All Forum Posts by: Rami Khaldi

Rami Khaldi has started 19 posts and replied 43 times.

Goal

Raise $50M this year.

Will let you know if we get there.

More power to you! As a newcomer, would love to hear about the progress along the way and lessons learned.

2 Votes

I have a few local mentors, but these guys about 30 years ahead of me in terms of experience, and they are not available to hold my hand as I build my business and do deals. They are there to meet with me periodically, make me think bigger, encourage me to be more creative, and help me avoid unnecessary risk.

With that being said, I don't really see a local mentor or an online mentor as a person who will be able to help you through "the logistics, planning, details" as you put it.

Your team will help you with those things. That is your real estate agent, general contractor, designer, architect, title company, hard money lender, property manager, etc. You will be in good shape if you put together a strong team who has experience, wants to work with you, and understands that you are new at this.

Thanks Scott, appreciate the advice. I've been in the process of signing up for a convention and looking into other meetups. I really do want to connect with people to form that team including a hard money lender that's new investor-friendly. In the process, I want to find a mentor thats interested in supporting me here and there. Definitely not hand holding as you mentioned. Fully agree there.

2 Votes

Philadelphia, Pennsylvania

Quote from @Jeff Roth:

Hi Rami-

Congratulations on deciding to invest in real estate.

I like that you are investing near where you live. I think it is wise for most investors to at least start there if they can.

As far as mentors, I would try to find someone that knows the area you want to invest.

One suggestion is to start with property management companies in your area that are well reviewed or recommended and see if they know of any properties for sale or a Realtor that is also a real estate investor. It is good to have both of these on your team and if they are competent they will help you find deals and manage the deals successfully.

To your success!

Thank you, Jeff! Great call out, im in the process of finding those circles in my area to build those relationships. I'd love to find a great and new investor-friendly contractor. I've found decent deals, but as someone who doesnt know how to walk through a property and assess repair budget, that's my next action step. Appreciate the kind words!

0 Votes

Philadelphia, Pennsylvania

This is awesome, good for you Peri!! Very exciting to hear that as a newcomer. Did you use personal capital and/or hard money loan for this? Sounds like this was just minor remodeling, so maybe not hard money. Just curious. But thats an amazing first investment. My hard deadline to have acquired my first property for project #1 is by end of March of this year. Lots of work to do.

3 Votes

Quote from @Richard Loniewski:

I started out with a full time job as well. I got connected with Flip More Deals (now called the Growth Collective) they were amazing, took me 2 months to get my first deal and they guided me the entire way.

I’ve heard of the growth collective before, thanks for the reminder, Richard. I’ll look into them, because I would love that guidance until I have enough experience to run with future projects.

0 Votes

Philadelphia, Pennsylvania

Hey BP community,

Hoping you can give some insight here. Might be a dumb question, but why do some houses go for sale after someone else started renovations on it? Pics reflect some redmodeling work with equipment in the images, some flooring done, other remodeling in early-mid stages.

Some thoughts are, lack of planning/structure for project --> misused funds they had, investor pivoted to another project, local market potential plummeted. Anything else? The opportunity seems solid. Location is decent, meets the 70% rule for a flip or BRRRR, seller is motivated and can probably negotiate the price down.

0 Votes

Philadelphia, Pennsylvania

Hey Everyone,

I've begun to lock in on doing a brrrr in the Philadelphia area to reap the rewards of hard money financing and buy/hold. I want to build equity rather than just doing flips. Here and there, i find good deals and they meet the 70% rule. But i truly feel like a need a mentor in REI to help me through the logistics, planning, details.

Any guidance on how others here have identified good mentors? Im not shy or leery to reaching out, just need to find the right person who is open to it. Im also a 9-5 corporate employee not in RE, which is a little more difficult. Eager to start, just need some direction with an experienced person. Thank you to any and all suggestions.

1 Vote

Philadelphia, Pennsylvania

Quote from @Michael Kinsella:

Quote from @Rami Khaldi:

Happy Friday everyone.

Excited to keep learning and meeting new people through these forums and I dive into REI. For the hard money lenders out there, i'd love to network and understand your vetting process when investors come to you with a property they want to rehab. I know there's nuances from lender to lender, but high level, it would be great to know. Especially since the best deals from what i've seen, are gone within a few days if lucky.

Broadly speaking, you can apply the below framework.

1. Property

HMLs are looking at the subject property (the one you're looking to purchase + renovate). On a renovation project, some of the most important data points are;

- Property type (e.g. SFR, 2-4 unit multifamily, 5+ unit multifamily...)

- Purchase price

- As-is value (this can often be greater than the purchase price if you're getting a good deal on the property)

- Rehab/renovation budget along with the line-item scope of work

- After-repair value

2. Borrower

HMLs are looking at your financial condition, along with your relevant experience. A non-exhaustive list of these types of data points are;

- Liquidity

- Credit score

- Comparable projects completed/sold within the last x years

3. Financing request

HMLs want to understand your financing request. Below are some relevant data points for the financing request;

- Total loan amount requested: remember that HMLs typically fund the renovation portion of a loan on a reimbursement/draw basis, in which case you will need to float the first draw.

- Term length requested

- Exit strategy from the loan: generally a sale of the subject property or refinancing of the debt

Extremely helpful, thank you Mike. Wanted to make sure Im providing the most relevant points, especially in an instance where I know the property won't last more than 1-2 days before purchased.

1 Vote

Philadelphia, Pennsylvania

Quote from @Olivia Grabka:

@Rami Khaldi. You don't need to network with hard money lenders, you just need to email them & ask them for terms. Every hard money lender I have ever run across has a standard rate & fee sheet, that sheet also includes their track record requirements.

For sure, don't disagree. It's also to understand expectations of investors, not just their typical deal structures and fee sheets. Of course, that's critical. Im looking to build relationships and also understand how to stand out compared to other investors (especially those new to the industry). Im in the early stages of learning about different financing products.

0 Votes

Philadelphia, Pennsylvania