All Forum Posts by: Rasheed Mcdaniel

hello BP, I'm new to the site and to investing. I just got my first rental property under contract which I intend to house hack. The property has a detached garage and the seller requested to rent the garage back from me after purchase (which I'm fine with and agreed to). My question is: would it be a good idea to mandate that I have a visual inspection of the garage and its contents before proceeding. Not that I expect anything wrong but just to make sure their not storing like bomb making materials or body parts or something crazy like that. 

Hello, my name is Rasheed McDaniel and I'm relatively new to investing. Looking to get my foot (back) in the door by house hacking in the Philadelphia PA market, preferably multi family. 

My first property was an accidental flip, turned wholesale I guess. I acquired a property from a person just looking to get rid of the unit. No money down the deal we made was to put the deed In my name then I would use the property as collateral for a loan to pay for itself. I knew absolutely nothing and a week after switching the deed I got slammed with back water bills and back taxes and actually the city said they were gonna take it from me. Long story short I decided to just sell and I ended up selling with enough to pay off the house, all the debts, and still walked away with about 5k in pocket. 

I look forward to learning and becoming a part of the BP family! 

@Steve Vaughan thank you for responding and for your advise. Since I've been diving head first into the site and finding a lot of good info. 

@james 

@James Brand thank you, I've listened to almost all of the podcasts now and sifted through the the UBG 

Hello I live in Philadelphia, PA. I am new to the real estate world and for my first deal I plan to obtain a owner occupied duplex and build my buy and hold portfolio from there. 

My first deal will be funded by fha loan but I actually have a family friend that is in the business already. I am interested in approaching him for a partnership on my second property (which I know maybe I'm jumping the gun a bit, but I just would like to get my info together now) 

Basically I don't understand quite how to present to him it being a good investment. If we find a great property that cash flows $100 per door (let's say on duplex) does he only make the  $100 ($200 split two ways) or does he get that plus equity split or how does that work? 

P.s. This is my first post so please excuse if it's out of context in anyway