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All Forum Posts by: QuoVadis Gates

QuoVadis Gates has started 9 posts and replied 30 times.

Originally posted by @Perry Leon:

Thanks @QuoVadis Gates, I'll definitely check out your analyzing template. Is there anything you read or researched from an analysis side that has really helped?

Yeah, BRRR has seemed attractive to me for exactly that reason; blending flipping and holding property.

Awesome, be in touch!

@Sarita Scherpereel Chicago to start more than likely, but keeping an eye on the California market.

I learned to analysis through the Wednesday Webinars that BP does.  

Learn to analysis deals, I've personally posted my updated analyzing template here to BP. Use that or BP calculators to see the numbers. The best strategy depends on the numbers and your personal situation. that's the best answer. 

But my personal answer is to BRRRR, it's a great blend of both Flipping and Buy and Hold. It also gives you opportunities to build great relationships with lender, brokers and contractors.


I've also relocated to Chicago from California I'm now a Broker, if you need anything just reach out.

- Quo

Post: OOS investing. What states outside CA are good to invest in?

QuoVadis GatesPosted
  • Investor
  • Chicago, IL
  • Posts 32
  • Votes 13

Chicago has a strong market and because it's a staple as one of the most important and populated cities in the country it's pretty trustworthy. 

I moved from LA to my childhood home of Chicago started a real estate business and I'd have to say it's one of the best decisions I've made. The rents are similar but property values in Chicago are more affordable then they were in LA. 

This place worked for me, good luck on your journey. I'm a Broker now, so If you're looking for deals here, just let me know.

- Quo

Post: The one thing you wish you did first?

QuoVadis GatesPosted
  • Investor
  • Chicago, IL
  • Posts 32
  • Votes 13

I wish I would have met with more Bankers and/or Loan Brokers and/or Real Estate Broker before proceeding with my first deal. My financing was set up by referral from the Real Estate agent I worked with. Everything went smoothly and I closed on a deal but months later I became a Broker and found out about so many grants that are offered by not just my state but also financing institutions that would have saved me at least the $12k I put up for all of my fees and light renovations. 

If anyone needs a Real Estate Broker in Chicago drop me a message,

- Quo 

Post: Should I become a house appraiser for education?

QuoVadis GatesPosted
  • Investor
  • Chicago, IL
  • Posts 32
  • Votes 13

1. To gain more knowledge on appraising and helping our business:

I'm assuming, based on the main thing we all discuss and learn here on BP which is real estate investing that your business will focus somewhere in investing which always leads to repairs.

For the knowledge I'd suggest connecting and maybe working as a painter or handyman, or just an intern/shadow for a General Contractor {they know how much things cost, they know how to negotiate, they know real estate.} Getting next to one of those guys and having them to groom you could lead to a prosperous path. 

2. To have a more flexible schedule and help grow the business

Learning and practicing real estate in whichever form you choose can potentially help "grow" your business. I'd suggest, decide EXACTLY what you want to do in real estate {ie. Broker Deals, Broker Loans, Invest, Contraction, ect.}. Once you decide the EXACT space you'd like to be in go direct, don't be indirect thinking that doing someone's job will help you thrive. You already shown that you're entrepreneurial, so go in that direction by friending a mentor who does what you'd like to do find areas on opportunity through your connection with them and capitalize on it. Bring deals and/or information that could benefit them, have these ideas on paper with great presentation to make good impression and to be taken seriously. Adding benefit is your way to getting in circles and rooms that you aren't currently in. {Tip: Appraisers typically have relations with Lenders not investors.} 

3. To make a better income

Not a question I can answer. Not sure of your income, but what I will say is that an "better income" is realitave. I drove Uber and saved for 3 years in order to qualify for my first property. My advice is if you have worked more then or are close to 2 years on your job then keep it, save and sacrifice where needed because 2 year work experience is typically needed to qualify for a mortgage. {Tip: you can get down payment assistance through grants and programs, set with a Mortgage or Real Estate Broker because they can point you in the right direction. Also, with most programs a family member or friend can give you a gift towards your down payment, which you can work to pay them back.}

4. I believe they do have access to the MLS. (I looked it up and I'm pretty sure they do get access). 

If access to the MLS is what you're after then it's pretty simple to become a real estate Broker. Its a quick class or home study then a 3 hour test. Once you pass you'll be hired the day of by a Sponsored Broker and have all the MLS access you want. Then you can Broker deals, work with homeowners, investors and most importantly because of your license you'll have something beneficial to others which will help to grow your business.

I'm an Investor and Broker in Chicago, it worked for me so those are my thoughts.

Best of Luck, If you need help in Illinois reach out. 

- Quo

Post: Analyzing Deal Calculator - Changes Made

QuoVadis GatesPosted
  • Investor
  • Chicago, IL
  • Posts 32
  • Votes 13

Changes made to see if deal is good or bad, so that I would be able to quickly look over deals I've analyzed once Corona is over and attack them quickly. 

