All Forum Posts by: Mohammed Rahman

Hey! Congrats on finishing Brandon's book—that's one of the best starting points out there.

So, when it comes to seller financing, especially through family members who own properties free and clear, you’re actually in an ideal spot. Since your family member owns the condo outright, you wouldn't have to worry about the "due-on-sale" clause at all, because there’s no bank involved. That clause typically gets triggered if there’s an existing mortgage and the title changes hands without paying off the loan first. No mortgage = no clause.

In terms of what kind of deal you’d need to make it worth it:
You'd want something where your monthly payments to your family member (the seller) still leave room for cash flow if you rent it out, or at least align with your investment goals—like appreciation, tax benefits, or equity buildup. The beauty of seller financing is the flexibility—you can structure low interest rates, longer terms, or even delayed payments. It’s all negotiable, especially since it’s family.

Just keep everything clear and formal—put the agreement in writing. And don’t underestimate the power of having an attorney or title company help you draft the note and mortgage to avoid future headaches.

Overall, you're sitting on a golden opportunity here. Take advantage of it!

Honestly, from what you've described, it sounds like the best move is to have him leave sooner rather than later. You've already been patient, and clearly, it's not working out—financially or in terms of living conditions. In New York, tenants can get comfortable fast, and you really don't want this turning into a squatter situation. I'd go with the cash-for-keys route, offering him money to leave quickly and quietly. It's a clean break, avoids eviction headaches, and saves you from further stress and potential issues. Protect yourself first—he needs more support than you can realistically provide.

Hey, welcome to wholesaling! You're definitely off to a good start by reading and watching stuff, but nothing beats getting your hands dirty with real experience.

My best suggestion is to jump into local networking—find real estate investor meetups around Long Island. Check out local REIA groups, investor events, or even join some Facebook groups focused on wholesaling in your area. Introduce yourself, offer to help experienced wholesalers by handling their cold calls or driving for dollars in exchange for learning the ropes. When I was starting out, that's exactly how I learned quickest. Some bigger wholesaling operations might even give you a small base pay, though it's usually commission-based.

Honestly, though, don't wait around too long for someone else to guide you. Start taking action right away—practice running comps on properties near you, get comfortable talking to sellers, and don't be afraid to make offers. Good deals attract buyers naturally.

One quick heads-up—be careful with expensive courses or "gurus" promising quick success. Most of that stuff can be learned for free or much cheaper online, and the money you'd spend is way better put towards your first marketing campaign.

You're in a strong market on Long Island, plenty of opportunities if you're proactive. Just dive in, be helpful, and you'll pick things up fast. Good luck!

Based on what you've described, my first suggestion is to make sure you've got your personal finances squared away first—meaning enough cash set aside for down payment, closing costs, and reserves, because that's going to vary with each deal.

But honestly, at the price point you're targeting ($100K-$125K) with minimal work and stable tenants already in place, you're going to have a tough time finding that in a decent neighborhood. For context, I help investors buy duplexes in Detroit that end up around $120K total investment, but that's usually after buying them cash around $60K and then putting another $50-60K into renovations. These are typically C to C+ areas, and afterward, the properties appraise closer to $160K or more.

So, if you're open to the idea of buying something that needs rehab and investing more into it, you can definitely hit your goals. But realistically, finding something turnkey at your budget and preferred location is extremely tough. Anything you find at that price point without needing much work is probably going to be in a D-class area, and trust me, you don’t want the headaches that come with that.

Finding buyers isn't hard. Find the deal, then the buyers will come. 

I'm a buyer, and so is almost everyone at a real estate meetup -- but the amount of "buyers" that can actually execute when you put a deal in front of them is less than 5%

If you have a deal in Brooklyn or Queens - shoot me a DM or text. 

This is a tough situation, and you want to handle it with care, especially since your tenant has been with you for a decade. The best approach is to be honest, personal, and understanding.

I’d suggest having a conversation with them in person or over the phone first—before handing over any official notice. Just be upfront. 

Check your lease agreement and local eviction laws. Some areas have specific rules for no-fault evictions, especially for long-term tenants.

If your tenant is month-to-month, you’ll likely need to provide at least 30-60 days’ notice, depending on your state laws.

Follow up with a formal written notice, stating the move-out deadline and any legal requirements.

Decontrolling rent-controlled units in NYC is a pain, especially after the 2019 law changes. Vacancy decontrol isn’t really a thing anymore—if a rent-controlled unit goes vacant, it usually just switches to rent stabilization instead of going fully market-rate.

For the occupied ones, your best bet would be a buyout, but that depends on the tenants and if they’re even willing to negotiate.

As for getting rid of rent control entirely, it’s tough. Some landlords try going the major renovation route, but it’s expensive, full of legal red tape, and not guaranteed to work.

You’ll definitely want a solid real estate attorney who knows NYC rent laws. I don’t have a specific one offhand, but checking with local landlord groups or real estate investor networks might be a good move.

Hope that helps—good luck with the deal!

Sounds like you’ve put a lot of thought into this—great job running the numbers! Given your situation, I see both pros and cons to the 15-year vs. 30-year mortgage.

The 15-year option makes sense if you’re comfortable with the higher payments and want to build equity faster. Since you're planning to rent the condo in 1-2 years, a lower rate could also mean better cash flow once you transition to being a landlord. That said, tying up more money in the mortgage might limit flexibility, especially if you plan to buy another home out of state soon.

On the flip side, the 30-year mortgage gives you breathing room. Even though the rate isn’t ideal, you’d have the option to pay it off aggressively while keeping cash available for other investments (or unexpected expenses). Plus, in your tax bracket, the added interest deduction could help offset some of the cost.

One thing to double-check is the occupancy requirement after refinancing. If you've already lived there for 15+ months, some lenders may not require another full year post-refi—definitely worth clarifying before making a decision.

At the end of the day, it comes down to how comfortable you are with a higher fixed payment vs. keeping extra liquidity. Either way, you’re making a smart move by locking in a lower rate before rates potentially shift again.

Hope this helps—good luck! 🚀

Put it at/before the closing, otherwise they likely won't readjust your mortgage balance unless you "recast" the mortgage which may need more costs. 

Keep in mind your mortgage pricing/rate may change by doing this, so good to loop in your lender early on to let them know your intentions. 

BTW you don't have to close on the same day, it will be very hectic for you in terms of moving and etc. 

Usually in the case of a sale/purchase combo, you should usually negotiate a few days post-possession after selling your property to give you time to close/move to your next property. 

Hey @Shunnel Williams - so sorry to hear about your scenario. 

I've dealt with this exact same situation, and ontop of everything I was dealing with the Section 8 housing authority because my tenant was a voucher holder. 

There is a light at the end of the tunnel, be strong... and then maybe call your local councilperson to tell them about the horrible situation you're in. There are a few local bills being introduced to give mom-pop homeowners more strength in dealing with evictions. 

In terms of buying vs. selling - it really depends on your situation and what your goals are. 

Will there be people willing to buy your property as-is, even with the tenants? Yup, but the tradeoff is they're not going to give you the market price since they're taking on a big risk.

Happy to give my $0.02 and give you a realistic valuation of the property based on market comps, reach out any time via DM or just text at the number in the signature of my post.