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 everpopular “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 threeunit 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, cashout refinances, and building your real estate network!

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How to Invest in Real Estate with NO Money OR Credit w/Pace Morby:
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Get Accurate Comps with Privy:
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Connect with Michael:
BiggerPockets: https://www.biggerpockets.com/users/m...
Instagram: @pastormike79 or   / pastormike79  
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Connect with Pace Morby:
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Instagram: @pacemorby or   / pacemorby  
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Connect with Ashley and Tony on BiggerPockets:
Ashley: https://www.biggerpockets.com/users/e...
Tony: https://www.biggerpockets.com/users/t...

Show notes at: https://www.biggerpockets.com/blog/ro...

00:00 Intro
03:12 Discovering Real Estate
10:20 Scary First Steps
17:18 HELOC Vs. CashOut 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!