All Forum Posts by: Sarmad Abbas

@Tom S. thanks for your response.

Are there specific rules around raising the 20% down payment that most banks require? Would raising just the 20% from private lenders and then getting a loan based on the down payment not be looked at favorably. Any guidance would be appreciated. Thanks.

Sarmad

Hi @Sean Trevino, welcome to BP. I'm in MN as well and started looking into Real Estate as a wealth building vehicle less than a year ago. BP is a fantastic resource to increase your knowledge. I highly recommend listening to the podcast. Good luck!

Thanks for your responses @John Powell and @Max T..

Hi folks,

First of all I want to thank @Joshua Dorkin and @Brandon Turner for the fantastic podcast they host. I have learned so much from it and it keeps me motivated. Because of the podcast and this website and BP community I have reached a point where I will be closing on my second rental property but first real deal (first one was a forced rental, was upside down on the town house so had to rent it out a few years ago, luckily it breaks even). 

My question is around taking over a lease, I will acquire the property middle of the month with renters living in the duplex. Would the rent be split between me and the seller because it's mid month, how should I approach this? Please let me know. Thanks.

Sarmad

@Alexander Lang - Thanks for asking this questions and thanks everyone else for the great responses. 

@Larry Watson RentMonitor looks pretty interesting. Thanks for sharing.

To piggy back on this questions, is reminder to the tenant letting them know that they have missed the due date and need to pay rent with a late fee included, does that have to be in writing or is a phone call asking the tenant to pay and include late fee sufficient? 

Thanks for the welcome messages.

Hi folks,

I live in the suburbs of Minneapolis, MN with my wife and daughter. I am relatively new to real estate investing. I am looking to learn about real estate investing and connecting with some like minded people on this website. This website seems like a great resource for beginners and experienced investors alike. I am a big fan of the podcast too. Feel free to send me a message. Thanks.

Sarmad