All Forum Posts by: Faisal Sami

Will and Deuce
I should have qualified my post a bit. True for the first four years the monthly payment on the note would reduce the net cash-flow so $450 does not reflect the vacancy and operating costs I can expect to deal with. Having said that for the first two months I have not incurred a vacancy or any expenses, but of course these will come up. So for now I am enjoying the $450 but it's just sitting in the bank in anticipation of expenses I will have to cover. But after 4 years this will be a great investment. Times ten of these and it's really very good. This is not even taking into account the equity I have in the deal, with 6 month comps in the range of $45k. Overall I am happy.

I like duplexes a lot but I am also buying single family homes and doing land contracts with tenants in them. This is also working out well. I am also doing a flip in Cleveland with about $50k in the deal and 6 month comps in the $85k range.

I like lower end homes in good neighborhoods. I have to be able to drive the neighborhood otherwise I won't buy there. No war zones for me.

Thanks for the clarifications guys--I like the keeping em honest attitude

Hey everyone
Here is a deal I closed on in January. I bought a duplex in Cleveland for $27k and put in $7k in fix up. I get $950 in total rent, $475 each side. I have a seller financed note for $19k and my monthly payment is $414/month for 4 years with a balloon of $4k and the property is free and clear. I pay about $150 for insurance,taxes and property management. So i get $350/month in positive cash-flow. Been working out great. My property manager goes and collects the rent each month at the tenants front door and then deposits right into my bank account the same day. Been working great .

wow, just learned a lot reading this entire thread. I am going to consult an attorney on all of this. thank you so much guys!

Patrick
all of the comments here are good. I'll share something with you: I have bought all manner of real estate systems for a number of years now and have spent thousands of dollars on seminars and courses. While the information was/is good, none of that has actually made me any money. What has made me money is actually going out and doing deals and learning from a mentor or two in the industry. In fact I am still learning but I have a much more sophisticated outlook now based on my real world experience as opposed to anything I learned in a system. I would say, save yourself the thousands of dollars and use that money to actually buy some real estate---but do your research and consult with some active investors.

Hey Warren, I sent you an email. I have multiple properties right at $35k in the Cleveland area with tenants in place and already producing positive cash flow. They are great for buying and holding. Send me an email or cal me.

Faisal