All Forum Posts by: Joel Florek

@Blake C.

The last thing I want to happen is wait until retirement to live the lifestyle I want to have. There are things I want to be doing in my life and real estate seems to be one of the best options for me to achieve those goals and I why I am on the path I am on. 

Totally agree with you on the floors. For my lower unit apartments I will be using hard surface throughout. Good tip on the type you can change pieces out. The biggest reason I am keeping a large portion as carpet in my upper units is because of the noise. My building doesn't have much insulation between the upper and lower units. That will change over time, but I want to use every strategy to avoid tenants complaining about how loud each other is. 

@Tyler Bedle

If all you can pick up is a duplex or triplex then so be it. Work with what you have available. I am hoping to move up to some bigger complexes next dependent on what deals I can line up and how much money I can raise. 

@Joseph AdelmannAgreed, a good mask is a must! Good luck with the property, I am loving my multi family strategy as I am sure you will too! 

@Tim Puffer

Ever since I was young I knew I loved working on properties. My family has flipped over 15 homes with my dad and I doing the bulk of the work together. We always flipped while we lived in them. So from a very young age I was involved in the business but my parents never treated it like a business, just a way to get a nicer home. 

I am very entrepreneurial and worked with a number of my own ideas, and helped friends on their businesses as well, one of which has seen some huge success. Needless to say I love business an want to be running my own. 

As senior year came around I was trying to determine what I wanted to do for a career. I entertained a few ideas of partnering with some other individuals like myself to start together. In the end I backed away from one particular deal where I was a week from closing on a property all privately financed. Part of me wishes I took the deal still but another part knew that we were not ready to take on that kind of risk right out of the gate without some sort of base behind us. 

Its really been in the last year and 6 months that I have been  able to pull things together. Now I am ready to start scaling my business and pick up more multi family properties so I can commit to this full time. 

@David Grant @Leo Don @Mark Cipollini @Davide Pascucci @Travis Lauchman @Justin H. @Bryan Rodriguez Thanks for the posts everyone! Its especially encouraging to see people on the site responding when you share your stories. That alone is a huge boost of encouragement to keep working on painting and renovations after long days at the office! If any of you ever have questions that I could potentially help you with please dont hesitate to reach out! 

As I have been working through answering questions from other BP members on my recent deal I realized people have been very interested in hearing updates on how my project has been going. 

 I was hoping there was some sort of investor deal eportfolio section built into our profiles where I could share details on my deal, show the work I have completed, and log events for other investors to follow as it happens. As of now all we can do is add another forum post right?

@Astrid Cuas

Ask away! Because I own the property through my business I have to get a commercial loan. Also, commercial loans from my local bank are very easy to come by since I do have a well paying full time job. I get a lot of discounts on insurance being owner occupied in one of the units but once I move out I will run into higher monthly payments for the insurance cost. 

@Federico Gutierrez Thanks! There are actually quite a few mutli family properties in town for sale now that are 4plex. All the other 4's are listed from $199 to $275k which is way too high in my opinion. $150k is the most I would pay for a 4plex in my area for 90% of the cases. 

I paid $125k and the property was originally listed for $150k. Each unit needs $4k to $6k in upgrades to make them beautiful units, but there is nothing wrong, or uninhabitable about them. Ill only be renovating 3 of the units as one is currently rented by a tenant that has lived here for 9 years and he wants absolutely nothing to change. I do need to bump his rent up $25 but I will do that once I have a new tenant in my vacant unit. I will likely be putting in about $20k into the property which I am using cash out of pocket to do. I bought the place 100% leveraged so my equity is being built by my renovations. 

@Warren Bright

Thank you! Its been an adventure, thats for sure. Ill have some more posts going up as I finish the unit and can show the final numbers for the renovation and hopefully details on how quickly I can get the place rented in a small town. 

@Corie Bilotta no way! Your not far at all! I drive through there often in fact and havent been enjoying the construction this summer.

Reach out if you are ever in the Iron Mountain area!