Domenicos Kosteris is the CEO of Domenicos Kosteris, LLC, Domenicos is a thought leader, influencer, visionary, and successful entrepreneur. Domenicos provides the leadership and energy that has inspired the creation of Domenicos Kosteri, LCC.
Domenicos Kosteris joins other leading Bestselling Authors, International Speakers & Entrepreneur, CEOs and Founders taking part in our Leader Roundtable Interview Series. The DotCom Magazine editorial team is delighted to have Domenicos join us for our Leader Roundtable Interview.
Domenicos Kosteris has been involved in the real estate sector for decades. In 1998, he began investing in real estate on the south side of Chicago. After a few years, he began to expand his investment in northwest Indiana and the southern suburbs of Chicago. Domenicos would enact a clever investment strategy method called BRRR. BRRR stands for Buy, Rehab, Rent, Refinance, Repeat. Basically, with this strategy, one buys the house outright and makes the necessary repairs. In order to purchase the house, Domenicos was using convenience checks from credit card companies. At that time, they were offering these checks at very low introductory rates, thinking they would raise the rate later. Domenicos would obtain these checks but then pay them off before the rates could be raised, thus avoiding exorbitant interest rates. Domenicos would rehab the house and find a renter. After he found a renter, he would go to a bank and have the house refinanced. In effect, the Bank would repay the creditors who financed the transaction. Domenicos has been using this ingenious method for years to finance his real estate investments, and he is still doing so, but using his retirement funds instead of convenience checks. Over the years, Domenicos has assembled 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 been purchasing houses by putting down the required 20% and investing strictly in single family houses because he finds them easier to manage. The tenants of single-family dwellings also tend to stay much longer than tenants in multi-unit buildings. Over his decades in this business, Domenicos has learned many lessons and become a very seasoned entrepreneur in the real estate sector. He has become an expert on how to flip houses. He also made the decision to sell some of his houses in the south-west suburbs because property tax rates have increased too high over time. He developed some great relationships with his tenants and he even offers them a finders fee if they can refer me a new tenant when there is a vacancy. When he isnt spending his time managing properties, Domenicos Kosteris loves to spend time with his wife and their two sons. He is a self-proclaimed foodie, with a specific interest in ethnic food. His favorites are Ethiopian, Middle Eastern and Italian. Domenicos is a man of devotion. He is devoted to his family, his faith and to staying physically fit. As an avid fan of mixed martial arts, he took up an interest in muay tai and started to practice the sport himself. The sport is challenging but just like anything else, Domenicos puts his full attention and devotion into it. He makes sure to live his life ethically and to set a great example for his sons while living it.
Let's start by telling us about your business.
As outlined above, I run my own business where I make real estate investments. I find properties that have profitable potential and then I rehab them. After they are ready to be rented out, I do so for a profit.
Q: Please tell us how you make sure your customers will become raving fans of your company?
I make sure that I run my business with integrity. The properties I rehab, are done with quality materials, I dont cut corners. I do the work as though a family member would be living in any of my rentals. Then I treat my tenants as though they are family. I know that finding quality rentals is just as difficult as it can be as finding quality renters sometimes so I would never want my tenants to feel as though they couldnt come to me with an issue that needs resolving. I want my sons to see the example I am setting, that you follow through on your word and you do quality work. When you do those things, your customers will become your fans.
Q: Please tell us the one thing that separates your business from the competition?
Again, I think that would be the quality I put into what I do. I think that when potential renters are looking at one of my rental properties verses another property available, it will be apparent that I am offering somewhere they will feel safe and that I am someone they will trust doing business with. That is not as common as you would think in the rental industry.
Q: And to finish this section, please tell us what is the one major key to your companys success?
I think what has made me successful is being able to learn from my mistakes and listen to others that have been there. I also constantly educate myself through reading and also watching youtube and listening to podcasts.
Q: For our readers just starting to build a company, what advice can you give entrepreneurs just starting out with a new venture?
Learn to listen to good advice. There was an instance when I didnt heed good advice and I wish I had. My friend once tried to talk me out of buying a multi-unit building in arguably the worst block of Chicago. He tried to tell me no one would want to move in, but I was looking at potential cash flow and I didnt listen to him. Boy was that a mistake, but I learned from that. Now, I spend more time researching and doing my due diligence when looking at potential investment properties, rather than looking at potential cash flow.
Q: For entrepreneurs seeking to build a business as successful as yours, what one big piece of advice can you give them when times get a little challenging?
Remember why you started and what is most important to you. For me that is my family and my faith. Those things help to ground me when times get challenging. They help put me back in the right headspace. Whatever those things are for you, figure them out and put them in the right place and then keep them there throughout your business venture so that you can rely on them in the tough times.
Q: In todays fast changing business environment, how do you stay abreast of things?
I try not to get behind things to begin with. I do this by not getting too busy. I still like to start my days by having coffee with my wife and looking over the news. I listen to a lot of podcasts and subscribe to various channels on youtube that are the real estate field, house flipping and property management.
Q: What is your Why? In one sentence, why do you get up in the morning?
I get up in the morning for God, my family, and to follow through on my commitments.
Q: In one sentence, what is the most important thing one has to do to be a great leader?
In order to be a great leader, one must have a sound set of morals and ethics.
Q: In one sentence, describe how important your customers are to your business?
My customers, or in my case, my tenants, are the most important reason for me to keep investing in rentals!
Q: In one sentence, describe a positive way that technology can make the world a better place?
Technology can make the world a better place by helping us all to gain knowledge.
Q: In one sentence, tell us something positive to motivate our readers?
The key to success fits in many doors.
Q: In one sentence, tell us how you start your day to get ready?
I wake up and say my prayers, meditate for a few minutes, go to the gym and work out, coffee, get to business.
Q: In one sentence, describe how you handle rejection and setback?
I prayerfully reflect on the setback and then I do my best to learn and grow from it.
Q: In one sentence, describe what your hiring philosophy is?
When you hire someone, I believe it is very important that their morals align with your companys.
Q: In one sentence, describe how you keep your sanity in a competitive business environment?
I keep my sanity by making time for meditation, family, and good food!
Domenicos Kosteris, thank you so much for participating in the DotCom Magazine Leader Roundtable Interview Series. We appreciate you participating in this important roundtable interview series, and helping our readers learn more about what it takes to build a great company and become a great leader. We wish you, your family, and of course Domenicos Kosteris, LLC, nothing but the best.