Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Adam Pervez

Adam Pervez has started 31 posts and replied 67 times.

Post: How much earnest money for a duplex?

Adam PervezPosted
  • Posts 67
  • Votes 22
Quote from @Andrew Freed:

@Adam Pervez - Normally, from my experience, the earnest money deposit ranges from 3-5% however that is in Mass. We normally provide $1K upon a signed offer and the remaining 3-5% at the signing of the purchase and sale. However, your market may be difference. I know Austin has an option period that you pay for the right to do due diligence, which is definitely unusual.  I had a property under contract in Austin and paid $1,250 in option fees to complete my inspection and I decided not to move forward with the transaction. Just the cost of doing business. 


 Hi Andrew,

Thanks for the feedback! I am leaning towards doing that where I put 1-2k upon a signed offer a 2% more at closing. 

Post: How much earnest money for a duplex?

Adam PervezPosted
  • Posts 67
  • Votes 22
Quote from @Conner Olsen:
Quote from @Adam Pervez:

Hello,

I am working on getting an offer in for a duplex for a potential house hack. I have run into a scenario where a friend of mine who is a real estate investor who is doing well recommend me to put down a good amount of earnest money. 10k-15k... The offer I am putting in is going to be for 185k. A realtor that I am working with says that earnest money is not usually that important but advises to put 1k. I believe that I should put down something to show my seriousness in wanting the property. Based of others experiences in acquiring duplexs, how much earnest money did you put in?

Thanks in advance!


 We advise our buyers put down 1-2% for properties in Austin.

Thanks for the input!

Post: How much earnest money for a duplex?

Adam PervezPosted
  • Posts 67
  • Votes 22

Hello,

I am working on getting an offer in for a duplex for a potential house hack. I have run into a scenario where a friend of mine who is a real estate investor who is doing well recommend me to put down a good amount of earnest money. 10k-15k... The offer I am putting in is going to be for 185k. A realtor that I am working with says that earnest money is not usually that important but advises to put 1k. I believe that I should put down something to show my seriousness in wanting the property. Based of others experiences in acquiring duplexs, how much earnest money did you put in?

Thanks in advance!

Post: How do you pay for Rehab expenses?

Adam PervezPosted
  • Posts 67
  • Votes 22

Hello,

I was curious to know how investors pay for expenses on their rentals such as rehab expenses. Is credit card the preferred method? If so, what cards would you recommend? I looked online and saw that business credit cards were the ones to get but would like to get additional input on this.

Thanks!

Post: August REI Central Meetup!

Adam PervezPosted
  • Posts 67
  • Votes 22

Hi Troy,

I am actually interested in Moving in to SC by the end of the year. I'd like to attend next months meeting and network with you and others. Also, I would need assistance getting a property and would be more than glad to work with you! I will send over a connection request.

Looking forward to hearing back!

Post: Estimating Operating Expenses

Adam PervezPosted
  • Posts 67
  • Votes 22
Quote from @Jason Reynolds:

Hey Adam!

I’m closing on a house-hack here in Easton in a couple weeks. Feel free to send me a PM & I’d be glad to share my spreadsheet & answer any questions you have. 

Jason


 Hi Jason! Will do. I will be in Easton next week to look at some multi-families with my Broker. If you have some time, let's get coffee! I'd like to see what your process is for investing in this area. I have only drove around the area and look at properties on Zillow.

Post: Estimating Operating Expenses

Adam PervezPosted
  • Posts 67
  • Votes 22

Thanks for the input! For the snow removal and lawn mowing, I would probably do it myself since my plan is to live in one of the units. I will be in Easton next week to look at some properties and meet with my Broker. I'd like to meet you if you are ever in the area and talk about your experience in investing in Easton.

Post: Estimating Operating Expenses

Adam PervezPosted
  • Posts 67
  • Votes 22

Hello!

I am looking at a house hack in Easton, PA. Prior to making any decisions, I want to make sure I properly analyzed the property (specifically expenses that would be associated with the property).

The list I came up for operation expenses (not including Debt payments or any expenses associated with the mortgage)

Property Taxes, Home Insurance, Home inspections, Water, Gas, Electric, Garbage, Utilitities, CapEx, Maintenance.

What are other expenses I should list down? Also, when it comes to determining some of these expenses, is it best to call the company that handles this for the general area?

Hi Shawn, 

Do you have any other events coming in the NJ, NYC area? I'd like to attend!

Thank you,

Adam

Sounds good. What is the best way of contact for getting bids, quotes, etc?