All Forum Posts by: Ahmed Saad

Hi Isadore,

You've gotten some good advice from other members above. I'll reiterate that a tenant buyout is likely your best option. You can (delicately) begin talking to these tenants now that you're in contract. They are people and have needs/concerns too. Some people are easy to deal with while others, not so much. Cash for keys is common, and frequently the part that keeps tenants from moving forward is not having an affordable place to go to. It makes a huge difference if you can solve that problem for them.

If you get the sense that there's someone who will NOT leave and make life hell, then it may be worth getting out of the deal (I don't know the specifics).

Good luck!

Hi Phil,

I recommend you contact Anthony with DPH. I know him and many of members of his team. They're fantastic. Most importantly, they're reliable. 

https://dph.nyc/contact/

I have a licensed GC who focuses on concrete/masonry who's done satisfactory work for me. DM me if you want his contact info. He's done 4-5 jobs for me.

Welcome Doug! Good to see another Brooklyn guy here! Let me know what you're up to these days when you get a minute.

-Ahmed

@Dustin Street

What areas of KC do you like for 4 plexes? How about for larger ie 8-20 units? I have been interested in KC for a while.

Hi Nicole,

I live in Brooklyn. I think what you're looking at is very doable. Eric's comments are spot on. As far as cashflow, that will likely depend on the property and the deal metrics. The lower your down payment, the higher your monthly payment thus the lower your monthly cash flow. If I were you, I'd look at buying the right property. If it's a 3 family, try to get a 4 story property; with the garden duplex and the 2 rentals above. If the rentals are 2 bdrm, you'll have better rent than just the 1 bdrm. Also, make sure you're agent helps you calculate what the new taxes will be. Once you buy, the taxes go up. If the property hasn't changed hands in a while, there's a good chance you'll be in for a solid increase.

Good evening,

I sunk a large amount of capital into 2 renovation projects and am looking to recoup my money. The 2 properties already have first position mortgages on them. What is preferable; a cash-out refinance OR take a HELOC and use as-needed/wanted.

I'd appreciate reasonable well-thought out insight, especially from those who have walked the path.

Thank you,

Ahmed

Since it's here in NY I would definitely advise contacting an attorney before you do anything. Resend your demand for rent through certified mail with return receipt!  Don't cheap out and skip this step. Both the certified mail AND the return receipt are very important. This proves you made the attempts to contact the tenant at the legal address they provided you. 

If you misstep it can cost you more than lost rent and frustration.

Welcome @Lawrence Aiello! I'll echo what @Ralph Chiaia said. Bushwick is definitely a neighborhood you can house hack in. I'll be glad to connect with you off-forum with some recommendations while you're on your journey. Make sure you have a preapproval set before you go looking. If you have any questions, feel free to shoot me a message.

@Trix Contreras definitely research and talk with a CPA before you sell anything. You may have capital gains tax which you should check out. Hate to be the bearer of bad news, but would also love to save you some 💵!