.usnews.com/real-estate/slideshows/tile-trends-for-your-home-in-2020
- Remember – blame the dog! https://realestate.usnews.com/real-estate/articles/whats-that-smell-in-my-house
- The 2019 top FinTech companies, according to Forbes: https://www.housingwire.com/articles/forbes-names-most-innovative-fintech-companies-in-housing/
- It may be deceptive, but it’s not going to stop. https://www.housingwire.com/articles/opendoor-and-redfin-expand-homebuying-partnership-to-nine-new-cities/
Topic: Flip Factor, with Michael Green
- Alison, “I own a few pizza franchises, so I know a few things about business and property leasing. I’m looking at buying some turn-key rentals vs. dropping some money into an apartment deal. A friend of mine is raising the money. The money looks better on the apartment deal, way better, but this would be my friend’s first apartment project. I’m not necessarily trusting his numbers to be realistic. Can you offer some guidance as to what to look for?
- Rent rolls and leases
- P&L from last year – all expenses.
- Repair estimates.
- Think “actual income” not “potential income”
Motivational Thoughts for the day
“Don’t wait to buy real estate. Buy real estate and wait.” -Will Rogers
Expected Air Date: Mon 2/17/2020
Guest: Michael Green