Today we’d like to introduce you to Michael Seeto.
So, before we jump into specific questions about the business, why don’t you give us some details about you and your story.
I started in this business in 2002. It was my mother in law that approached me and my wife. She said which one of you wants to get their real estate license because your sister is going to Law School. So naturally, I volunteered. It was where I sold homes part-time. Before the year was over, I was forced to decide if I would stay at my full-time job or focus on Real Estate full time. Well, I chose Real Estate and have never looked back since.
I started helping buyers and sellers. But Buyers were always looking for deals. So I had learned to work with a lot of unique transactions like HUD Owned Properties and foreclosures. Most agents back then didn’t like working with foreclosures of HUD homes. I ended up becoming an expert in that the distressed space. By 2010 I was listing these homes for asset managers. That was a great time to be in the distressed space. We were selling homes left and right. But by selling all these distressed assets, I met a lot of investors. Investors are always looking for opportunities. So I learned how to find these opportunities. Most of the opportunities were off-market properties through wholesalers. These folks spend thousands of dollars each month to market towards people who wants to get rid of their homes and they get it contracted super cheap.
We’re always bombarded by how great it is to pursue your passion, etc – but we’ve spoken with enough people to know that it’s not always easy. Overall, would you say things have been easy for you?
It was never a smooth road. But I’ve always learned to not give up. And I learned to go over all the obstacles that presented itself. The more I learned the more knowledge I got.
So let’s switch gears a bit and go into the Seeto Realty story. Tell us more about the business.
Our company is known to add value to our clients and Investors. The way we do business is to look at how we can leverage relationships to add value to our clients. A lot of times we are acquiring properties at 70-75% of ARV (after repaired value). There’s a lot of portfolios that our Investors started back in 2007 are reflecting now to see how much their home has appreciated and how much rental income that they have received over the years. With the influx of foreclosures from 2008 to 2012 that caused some softening of prices, our clients were still sitting pretty relax. They knew that they were able to pickup more properties on a down market while holding the current assets.
I think the philosophy of buying low and let it appreciate have doubled alot of our investors wealth. They continue to invest as we continue to help them with due diligence.
Has luck played a meaningful role in your life and business?
I believe that luck is a big part of everyone’s business. I think I was lucky to have met a lot of key people that has helped me in my journey. Sometimes it’s about being at the right place at the right time so that you can meet folks that has knowledge to pass to you. Sometimes it’s nice to know people that are connected and you get invited to exclusive meetups or drinks just to learn about opportunities.
Pricing:
- I believe in investing in homes that are valued under $250,000.
- I love the 1% rule or the rental index for rental income.
- Homes over $300,000 will result a less of a return on rental income.
Contact Info:
- Address: 1721 W Plano Pkwy, Suite 101
- Phone: 9725097100
- Email: dfwnewhomes@gmail.com
- Facebook: https://www.facebook.com/Seeto-Realty-125170304203496/
- Other: https://www.linkedin.com/in/michael-seeto-7bb9181b/
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