All Forum Posts by: Lateefah Mathews

Hey @Sharon Israel I’ll be straightforward here...I’ve never invested in Tampa, so I’m a bit biased toward Metro Atlanta. And by Metro Atlanta, I mean not just the city itself but also the surrounding cities & suburbs that open you up to a much wider scope of opportunities. If you’re looking for volume and scalability, I’d recommend Metro Atlanta. The caveat is that within the city of Atlanta, permitting can move slow if you don’t have the right team, so your contractor team has to be tight. That said, the flexibility across different submarkets makes Metro Atlanta a stronger move. It gives you a longer runway, you can build your team, tap into multiple submarkets, and operate at different price points without being boxed into a single high buy-in.

@Rodolfo Mercado Welcome to the BP Fam! When you're doing the math, don't take percentages off your $175K purchase price. You want to use your monthly rent as the base. Out of that rent, set aside 5–10% for repairs & maintenance, another 5–10% for CapEx if you're being conservative, and no less than 5% for vacancy. Now keep 3–6 months of expenses in cash so you’re covered if a tenant moves out or something else pops up. That combo gives you the cushion you need without the guesswork.

@Dalton Long , I read your first post, and you were 17 then, so Happy Belated Birthday! You're far ahead of the curve, so pat yourself on the back.

As for the credit, Navy is great, and if you're building your credit, they have a secured card that usually graduates to an unsecured card in about 6 months if you pay on time.

Also, since you haveconnections in real estate, you don’t even have to wait for your license to get experience. You can see if someone is looking for a transaction coordinator; it’s hands-on, you get paid, and you’ll learn the process from start to finish. Then, when you get your license, you’ll already know more than 75% of new licenses.

Hey Steve, welcome to the BP family! 

Reading this really struck a chord because a family member of mine recently went through something very similar… They were facing eviction, and secured rental assistance that covered three full months of rent upfront, and the property manager still filed a writ of possession after the funds had already been deposited.

Thankfully, they reached out to me & I was able to help make sure they didn’t just sit on their hands, otherwise, the PM would have ended up with the house and three months’ rent, and my family would’ve been out on the street.

The writ was dismissed, but the harassment didn’t stop. For the next three months, they kept sending late payment notices, with erroneous fees,  despite the rent being paid ahead of time via wire deposits. It was mind-boggling watching this go down.Honestly, it’s a pity and a shame how some property managers use these calculated, predatory tactics to exploit the very system meant to protect tenants in crisis. SMH!

Hey @Thomas Pete Phillips Welcome to Bigger Pockets! 
I will say that’s a pretty broad question. However, one of the biggest keys is knowing when the market is in your favor. If it’s a seller’s market, that’s a great time to sell. Even if it’s a warm market, meaning it’s balanced between buyers and sellers, that can be a good time as well.

Also, if you’ve got enough equity and the sale will net you the profit you need after paying off everything, that’s another sign. 

If you’re an investor and your property has flatlined in performance, it won't hurt to move that capital elsewhere.

Hey Ellisa,

Going into a rehab, one of my biggest lessons has been to walk the property with a contractor, yes, but get a pre-inspection from a certified inspector before you start work, period. Even the best contractor in the world can miss things that a property inspector will catch. 

If you’re flipping, your buyer will likely get their own inspection, and you don’t want surprises on a rehabbed property that weren’t in your contractor’s SOW, so it’s better to find and address those items early.

I now add major inspection items to the SOW up front, which cuts down on change orders and can save thousands.

Hey @Idris Erinjogunola Welcome Aboard! I would add that you shouldn't tighten your target too much. ITP, cool… but if you only focus on one pocket like the Westside, you could miss great deals, especially on small-multi's. They’re not easy to come by due to demand and are often fully rented. 

Also, what you have for cash-to-close will ultimately dictate the size of the property you can get in this market, so hone in on that number first. 

Lastly, you should be working with an IFA; everything else you need, like lenders, contractors, and inspectors, should already be in that IFA toolbox. We oftentimes come as a package deal! 

Hey @Jeff Earnhardt Welcome to the BP family! I want to assist here, and I'm sure a lot of people in here want to help too, but you've got to get clear on what you’re trying to relay to us. First, what does commercial real estate mean here?

Is it an office suite in a larger building? An entire building with multiple suites? A retail, medical, or co-working? Commercial real estate is a huge umbrella.

Also, are you buying this property for $500K? Leasing it and then subleasing to yourself? Have you found the property and you’re looking for guidance on tenant types?

Without knowing the location, property type, and layout, it’s hard to suggest the right tenants. A little more detail will go a long way. 

I like the cash-out refi because it locks in your capital now with fixed terms, keeps you sheltered from rate hikes or lender changes, and puts you in a position to move quickly if the right deal presents itself.