All Forum Posts by: Amir Mohammed

Hello BG Community,

I bought two single family homes from a tired landlord. The occupied units were rented for $1k/each and bought at a purchase price of $62 K/ each. After about 1.5 years of owning them, i did some minor cabinet upgrades, bathroom upgrades.

Zillow and all other real estate websites show the current value at $120-125 K. How accurate is Zillow and what is the basis for them to determine the house price. Is the house value assessed by Zillow based on as-is condition? or does the shortage of houses in that zip code determine the prices going up?. I am looking to cash out, so i would like to know if i should be adding more money into the rentals such as painting/roof upgrades?

 Hi, i would also like a copy of the log.

Thanks,

I found the deal on Crexi. It stood out because it was a value add property  and per door cost was $35 k. There is enough room for growth and for the rents to be stabilized if you convert them to section 8.

Hello BP Teams,

I am looking to purchase a 12 unit multifamily property in Lafayette, Louisiana. I am not familiar with this area and the market. The deal on paper cash flows good and has tenants paying on time. Is this city a good choice for some buy and hold multifamily units. I am actually looking to JV the deal with the sellers agent. He owns some rentals in that area and is familiar with the area.

I am aware of the process of the structuring on a JV deal. Did your deals go south with a JV deal and can you share your experience so i can look out if we get in to contract.

Yes they are occupied, two being section 8 rentals @1000/month and one regular @ 750/month.

Hello BP Team,

I have three single family homes in Detroit currently rented. I am looking for a JV that can bring in the rehab experience. Two units are in college park area and one in brightmoor area. If anyone interested to do a JV please ping me.

Hello BP Community,

would you please recommend me a contractor that installs new cabinets & countertops and is economical. This is for a section 8 house.

Thanks,

@

Chris Seveney

How does private lending working outside family, friends.

i reach out to people who as a profession are private lender. For example lets say i need 20 -25% Down payment from the private money lender. do they take a 2nd position? on the deal and how do they fund me the money?. will they transfer directly to escrow?

Hello BP Community,

I reached out to a private money lender. His company has been active for the past six years. There is no company website or phone number, I  looked up the address on google and it matches at six different locations. i found him on Linkedin and I sent him a summary of the deal with cash flow and expenses. He got back to me after 3 business days and asked me to fill out a KYC disclaimer form. "Form AP-30 application disclosure". He sent me the application and asked me to send my bank details, business information, and ID.

What questions should I ask him to verify if he is a legit private lender?. I have had a bad experience in the past, where guys asked me to pay for 5 k insurance cost to be funded.