All Forum Posts by: Joel Florek

Personal message. Add them as a colleague and you can PM people to have conversations privately.

That's an awesome story! Crazy how that happens hey!

Its been crazy too how now I am seen as a credible source who people look to for advice. I don't feel like I know that much more then I used to but now I have experience to back the knowledge I had. Ive learned a lot too but it doesn't feel like I was completely unprepared. Been going to, or exceeding plan so far!

Keep putting properties and your lifestyle on your vision board and let that motive you to keep working.

Thanks for posting, love seeing the positivity that you have. That's what makes life fun!

And its only getting better! Lots of really good construction going on that will add some great value to the community. Unfortunately I couch surf in MQT or take my brothers spare bed while he lives there in the summer right now. But I am working hard so I can move back full time. Still spend almost every weekend there though! Only an hour and a half from Iron Mountain to MQT.

I went to MTU actually. Thought I wanted to be an engineer but ended up only wanting to be a project manager(currently my day job at an engineering company). Graduated from there with a degree in finance, hence the interest in real estate investing!

I actually do all the renovations myself. I do have a subcontractor network that does work for me when I am busy but I like working with my hands so when I have time and the energy I like to get my hands dirty. Also saves money which is helping to build up a nice reserve fund!

That's my biggest motivation! I have to say I am blessed to have the job I do. It has helped me so much to be where I am today. it feels a lot better going to work each day knowing my real estate business supports all my bills and my day job is just fun(investment) money. Let me know if I can ever help!

@Michael Nicholson @Aron Roytenberg @Account Closed

Thanks for the posts! Always fun to see the community reach out and keep the enthusiasm going. I am looking to expand to new markets and trying to hit my 150 unit goal by 25 if possible! Figure since my 12 unit goal got shattered why not set the bar a lot higher and keep pushing fast.

@Kim Smith go to peoples profile and request to add them as a  colleague. You can then message back and forth. Would recommend adding a photo for your profile so it makes things seem more personal.

It was a combination of bank financing, seller financing, and a personal loan for the 16 unit. The 4 unit down payment was completely privately financed. The 16 unit was $550k by the bank, $110k by the seller, $7k personal loan, $5k my cash, $13k prorations for rent and taxes.

@Bob Mastroianni Thanks! Workin on jumping up to a 30 to 50 unit deal next. Hopefully I will have another article like this within the next 6 months!

@Cortlyn Starr Happy to hear that! Always remember to never give in to the "that cant be done" mindset that so many people fall into. By no means will it be an easy ride to go after the difficult challenges but it certainly is possible.

I actually only put $5k of my own money on the 16 unit and $0 down on the 4 unit. Note that I had private financing or seller financing for the remainder for my down payments. I have since put in about $12k in renovations of my own cash to the 4 unit and accelerated pre payment on some personal loans pulled for the properties. But I have been able to build a very good relationship with the banks that I work with. This has helped me considerably when it comes to negotiations on getting loans for new properties. Also, buying under appraised value has allowed my debt to equity ratio to look much better.