All Forum Posts by: Gilbert Dominguez

I do not know about your state but in California if you let someone stay in your place long enough for them to establish residence, receive their mail, or order services in their name like cable TV etc. then you have to give them a 30 day notice but not much else. 

Also file a regular eviction and let the sherriff take care of getting them out if they are not cooperating but you cannot simply kick them out on the street at will. In my case before everything was said and done It cost me a little over $1,000.00, a mistake I will not make again.

The new 20% deduction is for Opportunity Zoned areas only. For example cities like Detroit are categorized as Opportunity Zones, You need to check with your state to identify those areas that qualify.

If you have been told you do not qualify it probably means you are working in an area that is not categorized as an, "Opportunity Zone".

First you have to earn money, pay taxes on that money, then use the balance to reinvest in an Opportunity Zone, and the money you earn on those Opportunity Zone located  projects will be tax free for up to 10 years, no telling what will be the result of that program after the 10 years are up, probably be discontinued in my opinion. 

Me I am moving my entire operation to Puerto Rico because like Detorit all of Puerto Rico is an Opportunity zone so if you operate out of Puerto Rico then your money is earned in Puerto Rico by investing in a company located there but your investments can really be anywhere. It all depends on where you are managing and operating out of . I invest in a Puerto Rico Company and pay a far reduced tax there like 4% but I invest in an LLC there with a management that make the investment decision and they can chose to invest in a New York Property. The LLC pays taxes of 4% and I personally pay taxes of something like 7%. However since this is a legal matter you would do best to consult with a knowledgeable attorney. I have not made the move but so far this is what on attorney has told me. I will need to verify it of course, could be its all wrong . Its a new law and policy so I am sure much is yet to come out of correctly interpreting the new tax law.

They say there is a sucker born every minute so there should be plenty of them in your area, will you help us find them and get them to commit to doing business with us and by the way we will just keep it our secret that we are looking into the possiblity you might be one of those as well, wink, wink :), but by working with us you just might prove you are smarter than the rest, how about it? hehehehehehehehehe

You pretty much need to rely on your common sense. Think of the pro and cons. Real estate management comes at a cost so do not expect things will remain servicalbe forever. 

Being a Mr. Scruge is not th only way to build a long term profitable business.

Here is one hidden opportunity you should consider. Any perdon using a property to conduct illicit drug activity can cause the owner to lose that property to authority actions, meaning a police enforcement and court action. Do you want to risk being shut down or losing your property?

You may care about the rents but athorities care about law enforcement and their concerns will take precedent over your concerns, think about that.

I do not think you will be able to find an effective calculator since every single area and every single project is unique. The best bet is to get local contractors to provide you with reliable quote and getting a local General Building Contractor to work with you in one of the best things you can do and add them to your team. There are times of the year contractors are busy so they do not have much time to go around providing people with cost estimates this is why you need to get one on your team so they  are more accessible to you. 

Maybe until you can get a contractor or some contractors on your team you may have to pay to have estimates provided to you. 

You might think of going down to your local building department and having some discussions with them regarding costs. Many building inspectors work on the side providing services to builders and/or investors.

One of the best 9-5 jobs you can have that is real estate related is to work for or become a civil engineer. Many real estate projects required structural engineering calcs and drawings tand you can even collect your fees up front and do this from home while also investing in real estate projects of your own and managing that while always being able to earn money from providing structural engineering services.

reaklly if you become a licensed civil engineer you can work from anywhere and get to choose your own hours while earning relatively big money you can then use to buy up real estate properties wherever you choose.

I always warm buyers whether they are buying a primary residence of are an investor to learn the laws around any particular municipality because it was the very firse lesson I had to learn and ouch !! what you do not know can and will hurt you. I did not know enouch to check up on if the seller had to disclose things to me but after being billed and threatened with foreclouses on properties due to un paid bills I had  no awareness of, I learned to be sure of all the local laws regarding homeownership in every single municipality. This is just on such example of what may be waiting for you if you are not aware.

I mean if you had effective govenment then they could easily pass a law that centain facts have to be disclosed like it or not and that disclose must be on every single real estate sale and puchase contract so as a result of this failure we have to effect and attitude of buyer beware, 100% of the time. Believe things like the subject of this post are not usually a part of what any buyer is thinking and perhaps even many sellers and as pointed out not even agents are aware, sometimes. 

It has been pointed out that even when a broker is aware they may chose to play the odds against this particular discloser requirement failure coming back to bite them. Bigger Pockets People, do not forget these lessons !!!

My first experience with this sort of thing almost resulted in me deciding to forget about being a real estate investor, I was flabergasted !!!!, but fortunately I stuck it out, learned enough, and here I am 30 years later still going strong. I mean for the first time in my life I actually wondered if this could actually happen in America, and the answer is yes it can, and it does and in more places than I care to admit. The system needs an awful lot of improvement but it is what it is and what we have to work with. If you end up on the wrong side of these things do not think a Judge in going to be simpathetic towards you. The case heard by the Judge right before mine was that of a group of people who had bought their very first church after years and years of saving, but it made no difference to the Judge and he ruled against them all the same.

What you can cah flow also depends on the market you are in Some single family homes can rent for up to $5,000.00/mo where as you would be very hard put to find an apartment that rents for that much if it does not cost you millions of dollars. Anyway as said it all depends and from what you state I do not think that is your price point. However, I have found fixer upper multi family buildings that can be picked up for a song and a dance with less that $40K in repair and rehab work that will rent per unit as much as a SFH in the area so again it depends.

SFH usually will have more useable outside space and offer more privacy for which many people are willing to pay more for.

The options provided to you by others are all possibilities except if you have bad credit. If you can get any financing at all but have bad credit you will either have to pay a lot for it or forget it. Sadly many peiople fall into this trap buying fixer uppers but you may still find another investor partner who might be willing to work with you in this case. The next thing to having cash is having good credit so work on that if you feel it would benefit you. In my opinion it will help a lot. I am not saying this is the case but if it is do not give up there is always more than one way to skin a cat.