Proper Investment Property Planning – Paul Smetona
On this episode of The Closing Table, we sat down with Paul Smetona!
To watch the full episode, check it out on YouTube below. In the meantime, here’s a summary of the conversation…
Here’s what you missed from Paul Smetona…
The conversation began with Paul introducing himself beyond the realm of real estate, showcasing his diverse interests, such as building remote-controlled airplanes, working on cars, producing electronic music, and DJing. He views real estate as a means to support his varied hobbies.
Transitioning to his real estate career, Paul shares insights into his journey. As a licensed real estate professional, he started his career after recognizing the potential to save on commissions by handling transactions himself as an investor. With a background in mechanical engineering, he brings an engineering mindset and problem-solving skills to his real estate ventures, balancing analytical and creative aspects.
Describing his business, Paul delves into his niche, notable achievements, and the current state of the real estate market in Cleveland, where he is licensed. Cleveland, a livable and affordable city, features professional sports teams, beaches, an Arts District, and a Theater District. The city’s median home price is approximately $110,000, making it an attractive location for investment with 20-30% appreciation over recent years.
Paul then discusses his involvement in the local investor community, running meetups that attract 50-100 people, including investors, agents, and industry professionals. He shares a significant mentorship experience where his guidance helped a young investor navigate challenges and seize an opportunity that led to success.
Having an extensive background in home renovation, Paul walks us through a memorable renovation project, detailing challenges faced and how his problem-solving skills defined the project’s success. He emphasizes the efficiency gained from renovating properties for faster scaling and shares his vision for the future of his investment business, leveraging his construction background and contacts to create passive income streams.
With a baby on the way, Paul discusses his plans for balancing his passion for real estate, personal hobbies, and impending parenthood. He explores potential intersections between his interests and his role as a soon-to-be parent.
Reflecting on his philosophy, Paul recommends the book “Meditations” by Marcus Aurelius, emphasizing the importance of focusing on controllable aspects and accepting the uncontrollable. He shares a personal experience where a house required an unexpected $100,000 rehab, highlighting the significance of responding positively to uncontrollable situations.
In offering real estate advice, Paul encourages investment using FHA or low down conventional mortgages for multifamily properties. He provides assistance, connecting individuals to his investor network, local meetups, and resources, accessible through his Instagram handle “atona homes.”
Check out Paul Smetona:
Facebook: https://www.facebook.com/paul.smetona
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