All Forum Posts by: David Korchak

Thank you very much @Nathan Gesner

@Drew Sygit

Thank you for your kind words Sir 

@Howard Chen

That is awesome!!! I am glad you make progress in your real estate investments. Keep up the good work, and share details! I am also interested in doing fixes along the way, but I am more interested in BRRRR method than a flip.

Thank you @Scott Trench!!! 

I really appreciate what you guys are doing, with all the tools here and podcasts. Very inspiring!!! 

I think I am very far from a success, just taking my first limping steps towards real estate investments, but I would love to connect and discuss with you! Anything I can do to give back to BP. Such an amazing community and service 

Thank you @Zach Lemaster !!! 

We had our challenges along the way and I appreciate the professionalism you guys had to keep your word and make the experience as good as possible for me as a starting investor. I was a lot more skeptical then and I appreciate your help and support throughout the entire process. Was absolute pleasure working with you guys and I hope we work together again in the future. 

Hi BP Community

Today I got my annual BP membership renewal notice and I realized it's been a year since I joined BP and purchased PRO package (I pretty much bought it immediately, maybe a week after). I just wanted to take the time and write a post reflecting on what had happened since I joined BP and what I have achieved. Please don't regard this as bragging, just a milestone for myself to keep track of. 

So, at the time I joined BP I already read the Rich Dad Poor Dad book and was enrolled in the real estate investments training provided by them. I had no properties and only started researching different markets to invest in. The tools provided by BP PRO package are amazing and super helpful in researching markets and properties.

As of today, I have 3 investment properties. One of them I purchased through RtR and I want to thank @Zach Lemaster , @Scott Lundgreen and the RtR team for the enormous help and education through the process. The other two properties I partnered with my brother who took the ProjectX training and was able to find great off market deals through his contacts there. 

The property from RtR was purchased using standard financing with ~25% downpayment, with renovations and property management provided by them, basically a white glove service. I would say a perfect way to start my real estate investments career. We had ups and downs, but RtR was super professional all the way and I would surely recommend starting real estate investments with them. 

The other two properties we bought for cash, off the market and we just completed a cash-out refinance on one of them taking all our money out. The second cash-out refinance is closing, we will have about 16K equity left in the property (including costs of renovations ~10k). 

We have setup our LLC and are ready to continue rolling out.

Overall I am satisfied with the progress I have made in my first year, it is not the fastest growth ever, but I am comfortable with it. 

I will appreciate any feedback or suggestions BP community can provide  

 I want to clarify a point here, this is very important. With tenant agreeing to accommodate a scheduled appointment (verbally or written doesn't matter) doesn't it make it contractual obligation between two parties involved?  

 Thank you Erik !! Very good point. I am fortunate here, my rate (which is surprisingly good for the times) is locked till 07/03 and I still have time to reschedule the inspection and make it on time. But yes, if my rate expired I would be pulling my hair out :)  

 Thank you Russell for your point. I am a bit concerned about privacy issues around putting a lockbox on a property when tenant is living there. The PM has an extra key and they coordinate entries to the property. 

I am sorry if this was not clear in my first post, but I did mention this "Obviously now the lender is charging me the missed appointment fee and since this is a second time that appointment was missed I let my property management company know that I am expected to be compensated for this charge." in my original post. 

Again I thank you for showing me the perspective of the PM and the importance of including these things specifically in the contract. But basically what I am reading from your posts is that PM will do it, but it may not be for free. That is fine by me. My PM did not charge me for this and they agreed to send someone to the property previously (after first missed appointment) for which I really appreciate them going above and beyond