Michael Fichman

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Michael Fichman

Michael Fichman

@MichaelFichman

Husband | Dad x2 |Charlotte RE: wholesaling off market + scaling portfolios 🏠| Open to DMs on aligned opportunities & smart capital | to infinity & beyond! 🚀

Charlotte, NC Katılım Mayıs 2024
206 Takip Edilen271 Takipçiler
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Michael Fichman
Michael Fichman@MichaelFichman·
Welcome to The Real Estate Arena! I’m Michael Fichman. I’m owner, operator, and asset manager of @CLTBuyers in Charlotte, NC 🤙 My goal for this community is to educate & assist others in real estate investing, encourage robust discussion of all topics real estate…PLUS provide off-market opportunities! I also not only ask, but encourage you to do the same. A community is at its best with support, inquisitiveness, and activity! I have been hosting weekly in-person meetups in Charlotte for 5 years. I also host monthly networking events bringing 50-100 people per event. I have helped thousands of people navigate the path! I have discussed every topic you could think of in residential real estate…. Yet, as Socrates said, "I know that I know nothing.” Welcome to The Arena
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Michael Fichman
Michael Fichman@MichaelFichman·
How to go broke as a wholesaler: Believing you’re only one additional marketing channel away from consistent deal flow.
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Michael Fichman
Michael Fichman@MichaelFichman·
Let me tell why you DON’T spend the money until the wire hits. Here’s the timeline of a property we recently assigned. 2/15/26 Property goes under contract with a closing date of 3/26/26 2/22/26 Buyer found - Contract Assigned 2/23/26 Buyer shows up unannounced at property asking the seller for a second walkthrough. 2/24/26 Buyer “re-educated” on company operating procedures and hit with a warning of removal from buyers list. 2/25/26 Buyer puts additional EMD down and remains clear to close on 3/26/26 2/26-3/22 ….crickets…. 3/23/26 Buyer having trouble with funding 3/24/26 We collaborate with buyer to expedite funding approval 3/26/26 Buyer backs out on closing day 3/27/26 We provide additional funds to seller and put her in a hotel room while we need more time to solve the problem. 3/28/26 We accept a backup offer $15,000 lower than our initial assignment price. 4/1/26 Property closes with our assignment fee cut in half. This is why counting money before the wire hits is never a good idea. You must be flexible enough to pivot at the last minute or have enough deal flow where opportunities like this don’t make or break your month…or year. Real Estate. Fun, right?
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Mr. Followup
Mr. Followup@Reiwholesaler·
I never count any deal as revenue or even really look forward to closing anymore until the wire comes in. Plenty of deals fall apart at the closing table. Not worth it to stress over. Just keep marketing instead
Michael Fichman@MichaelFichman

Let me tell why you DON’T spend the money until the wire hits. Here’s the timeline of a property we recently assigned. 2/15/26 Property goes under contract with a closing date of 3/26/26 2/22/26 Buyer found - Contract Assigned 2/23/26 Buyer shows up unannounced at property asking the seller for a second walkthrough. 2/24/26 Buyer “re-educated” on company operating procedures and hit with a warning of removal from buyers list. 2/25/26 Buyer puts additional EMD down and remains clear to close on 3/26/26 2/26-3/22 ….crickets…. 3/23/26 Buyer having trouble with funding 3/24/26 We collaborate with buyer to expedite funding approval 3/26/26 Buyer backs out on closing day 3/27/26 We provide additional funds to seller and put her in a hotel room while we need more time to solve the problem. 3/28/26 We accept a backup offer $15,000 lower than our initial assignment price. 4/1/26 Property closes with our assignment fee cut in half. This is why counting money before the wire hits is never a good idea. You must be flexible enough to pivot at the last minute or have enough deal flow where opportunities like this don’t make or break your month…or year. Real Estate. Fun, right?

