All Forum Posts by: Muhammad Amawi

Hey Dominique,

If it's not to late I'd love to help you with your situation. I've just sent you a PM

Quote from @Howard Montaque:

What about my credit report?

 What exactly is your question with your credit report?

Hey Evan,

If the idea is to start with a more minimal team, I would recommend working with a team of people that also invest themselves. Within that team I would include the following:

- Mortgage Loan Officers: Making sure you are choosing licensed professionals is a key here opposed to using someone at a bank who does not have to be licensed. Mortgage Brokers are typically the better option compared to a direct lender as well, as they are doing the shopping for you by comparing options across multiple lenders.

- Real estate agents: Going to reiterate here that using an agent that also makes real estate investments themselves is important. You wouldn't want someone showing you around the market that isn't actually involved with their own money themselves.

- Property management: This may not be needed yet for yourself if you're still trying to better learn the ropes. 

- Contractors: Having a few go to electricians, plumbers, construction, and hvac amongst other things will be very beneficial in the long run.

Having CPA, bookkeepers etc.. lined up will be very beneficial. As you start to feel the workload is becoming too much, that would be a good time to start introducing them to your team. 

Hey Marcelle,

The one larger property may come with less headaches in the long run, however you may benefit more from three smaller properties with appreciation.

In my opinion it's all going to be based on what the numbers run and your personal goals as a real estate investor. If you're here for the cash flow and the larger property shows more potential than the three other properties, I would go with that.

Hey Howard,

The amount of debt you have for a cash out refi shouldn't matter since I'm assuming the refi will be used primarily to pay off the debt. Greg is right, working with a licensed mortgage broker would be best case since they will know how to apply rental income towards your DTI as well as provide you with multiple options opposed to the limited options from one institution.

Quote from @Account Closed:

Quote from @Muhammad Amawi:

Quote from @Account Closed:

Hi

I already own an investment property and I had enough down payment saved up for it so getting a loan was not a problem. I'm looking to buy another property out of state in Cleveland, OH area. I want to start small with a duplex. But the problem is I dont have enough down payment to put down for investment property loans. I might only have 5% down payment. Even if I can get a loan with 5% down, my concern is how am I going to get any cash flow from my second investment because the mortgage payment will be high. Does anyone have any alternative solutions besides private lending? Thank you in advance.

 Hey Akushla,

You'll need to have 25% before purchasing the investment property. Is there a way where you could leverage your current investment property by doing a cash out refi? Let me know if you have any questions on anything. I'm an investor friendly lender native to the Cleveland area.

@Muhammad AmawiIf I do a cash out refinance on my existing investment property, wouldnt that be a bad decision? Because my interest rate on that is 3.6%. Now the interest rates are close to 6%

 It depends on what your goals are as an investor and what the numbers on the subject property will look like following the refi. It may put you in a situation where you wont cash flow as much on that property due to the higher interest rate, however it could provide you with the opportunity to jump start that purchase to the next investment property where you'll now be in a situation with two cash flowing properties instead of just the one.

So essentially, you might take a small monthly pay-cut on one property to be able to make a move on another property immediately opposed to waiting. It all depends on what your goals are as an investor.

Hey Brechman,

I've just sent you a PM. I'm a lender native to the Cleveland area and specialize in working with investors as I'm well connected with PMC, investor friendly agents, contractors and anything else you may need.

Looking forward to connecting with you!

Quote from @Account Closed:

Hi

I already own an investment property and I had enough down payment saved up for it so getting a loan was not a problem. I'm looking to buy another property out of state in Cleveland, OH area. I want to start small with a duplex. But the problem is I dont have enough down payment to put down for investment property loans. I might only have 5% down payment. Even if I can get a loan with 5% down, my concern is how am I going to get any cash flow from my second investment because the mortgage payment will be high. Does anyone have any alternative solutions besides private lending? Thank you in advance.

 Hey Akushla,

You'll need to have 25% before purchasing the investment property. Is there a way where you could leverage your current investment property by doing a cash out refi? Let me know if you have any questions on anything. I'm an investor friendly lender native to the Cleveland area.

Hey Benjamin,

I would have to agree with Patrick here. The most likely scenario would be a house hack situation where you end up around the break even point. The Cleveland area definitely has some gems that would allow you to find a great deal under those circumstances. Let me know if you have any questions on the financing side of things or need any connections in the Cleveland area

Quote from @Darashaun Williams:

Looking for my first deal in Ohio.  Not sure where to buy. Biggest question is how do you go about finding contractors in a area that you aren’t familiar with?  

Hey Darashaun,

Cleveland and Columbus are great places to get started in Ohio. Best way to find contractors will typically just be through networking and receiving recommendations. If you need anything in the Cleveland market, I’m well connected.