All Forum Posts by: George Iliev

@Fred Cannon Not at all in my case! My broker doesn't charge me any fees and my commission split is 80/20! It only costs about $1500 a year to maintain your real estate license/NAR dues and for example, I just bought a $300,000 property on the MLS last month and made a $7,200 commission after my split!

@Mat Kik once you start taking classes you’ll get connected with all kinds of brokers who will begin recruiting you! You’ll just have to pick one who beat aligns with your real estate goals before you take your exam.

@Mat Kik totally agree with @Zeke Liston! Hondros is where I did mine; I honestly knocked it out in 5 weeks. I chose to do it over the winter when the market slows down so I could commit to knocking it all out at once instead of dragging it out 6 months.

@Daniel Volk So that involves you moving into the property. But since it appraised at so much higher than what I bought it for, I was instantly able to remove the PMI so it turned out to be the same outcome as me putting down 20% on it. I just decided to save my cash for the next one!

@Mat Kik great question! I do believe that it gives you an upper hand especially since you have a 3% advantage on the MLS over everyone else that's bidding due to your commission. It's also easier and quicker to go see properties whenever you like; especially in a competitive market where you need to act fast. But on the other hand, if that's what you need to get started.. don't wait to get it first; just get started investing right away. You can always get your license over the winter in about a month or two.

@Benjamin A Ersing I’m sure it is; but I’d hate to give you inaccurate information. I simply paid outright cash! I didn’t to through the process so I’m not really sure how to answer that :(

Yes, absolutely I will! In Bansko, you can still buy real estate at Bulgarian costs and charge EU tourists EU prices for short term rentals. Furthermore, there is an ongoing battle between the ski resort and green protestors to build a second gondola. I'm betting that they will eventually win out an there will be an even greater demand for short term rentals during the peak ski season. This was the speculation 10 years ago when a ton of British vacationers bought condos there for 40,000 Euros. They have since significantly dropped; I purchased mine for 11,000 + 3,000 in upgrades. However, this year I see that comps are selling for around 20,000. Either way.. it cashflows like no other since you can Airbnb it for 50 euros per night!

@Damian Bialonczyk Thanks! My grandpa negotiated the deal! I essentially just filled out the power of attorney, signed some closing documents and sent the funds :) I’ve used Airbnb to book rooms there in previous years so I know what they go for which made this deal a no-brainer. The owner hadn’t paid taxes or hoa fees in over 5 years so he just wanted out!

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $12,500
Cash invested: $14,500

Bought a ski resort condo in Bansko, Bulgaria

What made you interested in investing in this type of deal?

This condo was owned by somebody who lived in England who had purchased it for 40,000 Euros 10 years ago!

How did you find this deal and how did you negotiate it?

My grandpa owns a condo in the same building and knew that the owner lived in England and owed a lot of back taxes

How did you finance this deal?

Straight Cash Homie

How did you add value to the deal?

It was empty so we had to put in a kitchen and furnish the place

What was the outcome?

All in at 13,000 Euros.. this studio can be AIR BNB'd for 50 Euros/night

Lessons learned? Challenges?

I had to fill out a power of attorney so my grandpa could purchase the property on my behalf

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Lawyers