All Forum Posts by: Dan Gongora

Hi Brian Detlefsen welcome to BP. I'm an investor here in the Elgin area as well. I've worked with Zack Karp and Chris Davis and they are both very great sources! let me know if I can help in any way, maybe we can do something together.

Hi Aaron, Thanks for reaching out !

Good morning BP community, I'm a real estate investor starting out in the Chicago-land area. With a background in finance. I have a full time job in financing/accounting and currently focused in Elgin IL. I've had a two unit since 2014 and closing my 2nd two unit this month. I'm also studying for my real estate brokers license. I would love to help a real estate investor in the Chicago land area in sweat equity to acquire more skills. Please PM if interested. I look forward to hearing from you. Thanks

Hah makes sense. Thanks !

Hi BP community! I'm scheduled to close on my second 2-unit property but I know that some time in the future there are repairs/updates that I will have to make. For example: -The parking lot/driveway needs to be resurfaced -Water heater will need to be replaced -Pluming is currently galvanized which from what I understand will need to be replaced with copper -roof, etc Is there an insurance policy that I can get that will cover me for those maintenance/repair expenses that I foresee ? or is the only solution paying for those expenses out of pocket. I'm mostly concerned with resurfacing the lot and replacing my current plumbing to copper in the future Thanks!

Thank you for your help! This helps !

Good morning BP community, I'm currently investing in 2-4 unit properties but I'm quickly realizing that in order to be competitive in my market I have to be able to offer cash. My current strategy is house hacking with FHA. I was able to get my first property this way and closing soon on my second property with the house hacking strategy. However after listening to podcast 221 I realized I need to begin offering cash but I'm not sure how. I don't have an LLC yet, I don't feel like I have enough properties to warrant one. But I'm not opposed to an LLC if this will allow me to purchase properties faster My questions are: In order to offer cash Do investors get a personal line of credit in order to offer cash for some deals? Is this a good strategy? Is this strategy used? Or in order to offer cash do investors use an LLC in order to get a credit line and purchase properties cash that way? Basically, can you all share how strategies of how to offer cash/buy properties cash? Thanks! Hope to hear from you soon!

Hi John, Ya seems like it. I'll try to rely on my agent for the initial screening. Thanks for the advice !

Yes definitely, I'm attempting to screen properties by doing a preliminary analysis before I ask my agent to check them out.

Hi Jeff, What you're saying makes perfect sense. I can't imagine anyone accepting that low ball offer so I assumed I'm going about it wrong. The potential rent is 1,700 a month for both units but since I will be living in one of the units it's more like 900 maybe even 975. 900-975for the 2 beds 1 bath 800 for the 1 bed 1 bath my unit seems like the best way to go about this is maybe calculating an offer price in which one rent will cover the mortgage and I have to assume all the additional costs with the data to support that property will cash flow once I move out and rent it out.