All Forum Posts by: Nader Hachem

I'm looking to build out a spreadsheet when i can get a preliminary renovation cost that i could use in my analysis when looking at single family long-term rentals. What types of renovations do you guys see yourself doing when first purchasing the property? I've got things like:

Paint, replacing carpets, installing LVP (will calculate those by SF), replacing cabinets, installing countertops, purchasing appliances (washer, dryer, fridge, etc.), hot water heater, roof

I'm sure there a lot of obvious things that I'm missing and would like to hear them all. My goal with this spreadsheet is to calculate an upfront cost after walking through the property. This would better help me run my numbers.

Thanks all

Hey all,

I’m purchasing my first primary residence for my fiancé and I. We’ve been putting very strong offers - most 40K over (price range is 200-250k houses) But we keep on losing them. One thing I am doing is putting 3 day inspection periods rather than eliminating inspections completely because I know things could pop up. 

Does anyone have a word or excel document they use to checklist things when doing their initial showing walk through? I feel like if I had something to check everything off, it could help me waive inspection and get leverage over other potential buyers. 

I’m currently putting appraisal gaps of 10k. Do you think this turns off the seller and that’s why we’re losing opportunities? I’d hate to have to gap 20k on a small starter home that we only plan on being there for 5-6ish years max

Quote from @Erik Estrada:

@Nader Hachem Tell your Mortgage Broker to call the listing agent. It works wonders when the person helping you finance the property is convincing the listing agent that you are an overqualified buyer! 

 Does a pre-approval letter attached to the offer replace the need for this? Or is this additional to that?

Quote from @Lawrence Potts:

@Jeff P.

Escalation clauses are super helpful in multiple offer situations. That’s creative, good work 👍 it helps protect the buyer’s from overspending

Question about escalation. Say I put 250 escalates to 280, and they take my escalstion for 265… do they automatically go through with it or do I basically have to approve the appraisal ? 

Quote from @Mike Dymski:

That sucks.  We all need to move to Ecuador for a couple of years and allow all the government stimuli and forbearance to burn off.

Meet you there? 

Quote from @Dave Skow:

@Nader Hachem are you working with a  reputable  realtor  for the  area you are looking ?  if not - you might consider this    1)  make your offer a  bit more than 40K ...another  10K wont make a  big  diff  on payment  3)  remove  all contingencies  4)  offer  a  quick  escrow period  5)  offer a large  non refunable earnest moeny deposit 5) offer seller a  free  rent back period  6)  get fully pre approved  and have your lender  call the listing  once your  offer has been presented in order to answer any  questions they  have on the offer ...good luck

One thing I’m hesitant about going too much over and not meeting my appraisal. Then I’d have to come up with my money in cash (which I can probably come up with but isn’t ideal), and it’s not like that appraisal gap builds any equity or goes towards anything. It’s more of a ‘poof and it’s gone’

Quote from @Jeff P.:

Yep, it’s tough. I just got a client into a home- and we looked/offered for 4 months. As the poster above mentioned, realtor rapport may help. It sound like you are making strong offers otherwise.

Have you considered an escalation clause where you will offer over the sellers best received offer by “x” up to a preset limit?

I have done the escalation cause and that’s where we’ve had it up to 45K over !  

Hey all,

Im currently looking to purchase my first my primary residence by October. The market where I’m at just seems to be even more competitive than everywhere else. I’ve put multiple offers 40K over asking, waived inspection and appraisal in some cases but just keep getting ridiculously outbid. With rising interest rates, I simply can’t play a bidding war with others unless I want to spend $2500 a month on a starter home payment. 

What ways are there to get advantage over others? Are there ways to find off market deals? Worth going door to door and passing out letters?

When would rent be worth it? Seems like rent itself is also $2,000 a month and I’m worried that money will just be lost in a few years with nothing I’m return. And there’s also the opportunity that I lose appreciation if I did purchase a house 

To make it clear, I’m in metro Detroit michigan and this will be my primary residence not an investment 

thanks! 

Quote from @Wale Lawal:

@Nader Hachem My suggestion to you is make sure before you are going to meet ups, research as much stuff as you can on your own. That way once you're there, you can be knowledgeable when networking. Make sure that when you are going you are actively trying to network and build the relationships at first. After going to it a few times and getting to know some people, ask the ones you'd like to learn from what they can currently use help with, then offer your services to help them. You will not only be gaining experience from helping them, but you are also providing value. So you can then ask them if it's okay to ask them a few questions to help you get started, chances are they'd then be happy to help.

Hopefully this helps!

 I’ve been doing research when and where I can and also attending meet-ups. I’ve never really thought how easy it is to ask someone “what do you need help with” 

thanks! 

I always see people stress the importance of a mentor. I'm a newer investor looking to get my first property later this year and looking to learn under someone. I've been attending Real Estate meet-ups when I can and connecting with people when possible. What has your experience been with getting a mentor and what would you recommend for reaching out for mentorship?