All Forum Posts by: Gerardo Dominguez

@Brendan Moehn Welcome to BP!  Best of luck to you in your investing :)

@Martin Graf Welcome to BP! I'm glad to hear you're already taking advantage of all the content readily available here. If you haven't already, make sure to find a local REIA so you can start networking with local, like-minded, investors. Best of luck to you in your investing!

@Eric DeVito I was expecting this early on so I didn't really tell anyone what I was doing at first. I've only just recently start being more open about it. As expected, I've received a lot negativity and indifference. However, I've already build a pretty big network of other investors. This helps give me an outlet for talking about REI in a "safe space." Now I only talk about my investing career at a high level whenever someone asks "what's new?" If they ask for more info, I'll give them more detail. If not, I'll leave it at that. I'm confident all the naysayers will become very interested once I replace all of my earned income with passive income. I'm reminded of a Frank Sinatra quote; "The best revenge is HUGE success." I look forward to hearing more about your revenge! :)

I would echo what @Jay Dewberry said above and would also add that you should search for any outstanding liens / violations on the property.  Either way, it sounds like you got a lot of margin here so there's a good chance there's a deal here.  Best of luck to you @Andrew Smith; keep us posted!

@Justin Smith I've been slacking it in this regard so far. For the majority of 2016 I've used my personal checking account and CC for everything. However, for 2017 I'm going to change this. The past month or so I've already started using separate CC's and my business LLC checking account. When I do my 2017 taxes, I will be able to just look at my CC/ bank statements and know exactly what money went in and out that year for my rental property. In the future, I'm going to make my entity into a Serial-LLC and have a separate LLC/ checking account / CC for each property. I've never been a big fan of savings accounts. I honestly don't see the point. You get less than 1% here in Chicago. I'd rather save up my cashflow for a year before I actually take a draw from there; then I'll figure out how I can buy another rental.

@John Thedford Unfortunately, it's people like this that give wholesalers a bad name.  I've never understood why people operate like that.  You can only burn so many people before your reputation is burned and no one wants to work with you.

@Sean Riha  No risk, no reward.  Those are some valid risks you've listed but at some point you've got to pull the trigger.  If you don't ever buy a property you can't say you're a real estate investor.  The link below is to the BP tenant screening guide.  Hope this helps.  Good luck and keep us posted!

https://www.biggerpockets.com/forums/52/topics/82174-ultimate-guide-to-tenant-screening-and-renting-your-house

@Olivier Pare  Trust your numbers!  You might just be in a hot market right now where it's harder to find a good cash flowing property.  You can either wait it out or start looking to buy elsewhere.

@Jacob Pischer Yes they do. lol  It depends on the lender but it's not uncommon to find either or.  I would assume the same holds true in your market.  I would factor in monthly payments just to be cautious.

@Jacob Pischer  You should definitely include cost of money into your calculations.