All Forum Posts by: Christopher Wilchensky

@Mikael Winkler. Appreciate that 100%. I agree with you and have began to look for local groups. Best of luck and success to you as well

Hello all. I’m looking for some guidance. Here’s a quick backstory (because I think it’s relevant). Also might be TMI but I think it’s important

Currently 37 years old. I invested in a rental when I was 25 in 2007 right before crap hit the fan (young and dumb, did no due diligence,, trusted a friend).

Fast forward - ended up way under water in many areas - had to let house go to foreclosure in 2015. Credit went from 800 down to 560

Within 2 years.

Got into the insurance business about 8 years ago, in many different roles but Real Estate has been and always has been in the back of my mind. Ive worked hard the past 4 years to repair credit. I have a family (wife and son)

Current situation - credit back up over 700 for first time in 5 years. But.... just was laid off... like many other people. Not hitting the panic button because I feel that everything happens for a reason and in the right timing.

Many people will come out of this craziness with new skills, a business, a total new career etc.

Now may be the time to finally get back into real estate. The question is how though (for me).

1. Foreclosure still on record, 2. Laid off, 3. Credit still in repair.

Any suggestions here on where or how to start or which area you’d focus on?

Wholesaling to get cash? Notes? Subject to? Etc. I feel like it’s a great opportunity for me while I have “down time” but not sure where to look.

I live in the Philly area and am open to connections and opportunities

@Greg Moran thanks man. I know a guy who does this and does it very successfully! Appreciate the feedback Best and continued success

I’ve read many articles, listened to many blogs, and read great books on the strategies of getting started and different models of investing.

If someone (myself) has a full time job, what is the best way to start part time, to build cashflow and learn RE investing? Many people say Wholesaling, some others are saying “Subject To” investing. Does anyone have any advice on how or where to start out? I’m in the Philadelphia area.

Also, considering getting licensed as a Part Time

Realtor as well....

thanks for your time

Just wondering if investing investing in vehicles like Fundrise / diversyfund, etc is worth it at all for minimum capital deposits?

They advertise that for as little as $500 you can invest in their portfolio.

Is Putting $500 to $1000 into these even worth it or should I be Saving that money toward other avenues?

@Ned Carey thanks Ned. I truly agree with you about the “passion”. If real Estate keeps calling to me, there must be a reason for that.

As far as the renewals, yes, you can get residuals on renewals and after a good 5-10 years, if you have a big enough book you can pretty much live on those residuals. It’s a major grind for sure but anything worth it usually is.

I think real estate offers a better opportunity for wealth though and for eventual time freedom to enjoy life - maybe by not “having” to work but working because you chose to! That’s a big difference there.

Again thanks and best of luck to you

@Sam Chiodo thanks for the feedback Sam. I appreciate it!!

@Mike Dymski thanks Mike. I’ve definitely considered that but I keep hearing that “if youre going to really go for something than you should go all in on that one thing”

Anyone come from an insurance sales background and changed Careers to go into real estate?? If so, what were your experiences? Pros? Cons?

What would you have done differently etc?

I’m currently 7 years into an Insurance career/business but Real Estate has been calling my name for many many years and I’m not getting younger! Both avenues offer unlimited earning potential and flexibility to create a life you design, just looking for some experiences or thoughts

@Frank Patalano. I bought my first property when I was 25 (in 07 before the crash). I overplayed, Didn’t have any experience, then the crash hit. The tenant eventually passed away and her grandson moved in and destroyed the house, was late and short on rent and then eventually skipped on me. I later found out he was in jail for drugs. I was paying out of pocket for nearly a year and racking up credit card debt, making repairs just to try to get it rent ready again to pass inspection.

I owed $87k and the house was appraised at $33k. I had no way out so I had to let it go to foreclosure.

I’m now 36 with a wife and child, and my credit is still being mended, and I still have the foreclosure on my record. So, the credit, and the cash to Invest is really me back, but the desire that I’ve had to be in Real Estate is still there.