All Forum Posts by: Sherwin Gonzales

Sherwin Gonzales has started 14 posts and replied 225 times.

@Brad Fry welcome to BP! I think you're off to a great start with listening to podcasts. I agree with @Josh Rodriguez advice of reading Brandon Turner's book and also love The Real Estate Guys podcast. Have you checked out REI videos on youtube? I personally like Ben Mallah and Grant Cardone, tho Cardone can be too much for some people.

Just be careful not to fall into Analysis Paralysis!

Networking with like minded investors is also a great way to get your feet wet. Check meetup.com for local REI meetups in your area. Just taking that action alone and getting out there will lead you to your first deal. @Josh Rodriguez, do you attend any good meetups in the Bay Area?

Good luck on your journey!

1 Vote

@Jeremiah Akindele so sorry to hear you had to go thru this and unfortunately, this isn't the first time I've heard about this kind of thing. They sell you on free REI advice that will make you millions, so you pay a fee to attend, then they ask you for more if you want to learn more. Yikes!

Too bad you're not in the Bay Area. You could come on ride alongs with me and my team on our properties for FREE and probably learn much more than at these workshops.

Learn by doing! Good luck to you!

0 Votes

@Duc Ong glad to see there are multifamily meetups back home! Is there a meetup group or somewhere we can sign up to be notified of future meetups so that I can plan to attend next time I'm back home? Thanks in advance!

0 Votes

Thank you for sharing @Bekkah Vidal! What an excellent resource and very user friendly too! I'll be sure to DM you if there other REI terms I come across that may be worth noting. Cheers!

0 Votes

Great post @Katie Miller! See my response below....

What do you want to do with your real estate business this year?
I want to help at least 100 fellow investors and team up to invest on at least 10 million dollars worth of multifamily properties before the end of 2020.

Why?
I want to help others not only realize their goals of financial freedom, but more importantly help build their wealth so that we can all spend more time on what's important to us, whether that be family, friends, or other things.

What are you going to do this year to move toward financial freedom?
Network with investors at meetups or online and learn about their goals. Make offers. Close deals. Repeat.

Why?
Family.
Whether you have kids or not, single or married, young or old, highly successful or just starting out your career, we can all relate to wanting to be the architect of our life and discover a way to make money passively and build our wealth, to free up our time to live the lifestyle we want on our own terms.

0 Votes

I think you can be has handy as you want to be. That's the beauty of real estate investing in that you have control of your own time. You can choose when you want to work, where you want to work, and whom you want to work with.

I, personally, am not a very handy person and am best suited using my architectural background to manage contractors, specify finishes, design, etc. I do from time to time go to home depot to lug materials to my properties or do some manual landscaping here and there to put in my "sweat equity." Sure I can hire someone to do all those things since my time is valuable, but I choose to do that.

As you mentioned, it depends on your investing goals. But if one day you're tired of looking at spreadsheets and analyzing deals, then go out into the field and swing a hammer! Real estate investing allows you to be the architect of your life!

Good luck to you and I hope this helps!

Originally posted by @Ezra Harris:

Lately I have entertained the idea that being handy might not be the best quality of a investor.

Obviously this depends on your investing goals..

But➡️

Here is the question.. how can a “handy” or “gifted” builder grow without getting in his or her own way?

Building a portfolio of great investments without loosing the joy of working with your hands and being a part of the day to day.

0 Votes

@Samuel Iwu great topic and you've already gotten some pretty long drawn out responses so I'll keep this short.

USE LEVERAGE!

Why buy one now, when you can use leverage and buy a few?

Or maybe just buy a multifamily property instead of individual single family homes?

Thoughts?

0 Votes

@Justin Reyes great question!

As many have already mentioned before, I suggest you borrow from your 401k instead of pulling it out. There are countless articles and videos about this topic. Below are two videos with different views. Let me know what you think and good luck to you!

Morris Invest

https://youtu.be/e_ZQqmBrGRQ

Dave Ramsey

https://youtu.be/PpHksut_R_8

0 Votes

Excellent points Frank! Appreciate your response!

Originally posted by @Frank Patalano:

Originally posted by @Sherwin Gonzales:

@Frank Patalano great topic!

For me it's Capital. Whether your raise capital, borrow from friends and family, or take out a bank loan, you need capital to close deals. Once closed, you need capital to operate the deal to pay the mortgage and expenses.

You need capital to scale bigger.

You don't need capital if you are the deal finder or if you are putting in all of the work but I do agree that capital is a major factor for most people. There are ways around it. I have met up with people with money but no time or experience. They are often putting money into deals instead.

2 Votes

Great story! Thanks for sharing!

Originally posted by @Michael Ealy:

Originally posted by @Sherwin Gonzales:

@Michael Ealy great post!

I literally just answered a similar question on another thread and my answer is Capital. There is no such thing as a No Money Down deal. You need capital to close deals regardless of what anyone says. It's how you get that capital for deals is where strategy comes to play whether you use leverage from banks, raise from friends and family, acquire seller's financing, etc. You need capital to scale bigger and grow your portfolio.

Sherwin,

Thanks. I disagree on the statement that there's no such thing as a "no money down" deal. There is. I've been given buildings in the past and even now.

Here's an example that happened 8 months ago. Owner is tired and he asked me to take over ownership of a 40+ unit apartment building for $1.5M. My downpayment on the deal = $0.

My team took over. We thought we needed to put in capital to renovate the units to increase the rents. Good thing we didn't.

Instead we used the income from the building to turnover the units one at a time but we improved the units significantly. As a result, section 8 increased the rents significantly and we got an offer from a buyer willing to buy the building for $2.2M.

Maybe we'll net $2.0M by the time we close (in 2 months) and pay everyone.

$500,000 profit in 10 months on a $0 down deal.

And I can give you more examples (maybe I will do that on a separate post).

$0 down deal exists but 99% of investors don't realize that you can use things other than cash as "downpayment". You just have to be a little bit creative and use a lot of HUSTLE.

0 Votes

← 1 2 3 4 5 6 7 8 … →

All Forum Posts by: Sherwin Gonzales

Sherwin Gonzales has started 14 posts and replied 225 times.

Post: New Investor and HUGE BP Fan

Post: Just paid $4000 for 3day workshop. Thumbs up or down?

Post: Honolulu Multifamily and More Meetup

Post: New To Real Estate - Use The BiggerPockets Glossary!

Post: Tell me your BIG Real Estate Goals for 2020!

Post: Is it helpful to be handy?

Post: Buying Real Estate with Cash. The safe snowball effect

Post: Would you liquidate your 401k to purchase your first property?

Post: So what's holding you back?

Post: What's Your Main Obstacle in Buying an Apartment Building?