= Deal # __________ Good Deal/ Bad Deal

  • Location: __________ 333- Message Me
  • Property Type: __________
  • Price: __________
          • Acquisition: __________
            • Loan: __________
            • Down Payment: (20%) - __________
            • Closing Cost – (3%) – __________


  • Due At Closing: __________
          • Rehab Estimate: __________
          • After Repair Value: __________
  • Equity: __________
    • Income:
      • Rent: __________
      • Washer/ Dryer: __________
      • Parking: __________
      • Storage: __________
  • Monthly Gross: __________
    • Expenses:
      • Mortgage: __________
      • Gas: __________
      • PMI: __________
      • Garbage: $20 {Times The Number Of Units}
      • Electricity: __________
      • Water & Sewer:$75 {Times The Number Of Units}
      • Taxes: __________ /12 = __________
      • Insurance {$100} /12 = $8.34

  • Monthly Expenses: __________
    • Expenses:
      • Vacancy {5-10%}- __________
      • Repairs and Maintenance {10%} - __________
      • Cap Ex - {Capital Expenditures} {8%} - ________
      • Management {10%} - __________

  • Operating Expenses: __________

{Optional}

    • Future Assumptions:
      • Annual Income Growth: {2%}
      • Annual PV Growth: {2%}
      • Annual Expenses Growth: {2%}
      • Sales Expenses: {9%}

Totals:

  • Monthly Income: __________
  • Monthly Expenses: __________
  • Monthly Cash Flow: _________
  • Annual Cash Flow: __________
  • Total Cash Needed: __________
  • Cash On Cash Return: _____

Monthly Cash Flow Total Including Operating Savings: __________

Year Total Including Operating Savings: __________

Option B, then 1031 it into something that cash flows. 

Option C, figure out if a roommate situation can work where you'll rent the rooms separately to two individuals to squeeze out some profit or even break even. 

Option D, if it's close to a hospital monthly rental to traveling nurses. If it's close to an airport contracts for flight attendants and pilots. If close to a college, tap into the college roommate market.

Hope these ideas help, good luck

- Quo - Investor - Broker {Chicago} 

Post: 22 year old in Cleveland getting started!

QuoVadis GatesPosted
  • Investor
  • Chicago, IL
  • Posts 32
  • Votes 13

Look now, analyze deals now, and get comfortable with your market it'll only work in your favor.

You'll be able to act where the opportunity is once you feel as though the time is right. 

And if you consider looking in the Chicago market, send me a message.

- Broker - Investor

- Quo

Post: New Deal Analysis Template

QuoVadis GatesPosted
  • Investor
  • Chicago, IL
  • Posts 32
  • Votes 13

This calculator is meant for the first loan in a Brrr deal with 20% down. 
Use where obvious, infer where you think, and ask all the questions you want, I'm here to help.

Posting this new one because I've made some edits to the old one.

The edits are:

- I've added monthly total including operating savings (to see full monthly cash flow. The same was done for yearly. 

- I've also added property type for obvious reasons.

= Deal # __________

  • Location: __________ 333- Message Me
  • Property Type: __________
  • Price: __________
    • Acquisition: __________
      • Loan: __________
      • Down Payment: (20%) - __________
      • Closing Cost – (3%) – __________

  • Due At Closing: __________
    • Rehab Estimate: __________
    • After Repair Value: __________
  • Equity: __________
    • Income:
      • Rent: __________
      • Washer/ Dryer: __________
      • Parking: __________
      • Storage: __________
  • Monthly Gross: __________
    • Expenses:
      • Mortgage: __________
      • Gas: __________
      • PMI: __________
      • Garbage: $20 {Times The Number Of Units}
      • Electricity: __________
      • Water & Sewer:$75 {Times The Number Of Units}
      • Taxes: __________ /12 = __________
      • Insurance {$100} /12 = $8.34
  • Monthly Expenses: __________

          • Expenses:

            • Vacancy {5-10%}- __________
            • Repairs and Maintenance {10%} - __________
            • Cap Ex - {Capital Expenditures} {8%} - ________
            • Management {10%} - __________
  • Operating Expenses: __________

{Optional}

    • Future Assumptions:
      • Annual Income Growth: {2%}
      • Annual PV Growth: {2%}
      • Annual Expenses Growth: {2%}
      • Sales Expenses: {9%}

Totals:

  • Monthly Income: __________
  • Monthly Expenses: __________
  • Monthly Cash Flow: _________
  • Annual Cash Flow: __________
  • Total Cash Needed: __________
  • Cash On Cash Return: _____

Monthly Cash Flow Total Including Operating Savings: __________

Year Total Including Operating Savings: __________

Post: What Would Be Your Famous Four Answers?

QuoVadis GatesPosted
  • Investor
  • Chicago, IL
  • Posts 32
  • Votes 13

For those of us who were introduced to Bigger Pockets through the Podcast being an expert guest is like a dream. It would be a full circle experience of us giving back to investor hopefuls the same way we learn and were inspired by those who gave to us. 

So let's practice our spill. Well, at least the end of it. Here are the final four questions, leave your answers below. 

I'll go first: 

1) What is your favorite real estate book? 

Rich Dad Poor Dad

2) What is your favorite business book, non-real estate?

The Richest Man In Babylon 

3) What are your hobbies?

Lifting Weights, Playing Basketball, Arts & Crafts With My Son

4) What do you think sets apart successful investors from those who give up, fail, or never even get started?

Those who Succeed consistently educate themselves and execute on the things they've learned.