Busy summer for this teacher

[Eric Hrlbock]

Hello bp’ers

I have been teaching for 14 years and haven’t taken a summers off yet. Before real estate I was doing a masters program during the summer. In ny you need your masters within a certain timeframe from being certified.

Then in 2010 I was bought my first flip.

It turned out I was not educated in real estate and I made a lot of mistakes. It took 2 years to finish that project.  First I had barely enough for the down payment let alone closing and repairs. I won’t go into all the details of that deal but after 2 years of hard work I finished the shell I bought that I called a flip.  Then I sold it after 3 accepted offers and 2 of the 3 offers fell through. The process from being to end took almost 3 years.  That isn’t much of a success story.  But this is just the beginning 

I took the profits and bought a small backhoe. I have many stories about that but I will try and stay focused. I also bought a condo. That condo was a tax foreclosure and the old owner was in jail.  His personal property was in my new place. 

That condo was a crack house, and from beginning to end took a little of 14 days to turn it around.  Now adays we do condos in 5-7 days. I also had to stop at jail to see what he wanted me to do with his property. I put my first renter in that condo. A few weeks later went into contract for a hubzu condo same complex. As I was waiting to close I got a call from a real estate agent that I called many times to see different condos. He had a pocket listing.

 Now I bought 1 condo,a backhoe and I’m about to close on another condo.  I used all my profit and savings and now trying to close on a3rd condo. I reached out to my best friend.  Me and him split the 3rd condo.  I borrowed from my retirement and teachers pension and I put together my half.  

At this point my story is taking too long so we will fast forward. This year I sold that condo with my best friend for a nice profit .

This story is supposed to be a busy summer for a teacher so let me tell you what I have been doing.  I bought 2 more condos and a small house wholesale.The two condos were from a cold call.  It was listed for rent at an under market price.  By the end of 5 calls he offered a second condo. The house I sat next to the guy at a real estate meet up, the guy is trying flipping and is in the middle of a rehab and came across this house. He reached out to me.  I looked, made him an offer,he accepted.  He did his first wholesale and I purchased my first wholesale. We closed  3 weeks and a day ago.  We are about a week from finishing.  The two condo were quick and the owner was very flexible, he allowed my guys to fix it before I owned it. I had an accepted offer on one of the condos before I even closed( I wasnt even the owner yet) The condo i am selling I took 5000 non refundable so I wouldn’t make the same mistake I did on the first house where it fell out of contract 2 times. I just closed last week on them and second one I listed on Zillow for sale by owner about 4 days ago. So that is almost my whole busy summer except in a week I  am closing on a 15 unit I am buying with another teacher. 

I am also a father of a four year old and a newborn.  I figured I have been very busy and haven’t been writing. That is my busy summer. I go back to school soon

Hope all is well with all of you and your investing.  Thanks eric

[Andrew Faukner]

Glad to see some fellow teachers here on BP. I just retired after 28 years teaching high school. I've had a few rentals for many years. I've done quite a bit of rehab in my rentals, and now that I have some "extra time" I'm looking at trying a flip. Didn't get the first one, so I'm looking for the next one to make an offer on. I've learned a lot on BP, so now I'm just trying to make it happen. Good luck fellow teachers!