Flipping Houses, Making Money As A Full Time Real Estate Investor
Dave Dinkel: Hi, ny name’s Dave Dinkel. Today we are here with Mike Vigil. Mike’s been a mentor student for about three years?
Mike Three or four years.
Dave Dinkel: First of all, tell us about your history in real estate investing.
Mike: Back in ‘93, I took a course on short sales and started buying properties, knocking on doors and I actually closed my first one 10 years ago. I did a few, part time, because I was working on my mortgage company full time. And did it part time until three or four years ago I went full time.
Dave Dinkel: Now, were you predominantly up until that time wholesaling or holding or what are you doing?
Dave Dinkel: OK.
Mike: I was wholesaling back then.
Dave Dinkel: So the time came when the market sort of hit the fan and your mortgage company sort of did the same thing I assume.
Mike: Yes, I own the mortgage company and when the market crashed, the company crashed. And back in 2010 I closed it down. I closed the doors, but by then I had started working with you and that sort of launched my business full time, and started wholesaling several properties a month and that’s where I’ve been for the past few years.
Dave Dinkel: Good. OK and it has worked for you obviously.
Mike: Oh yeah, yeah. And now, I do few other things. I do some lease options. I do some wholetailing but mostly wholesaling.
Dave Dinkel: OK. Let’s talk about wholetailing for a second in case someone that’s watching doesn’t know what that is. You want to tell us what it means to you?
Mike: Wholetailing is when I get a sweet deal that it’s in a good neighborhood. At least this is my criteria. It’s got to be in a good neighborhood usually with three bedrooms and it just needs a little patch and paint, some carpeting. And what we do is we close on it and then we sell it retail.
Dave Dinkel: OK. So what you are doing is buying it wholesale, instead of buying it wholesale and selling it to someone who then rehabs it, you guys are keeping it or you’re keeping it.
Dave Dinkel: But you’re not doing a full rehab in most cases.
Mike: No, light rehab.
Dave Dinkel: Yeah, patch and paint.
Dave Dinkel: Yeah. No repair, the kitchen– maybe you repair but not replace.
Dave Dinkel: Not replace the bathrooms. Just get it back on the market.
Mike: No rooms, no windows.
Dave Dinkel: Yeah, so a couple thousand bucks.
Mike: Five, tops.
Dave Dinkel: OK. And then what does that mean in market value? It means an extra how much…
Mike: That means that we can sell it to the end buyer at a retail price.
Dave Dinkel: OK. So it could be an extra 10,000 or 20,000?
Mike: Easily yes.
Dave Dinkel: OK. Let’s talk about the size of profits you’ve had. What’s your history has been sort. What has been the smallest and the largest?
Mike: Well, it ranges anywhere from a couple of grand up to about 20 grand for wholesale.
Dave Dinkel: Right.
Mike: So averaging about 10.
Dave Dinkel: OK.
Dave Dinkel: What’s the Mentoring Program? What was different about the Mentoring Program for you when you came with us and started doing it?
Mike: Well, I have a history of buying courses and courses that have sat up on my shelves. They’re collecting dust. The difference with your course, Dave, is that I’ve had actually a live person to meet face-to-face or pick up the phone and hear a live person on the other end whenever I have a question. And this coaching has lasted way beyond my mentorship. I mean to this day, I’ve always felt like I could always call you and you can help me out with any question I may have with any particular deal. So that’s the biggest, the biggest change that I have had as suppose to other courses that I have taken.
Dave Dinkel: Another thing is we’re actually doing deals as you know.
Mike: Yes, yes.
Mike: Whereas a lot of the people that are out there are selling books and tapes but they are not actually doing deals. And the market changes all the time. You actually came back into Mentoring Program recently.
Mike: Mm-hmm. Right.
Dave Dinkel: Why did you do that?
Mike: A refresher course and I’m also– I know there’s potential to make much more.
Dave Dinkel: Yeah and again the market is always changing so– and we change our strategies, techniques and you were here today and I said to you know here. What had today was a special class for the mentor students. So if we’re not, if you’re having any problems let us know what it is, so we can solve them for you because we have students who are doing extraordinarily well. And other students who can’t seem to get started and they’re not different in any way that I can see, mentality and everything else is the same. So what’s the difference? I don’t know until I talk to him. I need to know how they are doing things so that’s what we did. And you were here today.
Mike: And I want to go back you said that the market is always changing just like your course has. When I took it three years ago, and I took it again last month, I mean it was completely different. I mean it had changed so much and so much new material out there.
Dave Dinkel: You actually live off being a real estate investor.
Dave Dinkel: For people who haven’t become a real estate investor here. What kind of things could you say to them to do? What would you say?
Mike: It’s very Nike, Just Do it. Because it’s like I know what it’s like to sit on my chair and see that 100 pound gorilla telephone there in front of me and not wanting to pick it up and call a potential home owner. It’s actually having the impetus to go out there and write a contract and do it.
Dave Dinkel: Just simply do it.
Mike: Just simply do it and it’s– in the beginning, I was afraid. I had a lot of fear but I ended up knocking on people’s doors and introducing myself and I got deals that way.
Dave Dinkel: Yeah and you got some nasty comments sometimes also.
Mike: I have but…
Dave Dinkel: It a matter course of business.
Mike: …just some great war stories out there but it all, you know, the good outweighs the bad.
Dave Dinkel: And it has been good enough for you that you’re now moving, also you’re going to have a double residence in North Carolina.
Mike: I will be working. I’ll keep my business in Florida and work remotely from North Carolina and still come back to Florida every other month.
Dave Dinkel: OK. All right, great. Thanks very much.
Dave Dinkel: Good to have you as a student.
Mike: OK, perfect.
Dave Dinkel: Thank you.
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