All Forum Posts by: Stan Bednarek

Brian V. Sounds like you have done your homework. You know the value of the properties in your area and you know the rental market numbers. Your thought of reverse engineering is solid! My overall suggestion is to set your comfort level based on equity and cash flow in your investment property. Once those are set, reverse engineer the deal to know your highest number you are comfortable offering. (I think you have done this to this point very well). Now you are faced with offering a number. You may be "wasting your time" to some, but I see it as an offer none the less. You don't know unless you try. The evaluation exercise and offering is great education. Having offers both excepted and denied is another aspect of your education. Remember this is a business, run by the numbers, not emotion. Offer on the house and see where it goes. You need to feel comfortable with rejection. No offer, no possibilities to get ANYTHING! Think outside the box. Maybe a higher offer is warranted if you can get seller financing. My .02. Good luck in your REI!

Emily McCabe, I will hold my personal feelings aside on your next step to take (as I live outside of Maryland) to not confuse any state-specific legal issues. I do live on the side of the fence of cutting losses early. What I wanted to comment on was congratulating you on your new purchase! Another step toward your RE goals which is great. I also believe you are getting an in-depth lesson from the start that will provide a greater level of confidence moving forward. Having hands-on experience with these issues is invaluable! Keep up the great work in making your properties better as well as the neighborhoods they are in!

Hello Jackie,

I live in Algonquin and would welcome some casual time amongst fellow area investors.  Sounds like we have at least four of us that would be willing to meet.  I think the next step is to set a date and time!

Hope to see you all soon.

Stan

Thanks for all of the warm welcomes.  Just played around with the property calculators on BP.  Pretty impressive.  Makes the numbers and homework part of property analysis actually fun!  

Hello Zack, nice to hear from a familiar voice in a new place!  Likewise, we shall meet soon!

Hello to everyone at BP!  I have been interested in real estate for some time and have 2 rental houses under my belt for the past 10 years.  They were originally purchased to live in, which I did, and move on to other houses.  One was kept as a rental for passive income and the second one I am holding on to as it was purchased in 2007 (I'm upside down) and I don't have any other exit plan for it.

I recently ran into BP from a friend and have been soaking in the knowledge since.  I drove to KY and back listening to nothing but BP podcasts......even got the finance to listen in and get involved!

I just bumped up to PRO, I am looking to increase my rental portfolio.  I am looking forward to learning a lot during my journey with Bigger Pockets!

Take care,

Stan