All Forum Posts by: Slaiman Atayee

I'd highly advise against using something like excel as its prone to manual error plus most of these softwares make it easy come tax time.

I've had good experiences with Buildium. I think BP use to have partnerships with them to so maybe you can get a promo discount. 

Agreed with others its very convenient to have. Assuming you're contracting it out make sure you get multiple bids and I'd do the bare minimum inside or do that yourself (unless you're going to make it a hangout spot as a feature for guests - could also do this over time as you see increased cash flow). Also might be good to talk with your agent and get an idea of what an extra storage space is valued at in your area (I've seen sheds be valued at several thousand before) so that might defray some of your building costs. Good luck!

If you're a newbie investor I'd say get an agent. Technically you don't have to as the sellers agent could also represent you but you'd generally want to get your own agent which has your own interests in mind and understand your desires/positions to take/overall investment approach to help guide you (theres tons of content on here on how to find a great agent). This is a long term relationship you're looking to build and might take you a few agents and even properties to get right. Also the seller pays for all agent costs anyways so its not like you're paying. Only upside i've seen from not using an agent is I had a previous deal where i came in with no buyer agent and although i was outbid the seller chose me because I wasn't asking for the full buyers agent commision and my net bid was higher (should also disclose I'm a real estate agent in a different city and know what i'm doing when buying). Good luck! 

Assuming she's working with a competent agent, they should be able to advise her what her house is worth compared to comps and given the current market outlook in that area. Maybe it was worth 1.7m months ago but things have changed in a lot markets with prices softening. Since we're in the downseason in most markets maybe it makes sense for her to pull the property until the spring and then relist then and get max value.

From an investment standpoint I can't think of anything you could do with a $1.6m SFH to get this cash flowing except maybe STR/Airbnb (but there's probably local city rules you'd have to consider).That or tell her to get some roomates! Just my take but maybe others have more creative options. Good luck!

I have a townhome rental and the former tenant has come back several times to get mail that is still being sent there. I bought the house vacant and BRRR'd it so she was never my tenant and I don't know her. I want to get her to stop coming to the home and bothering my tenant but trying to understand if she's breaking the law by accessing the property uninvited and/or touching my current tenants mail, and if i have any legal responsibility to give her her mail. I'm assuming she's at least trespassing on the property but any guidance on what grounds I have to get her to stop would be appreciated (maybe there's a lawyer or two on here). Thanks!

Depends on your market but in the DMV (where this thread is about) its largely credit unions that offer HELOC's. If you google Philadelphia HELOC you'll get a ton options. As you'll see in this thread the LTV % and closing time are two important factors to consider. Most companies list the LTV on their websites directly but closing time you'll have to research.

Every market is a little different but the main components i've seen are home prices, crime rates, new development, schools, income levels of residents, vacanies. Here's a good BP article on this:

https://www.biggerpockets.com/blog/real-estate-property-class#:~:text=Class%20C%20locations%20typically%20have,may%20even%20be%20boarded%20up. 

This is awesome! Congrats on your sale. Sounds like even after the rehab costs you still made out pretty good with gains that were likely tax-free. 

Also thanks for your service. 

I don't know the Nashville area but where I live in DC the large majority of good HELOC/HEL options are local credit unions. If you google "Nasvhille HELOC" you should be able to find tons of options instantly. Obviously you would prefer ones that offer higher LTV (some in my area do 100%) but also do research on processing time. I just got through a grueling 3 month process for a credit union that does 100% but i'm now finding options for others that do 95% and would have been done in a matter of weeks. Good luck!

IMO one major factor is the state of the systems now. If everything is working fine and are just old I lean towards just putting money aside and incorprating that into your numbers. Good electrical/plumbing can go a long time but if you're having persistent issues maybe its time to rehab. Run numbers on both scenarios and see how much of a difference there is and if the extra risk of older systems is worth higher returns. Also it might depend on your market but plumbing/electrical shouldn't have a major impact on the rents you're getting like a cosmetic rehab would. To the renters the systems are usually only relevant to the renters when they are NOT working.  

Also there's ways to combat this issue by buying properties which are already rehabbed. They will cost a little more but will be less headaches in the long run. Plus the bank is paying for a majority of that extra cost (asusming you're financing). Good luck!