Dave Dostal is CFRI’s Secretary for 2018. CFRI Board Member Mike Jacobson interviewed him for this month’s Board Member Spotlight.
When did you start investing?
I started learning about real estate investing in 2001. I attended a number of CFRI meetings as a guest and officially joined in early 2003. It was in March 2004 when I cashed my first check from wholesaling a house in DeLand. I made $11,650 and I was a believer in this business from that point on.
What is your current focus in the real estate business?
Right now I’m mostly a buy and hold investor of single family houses in Deltona. However, I love finding good deals and I’ve put a lot of time and effort into learning how to look for them. When you’re able to find good deals you have more options of what to do with them. You get to choose if you want to wholesale them, fix and flip
them, or keep them as rentals.
Do you still have a “regular job”?
Yes I do, I’m a computer guy. I work at AAA in Heathrow. I’ve been there for about 22 years. I’m very aware of the often talked about question of when to quit your job and go full time into real estate investing. Just like with many real estate investing questions, the answer is “it depends”. Yes, I know that answer can be annoying but it’s true. Let’s just say I think about it often.
What was your favorite deal?
I purchased a house with a hard money loan for $100k. It’s after repair value (ARV) was $150k and it needed about $5k in repairs. The sellers lived out of state, had recently inherited it, and didn’t want anything more to do with it. It was in decent shape and fully furnished. I sold most everything in the house at a weekend yard sale. During that yard sale one of the neighbors asked about buying the house. We agreed on a price and end up closing on it the next week for $150k. I had it for only about three weeks and end up netting just under $50k. Other than the yard sale
I didn’t do any work to it. That was a good deal.
How has CFRI helped you to get where you are today?
Early on it was mostly education. I took as many classes as I could. My favorite one was Junkers to Jewels although I think it was called something different back when I took it. But over the years, what’s helped the most, without a doubt, has been meeting and getting to know other members. Together we’re able to talk about potential deals, creative ways of financing deals, and even challenging landlord issues. We’ve become business partners and close friends.
What advice would you give a new investor today?
I’ve heard others say, “This is a simple business but it’s not easy.” That sounds about right to me. I guess I’d say, don’t up. This really does work. Use CFRI as much as possible. Once you cash your first check, you too will be a “believer.”
Editor’s Note: We would like to interview a successful MREIA member for Member of the Month. If you are interested, please email email@example.com
Reprinted courtesy of Central Florida Realty Investors. Source: May 2018 CFRI newsletterVisit www.cfri.net or call (407) 328-7773
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