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All Forum Posts by: Andrew Bondarchuk

Andrew Bondarchuk has started 7 posts and replied 78 times.

Post: I think I found a deal! Now what?

Andrew BondarchukPosted
  • Investor
  • Valrico, FL
  • Posts 80
  • Votes 27

@Tyler Flagg I forgot to mention also that the HOA fee is regrettably not a typo. We looked at other properties in the same area to verify this. I bet the members of the board are driving Lambourghinis.

Post: I think I found a deal! Now what?

Andrew BondarchukPosted
  • Investor
  • Valrico, FL
  • Posts 80
  • Votes 27
Originally posted by @Tyler Flagg:

@Andrew Bondarchuk if I were you I'd call to see if that HOA fee is indeed listed correctly. If it turns out it was a typo and is actually $115.20 as opposed to $1,152.00 per month, then that would give you a lot more room.

Even so, I'd be very hesitant to buy anywhere that has a HOA. There are too many horror stories on BP that I wouldn't want to get involved with it. Best of luck!

Tyler.

p.s. I totally second your college comment. haha. The way I see it, it actually gives us an advantage...because we know what tenants are capable of :-) 

Yes, definitely not proud of it. It was a second floor apartment and we kept a keg in the corner of the living room and kept changing it out whenever it emptied so needless to say there was a lot of woodrot to replace. One wall of the apartment was basically a dart board. We drew the target on the wall and everything. We caused roughly $8k in damage but the good news is the landlord took us to court and he was awarded all the damages. At least he wasn't out of pocket - he was even paid for the legal expenses. He also let us finish our lease out because we were paying rent so we didn't end up with an eviction on our records. Great guy! 

The landlord/tenant threads are some of my favorites and it doesn't look like this is the usual outcome, unfortunately.

Post: Cash only investing in Mobile Homes - My plan

Andrew BondarchukPosted
  • Investor
  • Valrico, FL
  • Posts 80
  • Votes 27

@Bobby Mitchell - I really like your plan. I don't have the experience to punch holes in it but instead I'd like to find out how you were able to raise the capital. Did you simply do it by living below your means and build savings over a period of several years as it sounds from your post or were there other things you did to build cash during that time? My wife is planning on finding and flipping furniture for some easy cash (and a hobby) and I was thinking about taking on a second job part time. This is the plan to get out of debt faster and to eventually build the capital needed for investing. Did you do anything like this?

Post: What's holding you back in your real estate investing career?

Andrew BondarchukPosted
  • Investor
  • Valrico, FL
  • Posts 80
  • Votes 27

@Moises Rosario - right there with you buddy. After the 2 hour workshop and 3 day seminar, I'm chasing down my goals and my wife really loves the more motivated me. I have so many ideas and I keep asking her to come up with our business name. It's fun to talk about it and it keeps my goals in sight. She is convinced that we are going to do big things and she believes that I can achieve anything I set my mind to. Without her support this would be so much more difficult, dare I say not at all possible. She's even taken the vow to live more frugally so we can build reserves. My friends' wives are still buying shoes and purses and going out to eat three days a week and mine is eat eating ham and cheese sandwiches. She kicks ***!!!

Post: I think I found a deal! Now what?

Andrew BondarchukPosted
  • Investor
  • Valrico, FL
  • Posts 80
  • Votes 27

@Ashley Guzman - I don't believe so. The HOA pays for the neighborhood amenities such as the gym, community pool, boat ramps, fishing piers, water and sewage services, etc. The units in that area were designed for housing of college students because it is so close to the university, it is actually walking distance. I wouldn't know of a way to repurpose the space, but I am certainly eager to hear any suggestions! :)

Post: List of Self-Directed IRA Companies

Andrew BondarchukPosted
  • Investor
  • Valrico, FL
  • Posts 80
  • Votes 27

@Dmitriy Fomichenko- yikes, thanks for letting me know. I had no idea that the loan would become due. I took the loan to avoid penalties and taxes in the first place so incurring them now would be counter-intuitive. I guess I will need to sit down with the administrator as now I am wondering if this same rule applies if I leave my current job for a new one, which is what I am hoping to do when I get my RE license. I appreciate the information!

@Shaniqua Dupree - you wouldn't add the interest rates together. You are not paying 37% of the total debt, you are paying an average of the three, which is lower than the 13-22% that you are hoping to pay. Wrapping those three loans up into one at a higher interest rate would only make matters worse.

Post: List of Self-Directed IRA Companies

Andrew BondarchukPosted
  • Investor
  • Valrico, FL
  • Posts 80
  • Votes 27

At the risk of shining a floodlight on my lack of knowledge in this, l would like to know: can I move funds from an existing employer-sponsored 401(k) to a SDIRA? Between my wife and I, there is $50k in retirement but we can't do much with it. To complicate matters further, my 401(k) has a $12k loan out on it. Any suggestions? I would love to use my invested money for investments! :)

37% is debilitating. Get rid of it as quickly as possible. An extra $400 a month would help you realize this goal much faster, so I would encourage you to make the home purchase your first step. If your mother lived with you, you would be saving even more money since I assume she would be contributing to utilities, groceries, etc. Is that correct?

Post: I think I found a deal! Now what?

Andrew BondarchukPosted
  • Investor
  • Valrico, FL
  • Posts 80
  • Votes 27

Thank you all. This is what I need to hear. I was trepiditious to begin with and now I am assured that this is not a good idea. Those HOA fees really are exorbitant, I thought it was a typo. I will keep on looking and the next one that comes along, I will again rely on you fine folks to steer me in the right direction. I appreciate the outpouring of support! :)