All Forum Posts by: Mohammed Rahman

Hey @Pradyumna Vanam! Typically you would probably still have a net gain by selling your old home in this market if you bought it several years ago. If you bought it recently, and don't want to sell it now that makes sense - or maybe you just want to wait to possibly fetch a higher price later on. 

To determine what updates you might need in the home, I would simply log onto Zillow and checkout other rentals in your area and figure out what $/month they're being rented for and what's being offered. 

For example, if you have a 3br/2bt and other 3br/2bts are being offered at around $1k/month and look recently updated (open floor plan, nice bathroom, washer/dryer updated, etc.) then that's a sign that you should rent yours for less. 

Alternatively, you could contract with a property management company and let them handle the whole process, but typically for single family homes you'd be looking at paying them around 10-15% of the rent/month + any fees associated with turnover (new tenant, repairs, etc.) 

Hey @Kristin Riker - your go to broker in Florida is @Khaled Morad - he's helped me purchase a couple of my investment properties and things went smoothly. 

Good luck! 

@Stephen Dispensa hey man great job on this!! You persevered when 99.99% of people would have given up, and now you have the battle scars to prove it! Are you able to share any of the publicly available articles/court filings regarding the auction manipulator?

Helps to stay informed as an investors agent when it comes to buying in auctions. Feel free to DM me with the info if it's not much trouble, thank you! 

Hey @Henry Senatore - really sorry about this sticky situation, it sounds like your younger siblings don't seem to be the glaring issue here as they haven't signed a lease or moved in as of yet. 

I would initially focus on making sure to have your younger sibling follow the rules of the property when it comes to staying over and potentially signing a lease if they want to move in. Although, your brother is part owner of this property so he might not respond well to that. 

Is there no way you can have a frank conversation with your brothers that all costs of the property must be split evenly? If the younger ones disagree, then you can possibly workout a solution of taking more of their equity in lieu of them making any payments. 

The live-in girlfriend/renter is a tough situation as she is on the will and likely won't budge since she knows she has no where else to go. 

I strongly recommend getting a real estate lawyer, happy to help with recommendations - shoot me a DM and we'll chat offline. I'm an investor and realtor based in LI. 

Hey @Jast Collum - sometimes bad things happen to good people, there was a lot of that going on through COVID. 

That being said, I agree with other comments here regarding getting yourself personally situated first before exploring other investments. The option #1 you suggested seems like there is no net gain at all...? Wouldn't the trial mortgage payments get you out of the forbearance program with a loan modification. 

Good luck and I wouldn't take on more money than I needed if I'm in your shoes. Whatever can go wrong, probably will. 

Hey @Account Closed - you could try hitting up brokers in your area and soliciting them for projects. Most brokerages will have individual agents that have a varying degree of client lists. It's a matter of building a relationship with them... as you could probably already tell, it takes time. 

Alternatively, I've found that if I go to a real estate specific networking event (there are a few local ones around NYC/LI) with an explicit project in hand, people are more open to helping. Not sure what it is, but I think it's the in-person aspect. 

Hey @Joshua Cartagena - not a bad move at all, but depending on the agent they may not be super excited to talk to someone that's not actively on the hunt for a deal. 

I also recommend reading real estate books, BiggerPockets has a handful of them you can check out. 

Hey @Deepak Walia you're approach is flawed because you think real estate business loans are solely based on the credit score of the business itself (or you're thinking about it from a residential perspective). 

Regardless of what name you buy the property under, in the residential space the bank will want to know where your credit stands. 

As you move into commercial investing, the bank will care more about the numbers of the property itself and less your own credit situation. 

@Raf Pinero you're already doing the most valuable thing you can possibly be doing right now: asking questions & learning. 

Your career will vary year to year for the next 5-10 years and you may decide to NOT get into investing after learning more from your day job, it happens. 

Keep learning and putting yourself out there, while not being afraid to seem clueless by asking questions. 

Hey @Benedict Feole - based on what you're telling me it sounds like you're thinking people are going to be upset to sublease from you because you were upset to find yourself in the same situation a while ago.

Does a tenant ever get upset at a landlord for subsidizing their mortgage? 

I think you should just be up front with anyone that is going to be subleasing from you to keep things clear... they're technically your tenants, not your friends, so run it like the business it is. 

Good luck!