All Forum Posts by: Mohsin Mazhar

Hi everyone.

I purchased a home and did a BRRR on it and the appraisal came back higher than I expected. Which is a great thing and I hate to complain about it. But because the interest rates are so high if I pull out the 25% LTV my mortgage comes back $300/month higher than I expected it to be and I will be operating at a net loss.

To my understanding my options are

1. absorb the 300/month and wait until Interest rate drop and refinance.

2. Leave more than 25% LTV which will decrease my PMI and allow to break even/take profit.

What would you guys advise me to do?

Fortunately, I don’t need to take out the money to pay any lenders are to cover any fees. I’m just using it to invest in my next property.

Hi guys I have been looking into investing in syndication deals on platforms such crowdstreet, realitymogul, cardonecapital etc.

the issue I am having is I don’t understand how to analyze the projects that they offer.

I was wondering if someone could recommend a book or website or video which educates about terms such investor IRR, Targeted IRR etc and how to understand if the investment is high vs low risk.

Thanks 🙏🏻🙏🏻

Hi guys I am planning to buy a rental property in metro Detroit area. I was told that areas like Warren are not friendly when it comes to renting a place, because the local authorities are very picky if the place is up to code and other stuff related to the house and that they creat hurdles for landlords.

My question is where are investor friendly areas in Metro Detroit and how/where do I look to find out if it is a good area to rent out a house when it comes to dealing with the city council.

Thanks in advance!

@Eric Rosiello thanks for your reply Eric.

I guess what you are suggesting is kind of BRRR+House hack. Which I think is a great idea. But I feel like I am not ready to take on such a project. Rehab and all will take me into uncharted territory. Actually just buying a house is uncharted territory for me. So I'm a little scared of bitting more than I can chew and same thing for 3-4 unit family homes. I completely agree they will cash flow more compared to 2unit. But then it's more work with tenants and the biggest issue that I have is the price. Correct me if I'm wrong but 3-4unit house in the areas that I have been looking for will be above 1million and that's where my mortgage will be really high (of course if it's rented out then great) but if it's not rented out i will be bleeding money and working just to pay my mortgage and I feel the risk is too great in that sense. Please let me know what you think about this.

Thanks for the links! And thank you for replying it’s thanks to ppl like you and everyone else over here that I have been exposed to all these ideas. Otherwise I would be just be paying 3k a month to live and thinking this is just how it is and nothing can be done about it.

@Adam Sankowski, really appreciate your input Adam! Everything that you said is exactly what I am thinking and debating in my head.

Personally I have never actually been in Medford or Malden. But I am thinking this area will appreciate in the coming years so that should be a plus. And like you said even if I am not cash flowing but still offsetting my mortgage payment by renting out one unit, that is such an advantage. Paying about 2k+ for rent after learning so much from everyone at BiggerPockets just doesn’t seem as a wise move.

Regarding living in Lowell I have been looking into that idea and financially it makes a lot of sense but from the emotional point of view I just want to live close to the city. I guess my plan will be to actually rent out a place in Lowell for the first few months while I’m housing hunting.

The commute is also an issue I totally agree the closer the better that’s why I also looking into the idea of living close to the commuter rail it’s still a good 45min ride but at least it’s consistent and you can get work done while traveling. I guess we will see. But I really agree with your thought process that’s exactly how I am thinking right now and I guess when I finally move in the summer I will have a better understanding of the logistic of things. Because it’s not just about finding an awesome deal it’s also the convenience of daily living.

Thanks Adam!

@Douglas Snook hey Douglas. Thanks for the reply. I am actually going to work in Lowell. But personally I don’t want to live there ( I haven’t seen much of the area but I would prefer to live In medfod, Malden, Somerville, Newton,Brighton area) I know that the properties in Lowell are much cheaper compared to the places where I prefer to live. So that’s something I have to weigh up.

@Avery Heilbron that’s great! To make money while living in such an expensive city I think is the ultimate goal. Honestly I am fine with paying under 1000$ for mortgage + income from the other unit. As long as I am not paying 3-4K in mortgage because that is just ridiculous and I won’t be able to afford it. I think its worth it to pay a bit extra considering you are essentially paying yourself.

@Seth Robertson thanks for your reply Seth. I am trying to figure out to what is financially more sound. To buy or to rent and invest some where else. Since I am planning to stay in MA long term I feel it’s a good idea to buy like this I can build equity and live for cheap (this is considering the house hack works and numbers make sense). With regards to tenants I guess that’s the risk we all have to take, I might be wrong but I’m guessing in places like lowell where the rent is cheaper the quality of the tenet maybe more unpredictable compared to closer to Boston, what do you think?

@Avery Heilbron thanks for your reply Avery. Yes Everet, Medford, Chelsea is where I am looking. From what I have seen so far, even if I do rent out one unit it will still not cover the full mortgage. So do you think it is still better to house hack or rent?

@Charlie MacPherson appreciate your reply Charlie and thank you for all the information. I am planning to work in the Middlesex County so buying in south east counties will be too much of a commute for me. But thanks for the advise.