Real Cash: The 2018 Think and Get Rich Book

Real Cash

Copyright © 2019 by Robert Domico

Published in the United States of America

ISBN Paperback: 978-1-948864-74-9

ISBN Hardback: 978-1-948864-75-6

ISBN eBook: 978-1-948864-76-3

All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any way by any means, electronic, mechanical, photocopy, recording or otherwise without the prior permission of the author except as provided by USA copyright law.

The opinions expressed by the author are not necessarily those of ReadersMagnet, LLC.

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Interior design by Manolito Bastasa

Contents

Preface

Introduction

Chapter 1Purchasing an Existing Shopping Center

Chapter 2How to Syndicate a Large Restaurant

Chapter 3Putting a Shopping Center Deal Together from Scratch

Chapter 4Starting Your Own Business Brokerage

Chapter 5Highest and Best Use

Chapter 6How to Purchase a Large Shopping Center

Chapter 7Once You Acquire a Large Restaurant

Chapter 8Developing a Rural Area Piece of Land

Chapter 9How to Own Many Condos, Collecting Rent without Paying Any Mortgage Payments

Chapter 10Developing Raw Land and Making It Very Valuable

Chapter 11Proven System to Purchase Houses and Have Your Tenants Pay Off the Mortgages for You

Chapter 12Hot to Put a Casino Deal Together

Chapter 13How to Pull Money out of Real Estate, with No Money

Chapter 14How to Own 51 Percent of a Law Firm and Create a Million-Dollar Equity in a House

Chapter 15How to Flip Large Properties without Actually Purchasing Them

Chapter 16How to Syndicate

Chapter 17The 1031 Exchange

Chapter 18How to Set Up a Web Page to Advertise Your Syndication Business

Chapter 19How to Take Useless Land and Make It Very Valuable

Chapter 20More Development of Useless Empty Land

Chapter 21How to Develop an Over-Fifty-Five Community

Chapter 22How to Put Together a Trailer Park

Chapter 23Building a Marina with Very Little Waterfront: The New Wave

Chapter 24How to Build a Floating Home Park

Chapter 25How to Develop a Horse Stall Condominium Complex

Chapter 26How to Develop a Condo Hotel in a Resort Area

Chapter 27How to Syndicate a Feedlot

Chapter 28How to Syndicate a Foreign

Chapter 29How to Syndicate an Apartment Building and Make It into Condos or Co-Ops

Chapter 30How to Syndicate a Condominium Shopping Center

Chapter 31How to Convert an Office Building into Condo Offices

Chapter 32How to Convert a Warehouse into Condominiums

Chapter 33How to Convert a Warehouse into a Ministorage Facility

Chapter 34How to Convince Lawyers, Accountants, Engineers, and Architects They Should Work for You on a Contingency Basis

Chapter 35How to Put Together a Fleet of Charter Boats for Lease or to Syndicate and Sell Them Out to Fifty Owners Per Boat One Per Week Each Ownership to Time-Share

Chapter 36Owning Land under Very Valuable Property Is Definitely a Way to Create Great Wealth

Chapter 37Monologue of a Salesman

Chapter 38How to Syndicate Condominium Boat Slips

Chapter 39How to Get Very Wealthy on Residential Real Estate Starting with Your Residence

Chapter 40How to Use Your Commissions from Your Business Brokerage or Real Estate Company to Make Bigger and Better Deals

Chapter 41My First Syndication: Lucien’s Old Tavern

Chapter 42Schrul’s Restaurant: My Second Syndication

Chapter 43My Third Syndication: Executive Banquets

Chapter 44How to Put Syndication Together with Mirrors

Chapter 45How to Foreclose on Properties

Chapter 46How to Purchase Business Cheap, Build Them Up, and Sell Them

Chapter 47Taking Over Large Business from the Bank That Are in Bankruptcy

Chapter 48Foreclosing on Properties Using Adverse Possession

Chapter 49Going into Business for Yourself

Chapter 50How to Syndicate an Energy Windmill Company to Supply Electricity to Small Cities

