All Forum Posts by: Peter Shafik

@Tchaka Owen thats very helpful. Thanks!!

@Shai Flax I'm not sure. I think it's anything Multi. I'd have to call and ask

@Shai Flax I think you're right on that honestly. I need to build momentum with my first property here locally and something smaller so I can understand it better. There's wisdom in that. And @Bud Gaffney I appreciate your enthusiasm! I will definitely take the plunge on something locally here in Nashville Soon. 

A gold nugget for both of you, there's a company I just recently learned about called watersystems.com based in Nashville but work nationally. They install sub meters for water and electricity for FREE and make money between the customer and utility company. I just recently heard about this so do your DD. Anyways. Thanks so much for that guys!

Hey all! I'm looking for some expert advice on this matter. The company I work for has recently acquired 2 quads and a triplex All on the same lot and I'm really thinking about buying it with hard money, use the company I work for to rehab it (maybe) and then refi to pay off a HML. I acquire contracts (like a wholesaler) for them. My issue is 2 fold:

1. I don't precisely know how to analyze a market. I've just had so much analysis paralysis on the matter, that I just call and acquire where they tell me too. I understand some of the basics, but I feel like getting confirmation from an expert will really help calm my over analysis. After this tornado hit recently, I was told that values of homes go down significantly (not sure if that's true). The properties we not affected by the tornado. 

2. I'm not quite sure if I will qualify for this refi because my DTI might be around 41%. That's including the rental income and my current day job. Not sure if that will be appealing to any lender. On top of that, I don't have much reserves. I know Brandon, David, and Scott always harp on the fact you should use OPM only if you have reserves to back you up.

Should I take on this project? Thanks!

Started working for a real estate investment company with a good buddy of mine, and after 2 years of studying the topic, got my first deal in Athens, AL! It was 2 duplexes and our company held onto it to flip and hold. Boosted my confidence quite a bit!

And this is you gaining experience! Next time during the inspection period you see that, you know to negotiate 7k less so you can install another HVAC system. Thanks for sharing!

Great info guys! I think you're all spot on. I'm currently in the market trying to buy my first and refinancing my parent's primary. I had always used to worry if now was a good time or later, but decided to jump in. Now got a cashout refi coming one at 3.5 (160k but the monthly is higher) and another at 3.175 (130k but the monthly is lower). Now I hear of tapering in the market by the feds and central banks to happen as soon as mid-November. Had I waited... 

@Anthony Feola Everything Brandon mentioned is solid. I would add another layer, especially if you're clear on your goals. Assuming you do pay all cash for those condos... how long would it take for you to buy you next property (cash flow plus money saved from your job)? With condos, you do want to be careful that the HOA doesn't eat into your profits. I've heard of some HOAs increasing a little bit every year, AND some not allowing you to rent out your rooms. I would simply be weary and really understand what rules and regulations exist before you make a purchase. Best of luck. Cheers!

Hey all, I actually have a small question for the experienced that I didn't think justified creating an entire thread. So here goes lol.. I want to make multiple offers a day on redfin, but does it make any sense at all to offer on a house in perfect condition ready for a retail buyer? I do it anyways, but I know most are flying off the shelves in 10 min... Thanks everyone!

This is so interesting, Thanks for the deep insight guys!