All Forum Posts by: Leonid Sapronov

@Jamal L.

If it's turnkey, why does it need a 10-15k rehab?

What can it rent for?

Also, the pictures aren't working.

Haha, that's awesome! I totally would have thought the same thing. Brandon should sue Ben&Jerry's for stealing his buzzword.

@Laura Robertson

Welcome! It's awesome that you've started birddogging - never done it myself, but I'm sure it'll be a great learning experience. You are already ahead of 95% of people who never take that first step. And don't look at your shyness as a handicap - it's an asset. Think of it as the opposite of pushy, obnoxious and loud :-) I'm sure you'll find it easier to talk to people once you put a few deals under your belt.

What a great story - I think it's awesome that in the process of taking that first step towards investing in real estate, you created this whole local community of investors and used the infinite wisdom of BiggerPockets gurus (in the good sense of the word) to learn and take action.

I bow down before your drive and enthusiasm :-)

@Lauren Sinz I believe I know where your miscalculation lies. 12% applies to the principal owed. As the principal gets paid down, the amount of interest payments you collect also decreases. So while you will collect close to 12% of $36,000 your first year (around 11.7%), the second year you will collect less because at the beginning of the second year your debtor now only owes about $30,000. And so on.

So you are right in your average annual ROI calculations - it's only 6.7% compared to the 12% rate on the note. However, your total ROI over the lifetime of the note is 33.5%.

@Arlan Potter - beautiful!

@Ryan Dossey  - awesome story

@Linda Weygant - I almost got one! Ended up with an '87 Interceptor instead.

 So what this tells us is we can define three groups of people:

1) Those who buy toys first and never have money to invest

2) Those who invest, but haven't yet made enough to buy the toys

3) Those who've arrived and can finally buy all the toys afters years of pain and sacrifice

Sounds like you are well on your way to #3 ;-)

 Love it. One of my favorite sports cars of all time. Looks like you did some tweaks to it?

@Jeff Brower  - that's what I'm talking about, nice boat!

Change is good! Don't really have any advice, as I haven't done multifamily, but depending on your living situation, you might want to try being an owner occupant or a live-in manager. And hopefully you've made some connections here that will allow you to find a bank to finance your next property.