All Forum Posts by: Steve Kontos

@Eddie L.

You do need to be strategic about this.  One key question is what is your game plan here?  What do YOU want to do with your professional career?  Is it real estate investing?  Why real estate?  Is it the money?  Is it the actual passion for it?  What is it?

The problem is too many people want to quit their jobs and do something they think will make a lot of money and that's that. I highly recommend reading, vising your local REI clubs, and educating yourself if you are truly serious about going into real estate. Then you need to get educated by someone who has done what it is you want to do in real estate.

I quit my job after I was able to purchase and stabilize several properties.  I knew at that point that I no longer wanted to make real estate investing a side-gig.  I really enjoyed it and wanted to do it full time badly.  

Hope this helps.

@Meghan McCallum

You are absolutely right!  I have gained a reputation for no-non sense as well.  It's a shame what some people would do though but it is what it is.  Having a good lawyer is extremely important and thankfully my company has one as well.  I am so happy to hear you doing well and dotting your i's and crossing your t's.  I hope we can talk further in the mere future!

In regards to the podcast, yes I have been bad with all that.  I have actually met Joe before early on in his career in New York City.  I was thinking about reaching out to him soon to see about possibly being a guest myself.  

@Kenneth Garrett

Couldn't agree more.  Well said!

@Samantha Payne smith

Begin by reading books, looking/listening to material on this site, go to your local REI clubs, and attend various networking events. You need to properly educate yourself before dipping into deep waters. It is a great business to be in BUT you need to properly equip yourself mentally before just going in.

Best of luck and if you have any questions always feel free to ask!

@Meghan McCallum

Great forum topic!

My biggest frustration in this business is when an individual takes an opportunity to take advantage of others. My team and I actively invest in out of state apartment complexes.  As a result of us not being on the grounds everyday, it's an opportunity for a maintenance person or someone within property management to take advantage and charge for things that were never fixed OR not in the most efficient way possible.  Unfortunately no matter how well you treat people, they don't always treat your buildings as their own.  While we have systems in place that always audit these things, it happens from time to time.  

I think you were on a podcast before right?  Good stuff!  Hope you are doing well.

@Paul Santos

Couldn't agree more.  Very well said!

@Shiloh Lundahl

@Shanna Bechtel

You guys hit the nail right on the head.  As someone who has been doing this for a decade now and also educates people, it never ceases to amaze me how people feel a sense of entitlement.  They want to not only make good money but not get hit on the risk side either.  

This is exactly why when anyone decides that they want to join my team, they are required to go through my educational program FIRST.  This is so that we are all on the same page and we are all protected from such mentalities.  

Unfortunately people equate real estate investing with quick money.  I have said it before and I will say it again; Respect the business and it will do the same for you.  That holds true for any industry your in or about to go in.  Respect it by learning the craft first, listen intensively, read books, and yes educate yourself with someone who has succeeded in doing what it is you are looking to do.

Appreciate this forum trail.  Best of luck!

Hi BP Community,

Over the last month being fairly activate on this site, I have noticed a very common theme amongst investors.  People often ask "how to grow" and how can they purchase properties outside of using the old fashioned "save and buy" approach.  I am setting up this specific forum so that along with myself, many real estate professionals who have been in the business for a while now can chime in and give their 2 cents on the topic.  I am going to keep my opinion brief and keep in mind this is based on my personal experience of being in the business.

Using the "save and buy" method to grow your portfolio is stale.  While I am not knocking it, it is something that I always felt was impractical to me.  In today's markets with all of the availability of funding, you can grow your business at a better pace through leverage.  Now for the sake of keeping this piece short, there are multiple different ways to leverage.  To name several, you can leverage through personal lines of credit, business lines of credit, retirement accounts (401k, IRAs, etc), and from other people's resources (people who may have money sitting around doing nothing or even their credit or retirement accounts).  It's about better understanding leverage and properly DOING YOUR HOMEWORK that you can entertain such options.  There is definitely a discipline involved here and will not work for people who just jump in and borrow away.

On that note, please feel free to contribute....

@Sam T.

There are some great deals out there but it depends on your scope of area. If your just staying local then yes, it will be difficult at times BUT if that's what works for certain investors then it's fine too. Just involves some patience. Try to hook up with your local REI club.

Best of luck!

@Josh Caldwell

Funny you mention that, I am currently looking to do a flip.  Can you send me an example of one?  I'm curious to see the spreads.  Definitely PM me.