Here’s how an out-of-state investor turned a flooded hoarder house into his next step toward 20 doors, and what his team says separates the investors who make it from the ones who tap out.
Bogdan was doing the final walkthrough on a house in Warren, Michigan, that he had already agreed to buy when his agent spotted water where it had no business being. A pipe had burst. The house had basically flooded. That meant new damage, problems, and a reason for most buyers to walk.
Bogdan asked for another discount.
That move, the one that looks at a flooded house and sees a cheaper flooded house, is most of the story of how a guy losing two to three hours a day to New York traffic ended up running a real estate operation in metro Detroit from a different state entirely.
The Minutes, Not the Money
Before any of this, Bogdan had a setup a lot of readers will recognize:
- A 9-to-5 that came home with him every night
- A commute that ate the daylight on both ends
- The growing sense that the clock was running and he was spending it in the wrong place
“Sitting in NY traffic for two to three hours a day and a stressful 9-to-5 that went home with you—it just felt like time was wasting away,” he says.
Real estate looked like the way out. Not because of the money, exactly. What is the point of any of it if you never get the minutes back?
“I say freedom and not financial freedom, because freedom is not money,” Bogdan says. “It’s the extra minutes you get to spend with your son, your wife, and your family, learning new things and traveling.”
Building the Team Before the Portfolio
Bogdan was not starting from zero. He had owned a small condo in Nashville, so owning property out of state was not a brand-new idea. But when he set his sights on Michigan, he made a decision that mattered more than any single property: He went looking for the team first.
He found BiggerPockets, searched for the top investor-friendly brokers in metro Detroit, and landed on the FIRE Realty Team. Within a few conversations, he was talking to team lead Joe Hammel, who paired him with one of his agents, Richi Brown.
Then came two to three months of the part that most investors skip: education, pricing, neighborhoods, rents, demographics, and which governing agency does what.
Only then did Bogdan buy. And he bought the boring way on purpose.
“I wanted to learn without too much skin in the game, so turnkey was the best,” he says. He put 15% down, picked up a few turnkey rentals, cycled through a couple of property management companies, and got comfortable. Then he ran the math at his own pace and saw the problem.
The Pivot: Turnkey to BRRRR
Turnkey was teaching him the market. It was also going to bankrupt him. “At this pace with turnkeys, I was going to run out of money, and that was never the long-term strategy,” he says.
So he sold his second New York co-op and the Nashville condo and moved into BRRRRs (buy, rehab, rent, refinance, repeat, for anyone new here); the whole point is to recycle the same down payment instead of burning a fresh one on every deal. Bogdan moved slow and steady, vetting every contractor and vendor and learning timelines and seasoning periods. By then, the whole FIRE team knew his buy box, and deals started coming in.
“Rome wasn’t built in a day, and I guarantee no real estate portfolio was built overnight,” Bogdan says. “Having the right team in place is key, and the team I have, I wish for every beginner and seasoned investor to have in their corner.”
Three Houses, Three Completely Different Bets
This year, Bogdan is chasing 20 doors by the end of 2026, hunting in the $40,000 to $130,000 range across Warren and Eastpointe, running two strategies at once. On the low end, he’s looking for something that will involve heavy sweat equity to squeeze out max ARV. On the high end, he seeks something tenant-occupied that has been sitting on the market that he can buy below market and push rents on with light work.
Here is what that looked like in practice. Three houses, all real, all on the table at the same time.
The $40K shell in Warren was a three-bed, one-bath with a basement and no garage, about 950 square feet on a corner lot. On paper, it had meat on the bone. Add a garage, juice the ARV, and you’re done.
Then they showed up to view it. It was a shell, with severe structural issues. The kind of “deal” that is only a deal until you walk inside.
The $72K hoarder house, also in Warren, was a three-bed, one-bath, 870-square-foot house with a basement and a garage. Funky layout, small rooms, packed wall-to-wall with the previous owner’s everything. Not pretty. But the location was strong, and in this market, a basement and a garage are in serious demand.
The $130K keeper in Eastpointe was a three-bed, two-bath house, about 1,000 square feet, with a garage but no basement, already tenant-occupied at close to market rent. It was in a great area, within walking distance to houses Bogdan already owned, with real upside and almost nothing out of pocket to make it work.
Cheap and scary, mid and ugly, pricier and easy—all on one budget.
The One He Picked
Bogdan went with the $72,000 hoarder house in Warren.
It was off-market. The seller needed cash fast, and because Bogdan was willing to close as-is, Richi negotiated a steep discount on the way in.
Then came that final walkthrough: the burst pipes, the flood, and a fresh round of damage nobody had priced in. Bogdan did not flinch. He let Richi take the new problem back to the table and turn it into a second discount.
A worse house on paper turned into a better deal in practice.
What Actually Separates the Winners
Ask Bogdan’s team what makes him different, and the answer has nothing to do with finding deals. Richi says:
“Most investors approach real estate with the wrong expectations and mentality. They think just because you underwrite a deal and make it pencil, it all magically comes together, and you make a ton of money without backend effort
The reality is, identifying the deal is the easy part. Executing the deal is where the money is made. Good execution can turn a base hit into a double or a triple. Poor execution wipes you out of the game completely.
Buying real estate is more like buying a business than investing in a stock. The investors who treat it like the latter fail. The ones who treat it like the former hit financial freedom.”
Bogdan is the proof. He built the foundation first—a good agent and property manager—before he ever touched a heavy rehab. In year one, he hired and fired three to five property managers before he found one that fit and ran through twice as many contractors. He now runs the entire operations side of the business in-house from a different state and has quit his W-2 job to do real estate investing full-time.
The flooded house represented a guy who had already decided that the work after the contract was the actual job.
Final Thoughts
- Build a team before building a portfolio: Bogdan spent two to three months learning the market with his agent before buying anything. The relationship was the first asset on the books.
- Buy boring to learn: A turnkey with 15% down was the low-stakes classroom. He graduated to BRRRRs once he understood the market, not before.
- Underwriting is the easy part: The spread is made in execution, vendor management, and the willingness to renegotiate when a pipe bursts at the worst possible moment.
- Expect to fire people: Losing three to five PMs and a stack of contractors in year one is the cost of building a team that eventually runs without you.
Bogdan found his metro Detroit team through BiggerPockets. Richi Brown and Joe Hammel of the FIRE Realty Team are right here on the platform.
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