All Forum Posts by: Andrew Bondarchuk

@Mark Rogozinski - that's very exciting! I'm still in the learning phase but I am anxious to get out and make some offers myself. Let us know what happens!

Good luck @Sommer Richards. I am looking to do the same thing and hoping to make a careful and slow transition into full time real estate. I have some realtor friends who would echo @Joel Owens statements - it's a hustle and it absorbs all of your time, but I see it as an amazing learning experience and a great way to start the investing journey. Way better than my current day job. :)

Sorry - posted twice and I don't know how to delete my post.

This sounds like a great idea @Steve Rozenberg! I would add that the video should cover everything on the check list so there is no possible dispute as long as you are thorough.

I attended the same 3 day event over Father's Day weekend - 6/19-6/21. I left with a lot of information and motivation as well - it is why I'm on BP now and ordering books on Amazon. I almost bought into their Mastery program but I could only put down $4k across my cards (maxing them out) and I was about to access my 401(k) and a $10k personal loan for the rest but the loan was not approved. 

In retrospect I am so thankful the loan was not approved. I am now working on getting refunded for my cards and I didn't touch the 401(k). Don't get me wrong - I'm sure the program is a good one and people learn a lot from having hands on training and personal guidance, but it should only be sold to people that can actually afford it. If I got approved, I would have had to pony up an extra $700 a month to pay back what I borrowed. Add to that the monthly expense of marketing, travel and lodging for bootcamps and now I'm at easily $1,500 a month over budget when I'm already living paycheck to paycheck. When the guy took my information down I asked if it was realistic to get my first deal in the first month so the financial burden would go away and he said "A guy like you? No problem!" Well, that's a good salesman and he knew damn well I couldn't afford it. I'm just happy I figured it out before putting my family at risk.

I wouldn't trust it either way, @Andy Kaye. I am putting my investment at risk and can't even get information about your financial situation? No thank you!

Thanks for the recommendation @Justice Cannie. I'll check it out. My short term strategy is to learn as much as possible so I can start making informed decisions. This is in the aftermath of almost dropping $30k on a guru. I'm sure they have a lot to teach but I would have put myself in dire financial straits for that knowledge. So far I'm in to Amazon for $12!

Thank you @Justice Cannie and @Chris Seveney for your advice. I didn't account for realtor fees and $20k is just a guess for repairs. Hopefully it is less. I am pretty anxious to get started but I will not make an offer if the numbers do not make sense. I will get those numbers hopefully within the next few days and post again. I am definitely inexperienced so I am thankful that I can rely on you guys for guidance.

As a side note, I ordered "Rich Dad, Poor Dad" and "The Millionaire Next Door" which should be here tomorrow. These were both mentioned in the BP podcasts I listened to. Do you guys have any recommendations for reading material for a novice investor?

I've been listening to the podcasts, I've ordered some books, I'm going for my Real Estate license and I'm talking to people about investing everywhere I go. It's the only thing on my mind these days. I want to take a pragmatic and calculative approach and get my education first, but at the same time I'm looking for properties CONSTANTLY. If something good comes up I don't want the opportunity to pass me by. Well I think I found an opportunity and I want to know what your opinions are. Do I go for it or do I hold out?

Unfortunately I don't have a lot of information on this property. Here is what I do know:

Short sale

Asking price is $89k

Listed for 223 days (sellers could be motivated and may come down on price)

3/2 on a corner lot, 1,164 square feet

Roof looks good, outside needs new fence, some paint, landscaping

A/C needs to be replaced

Comps sold recently between $120k and $130k

If I make an offer at $80k, put in $20k for repairs, I could possibly sell for $130k and walk with $30k profit. Or finance at $100k to include the repairs and rent for $1k monthly, which should be $300 cash flow, roughly. 

I am scheduling a walk through this week so I'm hoping the repair estimate is accurate. Also, I have contacted a lender that focuses on new investors offering 90% of the financing for the sale and repairs, I just need to come up with 10% and closing costs.

I'd appreciate any feedback you may have for me.

Hey @Mark Rogozinski,

Good luck on your first deal. The numbers look good to me but I am brand new to this and haven't done any deals. 

As far as the others who have not responded, it is because they were not tagged. All you need to do is type @ and a list of the people who have commented will appear below the message window from which you can select. You can narrow the list result if you only want to tag specific people by typing @ and then beginning to type their name (no space between @ and first name).

I'll go ahead and tag them for you here. This is what it will look like:

@Laurie Johnson

@Reed Starkey

@Mark Brogan

I hope your first experience is a positive one! Keep us updated on your results.