Investing vs. Speculating with Dmitriy Fomichenko Pt.1

Apr 30, 2021

In this episode, we are going further with the discussion of the Self-Directed Retirement Account with Dmitriy Fomichenko. He is the founder and president of Sense Financial Services LLC, a boutique financial firm specializing in self-directed retirement accounts with checkbook control. He is very knowledgeable and experienced across the board in real estate, from self-directed IRA, solo-4O1K, single-family homes, to syndication in multifamily, and many more. 

 

Let’s jump right into this episode and learn more about his amazing experiences.

[00:01 - 09:30] Opening Segment

• Let’s bring Dmitriy Fomichenko to the show.
• Dmitriy talks about his background.
• • Immigrated from Rusia
  • He got a degree in electric mechanical engineer.
  • Got introduced and jumped to real estate investing in early 2000.
  • Recruited for a financial services company.
• He transitioned from working in the financial plan to full-time in real estate in 2004.
• In 2009 he was given a task to help his clients with self-directed IRA.
• Dmitriy shares how he branched out and started his own company in 2010.

 

[09:31 - 15:00] Biblically Based Financial Principles

• Dmitry shares his struggle and challenges working as a manufacturing engineer.
• Dmitriy talks about the perks of having an engineering background in the real estate industry.
• Looking back, everything happens for a reason.
• The idea behind his company is biblically-based.
• Dmitriy shares his testimony on applying biblical principles to his finances and investments.
• Good planning and hard work lead to prosperity, hasty speculation bring poverty.

 

[15:01 - 19:11] The Difference Between Investing and Speculating

• Dmitriy talks about the difference between investing and speculating.
• • Stock market vs. real estate 
• Dmitriy talks about the fluctuation of the mutual funds he has in the market.

Tweetable Quotes:

“Having an engineering background helps me develop processes and systems that I was able to implement in real estate.”- Dmitriy Fomichenko.

“The key is to learn from my mistake and other people’s mistakes, and do not repeat that.”- Dmitriy Fomichenko.

“Good planning and hard work lead to prosperity; hasty speculation bring poverty.”- Dmitriy Fomichenko.

 

You can connect with Dmitriy on Linkedin, or you can also visit his website at www.sensefinancial.com/ 

 

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Connect with Lorren Capital, LLC. for syndicated multifamily investments, https://lorrencapital.com/.

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