5. Gal Schmockler - Jacksonville, Florida real estate market - Virtual Wholesaling
5. Gal Schmockler - The Real Estate Market of Jacksonville, Florida - Real Estate and Matters Podcast
Get to know Gal Shmukler:
Hello everyone I'm a 35 year old Gal Schmuckler from Austin Texas.
Married to the amazing Limor and father to the 3 month old little prince Adam who joined our family.
Sounds weird to say Austin Texas because I lived in Tel Aviv all my life.
It must be noted that when my father contacted me, I consulted with friends whether to participate in "Entrepreneur of the Week" because you would understand what was wrong with me and this. It's very flattering but I'm only been dealing in real estate in the US since the beginning of the year. I do not consider myself an "entrepreneur". This is reserved in my opinion for people who have come a long way seriously and long.
I ended up saying why not actually. This group has contributed a lot to me thanks to the knowledge here and thanks to the "Entrepreneurs of the Week" that I read every post of them in the last year, I was able to enter the field.
This week I'll tell you a little about myself.
How did I get into the field, what do I do (hint mainly about holding assets but through holsailing), I will tell you exactly what holsailing is and how you can develop from there (it is not scary as it sounds), I will tell you about a deal I regret and one I am very satisfied And motivation especially for those who are starting out and maybe I will also be able to give some value to the more experienced.
Ultimately, the purpose of this group is not in our self-marketing, but in developing the community of Israeli "real estate entrepreneurs" who make real estate in the United States.
So a little about me.
For most of my life I have been involved in fitness.
As soon as I finished military service I started doing personal training.
I don't know if this is what I always aspired to do but I rolled into it. And I think I was pretty good.
The problem with being a personal trainer that no matter how much you earn you always sell your hour. And this is something that has accompanied me for a long time.
At the age of 24, I enrolled for a degree in business administration and finance. Mostly so I have a property in hand.
Immediately after graduating I started thinking again about my career, which instilled in me concerns that I did not want to chase after my own tail.
I was always stuck at the top of the book “Rich Dad Poor Dad” that I read at 18 and always thought about how I build a profitable business.
Following my work as a personal trainer I had a lot of trainees who were serious real estate entrepreneurs. Many times I have heard the phrase “wave you are good with people you will already do real estate”. . But I… I always thought I would be Gilad Yankelevich. But it's not that simple.
So at the age of 26 I made a decision and with money I saved a lot of time I bought an apartment in the country.
That’s how I started to feel a little bit of the real estate world. I was near but not really inside it. The apartment was rented and paid off the mortgage but as you know the yield in the country is not amazing and being a “real estate investor” in the country is almost impossible.
Unlike the US we'll get into that later. There are only a few banks that can be borrowed from, the field of non-bank credit is still in its infancy, the yield is low and the prices are very high so you have to build on an increase in value and invest a lot of money. I was lucky to buy the apartment 9 years ago.
However, the apartment sat on the side passively and I was still trying to fulfill my fitness dream. At the age of 27 I set up a fitness company that dealt in a number of areas.
I've already imagined what it's like a profitable business rolling in millions and I'm having a glass of wine in the Caribbean.
But reality aside and dreams aside.
The fitness field is an amazing field but not easy to earn much in as a business. (By the way whoever was my partner and I sold him the business, joined us and also started doing wholesaling).
So at 30 I made the hardest decision of my life.
I sold the business that was a life enterprise for me.
I joined a large real estate company in Tel Aviv as a sales manager. I told myself that if I really want to do real estate I must study it in depth, from the best and not enough to read some books.
It was a serious market at first. I who all my life wore sportswear, suddenly have to dress in a button, be part of a team, quarrel over leads. It was very difficult but also very instructive.
Then about a year and a half ago my wife got a job offer from the US.
It was very stressful at first, but I thought to myself - why not actually. Now I can do this real estate I so wanted.
For about half a year I read full books about real estate, I listened to podcasts every day (bigger pockets accompanied me a lot), I joined every Facebook group that exists in the country. That's how I got to "real estate and interest" following a course by Neta and Yariv that I did. I read every post of "Entrepreneur of the Week" that was in this group.
In short I was really obsessed with the field.
I was really starting to feel the transition and how I was already starting. I really did everything to consume as much knowledge as possible.
So after some deliberation we decided to move to Austin Texas. Limor's parents live there so the move was simpler.
We landed in Austin and the truth was I was pretty much in the market and with a lot of anxieties at first. On the one hand I was already poisoned to start and waited for it for so long, on the other hand I arrived in a new country, far from friends and family and a child on the way.
It was really not as simple as I thought.
But I decided then I have nothing to cry about and need to work.
After a week I took a flight (and much thanks to my wife who allowed me) for 3 weeks to Jacksonville Florida. A childhood friend of mine has been dealing in real estate there for a long time and was very successful and I wanted to explore the place and see if it could suit me in terms of investment.
So I saw properties for two weeks with realtors and found nothing.
I started to get discouraged.
It was in early 2021 the market is a market of sellers. Despite the corona at the time I was sure it would lower prices, everything flew up. Everyone fought for the same deals and everything closed very quickly and many times even above the asking price. (It was hallucinatory).
I started thinking to myself if it is at all possible to do real estate in this crazy country.
Then an opportunity came to me that changed my whole line of thought. A friend of a friend got stuck with a house that needed to sell and needed the cash fast.
He asked for the house 75000.
After an ARV (after repair value) operation I did I saw that the house is worth about 120000.
It seemed like an amazing opportunity and with the money I saved I bought the house for cash.
(About a month ago I did a refinance on this house at a value of 174000 !!) The market helped and I was probably a bit wrong in the calculation.
It was crazy to me.
So I went back to Austin and said to myself. How do I turn this into a business ???
I will talk to you about this in the following posts.
hope you will enjoy ?
In the picture - I change a person's diaper in the Colorado mountains a little after writing the post :)
Love
wave
Among the things we talked about:
1. What is wholesale???
2. Financial freedom
3. Choosing the market and partners
4. Two transactions - one better, one less
To read on the site of the many posts of Gal Shmukler Zem this week in our forum:
https://www.forumnadlanusa.com/author/gal_shmukler/
To watch the interview with Gal Shmukler on our YouTube channel:
Did you participate in the entrepreneur project this week and are you interested in scheduling an interview with us for the podcast? Below is the link to schedule an interview:
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Thanks,
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#EntrepreneuroftheWeek #RealEstate #Flips #BuyAndHold #BRRRR #Mortgage #Investors #RiskManagement #NewConstruction #Loans #Banks #Wholesaling #Real Estate #Real Estate #Real Estate #Investment
*** Clarification: Everything that is said in the chapter is for study purposes only and does not constitute an investment operation of any kind.
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