All Forum Posts by: Mohammed Rahman

Setting up direct bookings is a great way to save on fees, but you’re right—it requires extra effort to ensure everything runs smoothly.

For vetting guests, start by asking a few questions when they inquire, like the purpose of their stay, how many people will be there, and if they’ve stayed in short-term rentals before. You’ll also want to have them sign a rental agreement that lays out your rules, payment terms, and any liability. Requiring a copy of a government-issued ID is a good extra layer of security. If you want to go further, you can use a service like Safely or AutoHost to run background checks.

For payments, I’d recommend using a platform like Stripe or Square—they’re secure and easy to set up. If you’re taking deposits, you can collect them through the same platform or even through PayPal. Some hosts also accept bank transfers, but you’ll want to ensure payments clear well in advance of their stay. Collecting a refundable security deposit upfront is a good way to protect yourself from damages, too.

If you haven’t already, setting up a website for your property is a good idea. Tools like Lodgify or Hostaway make it simple to integrate booking and payment options. And don’t forget about short-term rental insurance—it’s a must for direct bookings since you won’t have the platform’s protections.

Lastly, make sure your house rules are super clear and easy to find. It’ll save you a lot of headaches later on! Let me know if you need help with specific tools or anything else.

Hi there, welcome to real estate investing!

For short-term rentals, look into tourist-heavy areas like Orlando, FL, Asheville, NC, or the Smoky Mountains in TN—places with year-round demand. Just be sure to check local regulations for Airbnbs.

For long-term rentals, growing cities with strong job markets and affordable housing are ideal. Consider Raleigh-Durham, NC, Columbus, OH, or Indianapolis, IN. Suburbs of major metros like Atlanta or Dallas are also great options.

If you want affordability with growth potential, check out Chattanooga, TN, Huntsville, AL, or Greenville, SC. These markets are still affordable and offer promising ROI.

If relocating, aim for landlord-friendly states like Texas or Florida, and think about whether you'll manage properties yourself or hire someone local.

Good luck! Let me know if you want info on specific markets or tools to get started.

looking forward for our conversation!

Yes, when there are multiple adult occupants, you would typically combine their gross incomes to determine if they meet the income criteria. So, for a $2,500 rent with a 3x income rule, you’d expect their combined gross income to be $7,500/month.

As for utilities being included in the rent, some landlords in NYC do lower the income requirement slightly (e.g., to 2.5x or 2.75x) since tenants won’t have additional out-of-pocket utility costs. It’s really up to you, but including utilities can simplify things, especially with only one gas meter. Just make sure to adjust the rent enough to cover the average utility costs and include it clearly in the lease terms.

To legalize a curb cut in NYC, your first step is to hire a licensed architect or engineer. They'll check if your property, zoned R5, allows a curb cut and ensure it meets zoning regulations. Once that's confirmed, they'll help you submit the required permits to the Department of Buildings (DOB) and get approval from the Department of Transportation (DOT), since it affects the sidewalk and street.

After permits are approved, you'll need a licensed contractor to do the construction. Once the work is complete, inspections from the DOB and DOT will finalize the process. Start by reaching out to an architect or engineer—they'll guide you through everything from zoning checks to permits and inspections.

hope this helps!

Yes, the current tenant could remain if she becomes eligible for Section 8 assistance, but the process may take time. Section 8 waitlists in NYC are long, and approval can take months or years if she isn't already on the list. Once she receives a voucher, you'll need to register as a Section 8 landlord and have the property inspected to meet HUD standards, which can take 30–60 days.

If you want to move forward with rehab quickly, a cash-for-keys arrangement might be faster. Transitioning her to Section 8 is feasible but not guaranteed in the short term due to the waitlist and eligibility process.

Hey Robyn,

In NYC, there's no strict requirement to have a bathtub in residential units. A shower is generally acceptable as long as it meets building code requirements for plumbing and drainage. Replacing a bathtub with a shower can make narrow bathrooms feel larger and more modern.

That said, consider keeping at least one bathtub in the building for market appeal, as families with small children or certain renters may prefer it. Make sure any renovations comply with local regulations and obtain the necessary permits if plumbing changes are involved.

Hey Andrew, 

 NYC real estate is such a fascinating (and sometimes crazy) market, and I'd love to help you dive into it. I've been working in this space for a while, so I can definitely share some insights, tips, and even some lessons learned from my own experiences.

Whether you’re curious about neighborhoods, market trends, or just how to navigate buying, selling, or investing here, I’m happy to chat. I can also share some great resources and guides to get you started.

Let me know what specifically you're looking to learn, and we can set up a time to talk. Looking forward to hearing more about your goals and helping out!

Hey @Chi Lo - I actually have a video on my YouTube page about this (lookup ClosedByMo on YouTube).

Regarding walls being damp and waterproofed, it means there needs to be waterproofing on the basement retainer walls (this is something you can do post-construction and the contractors would need to dig around the house exposing the basement/foundation to apply the waterproofing). 

For the last point, it's referring to a window egress. Basically you can't have the yard be higher than 6 inches below the window sill (otherwise it would v difficult for people to exit out of this window in case of an emergency). 

Checkout my YT video, it'll provide more color. 

You’re on the right path! A few things to consider:

1. Selling and 1031 Exchange: Moving to a 2-family is a great idea. It’ll give you better cash flow and more rental income to offset your mortgage.
2. Condos: Condos are fine, but they often come with higher fees and slower appreciation. You might get better returns from multi-family properties, which offer more rental income.
3. LLC: Setting up an LLC has pros and cons. It protects your assets, but it can make financing harder. Talk to a CPA for advice based on your goals.
4. Reinvestment: Instead of paying off properties quickly, reinvest your cash flow into more properties to grow your portfolio faster.
5. Rent Increase: Look for opportunities to increase rents or add value to your current property to boost cash flow.

Consider focusing on multi-family properties for better passive income. Let me know if you need help finding your next deal!