057: Surviving the Real Estate Crash with Corey Paszkiewicz

Corey Paszkiewicz has 6 rental properties, 4 duplexes and 2 single family homes. Corey bought rentals at a young age, because he saw the value in real estate investing. However, he bought a couple of his properties before the real estate crash and without being as educated as he is now about cash flow and getting good deals. On this week’s episode of The InvestFourMore Real Estate Podcast, Corey talks about how he bought his rentals before and after the crash.

How he was able to survive a divorce, a career change, and a changing real estate market. Corey has since started a very successful business, and is looking to get his real estate license to further his real estate investing and make extra money.

How did Corey get started investing in real estate?

Corey was an electrician for many years, when he started to see infomercials about real estate investing over and over. He decided real estate investing was something he should be a part of to make extra money and invest better. Corey started out by buying duplexes in the Milwaukee area. He bought his first property for $154,000 and rented it out for $1,425 a month. Those are not bad numbers, but this was before the real estate crash. Corey bought a mixed use property and even ran a restaurant for a short period of time before the crash as well. Corey was enjoying investing in real estate, but things took a turn for the worst.

How did Corey survive the real estate crash?

Corey had decent cash flow on his rentals before the crash. When the market started to turn, he quickly found his rentals were worth much less than he bought them for. However, he was still able to rent them and cover the expenses on those properties. Corey also went through a divorce and changed careers from an electrical to starting his own multi level marketing business that focuses on nutrition. To make ends meet, Corey moved back in with his parents.

Even though things were not going well for Corey, he did what it took to start a new business. He also held on to his rentals and was able to survive the real estate crash, because he had enough cash flow to cover his expenses with a little left over.

What did Corey learn about real estate investing from the market crash?

Corey did okay with the first rentals he bought, but after the real estate crash, he was able to get much better deals on rentals. He bought a property for $100,000 that rented for $1,200 a month and then got a great deal on a property that he bought for $65,000 that rents for $1,450 a month! Corey spends a lot more time looking for great deals now! In fact, he is thinking of getting his real estate license to make finding deals easier and he may even start a new career as an agent as well.

Corey also has a goal to have 25 rental units in the next year. He has 10 now, which is a big goal that I love!

How can you get in touch with Corey?

I have been friends with Corey on Facebook for quite some time and see his posts about nutrition and he is in awesome shape. Corey has many weight loss challenge groups and programs and owns a cross fit gym as well. If you want to get in touch with Corey, you can reach him on Facebook.