All Forum Posts by: Mena Soliman
Mena Soliman has started 3 posts and replied 10 times.
Quote from @Monica Breckenridge:
@Chris Seveney I'm looking for Hedgefund buyers looking to buy mass rental properties with right to purchase. Similar to Home Partners of America.
have you ever found the answer for this? looking to build up the dispo side and looking to contact those big buyers
Post: House Hacking Duplex in Hillsborough/Pinellas County
- Orange County, CA
- Posts 10
- Votes 4
Quote from @Joseph Stern:
@Connor Benn Hey Connor, I specialize working with people that want to house hack, I house hack myself. In tampa I would stay west of 275, the east side can be rough in most parts. West tampa, Seminole
Heights, south tampa, and tampa heights would be your best bet. In st Pete I would stay between
1st Ave N and 46th Ave N, jungle terrace is a solid area as well. Largo, Seminole, Clearwater all present opportunity as well. Reach out if you have any questions or need advice!
do these spot cash flow? and how does it look like from a cashflow perspective? if it doesn't cashflow, do you see a market for turning the other unit to a STR/MTR?
Quote from @Andrew Postell:
@Amy Lee I need to provide some clarification on your post if you don't mind.
1. Downpayment - there is no 5% downpayment using a conventional loan with a 2-4 unit property. A few years back there was, but there hasn't been that option for a while now. So your options using a conventional loan are 15% down with a duplex as your own primary home and 20% down with a 2-4 unit property.
2. FHA Rules - now FHA has this rule called the "self-sufficiency" rule on 3-4 units properties. This rule basically states that the rents have to be OVER the mortgage payment. And since rates are so high right now, and properties are so expensive, satisfying the "self-sufficiency" rule is next to impossible. And that means no FHA loans on 3-4 unit properties right now. This is an economic environment problem that will not always be around but be aware of this. Keep in mind that this does not apply on duplexes.
I know that was a lot but feel free to ask anything additional. Thanks!
if I have some cash saved up and looking to leverage that money to the most and my W2, would you recommend getting a conventional loan first and then in a year move to another place with FHA? or should I do the opposite and start with the FHA?
Post: Why house hacking a 2-4 Unit Property is the best first investment
- Orange County, CA
- Posts 10
- Votes 4
Quote from @Austin Steed:
Love the content and couldn't agree more!
I used house hacking for 3 of my doubles here in Columbus OH. I was moving a lot for 3 years straight but very glad I did it in my 20s.
is there a lot of small MF out in Columbus? I hear it is ver competitive now! also, are you able to cash flow?
Post: How are you supplementing your income to buy rental properties?🤔
- Orange County, CA
- Posts 10
- Votes 4
Quote from @Caleb Brown:
Quote from @Braedie A.:
Quote from @Caleb Brown:
Real estate agent full time. In my (biased) opinion it is a great way to build capital along with meet investors and learn. I also have another business where I buy pallets of items and resell. Both are great for supplementing and building that cash reserve :)
Where do you buy the pallets from?
There's a handful of local places by me. I try to buy 8-12 pallets a week to sell. There is also options to order truck loads
where do you resell them? amazon? eBay?
Post: How are you supplementing your income to buy rental properties?🤔
- Orange County, CA
- Posts 10
- Votes 4
Quote from @Braedie A.:
I work a 9-5 and I also sell on eBay for extra money to go into savings to save up for my next rental.
what do you sell on eBay?
Post: How to compete with cash offers in hot market?
- Orange County, CA
- Posts 10
- Votes 4
would you use hard money over conventional to have an advantage when competing in a hot market? I am certainly preapproved and have no issues with going with the traditional route. but with the market being very hot right now and everyone is fighting over decent deals, can I leverage HML and refinance it to a conventional one once I close? I am assuming the HML is seen as more attractive as cash offers and might give me a chance to close on a deal.
Post: Best Markets to Invest
- Orange County, CA
- Posts 10
- Votes 4
why do you think that Little Rock, AR is best for investing now? I am curious...
Post: Building an AUD in Leander, TX
- Orange County, CA
- Posts 10
- Votes 4
Hi,
If I would build an AUD in a backyard of a duplex, how easy would it be? cost? duration?
The lot is zoned commercial, but has a residential 1848 sqft duplex sitting on it. the lot size is 0.28 acres
i was thinking a studio or 1 bedroom unit in the backyard can help cashflow it but thinking about what would it take
Thanks
Post: Leander, RR or Austin Investors?
- Orange County, CA
- Posts 10
- Votes 4
Hey, I have been looking into that market for some time now. Austin is such a great market and I can definitely see myself moving there soon. I am looking to connect with local investors to learn more about the market and get your insight.
Firstly, I would really appreciate it if you can share with me any truth worthy local agents, property managers, and leaders you have worked/interacted with. I would love to talk to them and let them know that I was referred by you
Secondly, what do you think of the Leander market? there is a duplex that I am looking at. it is good but doesn't meet the 1% rule, it is more of a breakeven deal. it got its pros and cons:
pros:
-walking distance to a good school
- currently renting at the max potential and seems to be updated so not much rehab is needed
cons:
- on a major street
- not much improvements are needed so it will be hard to add value and recoup my initial investment plus it is not really a cashflow maker.
All the "boots-on-ground" agents I have talked to encouraged me to go for it as that it very rare to find 1% rules properties in Austin MSA and this will be appreciation play. is this true? do you again for breakeven or a bit more in such a hot market like Austin MSA. or should I be patient?
The challenge is that this would be my first investment property and out-of-state so I would love to hear some of your opinions besides the agents (who are incentivized to make a sale)
Thank you so much for your help. btw, I just joined BiggerPockets and its like heaven for RE investors, feel free to connect with me (or my account would be so lonely!!)