*Creativity can be learned*
#יםמהשבוי Amit Roginsky #Post3
Dealing in real estate is not something that flowed in my veins. My parents are architects and the planning discourse was always there, but I wasn't particularly attracted to it. The interest started with falling in love with the concept of podcasts, and listening to BiggerPockets on the commute to work.
I was drawn to ceaselessly learning everything I could about the field, and as I told in #post1, I had the privilege of being believed in and giving me the push in the right direction.
The US real estate market offers, in my opinion, the most amazing variety of financial instruments, tools, contracts, professionals, experts and centers of knowledge in the world. Even the most creative ways of making deals can probably be learned.
*a story*
I received a multi-family deal with an interesting place to add value. My agent got there soon, and from his photos I recognized that the basement was particularly large, and it seemed to have various preparations for electricity, gas, water and sewage. It was packed with old equipment from the tenants and the previous owner, but the spark is already there.
An inspector comes to the property, and confirms to me that the basement is big enough to add 2 units, with 2 separate entrances. what a voice
At first I was going to do the job with hard money, but as the numbers became more certain, I realized that this deal had enough meat to raise money from investors and private lenders. I contacted a number of investors and private lenders, finally recruiting an investor who financed 95% of the purchase and 100% of the renovation, and cut my closing costs by 65%.
I didn't make it up. In the months leading up to this deal, I focused on learning about creative financing, Owner Financing style, Sub-to, and also using private lenders. Sometimes I'm drawn to the content that specific people produce, and learn everything they have to offer.
At a certain point, learning became interactive with doing. As you progress in doing, it also directs you to new areas that you find yourself learning while moving and combining the sea of information in which we live.
In a field where there is so much information and documented experience, we can also teach ourselves to be creative.
What fun it is to write to you here
Amit
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