All Forum Posts by: Slaiman Atayee

Hey Andrew! Great post! So much detail, i love it. 

I'm in the process of searching for my first flip opportunity. In retrospect, do you wish that you had chosen a simpler project for your first flip (i.e., not a defunct animal shelter)? I feel like for my first project, i am willing to take a smaller return in order to go through the process and learn the basics, and then graduate onto bigger, riskier jobs as I learn the ins and outs. Would be great to get your take! Thanks for the post again. 

- Sly

Got quoted for 5.8% 30yr fixed on an investment property in Baltimore, Maryland with 780 credit. Thought rates were worse out west? What rates are you seeing right now for investment properties in Dallas?

Just got pre-approved for 20% down for a 3 unit in MD. 

Just got quoted for 5.8% with 20% down on an investment property in Baltimore last weekend. I got a 4.1% FHA loan last July for my primary residential property. >740 Credit.

@Russell Brazil My initial intention was to occupy the space and make it my permanent residence, however my fathers health deteriorated shortly after I made the purchase, which is why I made the decision to stay with my parents and try and rent the apartment out, rather then sell and take a loss. I surely did not mean to commit any type of fraud, but my circumstances did change, as you could understand. 

@Ashish Acharya Thanks for your input Ashish. I did not use FHA but I did obtain a VA Loan (still federally backed), and I was worried that the DC property could be viewed as a primary residence as these federal programs are generally meant for first time home buyers and not investment properties. And yes, my drivers license is addressed to my parents house and I still receive mail there.

@Dave Foster Thanks for your input Dave! I am definitely extremely appreciative of my parents for allowing me to be in this situation. 

@Ana Garcia Hey Ana. Thanks for your input! So I bought the place 07/2017 and listed it for rental 01/2018 after I had made some repairs. I'm worried that during that because of that rehab period, my DC property could be considered my primary residence since I have a mortgage, and given the fact that I don't currently help pay my parents mortgage through rent and therefore can't validate me staying there. Just wondering how I could ever prove my parents house was my primary residence in case I was ever audited. 

Also, I've had the apartment up for rent since 01/2018 but haven't filled the vacancy as of yet  (haven't found a tenant I feel comfortable renting too yet). 

Had a question about what the IRS requirements are to establish a permanent residence. I have lived in my parents house for the 2 years I've been out of school and I am not paying rent nor am I on my parent's mortgage (got to love parents). I bought an investment property in DC last year in July (07/2017) and spent the last half of the year rehabbing the place to get it rent ready, which it finally was as of January 2018, when I began listing it for rent. According to a CPA I talked to, after I bought my place, the DC residence could be considered a permanent residence given that I do not pay rent nor am I on the mortgage of my parents house. I wanted to know what I would have to do to establish my parents home as my primary residence, and refer to my DC property as an investment. Thanks!

@Trevor Ewen Thanks! I hadn't heard of that website before, so I'll check it out.

$850/900 sounds in line with the majority of what I've been seeing. I had seen a few listings that mentioned $650/600 for a 2BR and that threw me off a bit. Have you had good experience with the program in that area so far?