All Forum Posts by: Jon Ignatowski

Nicole,

I am from upstate NY, and I am looking into this myself. The $99 NYREI online course seems to be a good option, and you can lower that cost even more by looking for Groupon promo codes.

However, some things to consider about NYREI:

-You need to take their proctored exam at one of their testing facilities in NYC. This will add lots of time and $$ if you don't live near NYC.

Real Estate U has many testing locations across the state.

@Diane Manders - what made NYREI superior? Would it be worth it for me to pay the extra $$ to travel the 7 hours to NYC?

@Steve Vaughan,

I certainly appreciate your input! Admittedly, my desire to "live in the sticks" was a bit hyperbolic - my target region has 27,000 residents and four universities, so I won't be too lonely. Talking to real estate agents in that area, the market is very stable, albeit, appreciation is really slow. 

I'm not afraid to work; on the contrary, I have always been a workaholic. But I'm very careful how I invest my energy. It's hard to stay motivated and productive if you don't appreciate the merit of your work. I'm hyper-analytical about everything I do, which certainly has benefited me, but has also tripped me up.

I'm interested in RE as a method of diversification, rather than a get-free-quick scheme. I'm essentially shooting myself in the foot a bit by targeting a less populated area, but I believe that owning land and developing systems of self-reliance is a far more stable investment than any other I have studied. By controlling my food and energy sources, I can ensure security and health, which I can than build other investments (like RE) upon.

FYI - my "congenial old couple" example is actually a true story. At the ripe age of 19, a acquaintance of mine obtained his first house that way.

@David Faulkner

@David Faulkner, thank you so much for taking the time to provide these insights. The information you provided in your last post was equivalent to about ten hours worth of forum lurking. Additionally, you have provided me the most realistic perspective of RE investing yet - I was certainly spellbound by all the success stories I've read, and I needed someone to rip the rose colored glasses off my face.

@David Faulkner

Thank you for taking the time to provide these insights. Admittedly, I've been starstruck by the seeming simplicity of garnering success in RE, but I also have had a sneaking suspicion that there was a side to all of these stories that wasn't being talked about. I'm interested in success in the long run, not leveraging every last penny until I have a teetering house of cards that can be destroyed by the whim of the market. 

What is your perspective of the efficacy of these success stories? I suppose they are not lies, but they don't capture overarching truths - which could lead new investors on a poorly chosen path. Just from my own experience, they certainly caught my attention and much more, but what good does it do if you make impressive leaps in the short term, only to fail miserably in the long?

I'm now very curious about your story, specifically, what growth strategies you use to prevent yourself from being rocked by market volatility. Is there a past blog post you can point me to?

@David Faulkner - I couldn't get the "@" to work in my response to you above. Thanks for your feedback!

@Michelle Krupa - I've flipped through that book a couple times and it's a prized possession! It even went with me on a road trip across the south-west. I grew up in Chili, rural outskirts of Monroe County. But I will forever be in love with the ADKs.

David,

Not harsh, just realistic! I'm very cognizant of the fact that my weakness is bringing in income. It's been a combination of a). moving around so much and b). an unyielding desire to avoid conventional career tracks. I have WAY too much energy to settle into the monotony of the 9-5. But maybe I'm being unfair...

Becoming a real estate agent is certainly on my to-do list...

I think my impatience stems from some of the success stories I've read on BiggerPockets - people working menial jobs but managing to buy that first place, kick-starting their RE careers. Granted, lending restrictions have change quite a bit and many of those stories couldn't happen today, but I'm high on that feeling that I can make anything work out of I'm creative and intelligent enough.

On the topic of banks - what must I do to become more attractive to lenders? I'm under the impression that I need stable w-2 income for two years, in the same field.

Before I even begin my introduction, I would just like to express my appreciation for the BiggerPockets community.  I have been a voracious lurker since October, and the enlightenment I have received thus far has been overwhelming. I have reached a point, however, where I need to stop lurking and start acting.

My name is Jon Ignatowski, I grew up in Rochester, NY, and graduated from St. Lawrence University in 2012. Since that time, I've been through a million different jobs, and have learned a million different things in the process.

For one thing, I've become especially skilled at personal finance and frugality. I can fix anything on a car (I have a 95' Subaru with 217k), I hunt for my meat, I've built structures, and I'm very resourceful when it comes to solving a problem. I'm not afraid of living very simply.

The issue is, I have not made much money in the process, nor was I ever really that concerned. I recently picked up Young, Fabulous, and Broke, my first exposure to investing and financial planning. Rich Dad Poor Dad was the next primer, and since then, I have had an insatiable desire to read everything about real estate.

Here's my current situation:

I'm not a city person by any means (I've tried). My goal is to own at least 100 acres of land, preferably in the sticks. I don't have consistent w-2 income for any bank to even think about lending me money, let alone letting me through the door.

My plan:

My target community is Potsdam, NY. This community is seriously removed from civilization, but also the home to four universities / colleges. It's a small but very stable community. I'm mostly interested in buy-and-hold.

I'm looking to settle into a more stable job with regular w-2, but heck, I don't have the patience to wait two years to start investing. I've read a lot about owner financing, and I think that is the only option I have, aside from finding a partner. 

Or marrying rich.

I don't have much capital, which makes things trickier. I couldn't afford a large down payment, and for that matter, a down payment at all.

Thus, it seems like my optimal situation is to find a congenial retired couple who are willing to owner finance with little to no down. The property has to be in decent condition since I don't have rehab capital, but the property also has to be optimal for house-hacking.

The crux: I want to take the leap into RE. I have the confidence to take care of myself in hard times, and I know I have the ambition and skills to create prosperous times. I just need start, and I have to make the right start.Any thoughts or ideas are welcomed!