All Forum Posts by: Mohammed Rahman

Hey @Leah VandenAkker - much like anywhere else, it depends on the company you're working with. Going turnkey has nothing wrong with it. You buy a property that needs little/no initial upkeep from you while you rent it out immediately and can enjoy the cashflow and appreciation.

Turnkey companies also add value to the economy since they flip homes that can typically not be bought by retail investors/buyers. 

If I'm in your shoes, I would look at a few listings by turnkey companies and actually walkthrough. There are a lot of little things that stick out (after having worked with a few flippers) to show whether or not the company actually cared to do things properly before taking the house to market. 

Hey @Rafael Rodriguez! I'm an investor and realtor based out in LI. 

Are you looking for properties to purchase and then flip? Or looking for buyers? 

Feel free to shoot me a DM and we can connect offline, thank you. 

Hey @Nicholas Vecchione - welcome to the world of BP! Getting into real estate is pretty simple, once you have a clearer sense of what you want to get out of it. 

For example, your end goal could be to escape the rate race, but you need to figure out what strategies you might use to get you there: buy & hold, wholesale, wholetail, BRRRR, etc.?

It might seem like a lot of information overload, but things happen one step at a time. I've been in REI for a few years and continue to learn a lot, much like any other investor. Look forward to connecting with you.

Hey @Lily Ochoa - whereabouts are your Coops based? I've worked with coops both on the buy side and sell side, and understand how tedious the board process can get sometimes (especially with rules around rental limitations). 

I'll shoot you a DM and hope to chat, I'm an investor & realtor based in NYC. 

Hey @Elson Pllumbi - you might have better luck reaching out to other contractors that have worked under developers in the area. I've found BP to be useful, but there's not a whole lot of developers based in NYC that use it. 

Hey @Brandon Stanley! I'm an investor, and realtor, based out of NYC. Did my best to answer your questions below. 

1 - current tenants do not *need* to vacate prior to selling. The property can be sold with existing tenants, although it may be more difficult (especially since you mentioned they're paying well below market rent). If you want to, you can sell/advertise the property as being vacant once it's closed (so the new owner knows you will deliver the house empty). Having tenants while selling can make things difficult, since it's not as flexible to show vs. an empty house.

2 - If you have your own buyer, then you don't need a realtor (my realtor buddies will hate me for saying this). Most owners that try to find their own buyers struggle to do so because they don't have the level of access that a realtor does (MLS, network, client lists, etc.) I'm a realtor and would love to earn your business if you and your relative feel good about it.

3 - Yes tenants should be informed, as a courtesy. They will know when potential buyers start to come and take a look at the house, so it's better to come from the owners rather than finding out on their own. 

4 - You can definitely ask the tenants, but likely they will not depending on what field they work in. Typically I've found that for more expensive properties, tenants seem to also be higher-income and thus know people who can afford the house. 

Will shoot you a DM, look forward to possibly working together thank you. 

Hey @Stella Jack - you may have realized this already, but in areas where property prices are way above the national median, it gets incredibly difficult to cashflow or meet any of the investment ratios... unless you decide to focus on appreciating the property and selling it after several years. 

I'm an investor and realtor based out in LI and help a lot of first timers make their initial investment. It's not impossible to find a decent deal, but it may need some tweaking of your search criteria (for example, searching in lower cost neighborhoods, etc.) 

hey @Cameron G. - I have some videos on my youtube channel regarding this. If I were your friend, I'd advise you to take a step back and understand what may be going on in a deeper level. 

Are you sure you want to be in real estate, or do you only think you want to be because law school started getting tough. 

Not saying there's any right or wrong answer, but I've had friends go through something similar only to realize real estate wasn't for them as soon as they hit their first snag... and on goes the cycle of excitement --> giving up --> something new --> etc. 

If you're definitely sure this is what you want to be doing, check out some books that BP also have available on Amazon. They're a cost effective first step to start the learning process. 

Hey @Seth Botner - I've been in the same shoes back in 2019. Got fired before Christmas holidays. 

If you don't already have a stable amount in reserves setup, your only focus right now should be getting another job. You can use an offer letter from your new job towards your mortgage underwriting (same thing I did, didn't have to wait until I had a history of paystubs)

Hey @Tyler Herbert congrats on your FHA property last year!

Depends on what you're wanting: hard money will be faster, but an aggressively high rate vs. a conventional mortgage through a bank. As far as I know, banks will typically want to see at minimum 2 years of rent rolls before counting it as income towards your bottom line. 

May differ from bank to bank, never hurts to hit up your previous loan officer and get their take on timeline should you get another mortgage through them.