All Forum Posts by: Amir Khan

@Shehroze Malik it would help if you could define your goals in real estate career and/or investing?

I buy single family homes in certain pockets within the midwest. All loans are quite similar, typical funding is $30,000 with 12% interest amortized over 5-years. The lenders have note (1st position) and deed in the property, that is paid off full in 5-years. I am planning to buy at least 20 properties and looking on partnering with private lenders looking for reliable passive income. Love to chat and explain my business model. Please DM me.

Quote from @Johann Villalvir:

Hey looking for other data nerds here. I built an AI app that uses ML to predict a home's ARV using other properties in the area that have been flipped. So far, this approach has saved my team so much time when sourcing on market deals. It almost feels like a cheat code for REI. Has anyone tried this approach before? What are the downsides?

I am curious and love to be a beta-tester for your software. If what you say is true and the numbers are pretty close to accurate, I can help you get in hand of 200+ investors who may need this software..Just be aware, non-disclosure states likely won't have public data for sales of properties, in that instance what data would your software use?

So I agree with Michael Smythe. Are your interior pictures at least as good as other property listings? If not, perhaps you should invest in hiring a professional photographer or take pictures that show the key features of your property better. 

However, the fact that it has been that long and no takers, you do have to find out the reasons why no one is interested. Asking past potential tenants the reason why they did not choose your property will give you valuable clues..

I don't have rentals in LA, but if you already have listing in MLS, then try listing in Facebook marketplace. Just be prepared for a lot of responses (and junk)...

Quote from @Derrick Small:

Yes they funded the first deal as they already had my $2,000 commitment fee. The scam is the way they tell you/email at the beginning all these great terms that your approved for. Then after ut goes to underwriting (that takes forever l) they come back with terrible updated terms,  they already have the commitment fee so you either continue with the terrible new terms or give up your commitment fee. 

also they tell you commitment fee us fully refundable after sussesfull closing. Then when I was trying to ask for the refund after closing weeks went by before they even answered and I was told they used this commitment fee money to shop around for lower interest rates, complete scam

I agree this is someone you never want to do business with. However, when if lender was to inform me that a certain pre-paid fees is refundable after closing, I would have instead negotiated to refund at closing by instructing the closing agent to ensure that refund is credited to me on HUD1. This would have been perfectly reasonable to ask, and if they don't agree, that would have been a red flag.

Quote from @Svetlana Kazantseva:

Hi BP community! It's a huge day for our family, an offer on our first investment house has been accepted by the seller! We had such a hard time competing with cash buyers in Kansas City, MO. Now I'd really appreciate your advice on the next steps.

Do we book inspection now? How do we provide access for the inspector, or does seller lets them in?

We'd need some works on the house done to get it rent-ready - any advice how to approach this?

Would appreciate any input from experienced long distance investors out there!

Congratulations! Since you've not yet closed (I am assuming because you say your offer has been accepted), be prepared because there is always a chance you might NOT close due to various reasons.

Do we book inspection now? How do we provide access for the inspector, or does seller lets them in? - Yes you have to have your inspection done within the contingency period, so get with the seller and schedule the inspection asap.

We'd need some works on the house done to get it rent-ready - any advice how to approach this? Suggest you first focus on closing the deal smoothly. If issues arise from your inspection, you may need to have that addressed by the seller and/or renegotiate the price if necessary. After close and based on your inspection report, you can decide which areas are necessary to make house rent-ready.

Quote from @TJ Woolum:

Hello everyone. I currently have 8 SFH in the Decatur, IL and Springfield, IL areas. Each cashflow pretty well but the opportunity for appreciation is slim. I'm also finding that a single large repair can wipe out a whole year of income, making me wonder if cheaper cashflowing properties is the right play. As I dive into all the different paths I can take (single family vs multi-family, short term vs long term, cash flow vs appreciation, local vs out of state, etc..) my mind is scrambling and I've ended up doing nothing at all.

I'm looking to join a mastermind that meets consistently and can really motivate one another to take our businesses to the next level.  I'm willing to pay to join the right group.  Where do I even start?

Thanks in advance!

I can relate to what you are saying. I experienced the same thing when I had a small portfolio of small SFH, duplexes and triplexes. I am open to creating an online networking group (not mastermind) of experienced investors. DM me if interested..

I think the definition might be different depending who is responding. On a fundamental level, a house is something that provides a place to live for individuals and or families. Investors/Banks look at a house (SFH) as an asset that can appreciate and/or generate income. I think the value of the house is that is used by individual/families as a purpose to live in.

Quote from @Venslaus Arokiaraj:

Hi - Me and my partner are interested in buying run down properties and flipping them. What is the best structure to hold the properties?

1. Should we buy each property under a LLC and open a business account for each property?

2. Should we buy each property under a LLC and create a parent holding company that handles the finances for all the LLCs?

Let me know if there is any other better way to handle it.

Txs in advance.

I am not an attorney/CPA, so not a legal/tax advise. The purpose of setting up a LLC is to simply add a layer of liability protection on your assets (some would argue even that is not necessary, because as it says "limited liability" - so:

1. Should we buy each property under a LLC and open a business account for each property?  ---- If you are only holding a property for short time, then you can purchase the property under the LLC, once sold, repeat the process avoid having more than 1 property in the same LLC.

2. Should we buy each property under a LLC and create a parent holding company that handles the finances for all the LLCs? ---- That may be not be necessary, consult your CPA on that.