All Forum Posts by: Gerardo Dominguez

@Dominique Poindexter Go to the "Fileplace" section under the "Tools" tab on this site.  You should be able to find some purchase agreements there.  Go White Sox! lol

@Shahied Abdulbarr Welcome to BP!  Look around this site for "The Ultimate Beginner's Guide."  That's a great place to start.

@Rick Baggenstoss  I say no.  Anytime I see this argument pop up I immediately think of Kyosaki's definition of an asset/ liability from Rich Dad, Poor Dad.  An asset puts money in your pocket and a liability takes money out of your pocket.  Your primary residence (unless you're house-hacking) is NOT making you money.  More importantly, it is costing you money; repairs/ taxes/ etc.

@Kevin Kelly  I'll echo what everyone else said about checking your numbers in regards to expenses.  You definitely want to do that.  Additionally, you'll also need to confirm the rents.  Don't assume that you'll receive 'X' amount every month because the seller said so.  Make sure you take a look at the leases and find out how much the tenants pay, how long their lease is and how much is their security deposit.  I'm from Chicago and in my neck of the woods Security Deposits are a giant pain in the butt if you're a landlord.  Good luck!  and keep us posted!

@Cody Blackburn  Welcome to BP!  That is the exact opposite of creative financing lol  "Creative Financing" basically means funding a deal without a bank.  There are many ways to do this.  The link below is to the "Low or no money down investing" book by @Brandon Turner. If you don't feel like dropping $20 you could just type in the phrase "Creative Financing" into the search bar in the upper right hand corner of this screen. There are myriad articles on this topic. If you have enough money for the 20% down payment, I would strongly consider using the BRRRR strategy. Just make sure to keep exploring here on BP. There is soooo much free content on this site. Good luck on your first deal! and keep us posted!

http://get.biggerpockets.com/nomoneydown/?utm_sour...

I just wanted to give a quick shout out to @Brian Gibbons.  Recently, he was generous enough to have an in depth conversation regarding a deal I had in progress. This is in addition to all the free information he's given all of us on the BP forums and myriad videos on you tube and on his site. I have no doubt that he has forgotten more about creative financing than most of us will ever learn! He is absolutely an expert in his field. Thanks again Brian!

@Todd Aaron  Congratulations on your first property!  Make sure you read up on tenant screening before you rent to anyone.  A bad tenant can make any deal into a bad deal.  The link below is a great place to start but there's a bunch of information on this topic at BP.  Best of luck to you and keep us posted on your success!

https://www.biggerpockets.com/renewsblog/2013/01/27/tenant-screening/

@Account Closed  Great story!  Thanks for sharing :)

@Tracy Stingley  For whatever it's worth, you are NOT alone!  Not by a longshot.  I've only been doing this for about a year and I've made a ton of mistakes.  I've actually bonded with a bunch of other newbie investors as we exchange our horror stories/ mistakes. 

The way I look at it, we're developing a new skill.  Whenever you learn a new skill you tend to start a little rough.  Even if you're naturally talented you still have to devote a lot of time and effort to become truly great at something.  So treat your mistakes like badges of honor.  Because whatever your mistakes/ problems/ etc, they only happen to Real Estate Investors.  Which means you're already on the right track because you've gotten off the sidelines.  Best of luck to you!

@Alexandra Preziosi  Generally speaking, I agree with @Stephen Beaudoin. House hacking is, in my opinion, the best way to get started as a new investor. However, before you invest in anything, make sure you take the time to focus on educating yourself. Make sure you know your numbers, how to analyze a deal, etc. There's an obscene amount of info on this site so make sure to take advantage of it. Also, I would strongly recommend joining a local REIA so you can find local partners/ mentors that can help you implement whatever investing strategy you end up deciding is best for you. Good luck in your investing career!