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All Forum Posts by: Rob LaRovere

Rob LaRovere has started 3 posts and replied 56 times.

Post: ​How NOT working a stable job & binge watching HGTV saved my life

Rob LaRoverePosted
  • Rental Property Investor
  • Tampa, FL
  • Posts 61
  • Votes 37
Hi Amit Kal Being a longtime lurker and rare poster, I guess you could say the story was pent up. Thanks for sticking with it... I will do my best to fill in the points that you feel are missing. 1. I have transitioned into a role where I lead property acquisitions. I have my license so we attack the market from that angle, along with sending out direct mail pieces for off market leads. As far it relates to HGTV... even they need projects to work on and I'm sure they don't and can't strictly rely on the MLS. I know the HGTV show, Good Bones, that is filmed in Indy does most of their deals with off market properties. But, it's not so much that I feel I'm living a real life episode on HGTV, it's more the inspiration it gave me. 2. In the second year, I made ~48k before taxes. I will have made over half of my 2015 salary by the end of February of this year. I believe that by taking a leap of faith, I prevented a life of stagnation. 4. We partnered with my friend on a property that he owned but hadn't started work on. We covered half the rehab and he let us rehab the property under his supervision for a portion of the profits. She enjoyed doing the interior design aspects. She is not involved with the daily activities and has since graduate. She is working as a PA and we are searching for a duplex that we can rehab and house hack. 5. A willingness to work hard, learn, and trying to add value where I could. I knew I wouldn't have guaranteed income and I had saved some money up that allowed me to live and covered expenses. He was in the process of starting a new company and it wasn't until month 6 months of being in Indy that my duties transitioned into acquisitions and I started to make money. Before I was a jack of all trades, helping to market houses for rent, doing scopes of works for contractors, and trying to fit in. Mainly trying to add value as the BP podcasts often preaches. 6. No, the company never offered benefits. My only investments were into a ROTH that I started with Vanguard. Thankfully my wife and I were under the age of 26 so we were covered by our parents insurance. The company I worked for was a smaller player in the fitness space, so they couldn't afford any extras.

Post: ​How NOT working a stable job & binge watching HGTV saved my life

Rob LaRoverePosted
  • Rental Property Investor
  • Tampa, FL
  • Posts 61
  • Votes 37

Fresh out of undergrad and without the prospect of a career job on the horizon, I took the plunge and moved from beautiful Reno/Tahoe to Knoxville, TN with the woman that I was dating at the time (now wife). She had been accepted into graduate school where she would study to become a Physician Assistant and we were both in need of new scenery. Leaving Reno meant leaving behind family, friends, and a decent college job as a physical therapy technician. The first couple months in a new city were tough and I struggled to find work. I was trying to put my Health Sciences and Business Administration degree to use by getting into medical device sales; however, the excuse I kept hearing from potential employers was that I didn't have the sales experience needed. Hearing this coincided with an opportunity to gain sales experience by selling commercial fitness equipment to gyms and apartments. The job only paid $150 every two weeks, but there were commission opportunities and I needed sales experience. People thought I was crazy for working so many hours, for such low pay. Pro Tip: Don't waste your money on Bowflex. Matrix, Life Fitness, and Precor are the brands worth splurging on. Anyway, the first few months were a struggle, but what it instilled in me was a sense of hustle and I learned to enjoy knowing that I would be rewarded as a direct result of how hard I worked. More hustle = more sales = more money in my pocket.

Fast forward 1 ½ years and it was another night of working late and coming home to find my fiancée sitting at the kitchen table studying for her next exam with yet another one of Christina and Tarek's success stories flashing across the TV. HGTV had become a source of inspiration for us and confirmed that we wanted to get into real estate, but we didn't know how and didn't have enough cash saved up to do a flip. My fiancée would be graduating at the end of the year with a mountain of student loans and we knew that we would soon be relocating from Tennessee... but where to?

This is about the time fate took hold and I reconnected with a childhood friend and fellow Reno transplant. We decided to drive north to visit him and his family in Indianapolis for Easter and hopefully catch some of the March Madness festivities and games taking place. He was having lot of success with real estate and it felt like walking through a set of HGTV as we toured the flip projects and homes he had purchased in Fountain Square. Towards the end of the trip, my fiancée chimed in and asked "So, if Rob wanted to get involved in real estate how would he do that with you?" He stated I could come up and tag along and see if it was something worth looking into. Although initially thinking it was crazy, her question planted a seed in me. At this point, I had grown to become the top producer for our company in Tennessee, beating out colleagues in more populous areas of the state such as Memphis and Nashville, so it seemed insane that I would leave my job for uncertainty and potentially no pay.  However, even with the success I had achieved, I knew that real estate was worth pursuing and I was getting pulled to it. So, I visited a month later and stayed in Indianapolis for two weeks learning the ropes. I didn't know what my role would be or how I would necessarily make money, but I knew that real estate represented an opportunity for a better future for our little family. Again, people thought I was crazy for leaving my job for the unknown.

