$1,200/Month Cash Flow After a BAD First Real Estate Deal
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- Опубліковано 18 чер 2024
- Episode #281
First real estate deal gone wrong? How do you bounce back after waiving inspections, finding out your $100K rehab costs are actually $360K, losing your earnest money deposit, and ultimately having to walk away from your very FIRST investment property? Today’s guest had a rocky start to his real estate investing journey (to say the least!), yet was able to find the silver lining, learn from his mistakes, and turn his bad fortunes around.
In this episode of the “Real Estate Rookie” podcast, we’re speaking with Michael Yi, a “retired” pastor who turned to real estate after struggling to find work during the pandemic, dealing with minor health challenges, and reading the ever-popular “Rich Dad Poor Dad.” After his first deal fell through, however, his confidence took a hit. While any rookie would be tempted to give up, he got back on the horse and set out to find his next deal. Within a week, he received a call from a wholesaler that would thrust him right back into the world of real estate investing. This time, the deal was fruitful, allowing him to generate consistent cash flow on a three-unit rental property.
If you’re struggling to take the first step in your real estate investing journey for fear of failing or losing money, this is an episode tailored to you! Michael shares about the $10K “education” he received and the reward for his resiliency. With help from our hosts Ashley and Tony, we break down a handful of important topics-including HELOCs, cash-out refinances, and building your real estate network!
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Show notes at: www.biggerpockets.com/blog/ro...
00:00 Intro
03:12 Discovering Real Estate
10:20 Scary First Steps
17:18 HELOC Vs. Cash-Out Refinance
21:59 Finding the First Properties
30:36 The Deal Falls Through
38:02 The NEXT Deal
54:24 Rookie Request Line
48:27 Rookie Exam
50:10 Rookie Rockstar
51:18 Connect with Michael!
I'm angry too. Senior citizen here with master's level degree. Never got a high enough pay check to save, living pay period to pay period, and currently working part-time to continue this lifestyle. NEVER bought things I didn't need. My vehicle has 260,000 miles on it. Yes, just getting into real estate investing and so THANKFUL to know how to turn my life around even as a senior. This podcast is your BEST ever for many older individuals. (NOTE: Like your guest, I have great pride and confidence in my hard science degrees, and that includes confidence and know-how in learning/putting in the work as a estate investment career.)
Kinda disagreed with your first response “don’t worry about the price, find your deals first and money will soon follow.. “ to an audience. In my opinion, you should understand your buying power first before spending your time searching for your deals.
1. I agree with you, Kenny. 👍
2. EVERYTHING starts with the acquisition cost.
3. ALL pro-forma calculations flow from that number.
Great job, Michael!
Soon as I rent out the 2nd unit in my duplex ill be be around 1k off my first property.
Nice! Im currently house hacking and i would be around 500-600 once I move out. It may not be the best deal but im glad I actually took the first step by actually buying a rental property.
@@PS3PS3PS3PS3 in current market that’s great.
Thanks Ashely & Tony!
I just received your book from Amazon! 👍
Kudos to Michael for showing grit when his first deal fell through. Ashley and Tony thanks for having Michael on the show
Take action!. Well done Michael
Great video! Loved the content.
Great Podcast!
I'm glad the woman mentioned her interest rates in the 8's and 9's, which is what it CURRENTLY IS, not some 4, 5, or 6. Some of these Podcaster's don't realize what the cash out ReFi's are actually at. 😂
Great interview, however he never mentioned how he financed the second deal with the $1,200/month cash flow.
How can you apply to be a guest on the podcast?
Something tells me the masterclass he went to was from Noelle Randall lol.
your so sweet
Michael was so vague and would not answer any questions straight forward.
For an experienced pastor, he seems so nervous, giggly, stammering & insecure as a speaker?
Amazing work, Michael! All of us real estate investors should do this.
I hope to make such informative videos myself.