All Forum Posts by: Erick Armando Gonzalez

Hi Jeffrey,

It sounds like you're in a great position with your rental portfolio and cash savings, and I admire your commitment to keeping your investments! Here are a few ideas to explore that might help you get closer to homeownership in San Diego without selling:

1. Cash-Out Refinance:
   Refinancing one or both of your El Centro properties could free up additional cash for a down payment without selling. Since your properties have significant equity and low interest rates, you could consider refinancing just enough to maintain strong cash flow.
2. House Hacking:
   Consider purchasing a duplex, triplex, or fourplex in San Diego. You could live in one unit and rent out the others to offset your mortgage, staying within your $4,500/month affordability limit. FHA loans may allow for lower down payments if the property will be owner-occupied.
3. Owner Financing or Creative Offers:
   Explore properties where sellers are open to owner financing or lease-to-own agreements. These options could provide flexibility with your upfront costs and monthly payments.
4. Expand Your Search Radius or Property Type:
   If you’re set on a single-family home, you might find more affordable options by expanding your search to nearby areas in San Diego County or by considering properties that need a little TLC.
5. Partnerships:
   Partnering with another investor or family member might be a way to pool resources for a purchase. With $100K in cash, you could leverage this option to make a larger down payment and keep monthly costs manageable.
6. Maximize Rental Income:
   Are there ways to increase rents on your current properties? Small upgrades or re-leasing to market rents could boost your cash flow and provide additional funds for your San Diego purchase.

If you'd like, I can connect you with a lender or help you explore potential properties in your preferred areas to see what’s realistic within your budget. Feel free to reach out if you’d like to chat further!

Best,
Erick Gonzalez

Hi George,

Great question! I’ve worked with a few tools for property intel, and while no service is 100% accurate, some options have stood out for specific use cases:

1. BatchLeads: They offer a solid skip-tracing tool with good accuracy and detailed reports. You can run one-off searches for phone numbers and email addresses, and they often have promos for new users.
2. Spokeo for Professionals: While not specifically real estate-focused, it’s a reliable option for finding contact info for individual property owners, especially for one-off searches.
3. Forewarn: This is great for verifying contact details and gives a bit more intel on leads. It’s especially useful for prospecting foreclosures or expired listings.
4. TruePeopleSearch (Free): If you’re working on a budget, this is a surprisingly helpful resource for quick lookups.

That said, any platform can work if you use it consistently—it’s all about staying persistent. Real estate prospecting is a numbers game, so the key is to keep reaching out, tracking your progress, and refining your process along the way.

Let me know if you’d like to brainstorm more ideas or chat about prospecting strategies!

Best,
Erick Gonzalez

kudos to you for pursuing a real estate career despite the challenges you're facing—it's a great step toward your goal of investing in properties and flipping them. It’s true that not being able to drive can make things a bit more complex, but you can definitely find ways around it.

Using rideshare or public transportation is a viable option, especially in areas with good transit systems. Some clients might not mind meeting you at properties, or you could offer them the choice to either drive themselves or join you in a rideshare, like you mentioned. Being upfront with clients and highlighting your strengths—like your market knowledge and dedication—can help minimize the impact of transportation issues.

If you're concerned about the costs, maybe focus on building a client base close to home, where transportation won't be as big of an issue. You could also partner with another agent who can drive, splitting commissions in exchange for helping with the logistics.

On the job front, networking is key. Connect with others in the real estate community—whether it's through social media, forums, or local meetups—to find opportunities. Some brokerages might even offer support or mentorship programs that could help you get started.

Keep pushing forward—your goals are within reach!

Best of luck,
Erick

Hi Freddy,

Welcome to the community! I can totally relate—I’m also a bartender, working towards financial freedom while living in San Diego.

House hacking could be a solid strategy for you, especially as a first-time homebuyer. With your saved capital and no major obligations like high rent, you’re in a good position to make a smart move. If you can find a house or duplex where rental income covers a significant portion of the mortgage, it could help you build equity while minimizing your living expenses.

I'd recommend looking into first-time homebuyer programs in your area, and as always, make sure the numbers work for you. Managing tenants comes with its own challenges, but it's definitely a viable option to get started in real estate.

Wishing you the best on your journey, and feel free to reach out if you ever want to chat more about it!

Best,
Erick
(San Diego)

It’s definitely not too late to start investing in real estate at 63! Real estate can be a great way to diversify your portfolio, create cash flow, and build wealth that you can pass on to your kids. Given your interest in rental units, that could be a solid option, especially if you're focused on long-term wealth building and creating a steady income stream.

