All Forum Posts by: Amir Khan
Amir Khan has started 20 posts and replied 278 times.
Post: Key Qualities to Consider in a Borrower Before Offering Private Money Loans
- Investor
- Coppell, TX
- Posts 300
- Votes 154
Quote from @Karen Smith:
Quote from @Amir Khan:
Quote from @Karen Smith:
What Qualities Should You Look for in a Borrower Before Offering Private Money Loans?
I might add, I would also check the track record on completed projects (specifically the type of projects you are interested in funding). Ask for details on those projects including time-line and how unexpected issues/challenges were resolved.
You’ve made a great point about checking the borrower’s track record on completed projects. Seeing how they’ve handled similar projects—especially when things didn’t go as planned—can give valuable insight into their problem-solving skills and reliability.
How do you usually gather this kind of information? Do you rely on references from previous lenders, or do you request more detailed project reports? I'd be interested to hear how you approach evaluating a borrower’s past performance and how that plays into your final lending decision.
My suggestion about checking the track record stems from our lenders asking about our past deals. I share with our lenders the the addresses and a brief summary of some of recent deals including their history and outcome. Once the deal details are reviewed, it helps our lenders assess the type of property and strategy we use and how successful we are in it.
If you wanted to deep dive on your own, you can always check with county records on fillings, operators' good standing records from state where incorporated etc as well.
Post: Introduction to make to connections
- Investor
- Coppell, TX
- Posts 300
- Votes 154
Quote from @Jose Quinones:
Quote from @Amir Khan:
@Jose Quinones glad you are ready. What are your goals? Where do you want to invest? What strategy do you want to follow?
Mr. Khan! Thanks for your reply. My goals are two part. First, short term, I'd like to expand my portfolio of just one property into 2 by househacking by owner occupying a multi property. This is mostly gain experience and grow my net worth. Second, I'd like to manage each property to make some cash flow to cover my 2 biggest expenses which is housing (covered by house hacking) and transportation. I think I can cover those with just 2-3 properties. Seeing that I currently own one 5 unit mixed use property.
Post: AMEX Business Line of Credit
- Investor
- Coppell, TX
- Posts 300
- Votes 154
Quote from @Nathan Frost:
Quote from @Amir Khan:
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).
Revolving LOC?
Post: Key Qualities to Consider in a Borrower Before Offering Private Money Loans
- Investor
- Coppell, TX
- Posts 300
- Votes 154
Quote from @Karen Smith:
What Qualities Should You Look for in a Borrower Before Offering Private Money Loans?
I might add, I would also check the track record on completed projects (specifically the type of projects you are interested in funding). Ask for details on those projects including time-line and how unexpected issues/challenges were resolved.
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!
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?
Post: AMEX Business Line of Credit
- Investor
- Coppell, TX
- Posts 300
- Votes 154
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).
Revolving LOC?
Post: Introduction to make to connections
- Investor
- Coppell, TX
- Posts 300
- Votes 154
@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
- Investor
- Coppell, TX
- Posts 300
- Votes 154
@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
- Investor
- Coppell, TX
- Posts 300
- Votes 154
@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..