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 real estate deal? 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!
In This Episode We Cover
Having a deal fall through and losing money (and how to bounce back!)
How waiving inspections can get your offer accepted (and when it can hurt you!)
When walking away from a deal is actually the SMART choice
The pros and cons of HELOCs versus cash-out refinances in different markets
The power of networking to find contractors, realtors, wholesalers, and other connections
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
Ashley's Instagram
Tony's Instagram
Real Estate Rookie Facebook Group
Join BiggerPockets for FREE
BiggerPockets Bootcamp
BiggerPockets Bookstore
Privy
BPCON2023
How to Buy a Rental Property with NO Money OR Credit
Pace Morby's Instagram
Book Mentioned in This Episode:
Real Estate Rookie: 90 Days to Your First Investment by Ashley Kehr
Rich Dad Poor Dad by Robert T. Kiyosaki
Connect with Michael:
Michael's BiggerPockets Profile
Michael's Instagram
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-281
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