All Forum Posts by: Mahmood Abdul-Rahim

Thank you for your quick replies. 

@Sam Lloyd

I hear what you are saying about living in the property while it is being rehabbed.  I actually did have in mind to do some of the rehabbing on my own.  I can do things like painting and tiles--which I think would save a lot of money in labor.  I figure, I'd only contract out the things that I can't--or shouldn't do like electrical,  plumbing,  roofing etc.  I actually have a very small footprint as far as living space. 

Regarding the future cash outs,  I was thinking more of doing this in order to get my lender a better return in a shorter time.  I figured this would get lenders to consider me.  I'm not trying to build huge amounts a of capital up front.  My initial goal is cashflow.  Does that make sense?  Have you seen this done before? 

@Roston Smith and Sam Lloyd

I think that house hacking using a fha is a great idea actually.  I'm just a little hesitant because Multi-families tend to be a little out of my price point.  If for some reason, I can't find a good tennant, I still would like to be able to cover the mortgage and expenses on my own.  That being said, I think that the fact that you both happened to suggest this,  it definitely merrits more consideration. 

@Roston Smith

Also,  I figured SFHs are easier to flip should I need a different exit strategy. 

Thanks again for taking the time to share some wisdom!  :) 

Hi BP community! 

I was hoping to get some advice about something. I'm looking into getting into the buying rehabbing renting and refinancing strategy in South Florida.

My challenge is that I don't have any assets or any savings to speak of. I work full-time as a Electronics design engineer, and have been doing it for about 2 years now.

My short-term goal in a nutshell is to acquire as many cash flowing properties as I can. I'd like to start out with single family rentals, and move up to multi-family units.

 Right now I'm renting an apartment for about $1,000 a month and it seems like a big waste. I'd much rather use that money to pay interest on a private loan for three months which I can use to purchase and Rehab a property. Then cash out refinance enough to where I have equity in the property, but I can also pay back the principal on the loan in addition to a 12% to 20% return on my lenders investment. And repeat the process until I have enough properties with enough equity in them to where I can open a business line of credit and use my own cash to continue to grow my business.

My question is, how can I find private money lenders who are willing to work with me in this way?

Also, does private money lending count as a cash transaction? The reason I ask is because, I want to know if I run into any issues later on when I'm trying to Cash out refinance.

What's the best way for me to position myself to take advantage of these kinds of opportunities.

I'm looking forward to your comments and suggestions! Thank you

Thank you @Nick Britton.  I would definitely be interested in talking to you about that.

Hello BiggerPockets members! 

Im extremely new to real estate investing and as many of you must know, I'm excited and nervous at the same time. 

I was introduced to the concept of investment properties some years ago, by my brother who has been involved in buying and holding for a few years now.  As such,  I've been "thinking about it" for quite some time. 

About a month ago,  my brother invited me to a convention up in Tampa,  where I've really had my eyes opened up to all of the possibilities. 

Since the convention,  I've been using every chance I get to do my research. As straight foward as it all seems to be,  I am quickly realizing that I'm eventually going to need to jump in, if I ever want to move foward.

If anyone has any resources they can share in Broward County, FL--or even if you yourself would be interested in talking,  please give me a shout. 

I am really looking foward to this journey!