All Forum Posts by: Mohammed Rahman

Hey @Tatenda Mpofu - congrats on making the hardest decision when it comes to real estate investing: the mental leap to go from passive to active mode!

From your post history, it seems like it's been a few years in the making and I'm excited to see where this goes for you. In my opinion, with your strong analytical background (as well as a stable job w/ base and bonuses I'm assuming), I don't feel you'll need to do any 'grunt work' for a more experienced investor to get your foot in the door. You're already equipped with the right skills to get out of your comfort zone and pull the trigger to make it happen; you got this.

Frankly put, real estate investing isn't rocket science and doesn't care what your career background is (not at least for the scope you're focusing on: small to medium multi-family). 

Your biggest roadblock is going to be the same thing as everyone else you're competing with in your markets: deal supply. Luckily, it's a simple solution - network and numbers. The more deals you analyze the more you'll make offers on and the more you'll close. You're already doing the right things when it comes to networking by posting in this forum! 

Shoot me a DM if you'd like to connect, I'm happy to chat more about my own experience if it helps you make the decision to pull the trigger. 

Hey @James Maaba! Congrats on hitting the 2yr mark at Compass's rental division, great to hear that you want to make the switch over into sales. In terms of finding a 'mentor' agent, you would definitely have better luck with finding someone at your existing brokerage - it's what works for me as they're more willing to help someone that works for the same firm (easier to split commissions and partner up on listings to free up schedule). 

Alternatively, feel free to DM me and we can chat more about some of the listings I'm working with and whether or not I can help on this. You're already doing the right things by asking the difficult questions, so you're on track! 

Hey @Logan Kohn - yes I've worked with lenders that can do this on the island, shoot me a DM whenever you see this and I can intro you to them. 

Salaam @Hady Farag - sorry to hear about your tenant issue in NJ! Also you're right, it is very strange for your attorney to not have brought this up prior to closing and only mention it after the fact (maybe it's not as big of an issue as we think, or perhaps the attorney just wanted to close a transaction?) 

I personally don't feel this is a glaring issue, although it may be against NJ law, a lot of people still do it (especially in college towns). The city may have issued the CO for the property but they don't necessarily verify whether or not each room is being rented individually. 

If I'm in your shoes, I would look up 'eviction attorneys' in your part of NJ. They're specialized for these matters and usually work off of a flat fee, so much cheaper than hiring a regular attorney. 

Hi @Cee Williams - congrats on overcoming the biggest hurdle a lot of first timers face, the mental block! I was in a similar pattern a few years ago before I made the first move :) 

My name is Mo and I used to work in the SaaS sales industry (tech startups) and had a decent base + bonuses all while wondering how I could make my money work.

Real estate in Brooklyn/Harlem might be tough, but not impossible (you're going to want to get off market properties) - if you're wanting to focus on REO or BRRRR then it seems like you're wanting a property to invest a bit of $$ in and enjoy the passive rental yield (correct me if I'm wrong?). This strategy should also allow you to house hack.

I'll shoot you a DM and we can connect, happy to geek out about real estate with anyone. I'm an investor and agent so I keep my ears pretty close to the ground when it comes to the markets you're wanting to look at. I also own properties upstate (lower cash needed, higher yields). 

Hey @Account Closed - great question! I would say resoundingly that YES the 5 boroughs are possible to flip but your biggest challenge will be to find properties that you can access/purchase. 

As you're starting out, it may be difficult but you're already doing the right things in terms of networking and connecting with people. 

The biggest flippers I know in NYC are the ones that are able to find/buy properties before they hit the market because their network brings it to them first. 

Not saying it's impossible or easy, but it's fairly simple -- you just have to keep connecting and talking to many people that can eventually remember you when they come across a property that needs rehab and a quick close. 

Hey @Shrey Desai - congrats on your first SFH in SC!! The first deal is always the most memorable and here's to many more as you dive deeper into the world of real estate investing.

My name is Mo (short for Mohammed) and I was in your shoes a few years ago (I've worked in SaaS sales for a few years, mainly in startups) before I made the plunge. In late 2021 I made the move out of the rat race and have been a full time investor since then. 

Looking forward to connecting, I'll shoot you a DM and hope to stay in touch! 

Hey @Thomas Castelli - props to you for putting yourself out there! It seems like you've already got some solid experience investing in real estate but want to get more hands-on with things. 

In my experience, I haven't come across a coach/consultant that caters to your specific need *except* for those that sell their courses online. 

A bit of background on myself:I've never done syndications or sponsorships, but am directly involved in my properties both as a long-distance and in-city investor/landlord. I've made a lot of mistakes since I started, but I've learnt from those mistakes. 

If you'd like, I'm happy to share my experience and would also love to get an idea on how your journey through syndication/sponsorships has been like (I'm trying to scale up). 

I'll shoot you a DM to connect and hopefully we can have a mutually beneficial conversation. 

Hey @Charlie Palmeri - A lot of cookie cutter law firms exist that will quickly help you get setup with an LLC. You can also contact your tax filer as a lot of them can assist with this.

Here's the RE attorney I use: Sunil Agarwal - (718) 803-4113. I've seen prices range from $600 - $1500 depending on the scope of filing.

Alternatively, you could just do it yourself and save the fees. 

@John Dersoe - it seems like from your question/post, that you're looking to relocate to Florida for the foreseeable future. If that's the case, my professional opinion would be to sell your home in the Bronx and avoid the unexpected headaches that come from managing a single rental from afar. If you owned multiple properties in NYC and planned on being back & forth between here and Florida then it would be a different case. 

As for your note on the capital gains tax, if the Bronx home was your primary home for 2+ years, you should be exempt up to $250k in capital gains tax (verify with your tax specialist). 

I'll shoot you a DM about this as I'm also a long distance investor and have faced this exact same question when I first started investing a few years ago.