Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Siraj Ahmed

Siraj Ahmed has started 8 posts and replied 41 times.

Post: Portfolio Lenders Illinois

Siraj AhmedPosted
  • Investor
  • Morton Grove, IL
  • Posts 44
  • Votes 5

@Alexander Hogarth were you able to find anyone to do this? i am in need of one now of too so wondering if you were able to get some traction on this. if you are able to share, that would be awesome!

thanks 

Post: Seller financing with a mortgage

Siraj AhmedPosted
  • Investor
  • Morton Grove, IL
  • Posts 44
  • Votes 5

@Spencer Cornelia

@Nicole Dechow

Hi Nicole . Did you end up using the lease purchase agreement like spencer suggested? Wanted to know how your experience went

I’m considering doing the same for a 4 unit property. However I was curious how this option saves me from putting any less down payment than I would have had I financed it through the bank rather than doing a lease purchase agreement? I mean once the rehab is complete and I have it rented out, when I go to finance it from a traditional bank, I’ll need to put the same down payment down if I would have had I bought it from bank on day 1.

Let me know if i am missing something?

Post: Buildium vs Quickbooks for 28 unit landlord

Siraj AhmedPosted
  • Investor
  • Morton Grove, IL
  • Posts 44
  • Votes 5

@Christopher B. i am considering using Tenant Cloud integration with QB and i wanted to know your thoughts on tenant cloud as  PM software and how you are using it. I am sending a PM through facebook. It will probably go to your trash until you accept me. 

thanks 

Post: Buildium vs Quickbooks for 28 unit landlord

Siraj AhmedPosted
  • Investor
  • Morton Grove, IL
  • Posts 44
  • Votes 5

@Ryan Ross sure, i dont see your number on your profile. 

Post: Buildium vs Quickbooks for 28 unit landlord

Siraj AhmedPosted
  • Investor
  • Morton Grove, IL
  • Posts 44
  • Votes 5

@Ryan Ross my biggest pain point is the financial reporting. I dont have a good system for getting p&L , balance sheet etc. Thats what i want every month to be able to see how i did. However the issue i am running into with Buildium is that i will need to do manual expense entries for every payment i do (if i dont pay through buildium). Whereas, QB i think will do auto pulls from my bank account and i can categorize it. 

The rest of the features of the PM software to me are "nice to have" but not a must, at least at this point. I feel like i am leaning more towards QB but maybe in the future i will add on buildium if i need the other features that come with PM software. 

@Soh Tanaka i want to have a VA do my bookkeeping so i think it might be better to do QB online.

Post: Buildium vs Quickbooks for 28 unit landlord

Siraj AhmedPosted
  • Investor
  • Morton Grove, IL
  • Posts 44
  • Votes 5

Hello Hello BP - 

A lot of you have probably resolved this dilemma so I am looking for your advice on quickbooks vs Buildium for me. I invest and manage my own rentals with investor partnerships. 

I am looking for monthly P&Ls, balance sheet and financial reports and want to get out of excel because of the manual entry required. 

I was sold on Buildium but when i sat through their demo, i am not sure if its the right solution for me. I will need to create manual entries for each expense that is paid outside of Buildium. I pay my contractors through Zelle or check payment or my credit card for home depot, insurance, other purchases. These will have to be manually entered into Buildium anyway. (reconciling wont solve this issue because for every expense in bank account, we will need to create a manual entry anyway). 

Instead, why not use quickbooks and link my CC and bank charges and it will import each transaction and i can assign the right category to it? I can delegate this down to a VA instead of paying Buildium $100 a month.

Question is: am i thinking right in just using Quickbooks online to solve my purpose or use Buildium? I dont want to incur cost of using QB and Buildium monthly. Why would I want to use buildium over quicbooks for my purpose?

thanks in advance

Post: What will be the impact of the Coronavirus crisis on real estate?

Siraj AhmedPosted
  • Investor
  • Morton Grove, IL
  • Posts 44
  • Votes 5

@Chris Watson

You want to share how you’re going to be reaching these sellers/investors who are in bad shape? I am in the market to buy 🤪

Post: When to buy a Title Search for a Foreclosure Auction

Siraj AhmedPosted
  • Investor
  • Morton Grove, IL
  • Posts 44
  • Votes 5

@Lucas Bonasio i was just researching some auction properties help and ran across your post here. I noticed it has been a year since you asked this question and assuming (hoping) you are an additional year wiser than i am on this. 

Did you figure out if its worth paynig the $200 to title search BEFORE you win the bid? Did you find any alternatives to this? i have heard that some title companies will do a prelim search for free so long as you buy the title insurance from them. Can you confirm this? 

Did you figure out if its worth going down auction route or is too risky, from a title point of view?

thanks

Post: Creative strategists' minds help needed on making an offer

Siraj AhmedPosted
  • Investor
  • Morton Grove, IL
  • Posts 44
  • Votes 5
Originally posted by @Omar Khan:

@Siraj Ahmed Unless I am missing something, why would you want to buy this property if there is little to no upside potential (increasing income OR reducing expenses)?

Furthermore, FHA is not your only option. Assuming you have a decent job and reasonable credit score, you should definitely be able to secure better terms through regular conventional financing. The market is very competitive nowadays (I am not a lender).

I am getting it under market value (that is the upside) and looking to build equity through an FHA low money down loan. Instead of conventional financing. Plan is to refinance in some time and take some cash out to get the next property.

Post: Creative strategists' minds help needed on making an offer

Siraj AhmedPosted
  • Investor
  • Morton Grove, IL
  • Posts 44
  • Votes 5
@christopher One of the units is on a month to month so I would be able to release that tenant to do FHA.