In this episode, Allan talks about some the the investing mistakes he has made and the lessons to be learned from them.
– How to secure a property…and why.
– Go to real estate networking events and talk to people.
– Find out how much home are worth and repair costs. It doesn’t have to be trial and error.
– How to find out what kind of neighbourhood it is.
– Why real estate ‘gurus’ may not be good for you.
– Figure out the pitfalls ahead of time. Do your due diligence and you’ll be ok.
– Do it a little bit better than the competition.
– Why doing more renovations is better than less (if you’re planning for it).
– With multi family homes, you have multiple exit strategies.
– The best time to buy is when nobody else wants to.
– Flipping vs. rental and why you want to build wealth.
Allan Szlafrok, a Brooklyn native who knew the borough before anyone had ever even heard of soy lattes or artisanal soap, graduated from Brooklyn College and got a master of business administration from Florida International University. His first career involved trading commodities on the floor of the New York Mercantile Exchange.
He eventually transitioned into real estate and has been involved in over one hundred deals—some successful and others so out-of-this-world, what-the-heck-was-I-thinking awful they’ve provided more than enough inspiration and material for this book. But despite the homesickness caused by some of these disastrous deals, he still has lots to be grateful for!
Szlafrok is married and currently lives on Long Island, New York.