All Forum Posts by: Amine E.

I gave my two weeks notice yesterday. Dram job for some as i managed Social media teams globally for a big IT company. 7 years of real state and im out. Felt like a divorce because i loved the people i work with.

@Jeff V. Hi Jeff, a Guidance line is basically how much business a bank is willing to do with you you in one year, based on your financial health.  For example, after doing two deals with my small bank, they looked at my financial statements and said that they will loan me up to 500K to buy properties, I still had to come up with 10% down on each deal but i m approved for up to 500K of purchasing. This way, not every deal has to go through their committee for approvals. The guidance line is reviewed and renewed every year. So, im basically preapproved to buy 500K of properties with said bank. 

@JJ Gritts. You have definitely been part of my modest success. I appreciate you and I'm looking forward to doing more deals with you in the future.

@Brian Garrett. @Peter Tverdov I used the BRRRR strategy on and off. What got me really going is securing a guidance line of 500K from a small (one location bank). That line grew to 750K and later to 1MM. They finance up to 90% of purchase price and 100% of rehab (in a way of advances). I have not used any private money as of yet. Although, in order to grow and do bigger deals, I will have too use private money eventually. Quick time table of how I got to the number of units...

2012: 1 SFR rentals

2013: 5 SFR rentals

2014: 5 SFR rentals

2015: 8 SFR rentals

2016: 20 Duplexes and 3 SFR rentals/ 3 flips

2017: 8 SFR rentals/ 4 flips

2018: 0 SFR rentals/ 3 flips/ sold 2 Rentals

@Chad Rider Main thing is to build solid relationships with wholesalers and small local banks. don't just get on some wholesalers list and wait for them to send you deals. Be proactive and identify top wholesalers in your area, call them regularly, take them to lunch, become their friend...whatever it takes to stay on top of their mind. So when a deals comes up, you are the first person they call...

@Nathan Allen Hey man, Long time no see... One of the coolest dudes out there living life by your own design... I appreciate all the motivation and inspiration I get when we meet.

Thank you  

Hello fellow BP members,

I wanted to recap my last 5 years as an investor hopefully to inspire someone to jump into the field.

I started out in August of 2012 with a SFR that I still own today. I had about 10K in savings and 10K in credit card debt to put as down payment and fund the rehab of the property. Purchase price was 69K and i spend 8K in rehab. ARV for the property is 110K and rents at $945. Fast forward 5 years later...Today, I own and manage 43 doors split between SFR and Duplexes with a $10,500 monthly cash flow. I also completed about 15 flips in the last 3 years.

Last 5 yrs. has not been a walk in the park, especially with having a full time job, wife and 2 daughters. but it has been worth every minute. I’m a problem solver and real estate presented me with challenges that made me more resilient and persistent. I wanted to give up so many times but i did not. Mainly because, in real estate, the exit strategy is not as quick as other investments (i,e: Stocks). not having a quick out, gave me time to think long term, stick with the plan and keep buying assets. I also invest in Oklahoma city, and we have a great community in investors that helped me throughout my journey as well.

in 2018, my goals is to complete and sell three flips projects I'm working on right now and also sell 2 of my rentals. This will allow me to raise enough money for a larger multi-family or commercial deal. I have been studying Multifamily and Commercial real estate for the past 3-4 months including meeting people in commercial field and I feel prepared to make the jump.

Thank you

..

I use Cozy.co and its free. for my cash paying tenants ( only have 2), i have them make deposit in my local bank. 

I moved four properties to an LLC from my personal name. Bank sent me a letter and said that they have purchased insurance coverage for all four properties because my insurance under the LLC is not acceptable. Said that insurance needs to be under borrowers name. I now pay for two premiums: one under LLC name that I purchased and one under my personal name that bank purchased. Any advise on how to solve this issue is highly appreciated?

Quit my job

@Account Closed Elite Insurance. Call Taylor or Cassie at 405-two four one-5662. They know what they are doing and can find your the best coverage at really good rates. Tell them I sent you.

I had a commercial policy with them. My insurance dropped me after a made a large claim ( car crash into house). Cassie worked with me and found me better coverage within a week. Really good agency.

Looking at a 32 unit office building.

26% vacancy. Owner has health issues and have not been advertising vacancies

Current rents are 52% of market.

Long term tenant. Average tenancy is over 10 years.  Mostly insurance co.

Total of 5 buildings needing cosmetics updating but solid bones, mechanicals... 

Current rent role is $12500

Potential rent role at 100% occupancy is $15500

Potential rent role if rent is increased closer to market should be over 20K

2015 Operating expenses are 20K

2015 Utilities are 36K

Taxes and insurance 22K

Self managed at this time

Asking price is $850 but seller is open to all offer at this point.

I m looking at this a value add to get the building back in shape and leased closer to market. I m thinking 650K. Any advise is much appreciated.

Thank you