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All Forum Posts by: Nadeem Alamgir

Nadeem Alamgir has started 2 posts and replied 707 times.

Post: Can anyone tell me about their duplex experience

Nadeem Alamgir
Posted
  • Real Estate Broker
  • Posts 728
  • Votes 524

Hey Nikelyia, that’s a great way to get started. It’s one of the easiest ways to break into real estate and build equity while you live there. I’ve seen a lot of investors begin with a duplex and house hack one side. A few things to look out for is running the numbers both ways with and without you living there so you know what it looks like once you move out. Pay attention to the condition of the big ticket items like the roof, furnaces, and windows. Check if they’re separately metered. If not, you'll end up covering water, gas, electricity, and baking that into rent.

Post: Finding Rent Comps for my area

Nadeem Alamgir
Posted
  • Real Estate Broker
  • Posts 728
  • Votes 524

Hey Colin, I would look into Rentometer and the Zillow rent page. These two alone will give you what you're looking for. Rentometer pulls data from various sources of recently rented units. With Zillow, you can see the demand and the number of applications nearby rentals are receiving. 

Post: Hello BiggerPockets! New PRO here

Nadeem Alamgir
Posted
  • Real Estate Broker
  • Posts 728
  • Votes 524

Welcome to BiggerPockets Diego, I grew up in NY, Queens myself. 

Post: SF bay area advice on how to find partners on first deals

Nadeem Alamgir
Posted
  • Real Estate Broker
  • Posts 728
  • Votes 524

Hey Jessica, partnerships can definitely help if you’re in a high cost market. Most deals start simple as in one partner brings the money, the other either is finding, managing, and running the deal. Profits get split 50/50. The key is clear agreements between the two and working with someone you trust. I would look in your own network first before branching out to others. 

Post: Choosing a market

Nadeem Alamgir
Posted
  • Real Estate Broker
  • Posts 728
  • Votes 524

@William Breymann  it’s easy to get caught between choosing somewhere you would personally enjoy versus picking a market that purely makes financial sense. The key is to get clear on your main goal and if it’s cash flow, you’ll usually have to lean toward landlord friendly markets with solid rent to price ratios. If lifestyle/vacation is a big factor, then you accept lower returns in exchange for having a place you actually like spending time at.

For example, Cleveland offers affordability and cash flow in certain areas, but you have to be careful about where you're investing. At the end of the day, there’s no wrong answer, it’s just about aligning the market with your strategy. My suggestion would be to pick one market, learn it deeply, and run numbers on multiple deals until you know exactly what works there.

Post: Hello and looking to connect!

Nadeem Alamgir
Posted
  • Real Estate Broker
  • Posts 728
  • Votes 524

Welcome to BiggerPockets Travor. I lived in Sacramento for a year and it was great. If you're looking to network, I would check out RE events on Meetup.com and Eventbrite. There's consistently great events to go and connect with other investors, agents, lenders and etc.

If you're looking for markets to invest in a couple of SFH or MFH with significantly less down compared to Sacramento. Markets like the Midwest where the price to rent ratio makes it favorable to get started and cash flow after property/management expenses. Best of luck in your journey, you're in the right place.

Post: DSCR Loan or Hard Money

Nadeem Alamgir
Posted
  • Real Estate Broker
  • Posts 728
  • Votes 524

@Josh Dziama for a non owner occupied multifamily, 25% down on a conventional loan is pretty standard. DSCR loans are an option, but most still require a down payment of 20–25%, and the rates/fees are usually higher than conventional loans. Hard money is more for short term flips or BRRRRs. They'll give you higher leverage, but the terms are expensive and you'll need an exit plan like a refinance.

If your goal is simply to lower the down payment, you can buy a primary residence (house hack a duplex/triplex), you can get in with a down payment of 3.5%. Otherwise, the reality is that most rental loan products are going to want that 20–25% equity in the deal.

Post: Big Advice on Starting

Nadeem Alamgir
Posted
  • Real Estate Broker
  • Posts 728
  • Votes 524

@Korey Tugard JV can be a good way to start if you're short on capital or experience. The tradeoff is splitting profits and giving up some control, so I would use it to get confidence on the first deal or two, then branch out on your own once you've got the process down.

Post: Do any agents out there text or email?

Nadeem Alamgir
Posted
  • Real Estate Broker
  • Posts 728
  • Votes 524

If it's a decent opportunity and hasn't been sitting on the market, the agents are getting hammered not just by other buyer agents and buyers, but now also by an influx of wholesalers and seller financing buyers. This is what happens to me when I list a decent deal on the market. The best thing you can do is email/text them with all the details of your potential offer and include your questions. In most cases, if they have a co-agent that helps, but you'll need access to the MLS to get their contact info. Or just contact a buyer agent through Zillow or BiggerPockets so they can take over for you.

Post: Just starting out

Nadeem Alamgir
Posted
  • Real Estate Broker
  • Posts 728
  • Votes 524

Hey Beth, I would reach out to some investor friendly agents in your market. You can find them in Agent Finder on BP, but I would also check out Facebook groups in your markets. It may seem spammy, but you'll find some decent wholesalers whose lists you can join. Most of these deals won't be great, but you'll come across some that make sense to move forward with.