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All Forum Posts by: Mahmoud Tellou

Mahmoud Tellou has started 5 posts and replied 16 times.

Post: How real are HGTV programs?

Mahmoud TellouPosted
  • New to Real Estate
  • Markham, ON
  • Posts 17
  • Votes 4
@Jason DiClemente Your last sentence is spot on! Thanks for commenting Jason!

Post: How real are HGTV programs?

Mahmoud TellouPosted
  • New to Real Estate
  • Markham, ON
  • Posts 17
  • Votes 4
Hello bigger pocketers! I know, I know, don’t believe anything you see on TV is what they say. But I was curious to know from people who are in the flipping business already how much of what is shown on HGTV is real? Did you ever find anything on those programs beneficial to you? Surely it can’t be all lies, no? Thanks!

Post: Does anyone have any experience doing BRRRRs in Ottawa, ON?

Mahmoud TellouPosted
  • New to Real Estate
  • Markham, ON
  • Posts 17
  • Votes 4
@Matt Belzile Hi Matt! Your answer opened up many interesting points. 1. I assume you invested out of your province of residence. How does that work? Are there any restrictions? Additional tax implications? Etc. 2. Did you use private money for both the acquisition and the refi? 3. Can you share the numbers of the deal? How did you find it? Thanks!

Post: Does anyone have any experience doing BRRRRs in Ottawa, ON?

Mahmoud TellouPosted
  • New to Real Estate
  • Markham, ON
  • Posts 17
  • Votes 4
Hello! I was wondering if anyone on BP has experience doing BRRRRs in the Ottawa area. Where you able to find Hard Money Lenders? Are Canadian banks investor friendly when it comes to refinancing? Appreciate everyones input!

Post: WIRE FRAUD CAR FORMS ARE NOW OUT>

Mahmoud TellouPosted
  • New to Real Estate
  • Markham, ON
  • Posts 17
  • Votes 4

@Michael Lim There are several methods hackers can disguise themselves and trick you into making a payment into a wrong account. This is a very complex domain and I am in no position to give legal/professional advice on it, but some of the methods I've come across personally or through awareness e-mails I received from my employer could be:

1. The hacker sends you an identical email address and layout but from a different domain. For example, you could be dealing with ABC Escrow and their legitimate email is closing @ abcescrow . com however the hacker will use a fake domain such as abcescrows . com (notice the additional S) to fool you into thinking its the legitimate one. You have to pay close attention that you are receiving an e-mail from the real company.

2. They could have hacked the escrow companies email without the company knowing and sending out emails from the legitimate domain but with the fake transfer information. This is the most dangerous as there is very little evidence of wrongdoing. Your best bet (in all cases) is to verify the transfer details with the escrow company multiple times before executing the transfer. It is also advised to contact them using a number you obtained at the very beginning when you started dealing with them.

In general, if the company/person you are transferring money to suddenly change their bank account number, email, telephone number it is usually a big red flag that something fishy might be going on. Other things to look for are poorly written emails, weak grammar/language, non professional writing tone, weird sounding domain names, over enthusiastic agents that keep hurrying you into executing the transfer.

As for the escrow company used being totally fake, it is possible. That is why you should do your homework on which companies you choose to represent you. Look for references from people you trust, or find someone in your area (BP could be useful here) that can recommend a good title company. You should also try to insist that your company of choice is the closing company when both buying and selling. If the other party refuses, check which company they are proposing and do a thorough check on them.

Unfortunately the risk of cyber crime is very real and can have dire consequences for the victim. Stay aware of whats going on and question every single detail you come across even if you've done the same thing 100 times!

Post: Why can't I sell my flip!

Mahmoud TellouPosted
  • New to Real Estate
  • Markham, ON
  • Posts 17
  • Votes 4

I am newbie here and haven't flipped a coin yet let alone a house BUT I do have a few comments I'd like to make on this property and I hope you find them useful:

1. The exterior and landscaping of the house look drab at best. When I pull up in my car with a budget of half a million dollars this house will not grab my attention. Try sprucing it a little bit, try painting the door with another contrasting color and take some of that color to the A-shaped roof border facing the camera in picture on on Zillow. You also absolutely need to add some landscaping, maybe some bushes or anything that gives some color.

2. Going inside, as a first impression the reno looks good honestly, but on further inspection and attention to detail there are some major misses. All the electrical outlet covers need to be changed, white plastic is ugly and cheap and has no place in a $500K home. The choice of lighting for the rooms (fan+built in light) is a poor choice (in my opinion). I would have liked to have more modern looking spotlight fixtures.

3. The third bath is totally off. The vanity looks very cheap and out of place. The counter top also looks cheap and what immediately came to my mind was "with that counter top extension running over the toilet, how am I going to access the toilet flush if I need to fix it someday?" There seems to be not enough space to lift the lid and fix it if something goes wrong. And trust me if I, sitting thousands of miles away looking at pictures, was able to notice this potential problem other people seeing the house will most definitely see it too.

4. Lastly, the 2 line listing description on Zillow is very poor to be honest. It shows me someone was lazy writing it and makes me think what else where they lazy in doing? You need to write a better description of the property focusing on the strongest selling points of the house. If you think the highway is the deal breaker you have to invest in some double-glazed sound proof windows and focus your marketing on the fact that noise is not an issue at this property.

Those are my 2 cents and I hope you get it sold soon!

Post: Thoughts on Plantagenet, ON?

Mahmoud TellouPosted
  • New to Real Estate
  • Markham, ON
  • Posts 17
  • Votes 4

Thanks for the tip @Haseeb Awan! I would love to connect with you to have a chat about REI in Ottawa!

Post: Today I paid a 100,000.00 Assignment fee !!!

Mahmoud TellouPosted
  • New to Real Estate
  • Markham, ON
  • Posts 17
  • Votes 4

I was just watching Podcast #222 which brought me to your profile and ultimately to this post! Awesome Podcast by the way and thanks for sharing the wealth of information you did.

Regarding this post - how legally binding are LoI's (Letters of Intent) in Oregon? Can those 3 entities just walk away like nothing happened? Or are there some legal implications which would discourage those entities from backing out? Say they back out, how hard is to find someone else?

If I were you I'd would have also placed confidence in my experience and went through with it as well, just make sure you have extra big jeans to pocket those $2.8m ;)

Amazing story @Sunny Burns! REI is all about what makes you comfortable and if $1,725 net a month makes you happy then no need to endure additional risks! Congratulations!

P.S. You have a lovely family, take good care of them!

Post: Thoughts on Plantagenet, ON?

Mahmoud TellouPosted
  • New to Real Estate
  • Markham, ON
  • Posts 17
  • Votes 4

Hi Philippe! You are right, i'll have to look into it more in-depth, but at face value, it doesn't look so much promising as claimed!