All Forum Posts by: Hossam Elaskalani

@James Morrison

Hi yes, I am looking within the 495 belt. I was thinking owner occupy Multi or SFH but I guess I'm more comfortable with condos.

However I do see more benefit in SFH/Multi vs Condos but I see condos as an "easier" investment which is why I've been looking at those.

I intend on leaving MA in about a year or so as I will be relocating for work around that time so another pro of a condo is it is easy to manage from afar since HOA will take care of most things.

Hello!

To be brief, I am a first time investor looking to invest a maximum of ~40k on a property. (25% down 4-5% interest is probably my best financing option, currently getting pre approved right now).

I want to invest local (Massachusetts Metrowest region) however with my budget and financing I would be lucky to find a 1 bd 1 ba condo due to the inventory shortage we see nationwide. In the possible deals I’ve analyzed I’m looking at I can probably get away with cash flowing ~150 a month which I can live with since I intend on holding this property for a very long time which is why I don’t seem keen on waiting for a market correction. (Open to hearing why I should reconsider)

But I was thinking, 40k can probably get me much farther in another state. So my question becomes this:

If you had 40k for a down payment would you choose to stick local for your first property or would you consider out of state, and why?

Thank you!

@Filipe Pereira

Thank you so much!

@Gregory HilL

Thank you so much!

@Evan Polaski

This is great advice thank you!

@Cody Neumann

Hi yes, that’s what I’ve done but I want to speak to them myself and do due diligence except I’m not sure what questions to ask

Hello,

So I plan on viewing properties soon and am currently in the process of building my team. My mentor suggested I find a home inspector soon. This brings me to this question: What kind of questions should I ask them to gauge how competent they are? I plan on calling a variety before picking one

Thanks

@Kyle Smith

I don’t have experience with tenants not getting along (trying to buy my own rental right now actually) but if their leases are year long then I’d say you need to sit down with them and be the “mediator” and figure out ways they can live with each other

@Rex Celle

The more I read the replies the more likely I am to go conventional. But I keep hearing mixed things about an LLC when starting out. Some say it's not worth it until you have a good number of properties so long as you have umbrella coverage for liabilities and such but then others say the opposite. I know it's off topic but are there any resources I can look at to weigh out the pros and cons

@Lorenzo Pinkston

Pardon my ignorance but what is non-recourse?