All Forum Posts by: Nader Hachem

Quote from @Drew Sygit:

Email us please

Sent something over yesterday. Let me know if you didn’t get it !

Quote from @Drew Sygit:

What hours/weekly are you available?

What specifically do you thin you can do?

What specifically do you want to learn?

Hey Drew!

I'd be available on the weekends and weekdays after 5(ish, give or take). Would want to work closely with the investor to see what works for the both of us. I'm an engineer who's a very analytical thinker and good with numbers so I think I'd be able to help run numbers where needed. I also have experience in the power distribution utility industry here in Metro Detroit. I don't necessarily have experience in construction but I'd definitely be willing to pick up a hammer and learn (even though they say never pick up a hammer as an investor!)

As far as learning - i'd like to be exposed to what the day-to-day activities are for investors -- and maybe also some of the construction side of things. I did reach out to one of those volunteer communities who help rebuild houses, etc. but their hours were really specific and didn't work with my schedule (they were m-f 10-4)

Being new, I guess i don't know what i don't know yet. So whatever there is to learn/help out, I'd be open to.

I've been sitting on the sidelines waiting for Q4 2022 to come along because I'm currently looking for a primary residence and getting married in October - so I've been saving my cash for then and not investing. I've heard from a few people that I could get an FHA/5% conventional loan on the property now, and since I'm getting married in 8 months, that could be a way to eliminate/get out early of the 1-year occupancy required for 5% loan. My idea is that rather than waiting for Q4 and putting 20%, I could use 3.5-5% on a rental now, live in it (or just occupy it until October), eliminate the 1 year requirement and rent it out then. Of course, I would only do this if it's allowed/legal.

Anyone know more about this?

Quote from @Jasmine Delves:

Could be this one: https://www.biggerpockets.com/...

 Thank you!

Quote from @Ferris Anthony:

I just wanted to give a shout out to the Bigger Pockets community for giving me the motivation to take the plunge into my real estate investment journey.

In summer of 2020 I decided I was diving into rental investments headfirst. I closed on my first rental property in Redford, MI in November of 2020. Conventional purchase $84,000 with 15% down and the house appraised for $100,000. Lots of updates were made and the house is now appraising in the $130,000 range and was rented for $1,300 a month (starting in March).

I did a cash out refi on my primary home and had enough for another down payment for the next investment. House prices have been out of control so instead of buying another investment property, I bought a new primary home and kept my original primary home as a rental property. I am getting a signed lease this week and our old primary home will be renting for $2,200 a month.

In 5 months I’ve gone from 1 primary home to 1 primary and 2 rentals which will cash flow about $1,400 a month. I couldn’t have gotten this far, this quickly without religiously listening to the BP podcasts and audiobooks.

Hats off to all of you, especially Brandon, David, and Josh.

Ferris

Found This post a year later after searching for "Redford, MI" because that's where i plan on investing my first rental property. How's that deal going? Would love to see how its gone over the last 10 months. Congrats and would love to connect!

I've been doing a lot of education like podcasts, reading books and even analyzing deals for rental properties. I'm looking to buy my first property in Q4 of this year because i have some big expenses coming up soon (Primary residence, etc.) I'm not looking to house hack because of my situation but i don't want to sit on the side lines in the meantime. 

I find myself having free time that i could use to learn more - but i want to learn by taking actions. I'd be willing to work along side with someone who's a real estate investor to see what things they deal with, help them out while I'm learning day-to-day actions along side an experienced investor. 

I'm located in the Metro Detroit area, so what actions do you guys think would be good experience in the long run? Does BiggerPockets have something where we could connect specifically for this purpose?

And for any of you reading this who are an experienced investor looking for help and looking to take someone under their wing - feel free to connect! i'd love to help!

I always see people referring to no deals being available, but when running analysis for SFHs in the area i'm looking for (Redford for those of you in Metro Detroit) -- i seem to find deals that meet my goals of $200 after 32% of expenses for vacancy, repairs, capex, management, etc. Are my goals not large enough? This would be my first property so i'm more concerned about getting that first property than hitting a home run.

(No, this doesn't mean i'm looking to take a bad deal to get something under my belt).

But i guess i'm just wondering -- Is my criteria something people are finding, but when they refer to no deals, they refer to better, larger "home run style" deals? Or is something wrong in my analysis to be finding deals that often I haven't purchased these deals yet but it looks like there's at least an opportunity.

I'm completely fine with my first deal being a base hit that generates some cash flow and gets me going rather than getting that home run. What're your thoughts on this topic?

So i'm in between switching jobs right now and i'll have to transfer over my 401K. I have about 38-43K in my Traditional, pre-tax 401k. While listening to this weeks BiggerPockets podcast, they mentioned that they got started by using their 401K. I'm looking for my first deal but have been on hold because i'm saving up (Looking to do the normal 15/20% down through a convetional loan). 

What opportunities would there be to use my 401K as a down payment for a rental property and are these good options to explore? Would I have access to the rental income or will they have to stay in my 401K until 59.5. Anyone have experience with using their 401K for a (first) property? What were the advantages and disadvantaged? 

I'm currently listening to the biggerpockets book on how to manage rental properties and was thinking on how good it would be to make a flow chart of the process for screening the tenant. Turns out a few minutes later the book says there is already a flowchart provided in the book bonus content (the 33 forms) that outlines this process.

I looked around the files for this but couldn't find the flowchart. Anyone know where i can find it?

Quote from @Ziad Hamati:

No guarantee there. But I would contact more than one of his previous landlords. Also run a background check. Doing both of these simultaneously should give you an idea if he is a bad / good tenant and Look for red flags. 

Yup makes sense! Turns out the book gave me some ideas after reading a bit more. You can always call the reference and ask “do you have any vacancies” and you could also ask the reference for rent price, address, etc to validate