New Investor from Upstate NY

[Michael Ablan]

Hey Everyone!

My name is Michael Ablan.  I'm new investor from the Upstate New York area!  I'm a newly licensed real estate agent, and landlord.  In my free time I do a ton of mountain hiking, kayaking, reading, flipping, cooking and traveling.  I just recently came off a 1 year trip where I visited around 10 countries and 15 states.  It was a once and a lifetime experience that really helped me mature and finally focus my mind onto a career that fits me perfectly.  Real Estate.

My first deal (November 2015) was at a tax foreclosure auction in a city close to my home town.  With the help of my Father, Mother and Grandmother (76 years old at that!), we were able to get it rehabbed and rented within 60 days after closing.  It's currently going great, and I'm in negotiations to sell it on a lease option agreement come tax time.

I did this deal without ANY real estate knowledge or experience.  I've been self employed since 11th grade, where I was investing in everything from electronics & cars, to stocks and options.  I'm also lucky to have a father whose had a lifetime of construction experience, so we at least had some bare bones experience.  However, I'd be naive to think I didn't get lucky on this transaction.  Knowing the little I know now, a LOT of things could have gone wrong...

Therefore I've been DEVOURING information since then. Lots of forum posts, but mainly podcasts. I want to succeed because of hard work, knowledge and resourcefulness, not because of luck. I started with episode 1 and I'm currently on 32. Since then, I've gotten a duplex and a SFH home under contract, and should be closing both within the next 2 weeks. I plan on holding and renting these. I'm also negotiating on 2 more duplexs, a triplex, a SFH, and a wholesale flip. I'm deploying strategies such as seller financing, partnerships, and lowball cash offers to work these deals.

 I can honestly say I wouldn't have done any of this if not for the incredibly informative podcasts put on by @Joshua Dorkin and @Brandon Turner.   You two (and all of your super intelligent guests) are AWESOME, and I hope I can meet you all someday.  I owe you all a fancy *** dinner at the very least.

To wrap this up I'll talk a little about my future plans.  My goal is to have 15 units operational and rented by the end of the year.  I would also like to get 2 wholesale deals, and 2 rehab and flips done in that time as well. 

I'm currently getting ready to start a direct mail campaign.  I will be targeting motivated sellers with 30-50% equity, as well as people underwater in their mortgages.  My pitch will be along the lines of "If I can't buy your home, maybe I can help you sell it."  I want to get my feet wet in wholesaling, rehab/flipping, while exploring the world of a real estate agent. Over time I will narrow my focus onto the niches I'm good at and pursue those aggressively.  Only time will tell.

Anyways, I look forward meeting you all, and hopefully working with some of you!  I'm excited to get involved in the community here! I hope I can make a useful contribution to this site!  If anyone finds themselves north of Syracuse, feel free to drop me a pm!

[Chris Virgil-Stone]

@Michael Ablan Yes there is a problem with the landlords and tenants there for sure. That is good for those that take care of their properties though. It will drive all the good tenants your way. It's always nice hearing your rentals are the nicest the prospective tenant has looked at. I had no idea of the bed bug problem there. I just hate seeing the local government trying to overshadow landlords especially those that take care of their properties. I know the city is suppose to mow any lawns that are overgrown and then charge the owner however I often have seen many lawns well over a foot high not be touched by the owner or the city. I think enforcement of  a similar code for all aspects of property presentation would be beneficial. 

The Georgia market is very hot right now. It's very different than the Watertown area. Not very many multi families available. I am in the middle of closing my first deal now and looking to do another as soon as one pops up. Most SFR that are priced well last a week or less before an accepted offer. The area I live in is about the same population as Watertown but just 5 minutes away there is another town with the same population. When I left Watertown my agent said there was about 380 days of inventory, it's about 60 or less in my area. I researched the market and watched it for about 6 months before moving and another 6 when I got here to learn the trends.

Good luck on your investments. I definitely suggest meeting with Brian Murray and picking his brain. He was my marketing professor in college...very smart guy. He's turned around a lot of run down properties to help revitalize Jefferson county.