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All Forum Posts by: Slaiman Atayee

Slaiman Atayee has started 8 posts and replied 65 times.

Post: 90% LTV HELOC on investment property

Slaiman AtayeePosted
  • Real Estate Agent
  • Washington, D.C.
  • Posts 67
  • Votes 27

A simple google search will do you wonders here - ""MY AREA" HELOC" and then drill down to the difference in LTV for an investment property. 90% is on the higher side for an investment property though. You can also search local credit unions as most of the good HELOC options come from them. I live in DC and have used Tower Federal Credit Union at 100% LTV on a primary as well as Navy Federal 95% on a primary (through a friend that works there) although TFCU is fairly slow and Navy Federal was expensive (+3% on the prime rate). Also see what your personal commerical bank (where your checking is) has to offer as it might suprise you. TD Bank has some options as well. Good luck!

Post: First flip by the numbers

Slaiman AtayeePosted
  • Real Estate Agent
  • Washington, D.C.
  • Posts 67
  • Votes 27

Correct on the use of the 70% rule and ALWAYS run with conservative numbers - if the deal still works then you'll be in good shape when something goes off-target (e.g., appraisal). On offer price, realtors don't always have a great understanding of investing metrics (I say this as a realtor myself) so take their guidance on offer with a grain of salt, but at the same time they should know your current market well enough to understand if an offer less than ask even stands a chance. My mindset on this is I wouldn't worry what other people are offering - make the offer at the highest price that still makes sense for you and if they don't take it, on to the next.

I did a BRRR deal with extremely similar numbers and it worked out great (initially i was going to flip it but it made for a great rental property. Also a benefit if you decide to live after the rehab is getting a better LTV% from the bank on a primary (be wary of a 6 month seasoning period from lenders on cash-out refis) and locking in a lower (primray) interest rate which will help with cash flow once you rent it out (although with rates so high this aspect is less attractive at the moment).

Good luck!

Post: First time renting out an apartment unit

Slaiman AtayeePosted
  • Real Estate Agent
  • Washington, D.C.
  • Posts 67
  • Votes 27

Congrats on your purchase! There is a TON of content on this within these forums - if you spend an hour googling "how to find good tentants bigger pockets" I'm sure you'll find more than enough information.

Here's a BP blog post as an example. 

Also here's another.
 

Good luck!

 

Post: Aspiring real estate investor

Slaiman AtayeePosted
  • Real Estate Agent
  • Washington, D.C.
  • Posts 67
  • Votes 27
Quote from @Jess Sanchez:
Quote from @Slaiman Atayee:

There's a million articles on how to get started on here and i'd spend some time going through them and then creating a long-term plan for yourself - but a simple option would be househacking a multifamily as your next purchase. Depending on the econonics in your current house you could sell OR pull some equity out and then rent it out and buy your next property. This will allow you put less than 20% down and get a tenant to subsidize your mortgage. Good luck!


 We just bought the house 2 years ago so we’re not ready thinking about selling it yet. And I’m not sure if there is equity to pull out also since it’s been a short period. 


 Read Brandon Turner's book on investing with little/no money down. It will help you start understanding creative strategies to buying with minimal capital. 

Post: Investing in Real Estate Today

Slaiman AtayeePosted
  • Real Estate Agent
  • Washington, D.C.
  • Posts 67
  • Votes 27
Quote from @Nathan Gesner:
Quote from @Daniel Fuentes:

@Slaiman Atayee why would you say that? Prices are at a record high, starting to come down, and many market experts are predicting prices will drop as much as 20% from their peak. Many markets are still seeing emotional purchases at prices that don't make sense. Why would you say "there's no better time to buy"?

2021 was better. 2020 was better. 2019 was better. 2018 was better. 2017 was better. Shall I keep going?

Today is a terrible time to buy. Prices are at a peak, which means it may be years before you see any appreciation. Remember when the market crashed in 2008? Some markets took 10 years to get back to their peak values. Can you imagine 10 years with no appreciation? 

