All Forum Posts by: Gerardo Dominguez

@Joshua Numa  Welcome to BP!  Keep us posted on your progress.  Good luck on your investing and good luck w/ your Masters! 

@Robby B. How dare you call me an agent!? lol The MLS access alone is worth it in my opinion. I get to pull accurate comps and see way more information on a property than I can without the access. Also, I'm starting up a marketing campaign and being an agent gives me one more tool in the tool belt. If I find a motivated seller but can't quite make it work as an investment, I can always list it for them. I think it's helped it with my investing already. I can only imagine how valuable a tool it'll be once I actually know what I'm doing lol If you get your license just make sure you find an agency that works for you. If you're not interested in being a broker then look for an agency that'll let you invest. Otherwise, look for a brokerage that will actually train you on how to be a broker. Those 2 types of agencies seem to be mutually exclusive. Let me know if you end up getting it. Good luck!

@Tyler Brown All things being equal I think multi-families are a better investment than single family homes. The biggest pro, in my opinion, is that 1-4 unit multi-families open you up to using the BRRRR strategy. By doing that you'll lower your monthly living expenses and qualify for a lower interest rate and down payment; since it'll be considered a home purchase and not an investment in the eyes of the bank. A con would be that multifamilies are harder to unload should you decide you want to sell. SFR's are open to anybody. Multi-families are typically more appealing to investors than home owners. Keep us posted on your first investment. Good luck!!

@Jayson Hinkson Doing some quick and dirty math I think this is a good deal. However, I would caution you to save more for your reserves; CapEx, Vacancy, Repairs, etc. If your gross is $1800 and your planning to net $1200/ mo and assuming your mortgage comes out to ~485/mo, then it sounds like you're only putting away ~115/mo to your reserves. That's only ~6%/month.

I'm also assuming that no repairs are needed and you'll be self managing.  Either way, seems like you'll have a good margin if you get this at $120K.  Good luck!

@Robby B.  I actually just got my license about 2 weeks ago.  I personally think it's going to be a game changer.  Already, I've cut down my time finding comps considerably and I'm sure it'll get even faster once I'm more familiar with the tool.  Plus, as an investor, I'll be wanting to put in bids regularly.  Most brokers will get annoyed at you requesting comps and placing many bids with little or no payoff.  I no longer have to coordinate w/ a broker to see a property, I can just get the lock box code and go on my own.  Many benefits a few cons as well, as with anything else.  Unless you find a truly investor friendly broker I would suggest just getting your own license.

@Garvin Watson  Congratulations on your first deal!  Only you can say for sure if it's a good deal.  As long as you make cashflow then that's a "good" deal.  However, your "good" deal might seem like a complete waste of time to another investor; and vice versa.  With that being said, make sure you include some reserves for vacancy/ capex/ repairs when calculating your cashflow.  Hopefully this is the first of many deals for you  :)

@A.R. Coningsby  Unfortunately, each area is different so I can't tell you exactly where to go.  However, here in Chicago, lien and code violation info is considered public record.  I would look for liens at your county recorder's site.  Code violations are at a city level.  If you do some quick google searches I'm sure you'll find the sites.  Good luck!

@Markiece B. Welcome to BP! This is a great place to learn. I applaud you for taking the first step in investing in Real Estate Investing (REI) ; you're educating yourself! In addition to reading more I would strongly suggest you look around for REI meetups in your area. This way you can meet other investors in your area. Good luck!

@Devan Mcclish  You're killing it over there!  Congratulations!!

@Jonathan Johnson  I haven't had to do it yet (knock on wood) but if I ever get into that unfortunate position I absolutely would.  The tenant laws in my city (Chicago) heavily favor the tenant.  For example, I can evict a tenant, regardless of circumstances, during the winter months.  From what I've heard by talking to my property manager and other local investors I would expect to pay $500-$1000 in the cash for keys scenario.  Which sucks, obviously, but it pales in comparison to the costs of having to go through a formal eviction process.