All Forum Posts by: Gerardo Dominguez
Gerardo Dominguez has started 5 posts and replied 220 times.
Post: Mortage Owed, ARV?, Seller wants certification?.
- Real Estate Agent
- Chicago, IL
- Posts 238
- Votes 101
@Jessy Stanley This won't work as a wholesale because you're talking about a buy price that's way too close to market value. No investor would buy this from you when they could just as easily get something similar (and probably cheaper) by looking on the MLS. Offer to pay off their morgtage, pay closing costs, and give them $xxxx.xx in cash. I agree with @John P., offer the seller no more than 50K total. If the owner says no then he's not as motivated as you need him to be to do this as a wholesale. However, based on the amount of equity, you should be able to do something. Search around BP for more tips on creative financing; I'm thinking a sub2/ lease option combo would work here.
Post: Is it a lead
- Real Estate Agent
- Chicago, IL
- Posts 238
- Votes 101
Originally posted by @Edward Adekanbi:
I found a property that the owners have not paid taxes in two years 2013 and 2014... There's a lis pendens filed on property. Is this a lead and what should I do next?
It's a potential lead because it sounds like the owner should be motivated to sell. Next step would be to follow up. Make contact with the seller and confirm that he/she is actually willing to sell. More importantly, are they willing to sell at a good price point that would make this a deal worth your time? Good luck!
Post: The Art of owner Financing and Private Money Terms
- Real Estate Agent
- Chicago, IL
- Posts 238
- Votes 101
Wow! Thanks for the informative post @Mitch Stephen.
Post: Another "Quit My Job" Story
- Real Estate Agent
- Chicago, IL
- Posts 238
- Votes 101
@Daniel Inskeep Congratulations and Good Luck!
Post: Question for the Direct Mail Merge Mavens
- Real Estate Agent
- Chicago, IL
- Posts 238
- Votes 101
@Todd Plambeck Consider me officially impressed :)
Post: First timer
- Real Estate Agent
- Chicago, IL
- Posts 238
- Votes 101
Originally posted by @Cameron Enger:
1) should I still buy to rent? 2) should I buy to flip, even with it being in a flood plain? Comps are around $120,000 so I would be profitable based on numbers I plugged in. 3) to get creative financing doesn't it make sense to go to owner and ask them if I could rehab it, sell it for them, pay him his $50,000 he is asking for and 10% profits? Am I missing anything with this scenario?
Thanks all and I look forward to seeing the responses.
It sounds like you got a great deal so I would suggest going with whichever option gets you the biggest ROI. You'd prefer to keep it as a rental but if it's not making you good cashflow then what's the point? Also, make sure your numbers are correct for the flip option as well. For example, make sure your rehab costs are accurate; you've accounted for holding costs; determined how long you can afford to hold it; accurate ARV; etc
Would you mind posting your numbers. I'm not sure how you would only make $30/mo cashflow on a 50K property in Chicago. Is the rent that low in your area? or are the expenses that high? A little of column A, a little of column B lol
Good luck!
Post: Researching FSBOs to cold call for seller leads
- Real Estate Agent
- Chicago, IL
- Posts 238
- Votes 101
Originally posted by @Henry Moore:
Hi Guys,
I recently have added a VA to my REI business. I'm very new to working with VA's and also new to REI. Right now I have my VA cold calling ads from craigslist and other FSBO sites.
I wanted to know how should I filter which ads to call. I rather not have my VA waste time on calling every ad on the sites.
For craigslist I do a search. "-apartment -apartments -broker -realtor -realty" with 3 bedrooms. Is there anything else I should filter out or look for in the ads for my VA to call?
Any advice would be greatly appreciated.
I would suggest filtering by any language that screams "Distressed Seller". For example, "Motivated Seller", "Must Sell", "Need to sell fast!", etc.
Post: ListSource versus AgentPro247
- Real Estate Agent
- Chicago, IL
- Posts 238
- Votes 101
@Seth Williams I recently watched your youtube video about AgentPro247 but I noticed that you also have a more recent video tutorial on how to use listsource. Do you prefer listsource over Agent247 now?
I know this is an old thread but I've been digging around on BP to figure out what the best place to go for a list is. I ran across this thread and remembered your videos. Thanks for posting those on youtube by the way. Good stuff :)
ListSource...
AgentPro247
Post: My Direct Mail Campaign Results Have Been Atrocious
- Real Estate Agent
- Chicago, IL
- Posts 238
- Votes 101
Originally posted by @David S.:
I'm on my first round of mailers. did postcards to SFRs, and handwritten to small multis. The handwritten has about a 10% response rate so far. Postcards, only 1 response.
If you don't mind me asking, how many did you send out of each?
Post: Real Life of a Real Estate Investor
- Real Estate Agent
- Chicago, IL
- Posts 238
- Votes 101
Awesome thread @Wendell De Guzman!! Thank you so much for posting this, there's so much useful stuff in here. Now I'm off to read year 2!