All Forum Posts by: Mahmoud Hass

Hello BP,

I recently bought a fixer upper property and had my agent get me Farmers Landlord insurance. He reached out to me today saying that farmers went to the property and did an inspection, and says it’s “inhabitable” and they do not want to cover it.

What insurance company do you guys use for fixer uppers? Should I try someone else like Allstate or safeco? I need to have insurance on the property since I have a hard money loan. Can anyone send me the companies they use so I can have coverage?

Also, once the property is rehabbed I will rent it out, so at that point I would switch back to having landlord insurance through one of the main stream insurance companies.

Thanks!

Hello BP,

I am an out of state investor. I am looking to buy cash properties round 25-50k, putting in about 20k of rehab, and refinancing the property as soon as possible, cash-out, and using the cash to buy another property and repeat the same process. I'm hoping to refinance for the full cash value that I initially bought the property for. I was wondering if you have any background getting financing on rehabbed properties.

I would want to make sure I would be able to refinance as soon as possible, falling under the "delayed refinancing exception" from Fannie Mae. Also, I was planning to put my rehab costs into the my original sale price of the home (for example if I buy the property for 50k and rehab costs are 20k, I want to be able to refi-cash out and get 70k of cash), so that when I refinance, I get cash back for the money I used to rehab the house.

How quickly can you typically get a property funding?

Looking forward to hearing from you.

 I've never used a turnkey property company so I really have no experience with it. I have just seen both positive and negative posts about turnkey properties on BP. You're right, it would be a lot easier to buy a turnkey, but it seems like most people are saying they tend to be overpriced in not so great areas, and the PM companies end up nickel and diming investors and make the investment not worth while.

What are your experiences with out of state investors in Cleveland? How are their investments turning out? Feel free to PM me.

Hi BP,

My name is Mahmoud and I am an investor looking for long term buy and holds where I can rent for positive cash flow. I live in CA and there aren't many opportunities there...I got my first deal back in 2016 and have been self managing it. It's going well, but I'm looking to expand my portfolio.

With the experience of managing my current rental, I know I do not want to be a landlord. I just want to invest and "collect the checks" rather than managing the day to day work. My primary employment is my main source of income, and real estate is a side hustle that might allow me to work less in the future, but mainly is to hopefully set up my future generations of family to inherit passive income.

I am looking at Memphis as an out of state investor...but really have no clue on how to get started. I don't want to buy turnkey properties and I have read the returns are not as high as advertised, and I'm not looking to buy and investment from an investor. Ideally, I would want a trustworthy real estate agent to be able to guide me to the right, affordable property that can produce safe rental cash flow. I would want the property to be managed by a PM company as well.

The main concern for me obviously is living so far away from the property to the point where I cannot see it whenever I feel like it, and ultimately falling into scams. But when I think about it, there are times where I don't see my rental in CA for months, which makes me wonder if a PM company was managing it, there would really never be a reason for me to go see the property. I always hear stories about investors who say they haven't seen their properties in "years".

I understand there are risks to investing in out of state real estate. I was hoping you could share your experiences with me about investing in Memphis so I can determine if it's worth the risk or if I should stay away. Please feel free to PM me if you are an agent, PM manager, etc. I would be looking to invest in the B or C neighborhoods. I'm working with about 50k.

Looking forward to hearing about your experiences!

Mahmoud

Hi BP,

My name is Mahmoud and I am an investor looking for long term buy and holds where I can rent for positive cash flow. I live in CA and there aren't many opportunities there...I got my first deal back in 2016 and have been self managing it. It's going well, but I'm looking to expand my portfolio.

With the experience of managing my current rental, I know I do not want to be a landlord. I just want to invest and "collect the checks" rather than managing the day to day work. My primary employment is my main source of income, and real estate is a side hustle that might allow me to work less in the future, but mainly is to hopefully set up my future generations of family to inherit passive income.

I am looking at Cleveland as an out of state investor...but really have no clue on how to get started. I don't want to buy turnkey properties and I have read the returns are not as high as advertised, and I'm not looking to buy and investment from an investor. Ideally, I would want a trustworthy real estate agent to be able to guide me to the right, affordable property that can produce safe rental cash flow. I would want the property to be managed by a PM company as well.

The main concern for me obviously is living so far away from the property to the point where I cannot see it whenever I feel like it, and ultimately falling into scams. But when I think about it, there are times where I don't see my rental in CA for months, which makes me wonder if a PM company was managing it, there would really never be a reason for me to go see the property. I always hear stories about investors who say they haven't seen their properties in "years".

I understand there are risks to investing in out of state real estate. I was hoping you could share your experiences with me about investing in Cleveland so I can determine if it's worth the risk or if I should stay away. Please feel free to PM me if you are an agent, PM manager, etc. I would be looking to invest in the B or C neighborhoods. I am working with about 50k cash.

Looking forward to hearing about your experiences!

Mahmoud