All Forum Posts by: Syed Zafar

This screams red flags all over it. I'd stick to the criteria and find a suitable tenant. You don't want them to start refusing to pay rent on time or something else that's normal and procedural. 

Hey @Kyle Black great initiative! I’m currently closing on a Triplex in Biddeford and happy to connect and have a dialogue! Feel free to private message me if need be

First, I owe a debt to BiggerPockets and the folks I've connected with on here. I've got my first Triplex under contract and am excited and nervous for the future. A bit about the deal, PP $365k - FHA 3.5%

With that being said, does anyone have any lessons learned or tips to share to get to the closing table and beyond? I greatly appreciate it! TIA

Hi Kevin, 

Welcome to BP! 

Although I have not bought my first property yet (still looking for a solid deal). I wanted to offer some value to you. Have you spoken with property managers in the area you are looking to invest in? It may be worth some knowledge for you to understand all the 'real' operating costs in that area (garbage, heat, electricity, sewer, water, snow removal, landscaping, etc). Additionally, do you plan to house-hack this? If so is there an extra room/space you plan to rent out in your unit to increase income? I'm confused at how 3 units rented brings in 2k when you'd have to live in one unit to get it through FHA. Or does it bring in 2k currently, no house hack? I'm happy to help you work through some of the questions you may have, if I'm unable to answer I may be able to point you to someone that can. Best of luck!

@Eddie Ward that’s awesome, congrats on sticking with it and closing on deals! Keep the momentum going

Hi Everyone, 

I'm looking to get a referral for a mortgage lender in Maine. Does anyone know of any reputable lender that they would recommend? Thanks!

@Aaron Montague I would love to get your take on this. I've seen your posts and analysis before in the forums and found so much value in them. If you had the time to look through this analysis I would greatly appreciate it. Thank you!

Here's the exit strategy - this is a part I'm not sure I did quite correctly as I would be living there first and leaving later down the line. I've put 10% for PM, but plan to manage it myself so would consider the 10% "salary" but use it for reinvestment into REI. I've also taken out PMI as I don't intend to leave unless I have enough equity to take PMI out. Another point, the rents are still remaining on the conservative side with no increase as I'm looking at the worst-case scenario. The area of the property this is in has seen great appreciation in the past couple of years 40% in the last two years and around 60% in the last 6 years. However, I'm not banking on appreciation or anything like that in my analysis and trying to stick to facts and conservative. Again, I appreciate the time in this assessment.

I've posted an update to my analysis on a different post - would love your thoughts there. https://www.biggerpockets.com/...

View report

*This link comes directly from our calculators, based on information input by the member who posted.

Hi Everyone, 

I wanted to get the forums to take on this deal I'm looking to move on. It's a triplex, each unit with 3bd 1 bath. The rents for a 3bd in the area are generally 1,300 - 1500+ (depending on renovations, utilities, etc.). This property is quite older; units still have an old-school wallpaper and generally look like one of those older houses, so I priced the rent according to and stayed on the conservative side of $1300. I'll be house-hacking this, so going in with an FHA 3.5% down loan. Since I don't mind having roommates, the numbers displayed are with me renting two of the rooms out in "my unit" at $400/room. I could do a little higher may be closer to the $500 side but keeping it conservative at $400/room. This property is located near a college and areas where young professionals work, so I'm comfortable with the room renting to decrease expenses. Beyond that, I've tried to keep my expenses on the higher side to look at worse case scenarios and being overall conservative (I hope). This summary is with me house-hacking it, and I'll include the exit strategy in the comment below of me not living in the house after I move on from it to look at both scenarios. 

Also, the asking price is currently $363K and I've priced it according to paying the asking price and no-negotiations. I would like to offer in the 340-350K range but sticking with the asking price as a worst-case scenario. My personal opinion is that it's a pretty solid deal, but as it will be my first rental, first property, and major leap into REI, I'm a little nervous and would like to get a fresh pair of eyes on this deal. Thank you in advance for your time and assessment.