All Forum Posts by: Abe Gonzales

Hello @Samir Pathak,

Welcome to BP! You'll find tons of information in here that will provide and support your knowledge acquisition enough to get you to identify what your needed next steps would be. You could search keywords you needed information way back 7 years and filter those that only applies to you all the way to today's time and relevance.

While you are in your knowledge acquisition phase at this time, attending and participating in the forum, and seeing and talking with fellow BPers in real time, you probably be plotting your next step. I suppose your next step, just like what most BPers do here who are serious in REIs, would be to start directly connecting with the movers and shakers in the local industry who, mostly belonged to or are members of the BP. They are the Hard Money Lenders, Co-Investors, CPAs, RE Realtors/Brokers, Listing Agents, Insurance Brokers/Agents, RE Attorneys, Contractors, Title Company. You can scribble your many steps and ask what would it take to get to the next step. As you go into your steps, your goal changes or it may remain the same. Once you achieved the first goal, please do let us know or send notes here in the forum so that we may learn from your steps. Each and everyone here learned from one another and had shared their unique goals and accomplishments. Should you have any questions, or you are overwhelmed by the tremendous support, or just want to make things simple, feel free to connect and someone will jump in to get and provide answers.

Hello @Vincent Van, Welcome Aboard! There are plenty to learn, to connect with, and to do business with. The network support is tremendous. How you decide who to trust different turnkey providers depends in what honesty means to you and what outcome you are hoping for. Plenty from out of state turnkey providers who are BPers would be glad to show you around. Let us know your success story.

Yes, having an RE salesperson or broker license with the intent to embark into similar real estate investment provide an invitation to a conflict of interest and ethical questions but not illegal questions. You may research cases involving conflict of interest and ethical questions. Conflict of interest and ethics questions always rises during proper civil litigation in any professional and non-professional activities. The outcome, however, may or may not be proportional to cure damage. It is also important to carry liability insurance for any untoward or unforeseen risks. Likewise, licensed RE salespersons are legally bound by a State to take their clients' interest over personal interest. Failure to do so can place licensed RE salesperson in legal cloud over ethical questions. It is a simple statement but powerful in ramifications, as in John Doe vs The of People of the State of _________.

On a totally tangent case....

A case involving an innocent software engineer who by employment developed a code for a sizable payload digital controller for projectile. This projectile was fired, coordinated by laser. This projectile exploded killing hundreds of innocent civilians, and damages several properties. An investigation revealed that the application of math without understanding how this extrapolated in the control system, significant errors were produced, that these errors were received and transmitted to the trigger creating an early explosion before reaching target. Series of events and characters were investigated, from design, planning, engineering, testing, delivery, to the truck driver, to the fuel operator, to the artillery man. It went back to the software engineer, who without malice, being innocent, having applied all his knowledge to be true, applied it, by simple error in the application of and understanding a mathematical theory, was liable.

@Jay Bhatt Welcome to BP!

@Nick Garzini

Welcome to BP. Learn as much as you can and take action when you are ready.

Hi @Ariel G.,

Your main goal is to generate positive cash flows based from buy and hold. Here's suggestions as you already mentioned but more organized:

1. Generate or make your plan of action in the form of an excel spreadsheet. Type in your title of a task or project, type in your headings, sub headings, and sections, and subsections on the first column. On the second column, type in your task or description, the third column will be your start date, the 4th column will be your projected completion date, the 5th column will be your hours spent on each task, the 6th column will be your cost. On a separate sheet of paper, draw a network diagram. Your objective to draw your network diagram is to locate, calculate your critical mass or critical point. The importance of your calculated critical mass or critical point is that your are able to focus on a task ahead of other task that will make use of resources (time, knowledge acquisition, money) the optimum and most efficient way.

2. Learn/study what to look for in a property (need to know some construction terms, types or description, functions), documents required, learn what to look for in a title, learn how to do the math, zoning classification, permitting process, seeking financing, property assessment,  Remember, you are in a tight bind, but you should seek help with a general contractor, CPA/Attorney, real estate broker and others when you have specific questions. Assign these tasks in your excel spreadsheet including its costs.

3. Locate houses for sale from local or online listings. These inquiries can also extend up to talking to patients as part of a conversation. Know from a friend or a friend's friend who may be able to help you locate properties. Once you identified, then apply what you learned.

4. Added values. Replace the cost of a realtor or broker, or insurance agent, or contractor, or other professionals if you manage to secure a signed contract with a friend's friend, then put a minus sign on the 6th column of your spreadsheet. Formula: (net investment) x (actual investment return - % capital cost)

5. Based form your calculated critical mass or critical point, you are now able to answer the question, which task is giving you the most return the most optimal way.

6. This exercise is also valid when you see two or more properties and assign them the timeline or projection based in your own math, comparison of two or more properties, which properties will provide the optimal cash-flow.

For major renovation, as in rehab activities for residential, commercial, and industrial property, any upgrades to electrical systems must be within the supervision of a State Licensed Electrical Engineer. The Licensed Electrical Engineer will submit new Electrical and Circuit Drawings (Electrical Circuit Design), Load Calculations, Bill of Materials (BOM), and other required pertinent documentation specific to State Building Codes, in addition to environmental, fire, and hazard documentation and compliance reports within NEC, NFPA, and NEMA codes for permitting. Minor repairs, replacement, and retrofit can be done by a State Licensed Electrician.