All Forum Posts by: Ziad Hamati
Ziad Hamati has started 6 posts and replied 71 times.
Post: Check list when viewing properties (RED FLAGS)
- Lender
- Houston
- Posts 74
- Votes 29
Find couple of contractors and have them walk the property with you to give you a rough estimate
Post: Books or Advice on managing contractors/renovations
- Lender
- Houston
- Posts 74
- Votes 29
I do not think books will help that much to be honest. Will have to learn on the job, or partner up with an experience investor to learn from him.
I also lack experience in estimating repairs since i have only done couple of flips, but:
1. Talking to several contractors will give you an idea if someone is overpricing or not.
2. Definitely asking a lot a question to contractors
3. Reaching out to investors in the area to get their input.
When it comes to rehabbing, you have to be there physically or hire someone to oversee. Cant just trust contractors
Sorry not a straight forward answer i know :(
Post: Is adding a ADU worth it?
- Lender
- Houston
- Posts 74
- Votes 29
Quote from @Tim J.:
Just run the numbers. You have given only two numbers: SF (which is not useful for us), and max cost to build.
What are the possible returns?
It's just numbers.
What is the opportunity cost?
What can you rent it for? How much value does it add to your property?
How much cost to build?
How much will it increase your expenses?
I second Tim.
Just need to figure out how hard is your money working for you. What return would you get if you invest the $150k else where?
Post: Step by Step guide to raise capital from friends and family.
- Lender
- Houston
- Posts 74
- Votes 29
Hello
I have a distressed property under contract and currently raising money from friends and family to fund the rehab.
Investors will be debt partners only, which means will only be returning their principal + interest after I cash out refi.
It is my first time doing that so would like what are the paperwork behind this.
1. I will be drafting a promissory note that lays out the terms.
2. Do I need to put the property in a LLC at closing?
3. When I cash out Refi, i guess my CPA will issue the 1099?
Any help is appreciated.
Thanks
Post: Multi-Family Financing - Getting Started
- Lender
- Houston
- Posts 74
- Votes 29
Quote from @Tony Fal:
Ziad, can you give me more details? Is 8 units the maximum the lender can do?
Thanks,
Tony
Correct, the lenders i work with finance up to 8 units.
send me a message and i can share some highlights of the product.
Post: Multi-Family Financing - Getting Started
- Lender
- Houston
- Posts 74
- Votes 29
Quote from @Nitin John Abraham:
I am looking at opportunities to buy multifamily properties (6-8 unit properties) in Indiana. I have never purchased multifamily properties before and i am looking for some advise on how to get started in shopping for financing for such properties.
Thanks!
John, I have two lenders who finance up to 8 units. We are not commercial lenders thus we do not look at NOI. We look at the DSCR (Debt Coverage Service Ratio) , this means the loan is qualified on the cash flow of the subject property.
Since it is a Non-QM product, each lender set their own guidelines. We can do those loans in pretty much any state.
I definitely suggest you reach out to me to further explain.
Post: Just looking to get a round about for how much i would qualify for a mortgage.
- Lender
- Houston
- Posts 74
- Votes 29
Quote from @Jake LaRoche:
Quote from @Ziad Hamati:
Quote from @Jake LaRoche:
Quote from @Ziad Hamati:
Jake,
Are you a W2 employee or Self employed? Do you have 2 years of employment? We do not care much about the car balance, but rather the minimum monthly payment on your car.
To accurately find out how much you can qualify for , I suggest you reach out to a local lender since they know your market better than I do (i live in texas). I am not sure what is a typical tax rate, and how much do homeowner insurance run for.
Assuming a 2.5% tax rate, $2000/mo homeowner insurance, no hoa, the maximum you can qualify for is $350k-$400k
you're fantastic thank you, yeah I'm employed way over 2 years work experience. A lot of my local lenders insist on a credit pull which is frustrating because i just need a general idea.
thank you so much!
As a lender, a credit pull will help your lender give you a very accurate estimate on how much you can qualify for. Ask them to do a soft pull, that is what I typically do. A soft pull will not hurt your credit, but will give us all the information that we need to analyze your profile.
Cheers
awesome, great to know. any idea how many points i would get hit for f it was a hard pull?
Post: Just looking to get a round about for how much i would qualify for a mortgage.
- Lender
- Houston
- Posts 74
- Votes 29
Quote from @Jake LaRoche:
Quote from @Ziad Hamati:
Jake,
Are you a W2 employee or Self employed? Do you have 2 years of employment? We do not care much about the car balance, but rather the minimum monthly payment on your car.
To accurately find out how much you can qualify for , I suggest you reach out to a local lender since they know your market better than I do (i live in texas). I am not sure what is a typical tax rate, and how much do homeowner insurance run for.
Assuming a 2.5% tax rate, $2000/mo homeowner insurance, no hoa, the maximum you can qualify for is $350k-$400k
you're fantastic thank you, yeah I'm employed way over 2 years work experience. A lot of my local lenders insist on a credit pull which is frustrating because i just need a general idea.
thank you so much!
As a lender, a credit pull will help your lender give you a very accurate estimate on how much you can qualify for. Ask them to do a soft pull, that is what I typically do. A soft pull will not hurt your credit, but will give us all the information that we need to analyze your profile.
Cheers
Post: Question on DSCR Ratio
- Lender
- Houston
- Posts 74
- Votes 29
The lender will monitor the insurance to make sure you have one in place. But they will not monitor the DSCR ratio.
Post: Just looking to get a round about for how much i would qualify for a mortgage.
- Lender
- Houston
- Posts 74
- Votes 29
Jake,
Are you a W2 employee or Self employed? Do you have 2 years of employment? We do not care much about the car balance, but rather the minimum monthly payment on your car.
To accurately find out how much you can qualify for , I suggest you reach out to a local lender since they know your market better than I do (i live in texas). I am not sure what is a typical tax rate, and how much do homeowner insurance run for.
Assuming a 2.5% tax rate, $2000/mo homeowner insurance, no hoa, the maximum you can qualify for is $350k-$400k