All Forum Posts by: Ali Nurmohamed

Regarding "I have my mentor who provides the down payment and the experience", you're saying they are giving you the down payment and teaching you how to do it, but they don't know how to finance it? I hate to knock someone else, but I think my radar would be up on your mentor. If it can done at all, I would think your down payment would need to be pretty large. It wouldn't be an easy one to pull off.

I meant my mentor provides the experience. The down payment comes from investors.

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@Doug Smith @Erik Estrada

Im an immigrant. I don’t have bank statements over the past 3 months, I also haven’t owned real estate.
as you can see I’m a bit blank at the moment, but I want to buy a shopping center, but I don’t have the experience needed so I have my mentor who provides the down payment and the experience. I don’t have a FICO score of 560 or higher, because I just got my credit card.

About the project, I’m gonna explain it in a nutshell,

I want to buy the shopping center, I want to move new tenants in then I want to do a 1031 exchange.

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How do I get my business plan approved by the bank for a commercial property?

What are some of the crucial things where lenders pay attention to?

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Quote from @Eliott Elias:

If you own it yes.

Mashalla, thank you brother.

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Is it posible to do a cash-out refi on a property that you are leasing?

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Quote from @Chris Seveney:

@Ali Nurmohamed

You could but why would you ? Credit card rates now are double digit interest. You will not get real estate today performing better than your credit card interest rat

@Nathan Gesner

Silly me I meant is it allowed to use your debit card to buy real estate?

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Is it allowed to use your own credit card instead of a business card to invest in real estate?

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Quote from @Charles Carillo:

@Ali Nurmohamed

There are many boilerplate leases on the internet that you can download; however, I would suggest you have the final lease you plan to use reviewed by an attorney (preferably the attorney that will be handling your evictions).

Thank you MR Carillo

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Do I make the lease agreement does a notary do that or does a contractor make up a lease agreement?

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Quote from @Nicole Heasley Beitenman:

Quote from @Ali Nurmohamed:

Quote from @Nicole Heasley Beitenman:

Quote from @Ali Nurmohamed:

So my question is, after that I’ve added value to the property am I allowed to raise rents from the tenants?

Because I don’t exactly know how to qualify for a cash-out refi on a retail property.

That depends on your market. Are your tenants paying market rent for the type of unit they're in? And does your lease already have rent steps built in? Do your renovations conform to other properties of a similar class in that neighborhood? You can take a building in a D neighborhood and give it all the gold trimmings, but that won't give you Class A rents.

Commercial properties are valued by income. You should consult 3-5 commercial lenders regarding next steps.

Yes thank you for your response, but I think you misunderstood the question.
maybe that’s my fault. I meant if you’re allowed to raise rents on a shopping center after you’ve rehabbed it.
because I don’t really know how to qualify for a cash-out refi. Or do you have to renew the leases to the tenants?

It'll depend on your state's laws. Generally, a lease is a binding contract. You can't break a lease early unless the tenant is in violation of the lease, in which case the contract should state how and when the lease can terminate because of violation. Now, once the lease is up, you can do whatever you want. You no longer have a contract with that tenant. But if they still have 5+ more years on their lease and rent steps aren't built in, you typically can't just rip it up and force a new monthly rent on them.

Ahh I see, Thank you.

1 Vote

All Forum Posts by: Ali Nurmohamed

Ali Nurmohamed has started 22 posts and replied 47 times.

Post: Where do lenders pay attention to?

Post: Where do lenders pay attention to?

Post: Where do lenders pay attention to?

Post: Is it possible to do a cash-out refi on a lease property?

Post: Is it possible to do a cash-out refi on a lease property?

Post: Personal credit card or business card for investing in real estate?

Post: Personal credit card or business card for investing in real estate?

Post: Who makes lease agreements?

Post: Who makes lease agreements?

Post: Shopping center investing