Domenicos Kosteris

Domenicos Kosteris has been working in the property sector for decades. In 1998, he began investing in real estate on the south side of Chicago. After a few years, he began to invest in the Northwest Indiana and the south suburbs of Chicago. Domenicos would adopt a clever investment strategy method called BRRR. BRRR stands for Buy, Rehab, Rent, Refinance, Repeat. Basically, with this strategy, one buys the house directly and does the necessary repairs. Domenicos used convenience checks from credit card companies to buy the house. At the time, they offered these checks at low introductory rates, in the assumption that they would raise the interest rate later. Domenicos would receive these checks, but would then repay them before interest rates could be raised, thereby avoiding exorbitant interest rates. Domenicos would rehab the house and find a renter. After he found a renter, he went to a bank and refinanced the house. The bank would in effect pay back the creditors who financed this deal. Domenicos has been using this ingenious method for years to finance his investment in real estate, and he is still doing so, but using his retirement money instead of convenience checks. Over the years Domenicos has formed a team that consists of a real estate agent, a lawyer, a plumber, an electrician, a painter, an exterminator and a lawn care company. In recent years, he has also bought houses by putting down the necessary 20% and investing exclusively in single-family homes, because he finds them easier to manage. The tenants of single-family homes also tend to stay much longer than the tenants in multi-unit buildings.

During his decades in this business, Domenicos learned many lessons and became an experienced entrepreneur in the real estate sector. He has become an expert in the flipping of houses. He also decided to sell some of his houses in the south suburbs because property taxes have risen too much over time. He has developed some excellent relationships with his tenants and even offers them a finder's fee if they can refer me to a new tenant if there is a vacancy.