All Forum Posts by: Joel Florek

@Tarun Bhalla Feel free to PM me and I am happy to answer what I can for you!

@Darron Stewart I appreciate the concern. I am diligent in being very frugal in my personal life to keep cash reserves on hand. I do not plan on pulling any money out of my business for the next year at a minimum, likely the next 3 years. That being said a time continues my cash reserves will be building. 

@Gordon Cuffe One of my primary considerations for taking a big risk on this property was knowing that most of the tenants are long term. Many have lived in the building since it was built in 1993(when I was born). But that is a very good word of caution. I just finished up setting up my Podio to streamline my property management and make sure nothing falls through the cracks! 

@Ashley Wilson Thank you for the kind words! I have to give credit to my parents who did a pretty good job raising my brother and I. I have been fortunate to have a lot of good people around me in my life and make a difference for me so I only hope that I will be able to do the same for others in one respect or another. Good luck to yourself! 

@Karlson Strouse I went to school to study finance so I have a pretty good confidence in my ability to run the numbers. With that being said I had other investors who I was originally looking to partner with analyze the deal and review my numbers, all of which said looked fine. 

By the way, I love Anna Maria! My family has gone there every year since I was a little kid. My goal will be to get some properties down there at some point as a second home base although I need my business up here to get much larger before I will be confident doing that. 

@Kati Hy Doesn't matter how much debt you have as long as you have the NOI to sufficiently pay for that debt. I hope to break past $1m this year in debt if I can! I carry only student loans as my personal debt. Otherwise all my debt is business debt which the business can/does pay for.

@Gustavo Delgado @Christine Sykes @Nicole Toland @Rashid Armand Thank for the posts! Much appreciated! 

@Joshua Dwyer When we first got to the seller financed down payment structure the financing costs were going to run me at $63k a year. That was doable but left very little margin for error and not much return. We worked to lower the interest rates, closing costs, and purchase price to get the annual financing costs to $55k a year which made it more favorable for me to do the deal. 

@Jerwana Hill @Georgia H. Add me as a colleague and then send me a message. 

@Juan Jose Lopez PM me if you ever want me to take a look at a deal and give you my opinion. The more you get the more confident you can be. I had numerous investors look at my deal and give me their opinions. Some were positive and others seemed a bit more negative. I used all to help me achieve a financing structure that aligned most on the positive end of the scale.