All Forum Posts by: Mohammed Rahman

Hey @Osvaldo Cintron - I agree with what Andrew mentioned above, but I'll also add that if you're a strong buyer then you're going to have an even better time if you wait a few months. The FED has indicated they will raise interest rates again by end of July 2022. 

Yes this means your loan approval will be lower and your payment higher, but it also means property prices will drop due to the overall drop in buyer's demand. 

This goes to the main question: What's your investment goal? 

If it's to buy a property, house hack for several years and sell for a profit, then I recommend waiting. After waiting, you can purchase, and then refinance when the rates eventually drop. 

Shoot me a DM and we can chat further, thanks and good luck. 

My YT channel has a recent video about this, check it out. 

Hey @Justin Darian - I'm copying my response to your other post in the forums since it seems like you're taking stabs in the dark to find some traction before taking your first step. Not ineffective, but not super efficient. 

There are a lot of different ways to get your foot in the door with real estate investing, so the more varying your background the better of a time you'll have :) I recommend starting with reading the books recommended in the BP forums, they're a good way to learn about both the great and ugly situations you could find yourself in. If you want to chat, I'm happy to hop on a call (I'm also in my 20's and have been an investor for a few years. I'm based in NYC too) - shoot me a DM and we'll take it from there.

Hey @Austin Opfer - happy to chat further about your open ended questions. I'm a realtor & investor based in NYC. 

Shoot me a DM and we'll make time for a quick call, thanks. 

Hey @Kathy Li - from what I've heard, EXP may be the route to take. @Shawn Mcenteer can talk more about this. 

Hey @Tina Chau - I'll DM you, someone else asked a similar question not long ago in the forums. I'm curious to know which company you're not satisfied with, helps me avoid them in the future if needed. 

What's your long term goal @Rene Francoeur? If you want to open up your own shop and brand, then being a broker is the way to go (in NYC you need 2 years min. experience as an agent before taking your broker's exam). 

If you just want to make more money, creating a team is probably going to be more lucrative without all the hassle of worrying about running your own brokerage. 

Hey @Xing Lin - congrats on starting to analyze deals (& possibly make offers). I'm a realtor and an investor based in NYC. 

What neighborhood of Brooklyn is this in? 

Whether or not a deal is "good" or "bad" depends on what your investment thesis is - no one on BiggerPockets can tell you that, they can only advise you according to their own thesis.

For example, if your goal is to buy & hold a property for 10+ years while househacking, this may be a good deal since your long run success depends on the property appreciating (and then selling for a nice profit). 

Alternatively, if your goal is to only focus on cashflow every month, then this deal is "bad"

What I'm trying to say is it's all relative - a good realtor that has worked with investors can help you analyze deals so you're not cold messaging on the BP forums waiting for someone else to approve your decision. 

I'll DM you, thanks and good luck! 

Hey @Anthony Green - you probably meant tax minimization, not evasion (but you're probably tired of hearing about this from everyone else in the forums). 

I recommend reaching out to a real estate CPA in your county. They will be best equipped to help you figure out how to minimize taxes in this predicament. 

Hey @Kierra Fields- I agree with some of the other comments on here in that selling it and taking the profit is probably the best thing to do if you know you're moving to NJ anyways. Depending on how much profit you net, you could likely purchase multiple properties in NJ and still house-hack while owning other properties. 

Hey @Sheng-Han Kuo - I'm an investor and realtor. I haven't been directly involved in a transaction in that part of the island, but have communicated with other investors and brokers that have. 

From what I've learnt, your biggest money suck is going to be your actual time and cost of keeping the property up to par as you have STR filter through. To resolve the amount of time you'll spend managing it, you may consider a property manager - but from what I've heard it's not cheap for luxury rental management in Southhampton.

Drop me a DM and I'm happy to chat more about it, thanks.