All Forum Posts by: Brian Cornick

Thank you all for the input and advice. I think it is all useful and I can definitely use everything and anything as far as ideas. I really like the ideas of reaching out to people in the field across all spectrums from RE agents, brokers, asset managers, all the way to apartment investing groups. A great piece of advice is to find out (and write down) what I like and dislike about accounting and the companies I have worked for. I think this will help me narrow down what my next step is. I definitely have the grind and desire to succeed, so I will keep working hard at my current job, while putting in work on the side to see if their is anywhere that I can help out, meet up, or learn from people in my area. Thank you all for the help and advice!

Hello, I'm looking for advice and maybe for people to share stories with their experiences in transitioning careers into real estate. I am currently an accountant in the Denver area for a telecommunications company. Previously I was an auditor of investment companies and what I am coming to find out is that I really don't enjoy accounting work. Obviously accounting drives business decisions, which is why I chose the accounting path in school. Basically I'm unhappy in my current position and I want to start the transition out of being a day to day accountant and into a more real estate focused role. My passion is definitely in real estate, and I love all aspects of investing. I have completed one fix n flip and own one single family rental (looking to expand my rental units on the near future). I think my dream job would be to own and run an investment company that specializes in multi family rental units. With that being said, I don't feel that I have the current knowledge to do this at this point in time. I've just started to delve into the research of generating investors and capital for deals, so don't feel that I'm ready to take that step. Ultimately, I'd like to find a career opportunity that could help me learn these skills, or really real estate skills in general, from analyzing deals, to managing the properties, to closing on deals. The only problem is, when you say you have an accounting background, you get stuck in the debits and credits and not actual analysis. Does anybody have any insight on where my next step could be?

Andrew Postell thank you for your response, it was definitely helpful. Yes, you are correct, since my first rental has positive cash flow, my DTI is actually higher than before I bought it. You are correct, most banks I've talked to have at least a 1 year overlay and I just assumed that was the banking standard set nationwide. I will definitely have to start talking to smaller/mid-size banks. As for the broker term, I guess I always understood it as a real estate broker, but have only come across "broker" as a stand alone term, which is why I'm looking to get more information. I appreciate your help!

Hello, I closed on my first two deals in 2016. One is a SFR, which was financed traditionally through a bank, and the second was a fix n flip that I provided a hard money loan. I want to continue on acquiring SFR, and have obviously heard of the creative financing options there are such as hard money, seller carry backs, and brokers. My questions are surrounding the broker deals. First, how do I find a broker in my area (Denver). Second, which may be better suited for the broker, but is there a time limit to show the SFR income on my DTI. I don't want to wait a year to acquire my next property through standard financing, but don't feel comfortable structuring a complex financing deal yet. Any advice?

Joe Fairless great question Joe. I think my biggest take away is that it will take longer than expected because of unforeseen instances. We had a contractor just not show up for 4 days, which set back the timeline. Ultimately we had to fire him and go a different route. Also, even if you get the rehab work done in your timeline, there is no guarantee that it will sell. We have been on the market for about 6 weeks now, granted it's a higher price range so the buyers are limited. I think a great mindset that I will have going into my next flip is to make sure the eligible buyers are plentiful so it doesn't have to be so heavily marketed to certain classes. Even though we got a great deal on the house and will still make money, the holding costs are slowly eating away at the gains.

Bill S. Thank you for the suggestions, I definitely will check out more podcasts and the books

Hello KP, Welcome to BP. I am a new investor with a similar mindset to you as far as the passive income for my (future) family. It is great that you have found bigger pockets as there is great up to date advice for any questions you have. Good luck with your first investment and the learning process!

Hi Blake, Congrats on your education. I am also an accountant and know how tough those classes can be. I agree with the advice above. I have been out of school for 2 years now, own one SFR and have completed one fix n flip. First, I would suggest using your accounting degree to find a job auditing or accounting for an investment company (real estate or not). This will help you develop an investors mindset and see the ins and outs of different strategies of raising capital, leveraging assets, etc. Second, find ways to cut costs. Think along the lines of lengthening your student loan to the maximum payoff period and only make the minimum payment (stick with me here). If possible, move in with a family member to eliminate rent or at least minimize it. Don't go out and buy a fancy car like most college grads do. Next, PAY YOURSELF FIRST. Set up a separate savings account and send a certain percentage of your paychecks directly to this account. This is the best way to build your capital for your first investment. It may take some time to build a chunk of capital for your first investment so in the meantime, read as many books as possible (I suggest rich dad poor dad as your first), listen to the BP podcasts, and try to find a mentor who you can bounce ideas off of and possibly show you around your local markets. This will help you develop the base in which you will use to decide whether something is a good purchase in the future. Really listen to not only what has made investors successful, but also where and why they have lost money. It's much cheaper to learn from other people's costly mistakes than to make them on your own. If you put in the hard work and research, your investments will by far exceed the benefit of paying off your student loans as fast as possible and I can guarantee you will be glad you got the w-2 job to subsidize your income until you can develop an investment base. Good luck and stay eager!

I've never thought about management in that way as in an hourly wage job for the amount of money saved vs. time spent.  As an accountant I can agree that a penny saved is a penny earned.  Is there any advice (books, podcasts, seminars) for someone wanting to learn more about land lording, or is the best way to learn to just do it?

@Account Closed

It has definitely been a fast and wonderful ride so far.  How do you like the landlording aspect?  Is that how you originally started in the real estate market.  I currently have a property manager for the one rental, but would love to learn the landlord business to one day be able to manage my own properties and save some money.