All Forum Posts by: Mohammed Rahman

Hey @Oladimeji Sonibare - I haven't done any flipping in NYC but I know the hardest part is actually sourcing the deals (which I'm sure you are already aware of). Most flippers that I've networked with have mentioned that the deals they've found or come across unfortunately don't have large enough margins for them to take on the deal. 

Hey @Mohammed Milord - I advise against a personal loan, that would screw up your DTI, your credit, monthly cashflow, etc. and a slew of other things.

It may be most prudent to just save up more money OR look at cheaper options. 

Where are you looking and what's your budget? I can point you in the right direction. Feel free to DM me, thanks. 

Hey @Malik Rasheed! In terms of software that you *could* potentially think about using: PropStream is a well known tool but it does cost around ~$100/month. 

Alternatively, you could do other options to find properties. I know a couple of wholesalers based in NYC/LI in the forums too, you could try connecting with them. 

cc @Jean Tranquille @Oladimeji Sonibare

FYI @Spencer Zeff - I learnt this the hard way. In NYS you cannot make it mandatory for your tenants to pay electronically... if they opt out of being online and want to pay via check/cash then you have to accept it. 

Hey @Spencer Zeff - I am also a small time landlord in your same boat. 

I've never heard of TenantCloud, however I use Apartments.com (previously was called Cozy before getting acquired). They don't charge anything up to 20 units and can process both ACH and debit/credit cards. 

ACH payments take a few days to clear though, but better than having to pay a fee for it. 

Hey @Eric Vasilopoulos - best of luck on this, I've had a nightmare of a time dealing with section 8 every single time I need something updated from them. Worst time was when the rental amount needed updating and the case manager... they will try and do their best to prevent doing anything that increases rent (even though the rental increase is outlined in their processes). 

Hey @Account Closedyes that definitely helps a lot. I can help with NYC/LI market if that territory is within your scope?

I'll shoot you a DM and we can chat offline. 

Hey @James Devoe! 

I'm an investor & realtor based out in LI and have also been struggling with finding offmarket properties, would be great to connect and bounce around ideas. 

What *has* worked for me however is networking with other agents both in my office & in other firms because most established agents will have a 'database' of buyers/sellers and would prefer to handle everything off-market because it makes their job easier (no need to stage, open house, etc.) 

Please DM me whenever works, thanks

Hey @Joe S. - Have your friend reach out to https://www.gluzberglaw.com/

Let him know Mo sent you. Sam is a good lawyer because he'll let you know if he can't take on the case, but will point you in the direction of someone who can. 

Good luck! 

Hey @Jay Hughes, I'm an investor & realtor based out of NYC/LI! I was in your same shoes back in 2019 when I started asking similar questions. The NYC market for new investors is difficult because it's mainly an appreciation market (cashflowing is difficult, not impossible though). 

The good thing is, however, that you can look at the surrounding areas of NYC and think about investing there. Lower prices, higher returns, and the tenant profiles aren't horrible. 

Shoot me a DM and let's connect, happy to chat - thanks