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All Forum Posts by: Amir Khan

Amir Khan has started 20 posts and replied 234 times.

Post: First Property Purchase

Amir Khan
Pro Member
Posted
  • Investor
  • Coppell, TX
  • Posts 252
  • Votes 135
Quote from @Aubrey Adams:

Hi, 

My husband and I have been talking about real estate for years. But we just can’t pull the trigger on anything. Any advice on knowing when to purchase, what to purchase, etc. for your first property, would be great! Thank you!

Hi Aubrey, I am in N. Dallas reach out to me and I'll be happy to give your some suggestions and tips..

Post: Funding From A Bank

Amir Khan
Pro Member
Posted
  • Investor
  • Coppell, TX
  • Posts 252
  • Votes 135
Quote from @Gary Bonds:

Any best practices when attempting to secure business funding from a bank, in the form of a loan or credit? When they ask the nature of my business, do I advise that I'm a real estate investor? Being that my business is brand new, do I project business profit when they ask for the annual business income?

What is the age of your business LLC?

Post: AMEX Business Line of Credit

Amir Khan
Pro Member
Posted
  • Investor
  • Coppell, TX
  • Posts 252
  • Votes 135
Quote from @Nathan Frost:
Quote from @Amir Khan:

@Nathan Frost I don't have AMEX but do have several business lines of credit with other providers. I have recently worked with a company that has an excellent offer. They look at your credit profile and get you business lines of credit and credit cards. They only get paid 1% of the credit lines they get for you successfully. I was delighted with their service and be happy to do a introduction for you to my contact manager (I am not associated with the company nor do I receive a referral fee).

No business cards but line of credit yes.

Revolving LOC?
They do both, but you opt out of business credit cards and only do LOC..

Post: Introduction to make to connections

Amir Khan
Pro Member
Posted
  • Investor
  • Coppell, TX
  • Posts 252
  • Votes 135

@Jose Quinones glad you are ready. What are your goals? Where do you want to invest? What strategy do you want to follow?

Post: AMEX Business Line of Credit

Amir Khan
Pro Member
Posted
  • Investor
  • Coppell, TX
  • Posts 252
  • Votes 135

@Nathan Frost I don't have AMEX but do have several business lines of credit with other providers. I have recently worked with a company that has an excellent offer. They look at your credit profile and get you business lines of credit and credit cards. They only get paid 1% of the credit lines they get for you successfully. I was delighted with their service and be happy to do a introduction for you to my contact manager (I am not associated with the company nor do I receive a referral fee).

Post: Looking for Cash Flowing Rentals for Under $200k

Amir Khan
Pro Member
Posted
  • Investor
  • Coppell, TX
  • Posts 252
  • Votes 135

@Richard Wilkinson I have our portfolio in the Midwest, and yes you can cashflow well in those markets specially if buying with your own cash.

We use a different system than traditional rentals. We buy distressed SFH assets, then seller finance them on installment contract while keeping on to the deed. Our returns can vary up to 44% range for cash purchases or up to 38% for financed deals (PML). DM me if you have questions..

Post: Find Deals Tool

Amir Khan
Pro Member
Posted
  • Investor
  • Coppell, TX
  • Posts 252
  • Votes 135

Recently upgraded to pro account and tried using the "find deal" tool. I was disappointed to see that the data was not updated (specifically for SFH MLS listed properties). Can experienced folks provide some inputs about the usefulness of this feature? How do you use it? Any suggestions and tips?

Post: Looking for Mentor

Amir Khan
Pro Member
Posted
  • Investor
  • Coppell, TX
  • Posts 252
  • Votes 135
Quote from @Justin Colon:

Hey everyone, my name is Justin Colón and I'm an individual investor looking for a mentor. I've read a ton of REI material, especially branding the Bigger Pockets name, and just about every source has emphasized the significance of finding a mentor. I got an email yesterday offering a fix-n-flip property and I'm looking for some guidance to help bring me through the finish line, as this will be my first deal yet. I'm very excited and determined to get it done while simultaneously nervous and anxious I may make a mistake along the way. Any help will be greatly appreciated. Thank you for taking the time to read my post!

I know how frustrating it is starting out with information overflow. DM me and I am happy to do a chat with you to help you out..

Post: Recommend your tax / accounting team!

Amir Khan
Pro Member
Posted
  • Investor
  • Coppell, TX
  • Posts 252
  • Votes 135
Quote from @Liz Zack:

Our amazing cpa is retiring and we’re in need of a new team. Looking for someone who can help with accounting for our (unrelated to real estate business) and also help us with our investments including a 1031. Who do you work with that great! (We’re based in NJ) 

Hi Liz I can recommend my CPA, she is great. Please DM me as I would rather not list her information here without her permission..

Post: Cash out Refi on Personal home or save up cash for 1st rental property

Amir Khan
Pro Member
Posted
  • Investor
  • Coppell, TX
  • Posts 252
  • Votes 135
Quote from @Pete Tarin:

As a person who is new to Real Estate and Real Estate investing, is it best to save up cash or do a cash out refi on your personal home to purchase a 2nd home (1st rental)?  

Is there a financial calculator to determine if doing a cash out refi makes financial sense with today's rates to use for down payment and or purchase property?

As a rookie, which would you do and why?

You've already received some good advise here already. If you find yourself saying "I am new to real estate", then you do need some time to educate yourself (BiggerPockets is great for that) and plan your first investment carefully before jumping in.

Remember, buying a traditional rental is one of many different ways you can enter REI world. You definitely need cash for downpayment and reserves. Unfortunately, if you are hasty and/or don't underwrite your first deal properly, it could become an expensive mistake.

Reach out to me to chat if need more guidance...