Here are a few things to consider:

1. Financing: With some cash on hand, you might be able to make a down payment on a rental property. Look into loans that cater to investors, and consider speaking with a financial advisor about leveraging your stock investments.
2. Property Type: Single-family homes or small multifamily units (like duplexes or triplexes) are often a good starting point for first-time real estate investors. They can provide steady rental income and tend to be easier to manage than larger complexes.
3. Management: Since real estate investing can require hands-on management, think about whether you want to manage the property yourself or hire a property management company. This decision can impact your time commitment and the overall profitability of your investment.
4. Location: Focus on areas with strong rental demand, population growth, and good job markets. Do your research to find places where you can get a good return on your investment.
5. Legacy Planning: If passing on your investment to your kids is important, consider how you can structure your investments to make that process easier, whether through trusts, wills, or other estate planning tools.

With the right strategy, you can absolutely build a successful real estate portfolio at this stage of your life.

I came across your post and was curious to see if you've had any luck with skip tracing since then. Your approach of doing the footwork and talking to neighbors is solid, but I know it can be time-consuming.

Have you found any additional resources for skip tracing that have worked well for you? I've heard about services like BatchSkipTracing, PropStream, and Skip Genie that others have had success with, but I'd love to hear what you've discovered.

Also, how's the St. Louis/Metro St. Louis market treating you? Have you been able to connect with other wholesalers or investors in the area? I'm working my way into wholesaling/investing as well and would be interested in linking up to exchange insights and see how we can help each other grow. Let me know if you're open to connecting!

Looking forward to hearing more about your progress!

Hi Callie,

Congrats on purchasing your second home and transitioning your primary into a rental! It's completely normal to feel overwhelmed during this process, but I’m here to help guide you through it.

1. Inspection: While not always required, it's highly recommended to get a home inspection before renting. This ensures that your property is safe and up to code. It can also help identify any potential issues that you might want to fix before a tenant moves in, which can save you time and money down the road.

2. Lease Agreement: When it comes to lease agreements, using a solid, state-specific template is key. You can find reliable lease agreement templates through legal platforms like Rocket Lawyer or LawDepot. Since you have a pool and fireplace, it’s essential to include specific clauses addressing the use, maintenance, and liability related to those amenities to protect yourself legally. You may want to consult a real estate attorney to ensure your lease covers all necessary details.

3. Tenant Screening: Screening tenants is critical to ensure you’re getting responsible renters. You’ll want to check their credit, rental history, and criminal background. Platforms like Zillow, Avail, and TurboTenant offer tenant screening services that can streamline this process for you.

4. Photos: Yes, taking photos of everything before your tenants move in is a smart move. Thorough documentation helps if there are any disputes about damages at the end of the lease. It’s best to take clear photos of all rooms, appliances, and any amenities, as well as any existing wear and tear.

5. Checklist: Here’s a quick checklist to get you started:

• Get a home inspection (optional but recommended)
• Fix any outstanding repairs or issues
• Create or customize your lease agreement (covering pool/fireplace)
• Set up tenant screening processes
• Take detailed photos of the property
• Secure proper insurance (consider rental-specific policies)
• Establish a move-in/move-out inspection process
• Clarify utility responsibilities in the lease
• Consider a property manager if you prefer hands-off management

Don’t worry, you're on the right track by doing your due diligence. If you need further assistance or want to discuss property management services, feel free to reach out. I’m here to help!

Best regards,

Erick Gonzalez

Hello Stephen,

Welcome to the BiggerPockets community! It’s great to see you transitioning from the TV and Film industry into real estate investing. Your experience in managing investments and projects, like your mid-term rental in ABQ and the condo development in Mexico, will surely give you a solid foundation as you delve deeper into real estate with a focus on cash flow.

If you ever want to chat about strategies or need advice on your next steps, feel free to reach out. I’d be happy to share insights or learn from your experiences as well.

Best of luck with your investments, and I look forward to seeing your progress!

Best regards,
Erick

Hey Jake,

It sounds like you have a solid property with good rental income and are exploring different exit strategies. Both a DSCR loan and a HELOC have their pros and cons, so it's great that you're weighing your options carefully.

@Bill J Fay Can be of help!?

We use ZILLOW Rental Manager, Tenant screening reports are free for landlords. Renters pay a $35 tenant screening (which includes Income & Asset Verification and Background check) and application fee, which allows them to apply to your listing and an unlimited number of participating rentals for 30 days.