Chapter 51How to Form a Real Estate Company with Syndication

Chapter 52How to Put a Factory Syndication Together

Chapter 53How to Be a Comedian, Make Friends and Audiences Laugh

Chapter 54How People Get Real Estate through Commercial or Civil Conspiracy

Chapter 55The Master of Mirrors

Chapter 56How to Get Real Estate by Heir Hunting, Deed Raiding, and Redemption without Cause

Chapter 57How to Make One Million Cash Tax Free on One Deal by Buying Real Estate

Chapter 58How to Syndicate New Jersey Tax Sale Certificates and Gain up to 25 Percent Interest in Properties with No Money

Chapter 59You’re Better Off with No State Licenses If You’re Doing My Deals

Chapter 60Foreclosure

Chapter 61Mortgage Cash Flow Notes, Another Business for the Coming Bad Times

Chapter 1Putting Together a Rooming House

Chapter 2Converting Residential Zoning into Professional Zoning or Highest and Best Use

Chapter 3Putting Together a Shopping Center from Scratch Is Easier Than You Think

Chapter 4Putting Together a Self-Storage Complex from an Existing Warehouse or Building from Scratch

Chapter 5Buying Condominiums to Rent Out with a Good Yield of Income versus Expenses

Chapter 6Building a Condominium Slip Marina Changing the Existing Marina into Highest and Best Use

Chapter 7Buying a Shopping Center and Converting It to Condominium Stores to Make a Lot of Money

Chapter 8How to Control Millions of Dollars’ Worth of Real Estate without Actually Purchasing It

Chapter 9The Master of Mirrors

Chapter 10Putting a Billboard Company Together from Scratch and Making Money off the Rest of the Land

Chapter 11Buying Something and Making It Worth Much More by Doing Several Things to It

Chapter 12Building a Trailer Park Is Relatively Easy If You Have the Zoning

Chapter 13Building a Water Home Park, Selling the Homes, Renting the Homes, Selling Out the Spaces, Renting Out the Spaces, or All of the Above

Chapter 14Purchasing Land, Getting It Approved, and Selling It to a Developer

Chapter 15Pulling Money out of Real Estate by Refinancing

Chapter 16The Master of Mirrors Is the Master of Syndications

Chapter 17Syndicating a Co-Op Situation for a Large Profit

Chapter 18Make Money in Real Estate by Opening a Business Brokerage

Chapter 19Making Money on Time-Share

Chapter 20Finding Land and Making It Valuable

Chapter 21Opening a Large Restaurant with Banquet Facilities

Chapter 22Building a Factory Is a Windfall

Chapter 23How to Put Together an Energy Company

Chapter 24Going into Business for Your Self

Chapter 25Dealing with the Bankruptcy Court to Purchase Real Estate and Business

Chapter 26Adverse Possession Is a Way to Foreclose on Properties

Chapter 27Purchase Business Cheap and Sell Them for a Profit

Chapter 28Foreclosing on Properties

Chapter 29Put a Syndication Together and Own the Property 100 Percent Yourself in Five Years

Chapter 30Putting Your Commission Back into Deals to Put up Your Part of the Money

Chapter 31How to Get Very Wealthy on Residential Real Estate Starting with Your Own Residence

Chapter 32Buying a Marina and Converting It to Condominium Slips

Chapter 33The Salesman

Chapter 34Land under Valuable Property

Chapter 35Time-Share a Large Boat for Obscene Profits

Chapter 36Warehouse to Mini Storage Conversion: Six Dollars a Foot Income to Twenty-Five Dollars a Foot Income.

