A New Investor from Mount Prospect, IL

[Pavel Yurevich]

Hello everyone! 

My name is Pavel, though I prefer Paul,and I became involved in real estate and landlording due to a gift from my parents - they saved up for 10 years and bought me a condo. That was about 3 years ago. Since then the condo has been successfully paying off the student loans and my Honda Accord. I currently rent, but my rent is lower than what I get from my tenants, so I am cash flowing, which allows for those payments. 

After my former tenant has stopped paying rent this January, I had no idea what to do. I went to a couple of real estate classes at the local school district, and they mentioned BiggerPockets. I have been hooked ever since. I have to admit - I LOVE the podcast, cannot get enough of it! Brandon Turner and Ben Leybovich had me sold when they talked about creative finance. I am going to work and learn hard to be able to play at their level. 

My former tenant has been replaced, although I am out approximately $3K in lost rents, but I stepped up my landlording game thanks to BP, and I have a plan to invest. Just recently I heard the webinar about multi-family properties; I've been thinking about it for a while, and the webinar supplied the missing pieces. 

Here's the brief description of the plan: 

The condo was a cash purchase, and it appreciated twofold since (purchase price $62k, current value $120K). My plan is to take an LOC (I've read that a HELOC is possible as well on an investment property) and use as little as possible of it as a down payment on a 4-plex, and occupy one of the units. Finance the purchase with an FHA loan and a 203k loan if necessary, although most of the multi-family properties that I've seen so far on Realtor.com in my area are turnkey. Once that step is complete, I'd start planning for the next one.

So, I just wanted to say hello, and I'm excited to have found BP!