All Forum Posts by: Syed Zafar

@Lauren Cutchen thanks for the info! mix of small - multi and SFH.

Hi BP, 

I'm looking to connect with wholesalers and investors in the Houston, TX area to learn more about the market and find some synergies. My partner and I have 5 units down there and looking to expand with the right folks. If you in or around that area or know anyone that knows that market please reach out. Thanks!

Hi Armand, 

Congrats! I'm an investor in Biddeford as well. I'm happy to connect with you - feel free to send me a private message to talk further.

Hi BP,

I’m looking to know if anyone has any good contractors in queens, NY specifically those that work in the Bellerose,Hillside area. 

@Tyler Hodgson would you also send me the details? looking to connect with CPAs. 

Hi Bryant, congrats on starting the process early to get started in RE. There are a couple of ways you can get started in RE; the most common approach is house-hacking. You may use an FHA loan (3.5% DP) and buy a multi-family property and live on one side and rent out the others (MAX 4 units). I'm not sure what property values are in your area, but you may also be able to go the conventional route and put 20% down on a multi-family and not have the requirement of living on one side. However, I will say with an FHA, and the work history you have will pose an issue unless the job you have is based on a degree you got from college, in which case the year of schooling will count towards "work history." Otherwise, you may need a cosigner, etc. Lastly, you can partner with someone and bring your money to the table, and they can get there's (credit, income, etc. as well). Start talking to a lender in your area and see what your financing options are

@Cody Maheu i'm here in bidd, maine. Please let me know if you get this jumpstarted

Venmo, PayPal, or Zelle - can't catch me going to get a check

@Kristen Brandner

Similar thoughts to the above folks. Accepting that much in rent will more likely benefit the tenant depending on your state laws. These situations are always tricky as you may have a suitable candidate but the income is off and he may be genuinely compensating for it without a malicious intent. However, the bottom line is you’ll likely never know till you proceed with him. Couple of points for consideration: I haven’t used Zillow rentals but use Facebook marketplace and have seen great results. As mentioned above posting in groups in your local area will help get you more leads that are focused in that area. Another thing, is the rental price, you could drop it by by a few bucks just to be under the 2k range and see if you get more qualified applicants. It’s not an easy situation you’re in but remember it’s better to have a vacant property rather than having a tenant that will cause problems. Although right now you may be hurting for the rent but just keep the impact this tenant can have on the property/business if their tenancy isn’t ideal. Best of luck!

I can understand the itch to get started, but you'd want to do it in the right way, with reserves, etc., so that you can actually be ready to invest in RE. 

Student loans are paid out to your school directly; even if you ask an excess amount and the school pays you out, you're paying an astronomical interest rate on that money much greater than the 2-3% we are seeing in real estate right now, which is going to make a huge dent in your pockets even if your idea was to be successful. However, lenders require proof of funds, and unfortunately, your bank statement and financial records will show where the excess money (downpayment) came from, and you'd not be granted a loan to buy a property since you can't use borrowed funds for a downpayment, closing, etc. 

Now, you still have some options: When I was in college, I had an apartment and rented out the parking spaces to make an extra $50-100/month. If you have parking spaces, storage, etc., that you can rent out to professionals or other students, that is a great way to make some cash and get your feet wet with managing and RE. Additionally, you can rent out an apartment and charge higher rent to students or roommates to make cash that way. Of course, you won't have loan paydown, tax benefits, etc., but it's a neat way to try to get your feet wet and learn the mechanics of RE. It's also very possible in many college cities. 

Good Luck - happy to connect with you to talk more @iamsyedzafar on all socials.