Hello everyone, I am happy to be a guest here and share with you the knowledge, experience and experiences from 15 years of real estate investing in the USA.
Let's start with a short story:
Numbers that Moses decided to move to live in New York. Moses consulted with his friends and heard from everyone that New York is wonderful, only he would not go to the Holy See Church area in Manhattan on Sundays. Like any good Israeli, as soon as they arrived in Manhattan, Moshe went to the church plaza on Sunday. When he arrived, he saw a Jewish rabbi standing and asking for donations from the people who had left the prayer. Of course no one donated a cent to him, but immediately went to the priest who stood a few feet behind him and donated to him generously and demonstratively. Moses turned to the rabbi and said to him, Rabbi, what are you standing here you do not understand that you will not get anything from them? Go find another place where Jews pass. The rabbi turned to the priest and shouted at him: Samson, another marketing expert has arrived from Israel.
How is it related? The answer at the end of the post.
So who am I? My name is Hanoch Dombek, married to Shoshi my partner in life and business, and an amazing father and son and daughter in their twenties plus. He holds a bachelor's degree in economics and a master's degree in business administration, and in recent years also holds a General Contractor license in the state of GEORGIA. Behind the construction and renovation of dozens of homes in the Atlanta area. In the past, I was a senior manager in a number of communications and high-tech companies in Israel, CEO of a communications company in Poland and CEO of a cellular company in Africa.
Shoshi comes from the field of design and has established a studio for handicrafts and furniture painting, and for the past 7 years she is a licensed real estate agent in the state of GEORGIA.
In 2006 my wife and I set up our first real estate company and concentrated on buying long term rentals in Atlanta. It all started after Shoshi read the book Rich Dad Poor Dad and decided it was time to realize an old dream and buy properties in the US. We already owned several properties in the country and thought what could already happen? So the answer is everything, anything can happen…
Several months after we bought with great excitement our first properties the big collapse occurred and the real estate market crashed. We came across words, some new to us, like Foreclosure, Short Sale, Eviction. We drove through the streets of Atlanta and saw huge desolate trading houses, empty shops and shoppers, orphaned construction starts and sales signs everywhere. It was as if someone had stopped all the extensive and lively real estate activity at once. We did not exactly understand what had happened to us. Facebook was in its infancy and forums for consulting real estate communities had not yet been invented. We acted in a way of trial and error and very quickly realized the statement that in every problem there is also an opportunity. We bought properties at floor prices, renovated and rented them out. Despite the difficult economic situation, it was clear that people would always need a home to live in. We had a supply of reasonably priced homes, which also suited those who had now lost their home in favor of the bank. We have developed a method of selecting tenants (we will not expand now, not all at once) and some of them are still our tenants to this day. We ran the business remotely until at some point we realized that life on the line and remote management was less suitable for us. We migrated to the US and for 7 years we have been living in Atlanta. Although we already had a successful business, the move required a reorganization and an adaptation process in a new environment. Yes, even in our advanced age (oh how advanced…) there is room for new beginnings. Never give room for excuses that will prevent you from realizing dreams.
We were constantly expanding our own boundaries and investing in field-related studies. With a local brokerage license and a licensed contractor license, we have now brokered and renovated our own properties, and those of others. We have entered the field of construction and we are focusing on finding dilapidated houses, demolishing them and building new houses for glory in their place. For a moment we did not abandon the strategy we started with, long term rentals, and we have a holding company to manage our assets and those of our clients. In recent years we have been helping investors solve and deal with problems that pop up along the way, having entered the real estate business without any understanding and fallen into almost every possible trap. More than once, we have helped investors extract their money or property from charlatans at best or crooks at worst.
This week we will focus on the following topics:
The typical American house structure
Property or property? Know how to read the examiner's report
Environmental hazards, what else should be checked before buying?
How to renovate, do's and don'ts
Real estate businesses are rewarding businesses but as with any business one needs to understand what and how to do. Even after 15 years of activity, I know that every day you can learn something new. I hope this approach is suitable for you as well and I believe you will find in the posts at least one tip that will improve your next action. We will be happy to hear from you in the comments or in private and we will try to address any relevant question that may arise. Have a wonderful week, implied.
The original responses to the post can be read at the bottom of the current post page on the website or at the link to the post on Facebook and of course you are welcome to join the discussion