All Forum Posts by: Mohammed Rahman

Hey @Phillip Christie - not sure where your property is located, but a Google search should give you an idea on what the rules are in your area. Some places require 30 days, other 60, etc. 

Also depends on what you've stated in your lease, as most likely you will need to provide written notice 30+ days in advance. 

Best of luck and let know if your property is located anywhere in NYC or LI, happy to help you sell it! 

@Melissa Finney - yes I've heard of a couple decent ones. 

My recommendation is to choose a medium sized management company, if it's one of your only properties. Larger companies charge more for smaller property classes. 

Shoot me a DM and I'm happy to send their contact info. Alternatively, I also help landlord/investors rent out their properties and can help place tenants (complete with the application/screening/viewing process). 

Look forward to hearing back, thanks. 

HI @Account Closed said above. From your description it sounds like yourself and the other tenants are looking at it from an emotional perspective and are really scraping the barrel to find reasons to justify the valuation. 

Here's a question an investor will ask: Who cares if it's a country farmhouse in the city? Am I making enough money to sustain my payments and net enough after expenses? If not, pass on this deal or offer a lower amount. 

If you're really wanting to look for investors, posting cold-messages in the forum likely won't be the most fruitful... Investors don't use BP to find deals but rather to network and then hopefully find deals. 

I recommend networking with agents who work with investors and see if they can help you find a partner - which I don't think will happen if the foreclosure/REO has already been in the works for a while, all the agents in your locality will likely already know about this property.

Hey @Jack Savohsky - seems like you're already on the right path as it sounds like you've been pretty smart with your money so far. My $0.02 is to be mindful as you get into your late teens about spending money on real estate as there are plenty of people that will encourage you to move forward on a project in order for them to get paid. 

If I'm in your shoes, I actually wouldn't invest into any active projects right now. You're going to start college, and things will get busy for you. People say real estate is a 'passive income' but it's only passive if you're sitting in the sidelines (which it doesn't sound like you want to be doing). 

What I do recommend, is looking into real estate funds (like Fundrise.com) to put your money into if you're really wanting to grow your wealth with real estate. 

Alternatively, if you already know others in real estate that you can trust, I recommend learning from them first before signing over your money into a project. 

Hey @Gian Paredes What neighborhood is your property located at in NYC? Your ARV may be affected on house style depending on neighborhood, but rule of thumb is to stick to running ARV comps based mainly on homes that are of similar styles (attached, detached, semi-detached, etc.)

DM me if you want to chat further thanks. 

Hey @Kenny Guzman - I'm an investor and agent based out in NYC, I've also used the FHA loan program to househack in the past and have a good idea of where you and your wife may be in terms of headspace.

My question would be what both of your investment thesis is? For example, are you prioritizing cashflow over everything else? Or do you care more about the home and just having another unit rented to help with the mortgage?

Shoot me a DM and I'm happy to chat offline, if you're focused on NJ then I recommend @Shawn Mcenteer - he is a realtor and has also househacked with his wife in NJ. 

All the best and look forward to hearing back, thanks. 

Hey @Gabriel Hamilton - I'm an agent based out in NYC and an investor with properties in upstate NY. 

There are a lot of ranging comments here, I personally don't foresee any issues with combining a LTR with a STR depending on whatever your goal is. As for getting a second-home loan on a multifamily, yes you can. As long as the multifamily is < 5 units, it would be a residential loan and not commercial.

Shoot me a DM and let's talk offline regarding my experience with buying properties upstate while living in NYC, thanks. 

@Serge Roux - I'll DM you, I actually already invest upstate NY and have really been enjoying it while landlording from a distance. 

Hey @Reetesh Sood - I would suggest maybe working with a local realtor or even a property management company who can look into the specific units further. 

Are the units located in Manhattan? If so, then I recommend an agent that exclusively works in Manhattan (Manhattan uses their own MLS).

If the units are located in the other boroughs, shoot me a DM and I can try and dig deeper thanks. 

Hi @Kate Jones congrats on you and your significant other on making the decision to start your real estate journey. I was in a similar boat in 2019 (also working remotely). 

The one question to keep asking is: what's our investment thesis? 

For your first investment, I would recommend accepting that the first 3-6 months will take an over-than-average amount of hours and attention to get the property running smoothly (this is after you close on it). Once you have your network of handymen, agents, etc. it gets easier. 

My only hesitation with out of state investing is whether it'll be worth it for you (accounting for cashflow margins and paying prop. mgt.) - but then again it depends on what your investment thesis is. One person's bad deal is another's great deal. 

I invested upstate NY because it was cheaper, and a moderate drive from my base in NYC. In terms of the tenant concerns, 99.99% of people just want to rent in a nice home and live peacefully by making their rent on time (yes, even through a pandemic) - the area you invest in will attract the appropriate tenant profile. 

Shoot me a DM if you want to chat further, thanks and good luck.