All Forum Posts by: Amir Khan

I am in Dallas and I have a client who is an attorney who deals with real estate as well. What is the issue? DM me and I'll give you the contact information..

@Chris Piper Excellent post! Not all wholesales are crooks, just like not all real estate agents/brokers are crooks. I can tell you my experience when I first started wholesaling years ago. Me and my partner were invited at a RE investor meetup. While introducing our business model to the members on the table, a very established broker was shocked what we were doing (assignment of contract). She thought it was illegal! After several years, I found out that she established another company that solely did wholesaling (assignment of contracts)...

@Jeremy Santy my agreement/contract with my PM requires any repair work up to $300 will managed by the PM (with my approval). For that, they will add a fee for managing the repair project. For anything over $300, either I will approve and assign the repairs to them (and they will get a cut) or I will hire, manage and pay the contractor directly. In later case, they don't get a cut..For all repairs, an itemized repair estimate is required, once work starts, before and after pictures are required.

 That is awesome! I currently am not looking KC but would love to chat with you when you have time..

 @Jenn Collins interested in learning more about your experience. Did you hire someone to do the turnarounds between rentals or you did it yourself? Did you ever have bad tenant/damage? And, did you use Airbnb and/or Vrbo?

@Mackaylee Beach was this in Kansas City, MO? Did you do it yourself or did you have partners? What is your exit strategy?

@Adelaide Ning congratulations on starting in real estate investing! Does your residential portfolio include multifamily (duplex, triplex, fourplexes)? If you do, then you probably have some fundamental experience that can be applied to "small commercial apartments" (6 - 16 units). My experience was that the threshold (going from residential to commercial) has some barriers to entry. So to answer your question, first thing for you to prepare yourself in getting in commercial side is education. Understand the differences, most importantly, in underwriting the deals and how the lenders finance those deals. I would suggest, start with a smaller apartment between 6 - 12 units. I would stay away from syndication at this time..

Who pays the utilities? Do you know the cap rate for this type of property in the area? At $450,000, you are at approximately 6.2% cap rate.

"Is it the underwriting as a whole" - yes, being able to run the numbers quickly helps a lot. For example, if you are looking at a property in a particular area, it would help to know the going cap rates for a similar property with similar NOI.