All Forum Posts by: Dominic Balconi

@Michael Boyer I can't believe I've never even thought of staggering lease renewals! What a great suggestion. I agree that M2M and leases both have their time and place.

Do you have your tenants renew on a monthly basis, or do you do leases? 

If you do leases, for how long? 3 months, 6 months, 12 months, 36 months? 

Why did you choose what you choose and have you considered changing?

Thanks everyone for the responses!

Peace, Love & Positivity.

Sincerely, Dominic Balconi,

Future BP Podcast Guest

@Eric Burch Hey Eric :) Do you sell certain properties in order to fund future construction, and if so, at what point? How many units are the properties you focus on?

I have definitely considered doing this myself, but will probably just immediately sell my first few deals to get access to capital to get into larger deals, or just more single-families simultaneously.

So, I'm 19 years old, hoping to get started investing in real estate in coastal South America, Ecuador to be specific, and the market is roughly 50% cheaper to build. I am planning on simply building homes as I have great contractors and architects already on my team, but am wondering if that's the best way to go.

Realistically I could put 70k into a single-family deal, and 6 months and then immediately sell for 120-150k.  I want to get into larger deals because my main goal is cashflow, which obviously isn't possible with this deal. Yes, I could just not sell the home, but I don't want to be investing in single-family residences for cashflow at all.

What other strategies would you recommend for a market where it is far cheaper to build than to buy???

Thank you so much, everyone, for your contributions to this forum post!

Peace, Love, & Positivity,

Sincerely, 

Dominic Balconi,

Future BP Podcast Guest

I see many landlords talking about why they do or don't use PM companies, and at what point them managing all of their properties themselves is no longer feasible.

So, my question to all of you beautiful people is as follows; how many properties can you reasonably manage yourself, and why is that your number? I assume everyone will have slightly different answers because of differing personal day-to-day operations, so please offer a little explanation along with your number.

For those of you full-time PM's out there who may or may not even own the properties that they manage, do you find that you can manage more properties than others?

Peace, Love, & Positivity to everyone who took their time to respond.

Sincerely, 

Dominic Balconi,

Future BP Podcast Guest

I would say if you tow them because they pay late, that must be some sort of legal or ethical violation. If the eviction process has already begun, and you have no plans of stopping it, then it is more acceptable. 

However, what do you think the tenant is going to pay for first? The late rent of the guy that got their car towed, or the fee to receive their towed car...?

Seems like adding another expense to someone who owes you money is a poor strategy to get your money back........

 I understand that. But, wouldn't you feel better if you could afford to buy 20 steaks, 5 for your family and give 15 to those in need?

@Joseph M. Ah, I should have clarified. I live on and off in Ecuador. I do mostly refinances, but only in NC and SC. I don't broker anything in Ecuador.

Regarding the lots, I'm strictly doing marketing and sales and getting a 3-5% commission on each. I'm doing this on the side at the moment, but if the numbers are right, I will make it a higher priority.

Yes, Ecuador is beautiful. There are mountains, beaches, rainforests, etc. It's the most ecologically bio-diverse country on the planet. 

This is the view from my private beach. 

This is the side view from my balcony.

You can live an upper-class lifestyle easily for under 10k a year, so it's no wonder so many people are flocking to it. Especially when it uses the USD.

I own 3 of Grant's "Don't Be A Little *****" wristbands... Highly recommend them to anyone who wants a consistent reminder to stop settling and to take massive action!

@Joe Scaparra Any reasons in particular why building even more generational wealth and economic freedom, or altruistic capacity is not one of your current goals? I assume it's simply that you're content with where you are.