If you find a deal that cash flows today, it will continue to cash flow for as long as you hold it and you'll still be successful without the appreciation. But the best time to buy? The best time is in a market where properties are cash flowing and appreciating.


lol did you read my entire comment? I literally said "I feel like the majority of the people on here will tell you there's no better time to buy" and then gave a contrary opinion to that stating you should do your research. Also if, per your comment, today is the worst time to buy you are implying that things will will have to get better, and per my comment, if things (like rates) get better you can always refi. Hope this all makes sense to the OP and apologies for any misinterpreations of my comment :]

Post: Aspiring real estate investor

Slaiman AtayeePosted
  • Real Estate Agent
  • Washington, D.C.
  • Posts 67
  • Votes 27

There's a million articles on how to get started on here and i'd spend some time going through them and then creating a long-term plan for yourself - but a simple option would be househacking a multifamily as your next purchase. Depending on the econonics in your current house you could sell OR pull some equity out and then rent it out and buy your next property. This will allow you put less than 20% down and get a tenant to subsidize your mortgage. Good luck!

Post: Investing in Real Estate Today

Slaiman AtayeePosted
  • Real Estate Agent
  • Washington, D.C.
  • Posts 67
  • Votes 27

I feel like the majority of the people on here will tell you there's no better time to buy than now but you just need to get to know your market(s) and if there will be better opportunities in the future. In a lot of markets you're already seeing prices soften but there's a lot of uncertainty going into the spring - although demand will continue taking a hit some markets are still very short on supply and it might cost you to wait until then. If you do buy and if rates go down enough you can always refi later on. Also IMO if you're buying for cash flow and have a long-term outlook then small price and rate adjustments don't matter as much. 

Post: Need help with managing my first property!

Slaiman AtayeePosted
  • Real Estate Agent
  • Washington, D.C.
  • Posts 67
  • Votes 27

Congrats! I'd agree software is probably overkill at this point especially if you live next door. Simple spreadsheet should do the trick and then look at softwares such as Buildium or Stessa as you scale.

For the STR vs. LTR question - IMO it just depends on the numbers and the level of involvement you want. In theory LTR will be more passive but lower returns vs. higher returns and turnover of STRs. If the investment requires more of your time and more risk, you should be making a big enough premium to make it worth it. Also consider your long term objectives and what "scaling" means to you.

Good luck!

Post: How to select a property manager?

Slaiman AtayeePosted
  • Real Estate Agent
  • Washington, D.C.
  • Posts 67
  • Votes 27

Any reputable PM should have a website with reviews from other clients (e.g., google, yelp, angies list). Even then you should have a list of questions prepared to ask them to ensure they have the right processes in place, have reasonable markups on repairs, and can handle additional units (see example list below). I'm not familiar with your area but I'm sure you could get some recommendations from people on BP. 

  1. How long have you been in business and how many properties are you managing at the moment? How many people work for your company, and what are their roles (summarize)?
  2. What systems do you use (e.g., rent collection, property management)? Can you provide a monthly P&L report from your system?
  3. How long does it take you to turn a property around in between tenants? Will you advertise and show a property while it is occupied, or do you insist on properties being vacant before you will start advertising them for rent? Do you offer a tenant placement guarantee?
  4. How often do you check in on tenants and properties? Do you do an annual walk-through?
  5. What do you charge for evictions?
  6. Do you conduct credit and criminal background checks on prospective tenants?
  7. What is your philosophy on tenant selection, getting properties rented? Do you try to get top dollar and raise rents aggressively or do you prefer more of a value play?
  8. Do you take photos of the property before and after move in and out?
  9. How do you handle tenant calls for repairs? Do you try to solve the problem before sending out a repair person? Do you establish a threshold dollar amount on repairs above which you always call the owner? If so, what is that dollar amount?
  10. Can you provide at least 3 past landlord references?

Post: Need Help Analyzing this Property

Slaiman AtayeePosted
  • Real Estate Agent
  • Washington, D.C.
  • Posts 67
  • Votes 27

I've never dealt with running comps on mobile homes but generaly there's websites where you can find the rent ranges. Simple google search should give you some results. Rentometer is pretty good (for normal homes) and was only like $50 for a whole year. Also your agent should be able to pull rental comps for you in your area and you can see what the rehabbed/nice units are renting for.  Good luck!