Michael Fichman

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

[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

[Michael Fichman @MichaelFichman]

@LeConneatois In wholesale world you have 24-48 hours before the deal is moved. Not much time to shake the deal out. Hence why I offer a steep EMD, DD Fee and 7 day DD period for buyers. But, I expect retrading as deals are meant to move quickly.

This is why a 10k assignment fee isn’t enough.

[Michael Fichman @MichaelFichman]

Buyer coming to me at list minute trying to retrade on land he’s buying Friday. That’s gotten a lot of opinions recently.

It happens on most deals. If a previous relationship exists or not, there is always new info that comes to the table.

I’m sure we’ll both end up satisfied.

[Michael Fichman @MichaelFichman]

@Jacob_Naviaux Sure is, but with a high EMD deposit as well. We got it worked out. The cost for grading the land came back higher than anticipated.

[Michael Fichman @MichaelFichman]

@LeConneatois The best way to combat this is asking for substantially high EMD deposits.

If they want to walk away from 15-20k over haggling for a few thousand, sometimes I’ll let them. Usually never happens though…

[Michael Fichman @MichaelFichman]

The REI market must be hurting badly based on the amount of turmoil and blood in the streets.

Very different behavior patterns these days.

[Michael Fichman @MichaelFichman]

@TheJSantiago I found the extra 10k negotiated down on the seller was compromising our ability to win deals when so much of the competition is working on even thinner margins. At the end of the day, time value of money is more important than any one individual deal. Forced us to run cleaner.

[Michael Fichman @MichaelFichman]

@LivingInNorthGa Use RECalc. Much easier.

[Michael Fichman @MichaelFichman]

Real estate grows based on two things, in this order:

The operator. Then the capital.

However…great operators with mediocre capital still produce. Mediocre operators with great capital still fail. The deal lives or dies on whether the person running it knows what they’re doing.

But a great operator paired with smart capital is the multiplier. The operator drives the returns. The capital decides how many deals that operator can run, how patiently they can wait for the right ones, and whether they have to compromise structure to get to close.

Passive positions in real estate, debt or equity, are the cleanest way to participate in that pairing. Hard collateral. Monthly cash flow. Inflation protection. Tax efficiency. No tenants, no toilets, no operational drag.

The right capital backing the right operator is where the wealth actually gets built.

Who do you know running that pairing well in this market?

[Michael Fichman @MichaelFichman]

A well known attorney in Charlotte had their accounts frozen and subsequently went out of business this week…

Now many buyer/seller’s proceeds are stuck and people are angry and scared:

Here’s some things I’ve learned over the years on how to protect yourself from attorneys:

1) Always use or retain multiple attorneys

I don’t care if you’re best friends, related, or went to college together…the more attorneys you can utilize, the more your risk is diffused and your flexibility to change offices during a crisis is high.

2) Trust your intuition on who you work with

Self explanatory, but there are plenty of attorneys out there. Use ones you know, like, and trust.

3) Until the wire actually hits your bank account, nothing is safe.

A trust account is only as safe as the trustee is trustworthy.

Ironic, huh? 🤔

[Michael Fichman @MichaelFichman]

If done properly, your real estate business should thrive on joint ventures and referrals.

They’re over 50% of our revenue and 0% of our monthly ad spend.

Time in the business and providing to others is the ultimate return.

[Michael Fichman @MichaelFichman]

@Reiwholesaler My biz partner has been in the RE space since 2005. We joined forces in 2019. Have been teaching the local community for free since 2020. We just this year put out a paid coaching program. Time in the business is the greatest ally in order to potentially offer your help to others

[Michael Fichman @MichaelFichman]

@LivingInNorthGa -Dollars paid / problems solved speaks loudest.

-Either it passes underwriting or it doesn’t.

- Prior relationship has 0 bearing on my ability to be a potential buyer or seller in 90%+ of non-repeat or referral opportunities

[Michael Fichman @MichaelFichman]

@Reiwholesaler Phone calls. Always.

[Michael Fichman @MichaelFichman]

Futuristic Experience:

I’ve had to take leave from my business much longer than I anticipated with my newborn at home.

No excuse not to deep dive on all of Claude’s features and implement them into the business while hours are uncertain and usually late night.

Over the past 2 months I’ve built dozens of processes, tools and learned so much.

When the time comes for me to return, I’ll be coming back to much better revenue performance and optimization that’s already taken effect while I’m away.

🤯

[Michael Fichman @MichaelFichman]

@LivingInNorthGa Starting to get there! Life with a premie is certainly different, but we’re loving the time at home as a family and learning how to navigate everything.

[Michael Fichman @MichaelFichman]

I’ve been MIA recently so just wanted to catch everyone up:

-Newborn in Feb born 5 weeks premature
-Family has been visiting to help out
-Multiple Deals closing avg assignment: $35k
-Bringing new people on the team
-Anniversary
-Me and Wife’s Birthday upcoming

Still Breathing🤣

[Michael Fichman @MichaelFichman]

@Reiwholesaler Have them fund directly to the attorneys escrow account. I really don’t understand why it’s so difficult. 🤦‍♂️🤷‍♂️

[Michael Fichman @MichaelFichman]

@Reiwholesaler Love this 💪