All Forum Posts by: Nick Tzenevrakis

Hey BP community, there's a chance I'll be putting in my very first offer on a fix and flip property next week. I can fund the entire project out of my savings. My question, is there any reason I should open a separate account and transfer the money I plan to spend into it? Is there any sort of expenses I need to keep track of during the fixing of the property? Should I fund it out of my savings? Rough numbers are 50k for house, 10k in sweat equity and rehab, sell for 75k. If there is anyone feeling generous, I would love for someone to help me analyze this deal. I have a feeling I'm going to learn quite a bit on this project, from an estimating standpoint!

Another awesome Podcast. 

Michael, I am not stuck on Springfield in any way. It is actually 1.5 hours out of my way, but could have some opportunities. I have a very good friend who lives in Chatham, great place.  There will be higher taxes and premiums to the nicer cities surrounding Springfield, but there are also perks. 

Brian, Thanks for the info on Chatham's water supply. It's nice to have a locals perspective on the area.

Brian Schroeder, I hope that they do not double, that would not be fun for any of us in IL. I am actively looking in Quincy, but the market here seems to be almost all single family homes. There are so many construction guys here in town trying to flip houses, it's ultra competitive. For a newbie like myself, it seems that it would be easier to find a deal in a bigger city. There is some irony in how opposite our thinking is! I am a little nervous to do long-distance renting, but if I do, it will have to be a steal of a deal. Thanks for the input.

Hey everybody, I have a question about the prediction of Illinois property tax .  It's no secret that the state is broke, and as a potential investor  of the state, I am wondering if I should be looking into Missouri ? I live in Quincy Illinois,  but am looking for my first rental and Springfield or St Louis. Some of my  mentors have suggested that  property taxes could double in the next  several years and  home values  would be going down in Illinois.  I have no idea,  any thoughts?  Also if you live between Springfield Illinois and St Louis Missouri, where would you invest?

@Chris Heeren, I downloaded this episode and listened to it again at work Today. Also, ironically, I just had a 8 unit portfolio land on my lap Today and have opportunity to seller finance. I called my old landlord to search for deals, long story short, he sent me his financials and told me to work up a price and deal to let him retire! I'm going to be up until 2 a.m. researching the properties and the whole 9 yards. How crazy would it be to make my first deal for 8 units with 10k in the bank and $0 cash down, turnkey, with my old landlord as a part time property manager?? Any advice or help on how to figure this out would be appreciated.

Very interesting! I would love to get hands-on with a deal like this. There is so much to learn from it. Keep on keeping on! I'm still looking for my first one. Good Work so far!

Hi everybody, my name is Nick Tzenevrakis. I am living and working full time in Quincy IL and am about to graduate from WIU with a Bachelor's of Science in Construction Management. I work as a Construction Lead on a project team, in the animal nutrition industry, doing R & D for new products and continuous improvement. 

I have recently been turned on to BP through my recent obsession with learning the stock market ( shout out to "We Study Billionaires"). Once I got turned onto the website, I listened to hours of podcasts, watched dozens of videos, bought a couple books, and spend a few hours a day reading forums. Episode #197 really struck a nerve with me. Chris Heeren started in the exact position that I am in right now, and has pushed my drive to a new level. I want to dive into the industry and begin the learning process. 

I currently am renting a home, but am pre-qualified to buy my first home. I'm on the prowl for a house that needs some sweat equity. After I find my first deal and move in, I will look for my first BRRRR deal, then move on to new cities and states! My priority has to be getting out of my rental first though, $850 a month isn't bad, but it could be quite a bit less on a 30yr mortgage, giving me more money to invest. I'm actively searching the local market though realtors as well as driving for dollars. I'm as green as the come, but driven to be successful and will not allow myself to fail. Tips to get started are always welcome, I've read about every article I can! I really am just in search of a good deal now.

@Chad S., I will be ready to take action early this summer. I can see how one could slip into the analysis paralysis, I am aware of it and will avoid it. Hopefully WHEN I dive into something this summer, it turns out well. I'm going to make rounds every week to look for sale by owner deals. Thanks for the reminder!

@Lindel Turner, this makes perfect sense. I have talked to the bank a couple times and have received pre-approval for more than I'm wanting to spend for my first home. There is a couple auctions coming up that are foreclosures, there is certainly is some value in observing. I am nearly ready to dive in, just need another month or so to graduate and go on my 2 week vacation! Then I will be as ready as I'll ever be. Thanks for the tip.