All Forum Posts by: Fahadbin Alam

@Mike Mocek I love your response! In all honesty I can leave it since my equity in the house would be about 600$ because insurance and taxes. The tenants pay 976 the 76 comes from sewage and water.

Would there be any other way to raise up the price for a house like that? I’d always thought the more things you add to the house the value able it would become. My prediction was that I boost the house from 59k as it is now and make it 80k so that when I refinance I can do that with another house.

@Theresa Harris that makes sense. There so many rules and what not. There’s just a lot of knowledge to take in and learn from the 1st property.

@Theresa Harris how do you know. Who do you contact for that type of information.

@Dan Travieso makes sense. I bought the house for 59,000 so I'm confused on if I should even consider moving the price up of the rent. My agent says to do it. But I just don't know. I'm trying to use the BRRRR method.

@Theresa Harris I got the price from the surround area using Zillow rentals where it’s around 1350-1400 now how would adding a bathroom raise the price? I get it’s more in value but how much would the rent go up?

@Theresa Harris oh okay so could one do that over and over again?

Now the other thing is why do people say paying with cash is better?

So I'm confused on how a Loan works. Because I see some people buying 350,000 dollar duplex and I'm like wow how did they do that. They told me they only put 5% down and I'm confused does that mean the seller with the banks money and put about 5% of their own or did they just give 5% and will later give the rest?

So I bought my first property and this townhouse already has a tenant in it. They pay 976 and I want them to sign a new lease of 12 months for 1300. Is this a good thing? the townhouse has 3 bedroom and 1 bathroom and I'm thinking of adding another bathroom. My agent told me the people there have been living it good, so it would be wise to increase the monthly rent. I do trust my agent, but I also want opinions from the Bigger pockets community.

Thank you, it's all good. Do you own property yourself?

Hello, So I am 18 years old and I've made my first purchase on a roadhouse that's 55k (originally 59k). So quick background on me, I got into investing because of the book Rich dad poor dad. I started reading more books and funny enough I always had the bigger pockets books in my amazon cart and realized it came from this website. I started listening to the podcast before I read the books and learned a lot. So far I read the BRRRR and How to start in real estate.

In my opinion I believe I was stuck in the analysis paralysis state and I knew I need to make move instead of reading a lot of books. So I got on Zillow and found an agent of course he was new as well and hasn't made a deal with anyone yet, as an agent, but I gave him a chance because he himself made real estate purchases.

I saved up my money and got the other half of the purchase from my grandparents and Used it to by a 3 bedroom 1 bathroom roadhouse where I will be renting it out for 1200 dollars. My plan is to add another bathroom to raise the price and then refinance it 4 months later. So far the expenses are 400-500 dollars and again I paid it all cash. 

Now for the expertise that are reading this (lol), What can I do to improve my methods of action or a way to buy more houses but for a lower payment. Oh By the way I got it down to 55k is by saying I won't do an inspection since there are already tenants living in the house. Some may say I made a risky move and I agree. I would love to know how can I speed up, because I want to purchase more houses, but I was thinking of down payments of 1,000-5,000 and go off that and have tenants living in the house and payoff the houses. Is it possible to buy a house every month going off my plan?