Following years of hard work and unflagging dedication to developing his own business, Kevin Timochenko now enjoys a reputation as one of the most successful real estate developers in his region. Mr. Timochenko started out as a financially struggling college student who could only afford one textbook over the course of his college career. At the time, he worked numerous jobs to pay his tuition. While other students spent their weekends partying, Kevin Timochenko went to bed early, trying to get a bit of sleep before joining his father early each Sunday to deliver newspapers for a 10-hour shift.
When he left school, Kevin Timochenko tried selling copy machines and managing a car wash, but he could not stop thinking of Harry Helmsley’s words. Helmsley, one of New York’s most successful developers, had once written, “You can become rich by buying and selling real estate. You can only become wealthy by owning it.” Mr. Timochenko tried to follow this approach when he purchased a rowhouse in poor condition in Reading, Pennsylvania, for $9,000. After repairs, he sold the unit for $25,000.
With the money he earned from the sale combined with funds he had saved through his work for a company that sold defense minerals, Kevin Timochenko knew he could afford either a large house or an apartment complex. While his father and friends advised against the apartment complex, he thought only of the advice of Helmsley and purchased a 5-unit building for $65,000.
Not long after, Kevin Timochenko joined a New York company in a position for which he lacked qualifications. Upon his termination, he decided he was finished working for other people and launched his own venture. Over a 90-day period, Mr. Timochenko bought 7 apartment complexes. Two years later, he became interested in a 156-unit complex that the U.S. Department of Housing and Urban Development was selling. At first, he offered $2.2 million but after some complications, he changed his mind. The government took the building off the market and spent $1 million making repairs before auctioning the complex. This time Kevin Timochenko bought the real estate for $1.3 million, a significant drop in price, especially considering the property included repairs.
Today Kevin Timochenko’s company, the Metropolitan Management Group, focuses on large-scale projects, such as complexes with more than 100 units and the development of communities.