Introductory post - My first real estate lesson Trust and Verify - Hello everyone, my name is Yoav...

Introductory Post - My First Lesson in Real Estate Trust and Verify-

Hello everyone My name is Yoav Pinchas, son of 41 married + 3 lives in Sharon.
Almost 4 years ago I set up with Nadav Doron ABI Investments
We are an entrepreneurial company specializing in business and multifamily deals primarily in Michigan and while 3 markets in the US.

In 2014, I made the decision to sell my previous company and start a new one.
I was the owner of the largest chain of clinics in Israel to treat children with attention and concentration naturally.
At 12 we have handled over 12,000 children in 11 clinics in the country and branch in London, studying worldwide ..
I hired over 20 employees and the work was intensive.
We were one of the leading opponents in Israel to Ritalin and we attracted a lot of fire.
The truth is that it worked well, thousands of satisfied patients, a large annual turnover, a business that develops, newspaper articles but after 12 year of war in the Ministry of Health felt it would be difficult to win such a large body.

I decided that I was changing direction, that I was going for something with greater business potential.
I knew I could do something out of nothing and was sure of my abilities.
I wanted real estate. And I started reading about real estate abroad and the potential.
But except for a few deals I did in Israel, I had no idea what was going on in the US.

I met an Israeli lawyer who worked in Michigan, I even got a recommendation for her.
In a meeting with her, she told me about Foreclosure, what it means and how much money you can make.
She persuaded me to enter into a partnership with her in the purchase and improvement of such assets.
“You will bring the money to purchase, I will inspect the assets, buy, I will price them and sell them at a profit. I know the market and I have renovation teams. ”
On the face of it, a lawyer, not young, with real estate experience in Israel and Michigan offers me such an offer. dream!!!

So we went to FORECLOSURE and won !!!
We bought 9 Homes in Michigan at $ 110,000. Wow dream, I'm going to get rich!
And I did bring the money and we bought it. What can already be said, in the country you do not buy one house at 110,000 $
We got access to the houses and went to see them and get to work.
It soon became clear to me that most of these houses will not be worth renovating because their value even after the renovation is very low.
We renovated one house and sold it, and the rest was no longer worth it.
She slowly disappeared from the background, and of course, apart from that house, she did not repair anything.
I sold the rest at floor prices just to get rid of them.
I absorbed the grim loss and made a decision….
I'm going to do real estate big time and even succeed!
The first lesson I learned and I think is the most important is Trust AND Verify
Always always rely on what the partner, the realtor, the contractor, the appraiser tells you with absolute confidence, but check! Check in depth.

In the next few weeks, I will write extensively about the process I have undergone since the first blow I suffered and how I got there and within a short time to work with a lender who approved a $ 5 million LINE OF CREDIT in excellent terms for the benefit of Flip and Multi Family,
To raise every year 3 million cash from Israeli investors.
Upgrading from 120 units.
To develop a partnership with the largest management company in downtown Detroit, which manages assets worth half a billion dollars and purchases with them a compound of 196 units.
And partnering with one of the reputed caucusers and entrepreneurs in Michigan and the US and creating a system that works anywhere in the US.

(Pictured is an article they made about one of our homes from a reputed real estate magazine in Detroit)
Have a good week