All Forum Posts by: Haseeb Awan

@Natalie Kolodij

How did it go with Cuba venture ?

Replace the toilet rather than fixing it. It's not worth the time. I just did it on my PM recommendation. Paid around $300 for labor / new toilet. It's good for long term. 

Arbitrage is great if you are able to pull it off properly. I however think this is too risky for such smaller profit. If you can carry the loan if some one defaults, then you can go ahead. 

As @Dallas Trufyn & @Matt Souza mentioned, it all depends. It could turn into a nightmare or a gold mine. I had modest success but I am now looking into bigger deals to offset cashflow. I however will recommend to focus on cash flow rather than speculation on appreciation. That will make you win in the long turn. With low cost housing, there are many over head costs that are very hard to predict. That include non-payment, eviction etc 

I generally am against apartment purchases because in long term, they tend to be beaten by freehold asset class. Also there is very little you can to do force appreciation. In addition there are fixed maintenance fees that you have no control over. Many condo boards keep the fees to bare minimum to make it lucrative to sell and then jack up. If you are investing in Condo, make sure to ask about reserve funds and expenses done

Also look at rules around raising rents. You can't just raise rents over night. 

I am going to the one in Toronto. Ticket was just 49$ so it was hard to pass on. I expend probably 5000 people in the room and be sold hard, but it will be fun. 

@Pari Thiagasundaram is the guy I know in the bay area. I do visit SF regularly as well !

I lived next to Lake Merritt for few months.

You might be able to get away with charging a bit of higher rent but remember appraiser works for bank even though you might pay him. He will look into prevailing rents in the area & then appraise accordingly. Charging a higher rate might hurt your balance sheet. Self employed already have red flags while getting financing and this might hurt it further. I strongly discourage any one in misrepresenting. 

You can appeal against higher tax and probably can get a tax deduction but see if it's worth it. 
For taking over the mortgage, generally lenders have a rule of asking for the remaining amount upon sale. This clause is generally not exercised but it's good to check with the lender to be on safe side. Also check how long is the renewal term. 

Absolutely, if you are able to negotiate with the current owner and get him to sell the property. This generally happens when the owner have some equity in the property. It's best for him to take a bit of money. Make sure your offer includes vacant possession.