All Forum Posts by: Ali Daiy

Originally posted by @Curt Smith:

@Ali Daiy To find helpers, mentors, free but good advice I suggest you look for and join all of the local REIAs in your area even if 1 hr away.  BP is great but everyone needs local experts to shadow and learn from.

Meetup.com is also a source of local REI groups. I find a REIA has much higher quality than meetup groups. Google: my area name REIA

 Thanks

Hello everyone, I am 19 years old and I live in the Woodmere/Beachwood area of Cleveland. 

I am looking for a good mentor to help me get started flipping houses. I understand how the business models work, and i'm ready to get fully involved. But I don't know how to go about getting started. 

I don't have much money to start with, but if you are willing to take me on as a mentor we would split all potential profits that I earn 50/50 while I'm still learning the business. 

Please PM meif interested, thanks!

Hello! 

I had made a post a while back looking for someone to mentor me, but at the time I was not ready to focus on REI and was going through a lot of stuff. But now, I am ready to dive in into real estate, I understand how subject to & lease option models models work. But I would like an experienced mentor to help me get started

I don't have much money at all to start, but I know there are ways to get financing for deals and such. My problem is, I don't know how to find identify and find deals & even if I found deals how would I go about communicating with people to make these deals happen? 

I live in Woodmere/Beachwood Area (Zipcode 44122). If you are a real estate investor making money through subject to/lease options in my area contact me @ 216-703-8102

My goal is to make enough to quit job and be self sufficient (which would be around $3k/per month).

If you are interested in mentoring me, we can split all profits 50/50 on every deal that I do, until I am ready to go out on my own.

Thanks!

Originally posted by @Dawn Oishi:

@Ali Daiy

Be cautious if you employ this tactic in the DFW area. Many university neighborhoods have an ordinance that prohibits stealth dorms. This means they only allow a certain number of unrelated adults to reside in one house. For example, TCU recently changed its city ordinance from 5 adults to 3.

Every owner and investor is required to register the home and the occupants. The leases must be on file and be available for property inspection and investigations. Fines can be quite hefty.

Also, there are very few basements in DFW. Converting an attic is going to be costly.  DFW gets pretty sweltering in the summer!  Lastly, what will you do to ensure that an owner or investor doesn't take advantage of your rehab, allow you to do them, then kick you to the curb?  I can see the shady ones allowing you to do it then claiming they could not get an occupancy permit for the rehab because they have already reached or exceeded their occupancy limits.  Keep in mind, none of this would work with sec 8 units either.  

Lots to consider!  Good luck!!

It is a lot to consider but if it does work, I could make a really nice passive income. What I could do instead is use a lease option or rent-to-own on houses that are free and clear and do it that way, which still gives me control of the property. And, I could rent in an area outside just outside of a university neighborhood. Which would avoid that whole mess, (if i'm correct). Also, I am not too worried about the price of converting an attic or basement, just make i choose good properties from the get-go.

I was thinking I could have tenants pay first month rent + security deposit. And have a realtor find the tenants for me and pay them 1.5 month's rent as commission for this. The beauty of this is that I could do this in ANY city, around ANY university and work with a realtor to find good tenants and properties.  

A lot of good ideas, and a lot to think about!

Originally posted by @Dominic Jones:

Hi Ali Daiy thanks for posting this idea up. definitely think it could work but your snag might be in converting the basement and/or attic to another room.

This could cause problems of the landlord doesn't allow it and you do it anyway. And also, if the zoning of the house isn't allowed to be rented out per room than you'll also be putting the owner at risk with legalities if anything were to happen and legals were to find out. Hopefully a more experienced investor can support or deny this.

Outside of those two things I think you're onto something. One of the very first people I met on bigger pockets told me that you don't need to own it to control it, and your example of leveraging your lease is a prime example of this.

Hey, I got this property under contract for this much each month. Now I can go and rent it out to someone else for X amount more and take the difference. It sounds nice, but I'm also not sure how the leases would affect each other. What happens if you have a tenant in the house longer than your lease is up with the owner? Would the owner know about this at all and would he/she be cool with it as long as they know about it up front and know you're managing everything? Maybe...but it seems like a long shot. Definitely will need some trust developed in the relationship for this to work. Transparency builds trust do being upfront with your intentions might be helpful for seeing this through.

 Thanks for the advice on this idea!

Originally posted by @Jeff B.:

My lease would not allow this and cause both to be evicted.

 Just an idea, If I were to do this. I would market to landlords and let them know my intentions to sublet upfront. 

I was thinking of an idea to make passive income from real estate without buying. Going to bigger cities like Los Angeles, New York, Miami, Chicago, Dallas, etc. Finding landlords who own single family properties w/ livable basement & attics near large universities, that allow me to sublet. I let them know that I'm an investor and workout a deal with them to sublet to my own tenants, Tell them that I will handle any damages that come to the property and pay 5% over the rent price

THE IDEA

I rent from the land lord, convert the attic or basement to a suitable bedroom type area, and rent out to at least 1 extra person. Doing this, rent would be cheaper for the college sub tenants, and i make passive income. Depending on the cost in the area that I am in, I could pay for utilities and market that to sub-tenants.

Example scenario

---------------------

Rent: $2,800

My rent payment to landlord + 5%($140) : $2,940

# of bedrooms: 4 Bedrooms + Basement & Attic

Sub-let out to 6 tenants x $575/month @ 1 year lease

Profit = $3,450 (Sublet rent income) - $2,940 (Rent to landlord, +5%) =$510/profit

---------------------

If this works, I can generate good passive income. I know there might be a few problems to this idea, but tell me what you think!

I was thinking of an idea to make passive income from real estate without buying. Going to bigger cities like Los Angeles, New York, Miami, Chicago, Dallas, etc. Finding landlords who own single family properties w/ livable basement & attics near large universities, that allow me to sublet. I let them know that I'm an investor and workout a deal with them to sublet to my own tenants, Tell them that I will handle any damages that come to the property and pay 5% over the rent price

THE IDEA

I rent from the land lord, convert the attic or basement to a suitable bedroom type area, and rent out to at least 1 extra person. Doing this, rent would be cheaper for the college sub tenants, and i make passive income. Depending on the cost in the area that I am in, I could pay for utilities and market that to sub-tenants. 

Example scenario

---------------------

Rent: $2,800

My rent payment to landlord + 5%($140) : $2,940

# of bedrooms: 4 Bedrooms + Basement & Attic

Sub-let out to 6 tenants x $575/month @ 1 year lease

Profit = $3,450 (Sublet rent income) - $2,940 (Rent to landlord, +5%) = $510/profit

---------------------

If this works, I can generate good passive income. I know there might be a few problems to this idea, but tell me what you think!

Hello, I am looking for a real estate investor mentor in Cleveland, Ohio or the surrounding areas. I want to do re-hab/flips & possibly wholesale (most likely rehabs).

I'm looking for someone who can help me out with the process of rehabbing, finding deals, getting hard money, selling the house, dealing with contractors & answer any burning questions I might have. And, when it comes time to collect the check, we can split it 50/50 per house that I flip while I'm still learning the business.

If you can help, or point me in the right direction I would really appreciate it!

1/7/16

2 new project requests! Look forward to working with you guys!