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All Forum Posts by: Abe Alam

Abe Alam has started 17 posts and replied 59 times.

Buying & Selling Real Estate

Post: Sell or Hold? Opinions welcome

Abe Alam
Pro Member
Posted
  • Posts 61
  • Votes 5

Sell or no? What’s your opinion?

Appraised at 295k

Owe 175k mortgage

Rents for $1950

Cashflow $300

Was former primary 1 year ago, so I assume no capital gains tax? (May be wrong here)

Considering selling for cash and then using cash to buy several properties..?

Already have HELOC on it

0 Votes
Buying & Selling Real Estate

Post: Good deal or Bad deal?

Abe Alam
Pro Member
Posted
  • Posts 61
  • Votes 5

@Nicholas L.

According to my estimates I am buying it under market. I'm doing most of the work myself. It's possible I may go over a little though. yes I use a local credit union that will do 80%. Regarding the ARV, those are my best estimates based on comps.

Thanks for pointing this out I am really scrutinizing that number as much as possible. A home only a 10th of a mile away with one and a half bathrooms just sold for 228K and that was in November. 

0 Votes
Buying & Selling Real Estate

Post: Good deal or Bad deal?

Abe Alam
Pro Member
Posted
  • Posts 61
  • Votes 5

@Jonathan Greene

Good point.. 

0 Votes
Buying & Selling Real Estate

Post: Good deal or Bad deal?

Abe Alam
Pro Member
Posted
  • Posts 61
  • Votes 5

@Jonathan Greene
Thanks for your reply. See my update. Also, the rehab costs were estimated by a friend of mine who is a contractor. It’s an up-and-coming area that has the potential to appreciate quite a bit.

0 Votes
Buying & Selling Real Estate

Post: Good deal or Bad deal?

Abe Alam
Pro Member
Posted
  • Posts 61
  • Votes 5
Jonathan, you’re right. I’ve updated the post. It’s in central Florida west of Daytona Beach. It’s possible I could turn the property in one month, but I listed two months to be safe.

Originally posted by @Jonathan Greene:

I don't understand why people keep posting deals without giving any indication where the deal is. All this post tells me is that you are just running calculators on a property and not really understand what any of the numbers mean. 3/1 BRRRR, ok, I assume a single-family house and not a half-duplex or condo or townhouse? Who gave the rehab estimate and how much experience do they have and you have in estimating numbers? Also, a 15k rehab should not take two months. If it's taking two months, it's going to cost you much more than 15k. Who is giving you the ARV? A licensed agent with MLS access. With those numbers and a conventional loan, you will cash flow, but what's the appreciation potential?

0 Votes
Buying & Selling Real Estate

Post: Good deal or Bad deal?

Abe Alam
Pro Member
Posted
  • Posts 61
  • Votes 5

Hi Folks, What do you think about this deal?

3/1 BRRRR

Purchase: 155k

Closing Cost: 5k

Rehab: 15k (2 months time)

ARV: 220k Refinance at 175k

Rent: 1600 - 1700 / mo


The home would be funded with a conventional loan, which isn't ideal I know. 

0 Votes
Buying & Selling Real Estate

Post: Best Lending Strategy for Traditional BRRRR?

Abe Alam
Pro Member
Posted
  • Posts 61
  • Votes 5

Hi folks,

When buying a SFH to BRRRRR what's the best lending strategy? Conventional loan and then Refi after 6 months? What other options exist?

Thanks!

0 Votes
General Landlording & Rental Properties

Post: Separate Water/Electric Meters for Multi Family

Abe Alam
Pro Member
Posted
  • Posts 61
  • Votes 5

Hi folks,

How would a person go about getting separate meters for a "Main House" and "1/1 Unit in the back yard"?

Also, is it illegal to have multi family in a single family zone in FL? 

0 Votes
General Landlording & Rental Properties

Post: Desperate Seller, Rental in Flood Zone

Abe Alam
Pro Member
Posted
  • Posts 61
  • Votes 5

Hi folks,

I have a seller that is very desperate to sell their home. The thing is, the home is in a flood zone AE - EL 4. I know AE is bad, but I'm not sure if this is a "problem solving" situation or a "walk/run as fast as you can the other way" situation


Thoughts?

0 Votes
Buying & Selling Real Estate

Post: Desperate Seller, Flood Zone, Anything I can Do?

Abe Alam
Pro Member
Posted
  • Posts 61
  • Votes 5

Hi folks,

I have a seller that is very desperate to sell their home. The thing is, the home is in a flood zone AE - EL 4. I know AE is bad, but I'm not sure if this is a "problem solving" situation or a "walk/run as fast as you can the other way" situation


Thoughts?

0 Votes