Chapter 37Converting a Warehouse into a Condominium Warehouse

Chapter 38Converting an Office Building into Condo Offices

Chapter 39Making an Apartment Building into Condos or Co-Ops

Chapter 40Resort Area Condo Conversion and Hotel Condos

Chapter 41Building an Over-Fifty-Five Community

Chapter 42Develop Empty Land

Chapter 43How to Do a 1031 Exchange

Chapter 44Beware of Real Estate Fraud IRS Is Watching

Chapter 45Import-Export Business

Chapter 46Mortgage Cash Flow Notes

Chapter 47Starting a Home Loan Modification Company

Chapter 48Heir Hunting, Deed Raiding, and Redemption without Cause

Chapter 49Getting Rich on Tax Sale Certificates

Chapter 50Large Development Twenty Million Dollar Build Out

Chapter 51Making Large Parcels of Land into Millions of Dollars

Chapter 52The Great Approval Process

Preface

Did you ever wake up one morning and say, I’m going to make a million dollars in one year, and I’m not going to use a dime of my money to do so?

My book Forty Years in the Real Estate Business: How to Make One Million Dollars a Year in Real Estate with No Money is designed so that the reader can put together multimillion-dollar deals with literally no money.

There have been a lot of books written about real estate, but they mostly deal with residential houses and not the big deals that make the most money.

Every deal is almost exactly the same; the only difference is the size. Larger deals are actually easier to put together than smaller deals. A large deal has attorneys on both sides of the transaction; they either have the financing or they don’t.

There really is nothing you have to do other than introduce the parties. My book is designed to make it very easy for the reader to put many large deals together with little or no effort.

I will attempt to give you, the reader, the knowledge to put together large deals, form large and small syndications, and wind up owning the properties free and clear, with you as the 100 percent owner.

The reader will understand financing, how to get around with it, and how to do creative financing where needed, how to turn a simple piece of land or a building into a multimillion-dollar complex, and how to use other people’s money to your best advantage.

Introduction

My father came to this country with his mother from Italy. After arriving at Ellis Island, they moved to South Jersey. After his mother raised him, he became a glassblower and then he went into the war as an infantry soldier.

My mother, the daughter of a junk dealer, was born in South Jersey. Most of my mother’s family went to South America to build the city of Rio de Janeiro from the old country before her father came to this country.

On the night she was born, her father went to some of his friends to play cards. In those days, they played a game called patron and patron, wherein a suit means boss and second boss. The idea is to win the hand and get a drink.

So my grandfather was feeling pretty good by the time he left his friend’s house. When he was walking home, he passed a railroad crossing where a couple of years before, a man and a horse were crossing the tracks and a train came and ran them over.

My grandfather thought he saw the ghost of the man and horse, so he started to run home. When he got there, my mother had already been born; the midwife was still there when he walked in. My grandmother was very angry with him for not being there when my mother was born, but she forgave him because he was so scared from the ghosts that he saw.

My father was looking for bicycle parts one day and walked in to my grandfather’s junkyard and met my mother. My parents got married and moved into a house, which became a duplex on five acres in Landisville, New Jersey. My father had a laundry company where he would pick up the dirty laundry, take it to a cleaning plant, and return it to the customers.

We lived about thirty miles from Philadelphia and every Sunday, people would come to visit my family—many people from the city.

Mom would bake bread in the big hearth out in the summer kitchen and Pop would break out the wine that he made. Life was wonderful.

Before I was born, Pop came home one day and there was a big fire across the street. This small town that my family lived in didn’t have a fire company. Dad jumped in his car and drove to the next big town and got the fire company to come. By the time he got back, the six houses across the street that were joined together like townhouses were burned to the ground.

So the next day, my father went out and bought a fireman’s hat, stood out on the highway, held out the hat, and started collecting for a fire engine for the town. Eventually, he and a couple of neighbors built a firehouse, and they made Pop the fire chief. Pop was the fire chief for years. I remember years later at my father’s funeral that the fire company presented Mom with a nice check.

Pop decided to get out of the laundry business and purchase a diner. Mom was against it for she was happy in her present environment. So Pop sold the house and made a major career change, moved about thirty miles away, and purchased a house and a diner a block away.

I was one-year-old when we moved, so I wasn’t much of a help, but my brothers and sisters—there were seven of us in all—worked in the diner.

Mom worked in the kitchen, Grand mom peeled potatoes, and Dad worked the front of the house. We had the first diner in the state of New Jersey with spaghetti and meatballs in it. It was twenty cents without meatballs and twenty-five cents with meatballs.

