All Forum Posts by: Michael Svoboda

@Ross Denman , Wow Ross thanks for taking the time to share your input it's so helpful. I feel like I have two action items. Identifying REI's in my area and also work on getting a plan together. My wife is on board but she's looking for a plan, I am sort of a type A person and really like to write things down so I plan on documenting my plan.

Your feedback gives me more motivation to get by but in gear! Thank you again!

@Todd Rasmussen , thanks for taking the time to respond. I will reach out to your contact.

@Jonathan Klemm , Hi and thank you for your response. at this point I plan on analyzing properties and find some meetups to attend. I don't see many in my area but I need to do further research.  Best

Hi BP community

I have been an avid BP podcast listener for months, and motivated to get into real estate buy and hold and buy and flip. I am sure that’s not the first time that was shared on the forums, lol. Thanks to recent changes in our lives, I feel more equipped to make this goal a reality and ask your guidance/feedback.

Background: My wife and lived in Chicago suburb (Bartlett, IL) and we were just going through the motions at our jobs. I had a 90 min commute one way and was at the same W2 job for 15+ yrs and both my wife and I were looking for a change. I convinced my wife that “tomorrow is not promised” and we put a plan in action to move. We worked on refreshing our home during the weekends and evenings. It was hard work but was worth it, because we sold it in two days more than asking price.

I did limited research where to move, but I absolutely knew we didn’t want to live in IL and pay ridiculous property taxes ($850 p/mth, 2,200 sq ft home). We moved to the Indy area and brought new construction home in the Brownsburg area. Now my commute is just 20 mins, our property taxes are negligible and now have the means start a real estate portfolio on the side.

Since we downsized, our fixed expenses are significantly reduced, we have the desire to move forward and either buy and hold or flip and sell. I continue to listen to BP podcasts daily but paralyzed by the next logical steps. We have a pro membership, created a spreadsheet to learn the key metrics, have adequate resources and high credit score. Now what? I

I was asking for your input on the next actionable steps. I am confident I can do it but I feel need the push/motivation to make it happen. Open to your wisdom. 

Thank you for taking the time to read and hope this wasn’t too long, I wanted to provide some context about me. 

Greetings BP community.

I was requesting your expertise. Like most real estate newbies I am eager and interested to learn all I can about the real estate business and the best way i learn is by understanding the analytics and understand how a property  cashflows. With that being said, I created a Excel model and like to get your input if the fields  captured are accurate and my formula assumptions are correct. 

If someone is interested in reviewing the file please contact me and happy to pass on. 

Thanks in advance for your time and support.

Michael

Quick summary about me and next steps: I am currently a W2 earner woks in Chicago and live in the suburbs, Dupage county, we pay very high property taxes. We're starting to explore deals daily with my spreadsheet to see if  we can find a good deal . We want to sell our current home and buy a duplex or town home since the kids moved out no need for bigger home. The plan is with the extra dollars we can invest into a multi family or sfh in a surrounding county that has lower taxes. 

@Eddie Egelston thanks again for your response and  passing on your knowledge. 

Hi @Van Blackman please to meet you and agree after hearing your input and others on this thread I think its a better approach for both of of to go at the class at the same time. Still working out the details how to make it happen.  I will keep you in mind for further recommendations too. Best

@Mark Ainley the website you directed me looks very promising and were going to review with my wife when gets back home.

@Frank Grigus Jr, many thanks for your quick response and I am sure I will still have many questions and will be sure to ping you! 

Thank you ALL for your input and its nice to be able to ask a questions and get my responses/perspectives. 

Sincerely, 

Thank you @Jeff Rabinowitz for taking time to respond. I'm learning more each day there are many ways to dive into RE investing. My wife are focused on buy and hold and knowing that current savings approach is ok but this has already been one of my goals and I won't know unless we try. I plan on attending more meet n greet provided my BP events area so I will keep learning and asking questions. Again, thank you for your time and candidness. 

@Eddie Egelston, thank you for the link and suggested way to learn the process. i agree that it makes sense for both to attend but just need to see how our schedules can work to make that happen. I know a class is ideal approach however do you have suggestion on an online class and we can review the same material presented? I agree it makes sense for both of us to be learn the in and outs of the process. 

We will definitely look into the B&W link too!

Hello BP community. We are newbies and still learning the terms and getting educated in the business. My wife and I are both in early 50s and the kids are out of the house and looking to downsize our current home in a year and then get in the real estate world to gain more revenue streams. Either my wife or me plan on getting our real estate licence in IL (Bartlett, suburb of Chicago). 

We are seeking your advice the best way to obtain a RE licence. Since I work full-time and my wife is a flight attendant her schedule is more flexible we think it makes sense for her to go through the process. Can you please offer guidance on best way to obtain a licence. She's an excellent student and we think that going on line would be the best approach however when I google we're paralyzed with options. Any help or direction you can provide is much appreciated.

If i am in the wrong forum, please point me in the right direction. I been listening to BP podcasts and went to one meet n greet so very early in the process. Open to all and any suggestions.

Thanks again. Michael & Jodi

Michael thank you for hosting at Emmet's, really great learning experience. All the folks were so welcoming and friendly. All the best

Hello  BP community.

My name is Michael and live in Bartlett, Il in Du page county. Our kids are now out of the house and now my wife and I are interested in buying multi-family homes or flipping. Were still on the fence about the best approach. We're using the forum to learn and provide direction. Always interested input from all. Thank you.