All Forum Posts by: Amir Khan

Just to clarify - the private lender holds the deed of trust and 1st position promissory note in the property. 

@Justin Reed 5-units and above are considered commercial multifamily apartment. Instead of primarily relying on comps, you will need operating income approach. Figure out the NOI (net operating income), then figure out the cap rate in your area. Then this will give you an idea of the value = NOI/cap rate.

@Andy Nathan In my experience, if you are putting offers on SFHs, a simple screenshot of bank balance in any one of the partners bank account will suffice. In addition, there are many online services that offer a letter specifically to show you have proof of funds for free (these are handmoney lenders and they state that they have approved you for the said amount - they offer this in hopes you'll do business with them). In other words, don't sweat it and keep it simple. Hope that helps.

 Looking forward to speak with you today! 

I am looking for loans for $30,000 at or below 12% (including loan cost/points) that are fully amortized over 5-years? These loans will be collateralize with SFH, we need to purchase 20+ homes in the midwest. Please DM me if you have a loan program that fits this criteria or if you are a private lender interested in earning 12% over a 5-year amortized note with deed of trust in the property. Thanks!

Hi Sabrina congratulations on your commitment. While, I am not a guru, but do have experience as a REI since 2020. I am able to chat with you to help you set up your goals in REI. DM me if you wish..

I am wondering, what type of coverage do experienced landlords use for their cheap rentals (under $50K)? How much bare minimum are you able to get (assuming paid off / cash value)? I am researching coverage for SFH in St Louis, MO-IL area.

@Beth Lesage if they pay more, then based on your owner financing terms, you will either adjust the amortization table or apply additional payment towards principal. The banks have sophisticated software that allows them to do that automatically. I would suggest, to avoid your buyer making small extra payments, you could put in your agreement a certain amount (say $5000), would allow you to re-amortized the payment table, otherwise, additional smaller payments could be applied towards the next month's payment.

@Jack Grossmann Honestly, if I was a software engineer, I would not be too worried. You'll probably find a better job/opportunity soon. Meanwhile, if you are interested in earning high returns on your cash collateralized by SFHs in midwest, DM me for details.

@Victoria Moreno I have a property in Rio Grande Valley and have a little experience:

Pros: a lot of different types of inventory available. Lots of small multifamily and value add opportunity. Great prices and high cap rates. Great deals are available every day.

Cons: This area has the lowest income per capita compared most other large metropolitan Texas areas (Dallas, Austin, Houston, San Antonio). Rents are generally lower compared to other large Texan cities.