All Forum Posts by: Leonid Sapronov

When I moved out of the apartment that I rented with three buddies in college, I asked the landlord for the security deposit and that's when he lost it. Apparently, the mess we left behind was so grand, he had to do a semi-rehab. Now, I was always the neat one out of the four :-)

Now, I have several rentals and I try to do everything I can to make sure the tenants are happy. If karma is real, I'm in trouble. :-)

@John Lupo

As I've discovered recently (cause I'm a newb) - believe it or not, there are alternatives to bank financing and simple private money loans. There are companies that pool together capital from investors and lend it to other investors to fund various RE projects, whether it's refinancing or buying something new. The best part is that the rates can be comparable to bank rates. Try @Sean Richway, he might be able to help.

I would try to identify specific turnkey providers and work with them to answer these questions. They will most likely have similar steps for you to take, but each will have it's own nuances. The forms you may be asked to complete will include some sort of purchase agreement, property management agreement, and some version of the HUD at purchase. If you are working with a reputable provider, they usually have this all ironed out to the point where safety is not your major concern - their reputation is at stake if they try to swindle you. What's more important is understanding exactly how they operate and carefully analyzing the numbers on whatever property you decide to buy. There are many turnkey providers, but if you've spent some time on the forums, the good ones are pretty easy to spot.

Before you buy a Countach though, take a look at videos of people driving them, trying to get in and out, trying to park. It is not a user friendly car. And then there's that Top Gear review, I don't remember if it was Hammond or May, but they basically said some dreams are best left as dreams. When he drove the car, it was so impractical and uncomfortable, he almost regretted getting behind the wheel in the first place.

I don't know why all the car-related threads end up in Investor Psychology. Let's assume it has to do with how people motivate themselves. :-)

The "what kind of car do you drive" thread is great, but I have a hard time believing that everyone here drives a Camry they inherited from their parents or an 11 year-old F-150 that they bought with cash. I know you guys are a modest bunch, but some people like @Jay Hinrichs and @Matt Ferguson are proud of their Cirrus and Diablo, respectively. Given my own modest financial situation, I love to see examples of others' success - it's not boasting, it's inspiration!

For forget Camrys, let's see some toys - cars, planes, bikes, killer home theater systems, cellars filled with cases of '63 bordeaux (I'm making stuff up at this point) or anything else that makes you feel a little guilty and your buddies green with envy. :-)

@Flavio Zanetti Yay to fellow Subie enthusiast! I had a '95 Impreza, now I drive a 2006 Saab 9-2x (aka Impreza WRX) that I bought in 2008 cash. MSRP $30k, bought for $16k. Love that car, don't ever see myself selling it.

It seems like most people on here follow the discreet lifestyle of Millionaire Next Door - keep the business growing, but don't show off. I kinda wish someone would show off though :-)

@Mark Ferguson

 You are gonna get a kick out of this. Take it with a grain of salt, although you can probably relate to a couple of his points :-)

10 ways buying a lambo will boost your business

I'm kinda blown away by how much the Countach's have appreciated. A few short years ago some were going for < $100k. Crazy. Like the vintage 911 market :-)

That's awesome. The maintenance on any sort of exotic is usually an arm and a leg, but if you take care of it, this thing will continue to appreciate, just like you said.

@Kristen Schlueter you are on the right track. Explore the "Learn" section (see menu at top of page), starting with the Free How-to Guides, especially the Ultimate Beginner's Guide to REI. Figure out what type of investing you are interested in (unless you already have your heart set on something). Then, and this is very important, write down your ultimate goal - where do you want to get in RE investing. Literally, write it down on a piece of paper and post it up on a fridge or somewhere visible. Then, write down a goal for this year. Recite them every day :-)

Like @Mike Huang said, Brandon's book is a great reference. You can find it here:

http://get.biggerpockets.com/nomoneydown/

To say the guy is passionate about REI is to say nothing and he's been spreading the love on here for a while. :-)

While you are reading all this stuff, think about: how smart is your monthly budget? how much exactly are you worth? If you have a house, how much equity (market value - mortgage balance) do you have? Do you have parents or relatives who have houses paid off? Do you know people who have cash sitting idly in the bank? Do you have skills you can offer other investors? Getting your mind thinking in this direction will help you find sources of money down the road.

Lastly, either search on here or go to meetup.com and find a local REIA group. Almost every town has one and most of them are free. Sign up and go check out one of their meetings.

That should keep you occupied for a couple of weeks :-)