All Forum Posts by: Danial Qureshi

lol @Andy W I might just give that a shot lol I wonder who would take that Uber driver seriously. The idea or thought would be well if he's investing in real estate why is he driving other people around.

@Mark Federov thank you for the reply. If you don't mind me asking how many properties do you have?

Hi everyone, I bought my first property June of 2015 for $139,000 with closing costs, as of January 25th 2017 my condo has been leased at a Fixed Rate of $1500/month which will net me a little more than $16,500. Currently I have a bank account set up for this particular property where all the income and expenses flow out of just one account allowing me to make the accounting entries easy for myself.

I have a few questions:

1) What accounting software would allow me to maintain multiple properties and allow me to invoice my tenants for rent, utilities, repairs, etc? As well as see the current Cash position in one or multiple accounts? Quickbooks, Freshbooks? Any recommendations? For my corporate job I use SAP which would be overkill for a much simpler business like Real Estate at least from the accounting perspective.

2) Is there a BP post on process flows (infographic) for deal aquisitions that way I can wrap my head around whatever methods of deal aquisitions exist? I don't want to be limited for when I buy my next property and I guess the BP Podcast 197 really helped me find creative ways to get my deals financed. So far what I currently know for residential is listed below;

- REO (Can be found on bank websites, just input the city & state)

- Craigslist, Zillow, Trulia, HotPads, Realtor.com,

- Realtor, MLS (Already have listing e-mails set up, for three cities (Atlanta, Augusta, & Athens Georgia) with a realtor that is investor friendly)

- Driving for Dollars, and utilizing listsource to find leads for Absentee Landlords and Homeowners with high levels of equity

- Talking to people at work, supermarket, subdivision, etc.

3) After buying one property and finally seeing that I could generate additional cash flow, I want to start planning for future commercial purchases such as apartment complexes (20 Units). My question is, am I on the right track currently, should I continue with SFR's transitioning into MFR then into Apartment Complexes, even though I have some experience managing a friends MFRs? For commercial deals how do I source them? I know there has to be more than just three ways of sourcing commercial deals and I would like someone to guide me through the process, just one time I don't mind buying lunch, or talking over the phone to pick your brain, that is if you're willing to share.

- Loopnet, I don't know any other websites out there for commercial properties

- Commercial Real Estate Agent

- Talking to Apartment Complex Owners

- ???????????

Danial Qureshi

Hi everybody, what are your thoughts on Uber(ing)/Lyft(ing) while driving for dollars. I've attempted to do it in Atlanta and for a city without much of a transit infrastructure I think it may have actually helped me better understand what exists in my local market. If you have done it what are your thoughts on the matter? If you haven't done it what are your thoughts on the matter?

I just recently became a landlord and I've began the process of creating separate bank accounts for my tenant to begin depositing funds there. My question is when I begin acquiring additional properties such as an apartment complex or other multifamily properties. From whom I've spoken to it would be in my best interest to set up an LLC?

The primary reason people tell me is that I will be able to protect my assets, but if that is my only asset as of this moment then does it still make any sense? From my understanding an LLC would essentially create a corporate veil and restrict my taxation to up to 35%. Legal Zoom charges about $600/$700 to set up an LLC

At some point what I esentially want is to be able to qualify for a commercial loan at some point, would it benefit me to have the LLC set up today?

Also I don't know if this question is even applicable to this form, but I might as well ask anyways right. Is there an easy way to transfer the property to the LLC, guarantee the LLC (I have no idea to do this I just read this online). Are there steps after this or is this completely state dependent?

If anyone could please guide me I would be truly thankful.

Hi Everyone,

This is going to be my chronicles to fixing my parents home after my mother leaving this world in December 2016.

Currently the house looks a little like this, though its not that green because its winter in Georgia:

So here's a little information about the house, my parents bought this home in July of 1995. This is the house I was basically raised in, but I think now is a good a time as any to begin to create some new memories in a new home.

Original Purchase Price: $110,000

Estimated Rehab Costs: Unknown, will do an analysis in a later post (if i don't yell at me to get it to you guys)

Estimated Sell Price: $150,000 - $165,000 (I am basing this figure off of what current sales in this area are going for, screenshot below 01/17/2017 9:54AM)

Equity Percentage: 100%

Estimated Sale Date: 03/01/2017 - 9/01/2017

Details of Home:

4 Bedroom, 3 Bathroom, 2 Kitchens with Renovated Basement.

5 Point Plan:

1 - Clean up all junk and useless items from this house.

2 - Remove old carpet and replace it with new carpet (I've been told not to over-renovate)

3 - Renovate the upstairs kitchen (New Appliances, Cabinets, and Flooring)

4 - Replace the wooden sides of the home with vinyl siding

5 - Before Sale clean up shrubbery and put in new plants in front of the house

Plans after receiving proceeds from sale:

Start looking for an apartment complex to purchase in another area within the next 3 - 6 months.

Hi Everyone,

I'm looking at a few properties here in Atlanta, GA which have Section 8 tenants would any of you be willing to give me some advice as to what to expect with Section 8 tenants as I've heard some horror stories and I've heard some really great outcomes in other states. Actually it may serve me better if any of you know someone whom I could speak to about it, because I would like to educate myself on the subject matter.

1) How do you screen Section 8 Housing tenants? Or does the government do that for you?

2) I'm assuming the payments from the government are prompt, but what about the tenant portion? Would you continue letting the tenant live there if they don't pay their portion?

3) What is the overall process of becoming a Section 8 landlord? Is it a hassle to become a Section 8 landlord? What paperwork is required and does the government provide you tenants or do you still have to market your property for people to occupy your property?

4) What are the pros and cons of being a Section 8 Landlord? 

5) Is the process of evicting a Section 8 tenant the same as a regular tenant?

If you have any experiences with Section 8 tenants please do share I want to genuinely learn more. If there are pertinent questions that I seem to have forgotten please do let me know and I'll add them to the main post and credit the person asking the question so that those who come after can learn.

Awesome hope to see everyone there.

@Micah Redden is there another meetup for September?

@Robert Graham thank you for the sound advice I really appreciate it. You're right I'd rather not deal with this particular property because of the class of tenant, and you were right after speaking with the owner it is due to the headaches.