All Forum Posts by: Erik Petrovich

@Nathan Gesner

Thanks for your input.  At this point I think I have analyzed a ton of deals so not really chasing shiny objects but need to do a little more research on all costs, pros and cons.  I know we will self manage in a good resort and book through Air BnB and VRBO.  We are having a date night this week to really explore and dig into this and come up with our 10 year, 5 year and 1 year plans.

I listened to that one but will do so again.  Didn’t think of emailing but will craft an email so we are not wasting time.  

I have listened to all STR podcasts including the rookie ones and have read several articles and chapters in books but just starting on the forum posts. I agree I have a ton to learn because this strategy has not been my focus and I have found most agents I am talking to are clueless. I am getting my FL license soon as I can transfer my WA license because I am a veteran with less than 60 months since separation.

This last week my wife and I looked at a couple potential Flip/BRRRR properties in Panama City, FL. One is interesting but we are not going to pursue. I have been analyzing these type deals for last several months and showing numbers to my wife. She is a very "safe" person and I think the acquisition and rehab costs scare her. So, after walking these properties we went for lunch in Panama City Beach where our discussion turned to buying a condo on the beach (we live about 1 1/2 hours away). This in turn led to a discussion about a short-term rental. She is all excited and we were arranging to put an offer in on one (after doing an analysis on cash flow) but found out we had to have 25% down on vacation homes in FL. Not to be deterred we asked for seller financing with $15K down. Our offer was not accepted as owner is trying to cash out for another investment.

All this to ask is there another source to help finance that may make sense.  We will have the 25% down in 5 months but that will then be tourist season.  Would like to get into one soonish.  Another issue is we just moved to FL so we haven’t really started networking yet so private money and partnerships might be a bit problematic.

Thank you David looking forward to it...Once I get settled in I will look you up and pop over to CDA for a coffee.

I kind of fell into that and I knew the person that rented my house...I will not be engaging in that again, I was lucky to have come out ahead.

This is my first official post...and a success I think.  I bought a house in Spokane, lived in it for about 3 months but had to return to Tucson.  The house needed some sweat equity in the basement to finish off.  During the 3 months I put a lot of work in but could not finish.  When I left I got a renter and gave the family a break on the rent and bought all the material with the agreement he would make sure the basement was finished off.  The house has doubled in sqft and the basement now has a family room and master suite for $5000 in supplies and a cost of $3400 in rental income...so around 8500 cash in.  The house is now worth 64,000 more than what I paid for it.  I am not going to sell, rather I am moving in because I have big ideas for the house and it is in a good area.  All in all I think this was pretty successful.

Hey all my name is Erik Petrovich and I am excited to pursue my second career in real estate investing and sales as an agent after serving 26 years in the military.  We will be moving to Spokane end of October 2018, where I have been renting an investment property for 2 years and will now be moving in.  Would like to get going soon afterwards with fix and hold and multi-family rentals.  I have already started scoping out some meet-ups and plan on attending as soon as I get settled in.  The only experience I have is in renting properties here and there but would like to get focused and scale to create passive income.  I found BiggerPockets through a work associate about 3 weeks ago and have been listening to every podcast and reading everything I can while getting my real estate license.  Real estate investing has been a goal of mine for a long time and I am now in a position to fully pursue.  Hope to have some good discussions both here and in person.  I can be found at @ErikPetrovich1 on twitter, although I dont post much there, and https://www.linkedin.com/in/erikpetrovich/ as well as here at BiggerPockets.  Cheers!