All Forum Posts by: Faraz Ahmed

Thank you both!

Hi BP Community,

I'm looking for an attorney to appeal my taxes in DuPage County. Any recommendations would be greatly appreciated.

Thanks,

Faraz

I have a house that’s bringing me 1,950/net cash flow a month. I Just received a call from the tenant letting me know that he’s moving out by May 1st (we are on a month-to-month lease)

House is 6 beds and 3 bath. Worth 350-375k and is paid for.

I’ve been exploring the option of selling it and buying two smaller homes which will result in 2,600 cash flow a month..

My concern is that the house has a well/septic and is near an industrial area, and may take time to sell (or may just sit on the market). I’m an agent and looked at the comps, but the house is very unique.

The house will easily rent for $2,500. My current tenant had 3 people living living in this 6 bed. My overhead was low primarily because of that. If I rent again, the odds of 3 people moving into a 6 bedroom house are very slim. The maintenance will hurt my cash flow.

Should I sell? To do this I’ll probably need to spend 4-5k getting it ‘ready’ to list. I’ll lose rental income during the listing time, and may ultimately rent if it does not sell.

Or should I rent. The house is is rental ready and it should not be difficult to find a renter.

Appreciate your help!!

@Mark Ainley  Thank you. Was thinking about you the other day as I saw one of your work vans in the Wood Dale area!

 Great to hear from you.. I've been following your work, and it's very inspiring. It's great to see that you have grown over the years. 

May ping you for some additional advice down the road if you don't mind. 

Hope to bump into you soon. 

Faraz

Thank you. @Igor Mike Kajpus My rentals are primarily in the northwest suburbs.  Since I work full-time and manage my own properties, I don't invest outside a 5-7 mile radius from where I live.

Hello All,

Quick background.. I started real estate in 2005, bought multiple properties (high-interest loans, arms, etc.). I had no idea what I was doing.. (was 21). Went through the recession and ended up short-selling my properties..

Faster forward to 2010 I obtained my real estate license and started investing again, but this time buying properties outright..

My passive income is 5k month and I have no debt.. I also have a full-time job in IT management

I live in a townhouse and have been saving up to buy a property for my growing family.. I have 3 kids (under 4) so as you can imagine living in a townhouse has been difficult.

I have $500k in liquid and have always had the mindset of buying my new primary residents using cash as I've been burned by loans in the past..

Recently, I started thinking this through a little more, and would like to put 20% down on a house and take the remainder and acquire more properties when the market drops..

My goal is to have 12-15k net of passive income..

What are your thoughts? What would you do? Appreciate everyone's help!

Hello All,

Quick background.. I started real estate in 2005, bought multiple properties (high-interest loans, arms, etc.). I had no idea what I was doing.. (was 21). Went through the recession and ended up short-selling my properties.. 

Faster forward to 2010 I obtained my real estate license and started investing again, but this time buying properties outright.. 

My passive income is 5k month and I have no debt..  I also have a full-time job in IT management 

I live in a townhouse and have been saving up to buy a property for my growing family.. I have 3 kids (under 4) so as you can imagine living in a townhouse has been difficult.

I have $500k in liquid and have always had the mindset of buying my new primary residents using cash as I've been burned by loans in the past.. 

Recently, I started thinking this through a little more, and would like to put 20% down on a house and take the remainder and acquire more properties when the market drops.. 

My goal is to have 12-15k net of passive income..

What are your thoughts? What would you do? Appreciate everyone's help!