All Forum Posts by: Alek Liskov

@Jaysen Medhurst thanks for the suggestion. I have actually already picked a different school. I don't work in the city so going there for school would not be practical for me. That does look like a great program, however. Thank you for the suggestion!

@Adam L. welcome to BP! Congrats on the first deal. I'm sure you've probably already been recommended but - J Scott's book on flipping is probably something you want to keep as close to you as possible while doing this deal. Keep us posted!

Hi @Ephrem Bekere welcome and congrats on the purchase! It's a good way to get started. 

Screening tips: 

it really depends on what you are looking for: party buddies? quiet? I think in your situation that would be important. Irrespective of whether they're a student or a working professional professional I would recommend a credit and background check. As far as your credit criteria, it really depends on the market. If it's college students, then it'll have to be lower. If it's professionals, then perhaps higher. In my mind, a background check is just a no-brainer. You're gonna be living with these people! You can include the fee required in the application fee.  

How much to charge:

Check craigslist. Check Zillow. Ask around. Call a couple of management companies in your area and pretend you're looking for something similar. Gather at least a few data points to be able to create a good hypothesis. Keep in mind that price and interest in your property are inversely correlated - the higher the price, usually the lower the interest. So if you're not getting the number of calls you expected to be getting, then perhaps you're charging a bit too much. Also - Facebook. I am sure you have a lot of friends. Offer a $50/$100 referral fee for anyone who finds you a tenant. 

If you could shed some more light on what you situation is and who is your "ideal" roommate I can try to help.

Best of luck!

Alek

Hello BP Family, 

I searched but couldn't quite find a post that addresses the intersection of an MBA and REI so I figured I write one. I am asking this question specifically with regards to my personal situation, but I think it would serve well for others who are at the same intersection.

Let me start off by saying - I know that the best way to learn about REI is to do it and to learn from the school of "hard knocks". There are also a bunch of very useful books by BP and others that I strongly recommend to anyone getting started! I agree with all of that as I invested and read many books and will continue to educate myself in both of those ways. There are a few reasons for me getting my MBA: It's a goal I've set many years ago. It'll be free. It will certainly help me earn more in my corporate job in the short term, which I enjoy doing and plan to continue to do. Lastly, I firmly believe that it could benefit you in terms of connections and provide a framework for building a larger business irrespective of whether you want to invest in single family, multi-family, notes, or start an adjacent business. At the end of the day, the only way to succeed is to treat each and every one of them like a business.

All that being said, what do you think is the best concentration? Of course, as an MBA you cover all of the core competencies such as finance, accounting, management, but then you have to pick a concentration. I'll list a few standard and a few non-standard options. Of course it really depends on the school, but I would love your feedback as to what you think is the best and why.

• Accounting
• Finance
• Project Management
• Marketing
• Strategy & Analytics
• Real Estate (if available)
• Entrepreneurship (if available)

If there are any that I missed, feel free to add it. I look forward to a great discussion. Thank You!

Regards,

Alek

@Erica Naveja

I am also no expert. But when speaking to the experts, they tell me prices will continue to rise for the next year or two at least. The idea is simple. Foreclosure/REO inventory (this is mainly 18301/18360 zips) has reduces from 300 for 2016 to on track to be around 90 in 2017. That will put supply pressure and demand will drive prices up. We are already seeing that. At the same time, I do second what others have said about the fact that it takes time to sell a house, especially depending on the region. A flipper friend of mine has had a 3BR2B on the market for 2 months. Granted, he is trying to get the best buck for his flip.

Just some food for thought. I think if you can find a deal in a good neighborhood, your likelihood of selling will be much improved. For that you would need to partner with someone like @Jean Lee. 

This goes without saying - run the numbers. Then run them again. If you're looking to buy in the more desirable areas, you will probably require hard money/external financing. A few additional months of sitting around could be the difference between a profit and a loss in that case. I would also keep it in mind the months in which activity really rejuvenates and make sure you schedule and time appropriately. 

Best of luck. Keep us posted!

@Ian Smith wise. I would probably do the same. You seem to understand the dynamics of your area. The 1 property that I own - same exact dynamics. If I don't get it rented out by end of August, early Sept, my chances have diminished until the end of the school year.

Very informative. Thanks @Chris K. 

This actually I suppose can be used for strategy. To your point, counties don't just wake up one day and do reassessments and thus having done one recently (Luzerne being an example) probabilistically reduces the chances of them going up again in the near future.

@Kevin Flynn @Jaago Viitkin

If you're looking for someone in North Jersey - I have a great guy. PM me for details.

@Evan Miller I would second what @Nick C. and @Vivek Khoche said. Try to find property that you can go and see yourself. I know there are a lot of People from Denver on the forums so it might be useful to ask for a place to invest within driving distance. 

The other idea which was also mentioned I believe and I strongly encourage - it is always talked about on the BP Podcast - find your "boots on the ground". It could be a partner. It could be a property manager or in same rare instances the real estate agent. I would be careful with the last one as they are incentivized to get the deal through. Network. Reach within your personal network as well. I have a coworker here in NJ who invests in Naples FL. Far reach but she's making it happen. She does end up traveling there often though, which may not be something you can afford.

Best of luck. Just because it's hard to find a deal, do not be discouraged. Success only comes to those continually seeking it.

@Ian Smith sticky situation. Best of luck!

I am no expert, but as far as I know, as long as the property is not in Philly, the laws are generally favorable towards the landlord. An eviction should take more than 2-4 months, depending on the situation, if you can find the right attorney and make sure you focus on getting them out of there.