Pop had a diner, like a lot of Italians in the forties; all the diners were owned by Italians. Then the Greeks came over in the fifties and bought most of them out.

My father and I were very close when I was growing up; he taught me many things. He used to say, Stay in the diner business. It will always treat you well. It’s the best business in the world.

The breakfast will come in from 6:00 a.m. to 11:00 a.m. every day, like clockwork; the lunch people will be there after that. Then the first coffee break in the afternoon will be from one to four, and then dinner is always good. After dinner, you have your early-movie people and then the later-movie people after eleven. Then you have your early go-outers, and then the drunks come in about 2:00 a.m., and then the fishermen at 4:30 a.m., and so on twenty-four hours a day—never a dull moment.

A friend told me to never marry a beautiful woman. A beautiful woman will leave you and an ugly woman will leave you too, but so what. He said, Behind every successful man is a beautiful woman, and behind every beautiful woman is a beautiful behind.

When I was eighteen, I was in the naval reserve, and I decided to go on a kiddy cruise—that’s an expression for one who goes active navy and gets out one day before he’s twenty-one. I went in the navy aboard in the Destroyer Ingraham DD 694. The ship I was on was sunk five times by kamikazes in World War II; it had campaign ribbons all over the side of it.

I walked on the ship and it was a real trip. The ship was decorated for Christmas; it had lights from the bow, to the top of the mast, and then down to the fantail.

We got underway the next day for the Northern Atlantic; it was cold and wet. I remember how the ship bobbed around like a cork amidst the huge waves; the ship was 365 feet long and forty feet wide.

On about the eighth day I was on the ship, I had scullery duty. (I worked in the kitchen or the gallery, as it was called.) I and another sailor were emptying the garbage can off the fantail that night when a huge wave came over and washed us both overboard. The ship did a 360-degree turn and rescued me, but the other guy drowned; they never found his body. I remember feeling guilty about that for a long time after. I had hypothermia for about a week after that, but it was mostly a traumatic experience. The waves were fifty feet high and the water was freezing.

The first port we hit was Ireland, and it was quite unique as I remember. They had this big dance hall with different age groups; the earlier it was, the younger the age. The dances were from 11:00 a.m. to 3:00 p.m., 3:00 a.m. to 6:00 p.m., then 6:00 p.m. to 9:00 p.m., and so on right up until midnight.

The music was mostly American rock and roll. You would meet a girl and then jump into a cab and park near the Queen’s Castle. There was no prostitution and the bars were just pubs with old men shooting darts with a pipe in their mouths.

We got underway after about a week there. The next port we hit was Amsterdam, Holland—that was quite different from Ireland. The red light district was called Rim Ran Square. There were store windows up and down this street with a girl sitting in each window. There were truck mirrors on the walls so that the girls could see you coming before you got there, so they could make themselves pretty for you. There was a canal in the middle of the street, and it was appropriately called Canal Street.

There were many neat places that we visited in the Northern Atlantic, the Mediterranean, the Caribbean, and the Red Sea on my long time aboard the ship.

By the time I got out of the service, my brothers had taken over the two diners my father had built, so Pop put me in the deli business.

Pop said, Come out of the service and I’ll put you in the business. I’ve never worked for anybody in my life, and neither will you. We’re born independent, and we’ll die that way.

So I opened Bob’s Cold Cuts, a deli in Woodbury, New Jersey.

I opened another deli for my wife when I got married, so I had two. I sold both of them, purchased a building, and opened a pizza place with Broasted chicken after that. The marriage didn’t last too long; we broke up soon after that.

I sold the pizza place and became director of food service at a local college under independent contract for a couple of years. Then I opened a coffee shop at an exclusive new apartment complex. After a couple of times of getting it back, I finally sold it. I sold it 4 times, getting it back and keeping the deposits.

After that, my oldest brother, who had taken over the original diner that my father built, died from a heart attack at the age of forty-six. I purchased the place from his wife and doubled the size. I purchased another diner that was closed and moved the two diners together in an L shape, then bricked up the whole front, making it 220 seats. I was twenty-four at that time.

