All Forum Posts by: Abbas Jamal Eddine

What is stopping us right now is all the money my wife and I are spending on our primary residence. We bought it last May and we did not know about real estate investing until last November when I read Rich Dad, Poor Dad and got the bug. The plan is to fix it up, sell it and house hack.

So what is really stopping me? Financing. I have found it to be very difficult to find private lenders for a newbie who has no prior experience in real estate investing. I have a solid W-2 paying job and love what I do but  fixing up the current house leaves us with little money to put on the side to save up for investments.

Justin,

Welcome to BP. I'm a newbie as well in Savannah, GA. Have you been to the REIA meeting? They meet the second Monday of every month and I have heard good things about it. I have been trying to get to one but I have worked long hours the past two meetings so I haven't personally been able to make it. I think you might have better luck there. Let me know if you ever need any help, I am not an expert by any means but I love working on houses and being hands on.

Alex,

Any luck finding good deals in Savannah? Looking for an equity partner for buying a multi family house in savannah. Please reach out if you are interested. 

@Amy Xu, you have to ensure that your numbers work out. I am a newbie as well but you have to make that the numbers workout for you.You don't want to get a duplex and start losing money AND worry about fixing it up (it sounds like it needs some work, sooner or later).

I have heard it multiple times on the podcast, if the numbers don't workout, don't pull the trigger! Good luck

Ah, I understand Jeff. Thank you

Hello BP! Instead of using private money lending to buy a property that needs to be rehabbed, can I use a local bank to get the initial loan then 12 months later, refinance with another bank? 

i.e let's say a property's ARV is 140k, selling for 60k and needs 20k of rehab. If I had the money to rehab, wouldn't it make more sense to use a conventional loan, fix it up with my own money and refinance later?

@Account Closed, thank you. What would be the point of the LLC at that point if they can still go after my personal property?

@Chris Lucas, I hope you don't mind I ask questions about your post. I am interested in this matter as well and would like to get answers. 

@Upen Patel, if I get the loan in my name, what would happen from a liability perspective? Let's say something bad happens to a tenant that is currently living on that property and I get sued for it, do they go after the LLC?

Good morning BP, 
As a first time investor and newbie I have a few questions about the infamous "sold as is".

1) What does the seller usually mean by "as is"? My basic understanding is that the seller will not do any repairs or give money towards repairs. Is that all it is? 2) 2) What about purchase price? Can that be negotiated?
3) What do I need to look out for with these kind of properties? 
4) The seller is stating that the floor needs to be replaced and the AC needs repair so I am budgeting for those costs upfront. What else should I expect? 

As usual thank you for all your input!