All Forum Posts by: Erick Armando 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.

Good morning!

Getting started with virtual wholesaling can be a lucrative way to break into real estate investing without needing to be physically present in the market you're targeting. Here are some tips and suggestions to help you get started:

1. Research the Best Markets

• Focus on High-Demand Areas: Look for markets with strong investor activity, population growth, and job opportunities. Areas with a healthy balance of supply and demand will have more motivated sellers and active buyers.
• Consider Price Points: Target markets where homes are priced in the sweet spot for investors, often between $100k and $300k. This range tends to attract both flippers and buy-and-hold investors.
• Rental Market Health: A strong rental market can also be a good indicator of investor interest, especially if you're targeting buy-and-hold investors.
• Research Local Regulations: Make sure to understand the wholesaling laws in any market you’re considering. Some states have restrictions on wholesaling, and you’ll want to ensure compliance.

2. Build a Strong Virtual Team

• Local Boots on the Ground: Having someone local who can handle property inspections, meet sellers, or take photos is essential. You can hire a local real estate agent, contractor, or even a fellow wholesaler.
• Virtual Assistants: Consider hiring virtual assistants to handle administrative tasks like data entry, lead generation, and follow-up calls. This can free up your time to focus on high-level tasks like negotiating deals and building your buyer list.
• Title Companies/Attorneys: Find investor-friendly title companies or real estate attorneys in your target markets. They can help you navigate closings and ensure a smooth transaction.

3. Leverage Technology

• CRM Tools: Use CRM software to manage your leads and track communication with sellers and buyers. This will keep you organized and help you scale your operations.
• Virtual Marketing: Utilize tools like direct mail, cold calling, SMS marketing, and social media ads to generate leads. Platforms like PropStream, REI Reply, and DealMachine can help with property data and lead generation.
• Digital Contracts and E-signatures: Make use of digital contract platforms like DocuSign or Dotloop to handle agreements virtually without needing to meet in person.

4. Build Your Buyer’s List

• Network with Local Investors: Join online real estate groups, forums, and local real estate investing associations (REIAs) to find investors in your target markets. Social media platforms like Facebook and LinkedIn are also great places to network with buyers.
• Ask for Referrals: Don’t be afraid to ask existing buyers for referrals to other investors. Building strong relationships can lead to repeat business and introductions to new potential buyers.
• Understand Your Buyers’ Criteria: Make sure you know what types of deals your buyers are looking for, including property types, price ranges, and preferred locations. This will help you focus your marketing efforts.

5. Pros and Cons of Virtual Wholesaling

Pros:

• Access to multiple markets, allowing for diversification.
• Lower overhead costs since you don’t need a physical office or to travel as much.
• The ability to scale your business quickly using online tools and resources.

Cons:

• Lack of physical presence can make it harder to build rapport with sellers.
• Managing a virtual team and ensuring smooth communication can be challenging.
• Legal and logistical differences across markets may complicate transactions.

6. Start with One Market

• Begin by focusing on one market to gain experience before expanding. Mastering the process in one area will help you build confidence and create systems that you can replicate in other markets later on.

Starting virtual wholesaling can be a game-changer if done right. Focus on building strong systems, leveraging technology, and networking with the right people, and you’ll be off to a strong start. Good luck!

Requiring all occupants aged 18 and older to fill out an application serves as a way to further vet the individuals who will be residing in your property, even if they aren't directly responsible for paying rent. Here are some pros and cons:

Pros:

1. Safety and Security: Requiring background checks for all adult occupants helps ensure that everyone living on your property has been screened for potential risks, such as criminal history. This can protect your property and other tenants from potential harm.
2. Tenant Accountability: Even if someone isn't on the lease, they can still impact your property (e.g., damages, noise complaints). By vetting all adult occupants, you can have a clearer picture of who is living in your property and establish a sense of responsibility.
3. Compliance and Transparency: Having everyone fill out an application ensures compliance with housing regulations and avoids any legal gray areas. If all adults are screened, you can avoid potential legal issues down the road, especially in cases where one occupant engages in illegal activities or violates lease terms.
4. Financial Stability: Screening all adult occupants also allows you to assess the household's overall financial situation. Even if only one person is responsible for paying rent, knowing that other occupants aren't financially strained can reduce the risk of rent defaults.

Cons:

1. Potential Tenant Pushback: Some applicants may view this requirement as invasive, especially if they believe that non-paying occupants should not be subjected to the same level of scrutiny as the primary leaseholder. This could lead to friction during the application process or deter some potential tenants.
2. Increased Administrative Work: Requiring multiple applications per household increases your workload, as you'll need to process more information, run additional background checks, and review more documents. It can also increase the time it takes to approve or deny an application.
3. Application Costs: Requiring all adult occupants to apply can increase the application costs, which may be seen as an additional financial burden on the prospective tenants. This might reduce the pool of interested renters, especially for families with adult children or multiple adults sharing a residence.

In summary, requiring all occupants aged 18+ to fill out an application allows you to vet the entire household and mitigate risks, but it could also complicate the application process and cause pushback. Balancing safety and practicality is key.