All Forum Posts by: Erik Dominguez

@Amy Aziz

That’s another dilemma, it being out of state on the east coast and is both mountain central makes that observation an issue. And being military we can’t just leave or travle because of COVID.

Hello,

Looking for some guidance on an opportunity I have. I have not done a wholesale or any type of real estate transaction yet as this possibly being the first I have hesitated to do any contract or any official movement forward. I’m not even sure if I have all the information I need, let alone the paperwork and process.

The owner and I are in the same state but the property is in a different state. He presented his rental property that he needs to be sold. He feel upon a bad situation and is going through a divorce. so I’m looking for a little assistance with the process and information on how hard is the process is on an out of state sell like this.

I have the home information. Also he has a renter under contract in it at the moment. he is also going to be sending me the mortgage info, the rental management company and the financials this evening.

Where to go from here 🤦🏻‍♂️

Good day,

     I have a question about building a good investors list as go to's for deal. When thinking wholesale and OPM, how troublesome or what are the issues when dealing with out of state investors. How many investors do most see or use out of state and are they privet or do most just deal with investment companies? And finally, what ae some examples of how you pitch deals, online email, a short presentation that shows the property and numbers, or is it just a phone call and talk through?

V/R  (Dom)

Erik G. Dominguez

All,

First off, thanks to all that have written in. I can't say enough of how appreciative I am of having real live replies with more of a human connection. To Mr. JD Guther, I appropriate the reminder and noted intricacies and multi-flavored approaches that there will be. With some of the articles and video clips I am reading and seeing fortifies the very many paths that could be used. I do appropriate the offered help and guidance, and I will most defiantly be reaching out to you if you are ok with consent "ankle bitter" questions that, well, for me, just don't click or are just not as translucent as they are to you.

As of right now I think I am going to hold off on the licensing portion which I have a few reasons for. Mainly being deployed till AUG doesn't fit the schedule not to mention even if it did I couldn’t be there to test. But for the main reason, the wife, her and I had another discussion last night. After months of here pressuring me to go DoD as GS once I retire (Which is the last thing I want, my life and time being managed without control) But, she’s opened up and talked about doing "flips" as a direction and is excited in that aspect. As for myself, I feel I should start with Foreclosure/Wholesales through investors and OPM is where I need and want to start. This thought still frustrates me of how we start. I am guessing I will have this till I have a few deals/investments under the belt. In the military we have a planning model I’m sure most have heard, range distance planning. You say set you your goals on meter marks, like a range. Right now I can see the 200 and 300 meter marks. It’s getting to the firing line and past the 50 and 100 that’s the slump.

I have ideas on building leads for a buyers/investors list. But not sure how it will come across.... As I have stated, I have family and friends in the profession in both residential and commercial. So here is the pitch. On the residential side I have many family and friends in California licensed and doing real estate. I see that as a possibility to generate some contacts/investors/home buyers if at all any. I also have a family member that is a CEO at CBRE in DC area that does a lot of commercial stuff and am sure he may be able to help me out. So, I'm thinking I should talk to him and see about maybe proposing some deals though him. I am not 100% sure on the legality or fees if any on either, but worth trying. I’m positive this could produce some momentum in finding investors/buyers if I produce the right deals with the right properties. Thoughts? Yes, I am sure I will get “careful working with family” spill...  But I will be sure to separate the two. Again, thank you all. I really enjoy the discussion and actually having an outlet to think out loud and get feedback of those thoughts from experience.

V/R (Dom)

Erik G. Dominguez 

      So this is my “I’m new here introduction” My name is Erik Dominguez and am a military service member currently deployed to Afghanistan and stationed out of Colorado Springs, CO. and quickly coming up on my retirement (late 2020). I am originally from Riverside CA. but am not planning on moving back to California since I have already purchased a house and love the Colorado area. I do not have any background or knowledge in real estate besides the few articles I have read here and there and of course the “Guru” limited information webinars/podcast/YouTubes. However, I do have lots of family and friends in the real estate profession. I have recently been more and more focused and interested in the benefits, process and deals that can be made in real estate and how it all works.

I see this as the best direction moving forward as my family and I leave military behind. My direction is after I get the process and footing under me, to work for myself and never have a boss again (besides the customer / tenant / investor or purchaser) eventually want to work with a great team and more so with friends and family to build each other. As far as personal real estate goals, I want to open my own LLC (Which in just the LLC I have a lot to learn) and have a broad portfolio with a few rental properties (commercial and resident) and produce some really great real estate deals. As far as the areas of real estate, I really am trying to figure that out. Right now I am getting ready to start the Colorado course requirement to get my license. I will start this May so I can test once I return from Afghanistan later this year. But, I see so many other avenues to go that don't require a license. Being so new I am trying to figure out what will best fit me and my personality. I have to be sure it will assist me to be the most successful first for myself but also to work with friends, and family on deals.

      I don’t have a great mentor that will show me the ropes and explain the process of things. I have talked to a few real estate agents in the Colorado Springs area but most contacts aren’t really knowledgeable or willing to take on a mentorship role or helping others. I myself am a hands on learner so the only way is to do it, either by watching or executing it through guidance and over watch. I have recently started reading up on wholesaling and Fix and Flip since that seems to be a faster route to getting hands on and making money without a license. I am still trying to figure out the actual no bull step by steps to starting with investors/OPM to produce some decent cash return on deals. I am still trying to crack the knowledge nut and learn the whole what I call the Find, Fix and Finish, i.e. Find the deals, Fix the contract, and Finish the deal with a buyer/seller. What forms and just the how it works. Again this is where a good mentor comes in. The other drawback at the moment is being deployed and having to wait till I redeploy to put action in motion. Thanks for reading. PROST!!!

V/R (Dom)

Erik G.  Dominguez