All Forum Posts by: Monjur Quayyum

Let's share this valuable resource, please!!!

Greed, "Force to sale" are a few scenarios that any investor should always avoid. Let the numbers prove it if it's a good deal or not. About the numbers, remember garbage in garbage out!!!  So, do your due diligence. If you are not familiar with the concerned market, take your time to learn it. 

I heard @Brandon Turner saying every property has a number to be a deal! 

I would look at last 6 months of sold properties within 2 miles with the same characters. Also, check on the pending status as well.

Good Luck

I think @Brandon Turner on his analysis mostly uses properties about 100K or less; once in a while bit higher for duplexes. So if the closing cost is 3% of the purchase price then yours should be about 11K. So 14K is in the neighborhood.

On the other hand, let's check your number's! If your numbers are right. Based on the numbers, does the deal makes sense? If Yes, then just ask and see if you can get some fee's waived or reduced.

One mistake I did on my real estate journey is looking at the whole pie. The best practice is to look at your piece of the pie; If you are happy with your slice then go for it.

Good Luck!

Congrats that you have a solid goal. (10 rentals in 3 years) I love it.

So just based on last two sold properties, here what i am seeing.  146k for 2264sqf  (64.49/sqf) and 160k for 1717sqf (93.18/sqf) ..... On the other hand you are at 160k for 1310sqf (122.13/sqf)  Is it justifiable?

Also, for BRRRR refinance at 70% cashout (Loan to value) with your mentioned figures without cost of money your ARV needs to be 260k. Do you see this ARV based on your research?

Hope this info will help you a bit. More you analyse better you get at it. Don't get emotional, let the numbers proof as to, how good a deal is!!!

Hi @Pavel Shemyakin: I Watched a few of his YouTube videos; and liked them. So, I signed up at MorrisInvestment.com. But didn't spend any money; BP saved me before the snatch!!! And I am super grateful. 

I think trustworthy people, trust others first, Like as in default setup!!!

Thank You BiggerPockets!!!

I was very much getting ready to invest with "Morris Investment". 

Hi @Carlos Gonzalez,

Since they purchase this property a while back and managing themselves, so why lose the opportunity of future equity by selling it. So cashout will give them the cash/downpayment on the new property and grow their portfolio. Of course, time will come they can sell all acquired properties and move towards a 10 unit or 50 unit or more. I hope this clarifies my thinking about cashout VS selling.

I would look into cashout refinance, before selling it. 

It seems you are managing this property for a while and you are well trained by now for it to run smoothly. In the future when you move, just have a property management company. 

Just use BP as your coach.
Connect to people who you can call & talk, text, email. Honestly, BP is your better and latest coach! Once you learn how to use this as your main resource, BP will help you, even after; you have million dollar's sitting in your bank account.

I am not saying your 3600.00 coach isn't good or worth it. I don't know the guy or his company. All I am saying you can get the same information here for free. Why not learn here and use the 3600.00 to buy your 1st rental or 1st investment as a private lender etc.

Good Luck!

Congrats on your current success!!!

How about Option 4: Do a Cashout Refinance. Use the Cash for the down payment for a duplex with a basement. Live in the basement and rent out all three places for the next 5 years. Also, I would calculate, 5% vacancy, 5% maintenance and 10% property management (even though, you are the property manager). If you can prove it on the paper than you know you are taking a calculated risk. Challange here is getting approval from your wife on this idea!!!