All Forum Posts by: Gilbert Dominguez

If the numbers tell you there is not deal there there is not deal to be made that makes sense. Remember the numbers don't lie. You just cannot turn every frog into a prince , period. Leave it and move on to a real deal that will be beneficial to you rather than trying to ears on this one down so it looks like a bunny. It is a donkey and cannot be anything other than what it is. Walk away. 

I am typically all for supporting anyone who is hard working but when wholesalers try to convince a seller their house is worth $90K less than what is it really worth then I am all for lynching them in public and exposing them for the cons that they are. I would find out who they were and prosecute them to the full extent of the law if at all possible. 

If you budget around $30K you should be able to get most tear downs in and around Chicago. Sometimes its best if you just buy an empty lot but other times it may prove advantageous to do a remodel leaving the foundation and one wall up. Just depends but I am sure you will be able to work it all out based on what you want to do with a property. 

The landing seems fine to me. However the manner in which it attaches to the house makes it possible to be detached and fall over under certain conditions. I imagine the inspector meant for you to bring the support beams for the landing from inside the house framing meaning they should be attached from inside house and only stick out as being cantilevered 

Rahul, 

You are absolutely right, This is the Philosophy and strategy I recommend to most. If you have $1 you can do something but not much but if you group 100,000.00 people each with $1 dollar you can do allot more and in a much faster time. Group 100 people with $1,000.00 each and you can double and triple that money. The same 100 people with $10,000.00 each then have $1,000,000.00 with which you can leverage $75,000,000.00. By that time each investor may net 30 times their money . 30 X $10,000.00  x 100 = $30,000,000.00. If you had $10,000.00 of your own what can you do with it in 10 years? Now think if you group 100 people together each with only $10,000.00 can you do allot more with that in 10 years? I can guarantee you will be able to. 

They both sound like good deals. I would not over think it now that you are into the properties because they both seem to be cash flowing good just keep the ball rolling. 

Honestly, I do not see where you will lose more money than selling the property. I would keep it. Pay down the second if you can. If its in a good area in time it should appreciate more and coupled with your yearly pay down on the mortgage in time you should come out ahead. The tax write you are getting against the income from your better performing rentals plus the depreciation outweighs just being able to get into another property for the sake of it. I say keep it, pay down the second or pay it off. 

What can I say. I would say everyone can earn money through and with real estate but not everyone should actually manage their real estate deals. That should be left up to the pros but that leaves you with the need to know how to evaluate whether someone you are working with is a pro or not. Everyone can earn money through and with real estate but not everyone should try it. Its like investing in stocks but not managing the company yourself. However do not forget you do have to know how to properly evaluate those you will trust to manage your money. Take your time, get a feel for things, know more about what you are doing before you pull the trigger. 

Welcome Chris. 

Please feel comfortable in reaching out to me about investing in Chicago Real Estate.  I will be happy to give you my .02C

I think what you could do is set it up as a business with the property included. That would define your product better since it is not commercial property and also does not fit the standard single family home either. Offer it as a business using AIRbnb as a type of accommodation business.