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All Forum Posts by: Slaiman Atayee

Slaiman Atayee has started 8 posts and replied 65 times.

Post: 2nd Residence rules for condo/hotel unit

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

Hello!

I'm writing to see if anyone has experience with trying to get a mortage for a second residence (vs. an investment property) for a condo/hotel unit? I have one in mind but a friend of mine is telling me you have to put 30% down because its a condo/hotel unit and that you can't get a second residence on it. I'm trying to put down something less (like 10%). If I could get it as a second residence I could definitley meet the # of days lived in per year requirement and its far enoguh away from my house. 

Any guidance is appreciated. Thanks!

Post: Good resources for learning basics of home foundation systems etc

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

Hi everyone,

I'm wondering if anyone has any good resources that simply explain all the foundational elements of a house (e.g., foundation, systems, electricals/mechanicals, crawl space, etc) and how they work, what shapes and sizes they come in, and anything else that's useful. I'm looking to brush up on these basics as I continue to purchase more rehab properties so I can have a general concept of what I can and can't do when visualizing a rehab. I'll take anything including YouTube videos, blogs, and book recommendations. Thanks!

Post: How I built a portfolio of 35 rentals and $10k+ monthly cash flow

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

@Anton Ivanov Hey Anton. Great post and thanks for sharing. Question on the 8% you were putting down in 2013. How were you getting investment loans for less than 20% down (80 LTV)? I've only been in the market for last 2 years but that's the requirement i've seen and maybe it was different than 2013. Just wondering. Thanks again!

Post: Analyze my first potential BRRRR deal

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

@Nicholas L. That's correct. The rent will be roughly $1,600/mo. The rate is between 12-14% but havent' got exact figure back yet. 

Post: Analyze my first potential BRRRR deal

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

@Andrew Postell Thanks for your reply! Really appreciate your input. FYI this is my first ever value-add project. 

I can certainly keep shopping HML and banks if you think I can get better terms in this lending environment and my limited experience. I reached out to about 7 HML and all but this one had a strict 3 value-add experience requirement AND/OR expensive terms (14.5% at 5 points) but i didn't get their % down. I'm still waiting on this HML to get exact terms but it sounds like 12% and 2 points (I had 14% above to be conservative). I do like this company because they're privately owned, do their own inspections, retain all of their loans in-house and have fantastic reviews (checked multiple sites). The REFI lender was the same bank that financed my condo purchase a few years back and has me prequaled, so i'm probably guilty of just going with who is familiar. I was pretty pleased they offered me 3.4% on refi costs though, when I've been seeing up to 6-8% in the cash our refi market nationally, as well as other banks just removing the option entirely. Happy to take any other feedback and appreciate your time once again.
 

Post: Analyze my first potential BRRRR deal

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

I posted this in the BRRRR section but didn't get much traction, so thought i'd try my luck here.

Details of my first potential BRRRR deal are below, with specific numbers given by my private lender and bank for refi. The rental numbers come out to roughly 1.08 DSCR, but really in this for the principal paydown, tax benefits, and property appreciation. Got 3.4% total closing costs (including origination), which I believe is really good in the current cash out refi market (hearing 6-8% in other parts of the country).

Let me know what you think and if i missed anything. Thanks!

Inputs
Purchase Price100,000.00
Rehab17,500.00
ARV (Refinance)160,000.00
Project Length (Months)2
Interest Rate14%
Total Points2
Loan Down Payment20%
Advance on Purchase + Rehab100%
Closing Costs % (of ARV)3.44%
Annual Property Tax2,000.00
Refinance LTV75%
Loan Costs
Purchase + Rehab Loan-Down Payment97,500.00
Interest2,275.00
Points1,950.00
Total Loan Costs101,725.00
Closing Costs on Refinance5,500.00 (3.4%)
Refinance Loan (@ 75% LTV of ARV)120,000.00
Other Project Costs (Closing costs + prop taxes)5,833.33
Loan Payback101,725.00
Total Cash Back24,108.33
Less Down Payment Paid on Loan(20,000.00)
Net Cash4,108.33
Down Payment20,000.00
Interest + Points + Taxes4,558.33
Rehab (Advance before lender inspection and draw)11,666.67
Gross Cash Required (although will get some rehab back immediately)36,225.00
Cash on Cash21%

Post: Guessing Rehab Cost on projects

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

@Kristin Feerst @Jonathan Lane Totally agreed with above. IMO don't try and do an experts job,as it will just cost you money and time down the line. In my experience, some GC's will charge for an in person written estimate, but then make it good for 30-60 days, or offer a verbal estimate for less but its not set in stone. Finding a good GC will take some research and maybe trial and error, but once you lock it down it'll take a lot of variables out of the process. You can use facebook to find GC's and look at their reviews to find references. Good luck!

Post: Analyze my first potential BRRRR deal

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

Details of my first potential BRRRR deal are below, with specific numbers given by my private lender and bank for refi. The rental numbers come out to roughly 1.08 DSCR, but really in this for the principal paydown, tax benefits, and property appreciation. Got 3.4% total closing costs (including origination), which I believe is really good in the current cash out refi market (hearing 6-8% in other parts of the country).

Let me know what you think and if i missed anything. Thanks! 

Inputs
Purchase Price 100,000.00
Rehab 17,500.00
ARV (Refinance) 160,000.00
Project Length (Months) 2
Interest Rate 14%
Total Points 2
Loan Down Payment 20%
Advance on Purchase + Rehab 100%
Closing Costs % (of ARV) 3.44%
Annual Property Tax 2,000.00
Refinance LTV 75%
Loan Costs
Purchase + Rehab Loan-Down Payment 97,500.00
Interest 2,275.00
Points 1,950.00
Total Loan Costs 101,725.00
Closing Costs on Refinance 5,500.00 (3.4%)
Refinance Loan (@ 75% LTV of ARV) 120,000.00
Other Project Costs (Closing costs + prop taxes) 5,833.33
Loan Payback 101,725.00
Total Cash Back 24,108.33
Less Down Payment Paid on Loan (20,000.00)
Net Cash 4,108.33
Down Payment 20,000.00
Interest + Points + Taxes 4,558.33
Rehab (Advance before lender inspection and draw) 11,666.67
Gross Cash Required (although will get some rehab back immediately) 36,225.00
Cash on Cash 21%

Post: Metro Orlando 1st Flip & stress with partnership, hard money

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

Awesome well congrats on the flip regardless! Hope more success is to come!

Post: 22 Year Old - Third Deal: $51K Profit Flip

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

Great post, lots of good details! What was your method of financing on the job?