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Michael Fichman retweetledi
Underdog
Underdog@Underdog·
UConn in the 2nd half
Underdog tweet media
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Michael Fichman
Michael Fichman@MichaelFichman·
@thmoneycircle If tenant gives 30 day notice and leaves property in turn-key condition, 10 days seems more than doable. If only that were the norm.
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illuminati
illuminati@thmoneycircle·
Vacancies shouldn't last more than 10 days
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Michael Fichman
Michael Fichman@MichaelFichman·
@Jacob_Naviaux Joint venture with someone and teach each other your crafts. Fastest way to catch up to speed while not draining value or attention.
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Jacob Naviaux
Jacob Naviaux@Jacob_Naviaux·
The hardest part for me about getting into new asset classes? Starting over. I’ve spent 10.5 years in residential: • I know the game • I have the network • Deals come from my normal flow That’s how I bought all my SFR rentals. But to find a good industrial, RV park, self-storage, or multifamily deal… I have to step outside my normal Monday–Friday routine—and that takes away from the active income I’m making right now. New relationships. New sourcing. New playbook. I know it’s the right move though. The last few years taught me: Active income is great… But the right move is to funnel the cash from the business into cash-flowing assets to help ride out the down cycles.
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Michael Fichman
Michael Fichman@MichaelFichman·
Opportunity in top tier CLT neighborhood. BUT, floor plan is wonky af. If I price this to move quickly, it will need a 3-5% ARV discount compared to the other homes in the neighborhood. Sometimes being in the right neighborhood doesn’t guarantee equal value behavior or demand.
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Michael Fichman
Michael Fichman@MichaelFichman·
@Seozilla_ai Never said it didnt. I ran it for years. I’ve just chosen to no longer manage that rigorous system and sought out different strategies. The brain damage wasn’t worth it for me.
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Michael Fichman
Michael Fichman@MichaelFichman·
2 new leads: 1 appointment set for tomorrow in Charlottes top neighborhood. Already agreed on price range & exit strategy. Walkthrough to confirm condition and take pictures. The other hasn’t answered my call but said they’d like for me to come by next week. Inbound is the way
GIF
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Michael Fichman
Michael Fichman@MichaelFichman·
Last time UConn played Duke on March 29…
Michael Fichman tweet media
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Michael Fichman
Michael Fichman@MichaelFichman·
If you think talking to 10 sellers a day is difficult, 5-10 offers a day seems impossible. 5-10 offers a day is what it takes to have 100k+ months in real estate. I never understood people’s reluctance to make an offer because they belive it probably will get rejected.
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Michael Fichman
Michael Fichman@MichaelFichman·
Joint Ventures from wholesalers and referrals from agents are the best. Hands down. But for paid sources, PPL has been the best in terms of quality due to filtering and list/county choice. However, there’s no improving the system. Only scalable choice is to spend more and more. Google Ads has been steady and usually provides the best conversion rate due to the company research they did before filling out our form. Also, my ability to focus on targeting, key words, ad spend, etc. make it an investment worth committing to.
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Michael Fichman
Michael Fichman@MichaelFichman·
@Reiwholesaler I like the decision! Be warned, for me it was hard mentally adjusting to the extreme drop in lead flow. ROAS stays lower early on as deal timeline stretches. But stick with it. Hold your ad mgr accountable. Bi-Weekly appts to monitor costs and traffic. Don’t over spend on PPL.
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Mr. Followup
Mr. Followup@Reiwholesaler·
@MichaelFichman Spot on. That’s exactly why I’m exiting that type of lead gen. Lots of management for low quality
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Michael Fichman
Michael Fichman@MichaelFichman·
@TourEstateAI Not making an offer means you’re comfortable sitting on the sidelines, when you’re fully capable of playing. Tough decision to live with.
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Tour Estate AI
Tour Estate AI@TourEstateAI·
@MichaelFichman Rejection feels expensive… but not making the offer usually costs more in the long run 😅📈
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Michael Fichman
Michael Fichman@MichaelFichman·
@quraAiX Bingo. Usually true motivation isn’t exposed until the first numbers get thrown out.
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QuraAI
QuraAI@quraAiX·
@MichaelFichman Rejections are just steps closer to the right deal it's all about volume and persistence.
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Clay Hepler
Clay Hepler@clayhepler·
Two land investors. Investor 1: - Sends 10,000 texts. - Gets 200 responses. - Makes 5 offers. - Closes 1 deal. Investor 2: - Sends 10,000 texts. - Gets 200 responses. - Makes 20 offers. - Closes 4 deals. Same marketing spend. Same data. The difference is the offer volume. Most people aren't marketing constrained. They're offer constrained.
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Michael Fichman
Michael Fichman@MichaelFichman·
3 closings scheduled yesterday. Guess how many closed? ZERO. -One waiting for vacancy confirmation -One b/c deeded heir needed to reschedule -One delayed b/c seller never filled out seller info sheet, resulting in the payoff never being requested. Wires over everything. 🕰️
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Jacob Naviaux
Jacob Naviaux@Jacob_Naviaux·
@theficouple The amount of people who own rental properties who can’t explain DSCR clearly will astound you.
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