All Forum Posts by: Amir Khan

@Christian Huynh glad you started on REI and have some experience. I am happy to chat with you, DM me to set up a call..

I am surprised also that no one at BP responded to this post. Considering it is listed as a benefit of upgrading to pro account..

Quote from @Zach Rumfield:

Amir,

That is excellent advice. I appreciate that. I am investing in the houston area. Do you do so youself? 

Best regards,

Zach Rumfield 

Zach, no not currently. I just sold my apartment complex in Texas. I am currently buying in the Midwest...

Quote from @Zach Rumfield:

Good morning BiggerPockets,

I am a new investor/wholesaler and I am trying to understand the most effective way of finding the ARV of a property without having access to the MLS? I have looked at sites like Realtor.com, Redfin, and Zillow but it doesn't provide OR doesn't give a pinpoint sale price on properties. What would you advise I do you have for me on this topic? Much appreciated!

Zach Rumfield  

Hi Zach, I see you are based in Houston, TX and assume that is where you are investing? If so, you got to understand that Texas is a non-disclosure state. Therefore, the sales price of a property is not recorded in public records. Most free sources like realtor.com, zillow.com pull data from county/public tax records. 

Your best bet is working with a licensed agent who can pull accurate MLS data and understand what you are doing...

Quote from @Jay Hinrichs:

Quote from @Amir Khan:

@Shaheen Ahmed you can also buy habitable homes in the Midwest for under $30K which rents for $750+ and taxes are less thank $1K/yr...

U can buy them but never sell them and good luck getting rents consistently.. :)

We sell them on land contract as owner-financed properties to homeowners, contractors, and/or other investors. Average COC is over 30%...

@Account Closed I agree with Mitch, to provide protection and trust from your PML, you need to have his/her funds go to the title company and in escrow prior to closing (instead of coming into your bank account). Another important thing not mentioned is that you need to list your lender as "additional insured" on your insurance policy. 

@Shaheen Ahmed you can also buy habitable homes in the Midwest for under $30K which rents for $750+ and taxes are less thank $1K/yr...

Quote from @Erin Attwood:

This may seem like a naive/juvenile question to someone of experience, and I'm new so here it goes.

What positive/negative sides are there to having a lender who isn't local to the area I'm looking to purchase?
Does it matter at all??

Thanks in advance!

It really depends on type of financing. Some local HMLs like to lend within areas they are familiar with. Since you posted this under "house hacking", then you might be looking for a standard type of financing. If the house is in a relatively large market, then it does not matter whether lender is local or not.

@Axel Scaggs I am an investor based in Coppell, TX. My younger goes to UNT and older one (graduated) works for UNT. DM me, would love to chat and give you some ideas..

@Blake Choisnet I have a doc that explains an option using Islamic Financing. Deals can be structured using Murabaha (avoiding interest rate) using our specific REI strategy. I am not a lender, this doc is given to Muslim lenders interested in investing with us as private lenders. If this can assist you, DM and I'll send it over to you..