All Forum Posts by: Gerardo Dominguez

Posting this link for future reference.  Save yourself the sales pitch just go to straight to the site below to see what they're selling.  I've chosen not to purchase this system.  However, I'd love to hear from anyone who has it.  Good luck in your investing either way!

https://new.connectedinvestors.com/order-rert

I just sat through the webinar/sales pitch.  I thought it was BS about 5 minutes into it but I couldn't resist lol. All these gurus use damn near the same pitch every time. 

@Tanya Allen  A manufactured home is any home that's built offsite.  They're more commonly known as "mobile" homes.

Thank you everyone for the responses.  You guys are awesome!  One more question.   Are there fines associated with violations? When the city issues a violation do you have to pay a fine, or just fix the issue itself? 

I have a property under contract but it has some open violations; see pic below.  How do I determine the costs associated with these violations?  I've been looking around online but I seem to be going in circles.  Any help would be appreciated.  Thanks!

 Not sure if you already know this or not but it has to be a self directed 401K in order to do this.  If I'm not mistaken, a workplace 401k plan can't be used in this way.  Maybe they can take out a loan from their plan if they can't roll it over?  Good luck either way though.  Sounds like you got some private lenders.

@Shabyna Stillman What about a JV with the owner? Explain to him how you arrived at your offer. Using the math below, your offer makes sense; his does not. From there, explain to him how much profit your expecting on this deal. He provides the property, you do all the work, you both split the profit? Win, Win. Or maybe you can work with an expert in the area to buy it is a short sale from the owner? Either way, make sure he understands that you're his lifeline. Without your help he will likely face a foreclosure. You may not be able to give him the amount he wants but whatever he gets from you will be a hell of a whole lot better than being foreclosed on.

1. (ARV * 70%) - Est. Rehab Cost = MAO --> $59K - $69K

@John Cannon  I think getting educated is absolutely the best first step.  Kudos to you for recognizing that need and welcome aboard to Bigger Pockets.  As far as what to do once you find a motivated seller, that depends on what your strategy is.  Are you looking to flip?  Buy and Hold?  Wholesale?  Lease Option?  All of the above?  Once you figure that out, that will help determine what you should do next.  After all, different strategies will require different actions.  Run the numbers and figure out what makes the most sense for you.  Also, I would strongly recommend finding a mentor.  He/She can help you fill in the gaps.  Good luck!