All Forum Posts by: Asim Sheikh

@Braxton Palmer - I believe that you're on the right track to get a few quotes from at least 3 different agents, and they should all be fairly close to each other.  If one is way off the others, I would eliminate that one.  Once you have this information, work it into your analysis and let the numbers guide you in your decision on next steps.  Good luck!

@Arthur Davis - if you're looking to pull money out for investment purposes, I think it's a safe bet to hold off for now, as there are too many variables in the current environment.  GIven that this is an unprecedented time in history, most of the experts that I have listened to agree that newbies should not be investing in this environment until things settle down and the picture becomes a lot clearer as to where the market is headed.  I hope this helps!

@Ron Singh - even if a lender files bankruptcy, the mortgage is sold to another lender as a part of the process, and the terms of the mortgage would not change.

@Ron Singh - Since MOST of the fees associated with closing costs are the same between lenders (i.e, title, taxes, attorney's fees, recording, etc.), the main thing that differentiates one lender from another is their closing cost fee.  I would think that this is not the only thing that's most important to consider, as you should also look at the stability of the lender and whether they will continue to be in business in a few years.  Good luck!

@Adam Parker - I believe that it all depends on the types of tenants that you currently have.  If they are all great, have paid on time, don't bother you, except when necessary, then it wouldn't make sense to look for new tenants, as there is a cost that is incurred each time you get new tenants.  For instance, you will likely need to do some level of clean-up, painting, and minor repairs, all of which have a cost prior to the new tenants moving in.  Good luck!

@Kirk R. - Having been in the stock market for several years, I would agree with your approach, as I have felt for the last several years that the stock market is overpriced, and even today, continues to be overpriced, predominantly due to the inflation of unprotected 401k plans, many new investors entering just to make a quick buck, and many companies having done away with "protected" pension plans.  In stocks, as with everything else in life, it pays to be diversified, invest for the long term, and not do panic selling (i.e., time the market).  

@Khushbu Shah - good questions, and in general, it all depends on the numbers.  If, after you have run your analysis, by taking all factors into consideration, and it makes sense to move forward, then the area that you are investing in does not matter as much as the amount of cash flow coming in.  Of course, there are many other factors to consider as well, such as job growth, population growth, etc..

@Matt S. - Try to get your property manager or realtor to aim for Section 8 tenants, as these tenants are really recession proof, given the government pays for most of the rent.  As for showings, have your realtor create a virtual tour during the current situation.

@Account Closed - Depends on your level of trust with that person.

@Paul M. DeAngelis - I think it's too early to tell.  It all depends on how long this situation lasts, how much this impacts homeowners, who have already been told that there will be loan forbearances in place, if they qualify, and whether we as a society are truly able to follow the rules and "flatten the curve".  So, too many variables, and given enough time, the picture will start to become a lot clearer.