I lost two brothers to heart disease, one at forty-nine and the other at forty-six, and a sister to leukemia at forty-six, but my parents lived until they were eighty-seven and eighty-four.

After operating the diner for a few years, I decided to go to work for someone else for a while. I took a job as executive chef in a large country club in Pennsylvania, where I worked for a while. I got most of my early banquet experience there. I also did some of the high-end parties there, like the wedding of the owner of a large football team, some social affairs of the owner of the several large restaurants, and the wedding to his second wife of the owner of the largest taxi cab company.

We had some of the fanciest affairs imaginable with buffets. Once we had a fruit tree six feet high, starting with a pineapple at the top and making a tree out of fruits. Then we had the chairs covered with fine fabric and the tables covered with fine linens, all color-coordinated weddings—pink bridesmaids’ gowns, pink flowers on the table, pink ribbons on the tables, pink lights on the head table, pink icing on the cake. There was also a hindquarter of beef and a hindquarter of veal on the buffet table, unbelievable desserts, and on and on.

Then I got a job as a general manager of food and beverage at a large airport that was seven miles long and three miles wide. The airport was a third the size of an island in Manhattan. The large lounge overlooking the airfield was designed for large affairs. The lounge had marble floors and marble tables. When the planes landed every day at happy hour, there were nineteen waitresses serving cocktails. I learned the catering business big time there when two 747s that couldn’t land in New York came down with seven hundred people at 9:00 p.m., after all my crew went home, and I had to feed them.

We had what was called a charter steak, which was ten ounces. I used to put twenty on a baker’s pan and stick them in the ovens under the boilers in the confection ovens wherever we could. Airline stewardesses dropped the salads. I stayed there for a few years; it was a large operation with over 125 employees.

While I was there at the airport, I met my second wife. She was from Canada. She had a good job in the school system and then married me and moved down with me where I lived at the time. She got a job in a local business college where I caught her sleeping with the owner of the college. Once again, I got divorced.

After I left the airport, I got a job in a large college in Washington as director of food service. I stayed there for a couple of years, then purchased a restaurant near Washington, and another one down on the Chesapeake Bay, thirty-five miles away.

I purchased the Town Square Inn in Alexandria, Virginia, which was a large nightclub and pizza place. I converted it to a seafood place, much like Chesapeake Bay or a Red Lobster-type operation. I met a beautiful girl there one night, who was Sue Indian and German. We moved in together. She was a great woman. I would come home at 3:00 a.m., and she would ask me if I would like an omelet. She decided to gain a hundred lbs. from 120 lbs. to 220 lbs. So I sent her to a fat farm in Utah, and she lost the hundred lbs., but she never came back.

The place was quite large; it had 220 seats upstairs with restaurant and lounge and three thousand sq. ft. downstairs, which I converted to the largest darting lounge in the Washington area.

I went to WADA, Washington Area Darting Association, where I met and hired two beautiful girls right off the board of directors to teach darts to all my redneck customers. These girls could blow anybody off a dart board, so I wound up with 15, 15-man dart teams, shooting in 15 Washington area pubs every week.

After I was open for a while, one night, a narcotics agent walked in and sold some marijuana to a couple of my customers, and we got busted for being a rendezvous for users of narcotics, and we were closed for forty-five days. I came to find out that my competitor, who I almost ruined when I opened up, had his boat in the same marina as the narcotic agent in Chesapeake, Maryland, thirty-five miles away.

On Monday night, I had singles shooting darts. On Tuesday, I had mixed doubles shooting darts. On Wednesday, I had a cash tournament with all cash returned to players; on Thursday, Friday, and Saturday, I had other types of activities. You could walk in any night with 150 people during my tournaments and hear a pin drop.

Upstairs, I had as many as three hundred for the bands or DJs every night. One time, I had the New Century Platters with the original baritone from the original Platters. I sold tickets out for six nights, two shows a night, 1,800 seats that week for $5 at the door, $9,000 before I sold a drink, and the Platters only got $3,500 for the week.

When I bought the place, it was a country Western club with