Looking back, I often tell my friends that if I had landed a great job out of school and been offered a good/stable salary with health care and retirement options I probably wouldn't have felt comfortable making the plunge into real estate. I am so thankful I didn't score a great job...

Moral of the story... bet on yourself and put yourself in situations that take you out of your comfort zone and force you to grow. Thank you for reading and thank you for making this community a resource for all.  If you would like to connect please feel free to comment or PM me.

-Rob

Post: Renting rooms to college students

Rob LaRoverePosted
  • Rental Property Investor
  • Tampa, FL
  • Posts 61
  • Votes 37
Hey Ryan Van Fleet , a good rule of thumb for all rentals, besides just student housing, is to avoid carpet. If there is carpet in there now I suggest switching to a cheap laminate when it's time for new flooring. Also, it's not uncommon for students to cover their own utilities, just make them aware it's not included on the front end. If they make a fuss, offer to cover it for a higher rent. Always do background checks and have parents co-sign if you're unsure about anything. Wish you the best!

Post: Can Anyone Recommend A Good CPA In Indianapolis?

Rob LaRoverePosted
  • Rental Property Investor
  • Tampa, FL
  • Posts 61
  • Votes 37

Hey @Christy Barton!  I'm also based out of Indy and I'm wondering what you discovered since I'm in need of a new CPA.  Did you find someone local or do you have a good recommendation?

Cheers,
Rob

Post: First invest in Indianapoliss

Rob LaRoverePosted
  • Rental Property Investor
  • Tampa, FL
  • Posts 61
  • Votes 37

Hi @Adi Dahan, congrats on the 2 properties in Atlanta... Indianapolis is certainly a good option if you want steady cashflow.  The midwest is prime for consistent and stable returns without the risk of huge downward swings.

@Saul L., thanks for the shout out regarding Holdfolio! I know that @Sterling White or myself would be more than happy to share the model and tell you about the upcoming offering that will be released before the month's end.

Rob

Post: Indy / Indianapolis Granite Countertops and higher end Cabinets

Rob LaRoverePosted
  • Rental Property Investor
  • Tampa, FL
  • Posts 61
  • Votes 37

Hey @David Lem,

I recommend using Victor Gomez with TRU Granite & Marble.  If you want his number please PM me.

Good luck with the flip!

Rob

Post: Doing a Live and Flip in Indianapolis -- Any Advice?

Rob LaRoverePosted
  • Rental Property Investor
  • Tampa, FL
  • Posts 61
  • Votes 37

@Matt SpeerHey Matt!  Who do you plan to get your 203k Loan with?  I was exploring the option before moving to Indy last year and have an awesome contact.  PM if you want me to introduce you via email.  

Good luck!

Post: New member from Indianapolis, IN

Rob LaRoverePosted
  • Rental Property Investor
  • Tampa, FL
  • Posts 61
  • Votes 37

Hi @Stuart Winternheimer,

Welcome to BP!  Indy is a great market for RE.  Have you thought about where you plan on buying?  What's your next step?

Post: We own 2 REOs in bad shape. How to sell them?

Rob LaRoverePosted
  • Rental Property Investor
  • Tampa, FL
  • Posts 61
  • Votes 37

Hi @Gabe K.,

I'm interested in seeing more info on the Indianapolis prop as well.  Thanks.

Post: New member from Australia

Rob LaRoverePosted
  • Rental Property Investor
  • Tampa, FL
  • Posts 61
  • Votes 37

Hi @Marz Junior,

I'll echo what everyone else has said, welcome to the forums!  Besides Detroit, what other areas have you looked into and where do you plan to travel to next spring?  Is Indianapolis on your list?  If you're interested in diversifying your risk through crowdfunding like  @Saul L. stated, I'd be happy to speak with you about what we're accomplishing here in Indy.   

You have certainly received a lot of good advice.  Good luck with your new endeavor and I hope to talk soon.

Rob