All Forum Posts by: Samir Patel

Hi Dave, thanks for your insight! My understanding is that this would be similar to the concept of working with a lender that does business in another state but is able to originate loans many states. Is that correct?

Nice! Sent you a request to connect. Will be sure to update you as I get further along in the process.

Got it, will join the group on FB and see what others have already posted about this. Thanks!

Awesome will check them out. Thanks for the recommendation Aly!

Hi BP!

I am looking for qualified intermediaries to perform a 1031 Exchange for a property that I own in Oklahoma City. Are there any intermediaries that you have worked with in the past that you would recommend? How was your overall experience? Anything I should know about this intermediary specifically?

Please feel free to comment on this post or DM me directly!

Does anyone know a promo code for The Book on Investing in Real Estate with No (and Low) Money Down? Or any other BP books?

Hi Adrienne,

Sorry I forgot to reply to this since we already started discussing via PM.

Thanks for taking the time to review this and for the helpful information! :) 

Thanks for the advice Michael!

1. I completely agree. I am of the belief that I would rather take care of any deferred maintenance and larger CapEx issues right off the bat, or avoid them entirely by purchasing a recently flipped or recently rehabbed property. I believe this one was advertised as "recently rehabbed and rent ready" but I'll have to do my due diligence by checking age of the larger CapEx items (furnace, roof, etc.).

2. Got it, I'll add that to my list of stipulations before closing on the property. As an experienced investor, do you still request for a home warranty or would you say this is more for beginners and those just getting started out in real estate?

3. I'll be sure to check on the FHA double appraisal stipulation that your mentioned. It seems like there are many subtle provisions for FHA loans so I'll have to research them thoroughly to make sure I'm complying with all them. Thanks for bringing this to my attention.

4. A lower down payment would be great! I have been discussing with a few lenders and will make sure to bring this up with them for further insight.

Hi,

I want to locate my first investment property that I plan on purchasing with an FHA loan and house hacking (living in one of the rooms and renting out the others) in Northern Virginia. Since there aren't many multi-family properties in my local area, I've been looking at townhomes and single family dwellings that have many rooms as well as a basement that I can rent out. With the current real estate supply being limited and demand skyrocketing due to tech companies moving into the area (e.g. Amazon), the home prices are relatively high. That being said, I was wondering if I have done an adequate job of analyzing this deal and if there are any abnormalities in my assumptions (Vacancy, CapEx, Income/Expense/Property Value increase per year, etc.). Here's some additional information on how I did the calculations in the report, as well as some insight into my current situation.

Average Rent: Did an initial search on Rentometer for average rent in this area (calculating based on $725; 3 bedrooms).

Expenses: I am using the 50% rule to calculate my expenses which is why I have left the "Fixed Landlord-Paid Expenses" empty. For the "Variable Landlord-Paid Expenses", I have used the following assumptions (Vacancy: 5%, Repairs and Maintenance: 4%, CapEx: 8%, Management Fees: 0%).

About me: I am relatively young (25 years old) and am looking to get started in the real estate space by house hacking my first property. I have spent the last 3 years educating myself by reading various books and listening to real estate podcasts in my free time, so I'd like to finally get started now that I'm somewhat ready. During that time, I have also been incrementally increasing my cash reserves and I currently have enough to cover any expenses for at least a year in the case that I can't find a tenant and the property sits vacant. It may be overly cautious, but I'm just trying to be as prepared as I can so any notes on what I may have overlooked or should be aware of before proceeding further would be greatly appreciated. Thank you in advance for taking the time to ready through this and any feedback that you may be able to provide :)

View report

*This link comes directly from our calculators, based on information input by the member who posted

Hi,

I want to locate my first investment property that I plan on purchasing with an FHA loan and house hacking (living in one of the rooms and renting out the others) in Northern Virginia. Since there aren't many multi-family properties in my local area, I've been looking at townhomes and single family dwellings that have many rooms as well as a basement that I can rent out. With the current real estate supply being limited and demand skyrocketing due to tech companies moving into the area (e.g. Amazon), the home prices are relatively high. That being said, I was wondering if I have done an adequate job of analyzing this deal and if there are any abnormalities in my assumptions (Vacancy, CapEx, Income/Expense/Property Value increase per year, etc.). Here's some additional information on how I did the calculations in the report, as well as some insight into my current situation.

Average Rent: Did an initial search on Rentometer for average rent in this area (calculating based on $725; 3 bedrooms).

Expenses: I am using the 50% rule to calculate my expenses which is why I have left the "Fixed Landlord-Paid Expenses" empty. For the "Variable Landlord-Paid Expenses", I have used the following assumptions (Vacancy: 5%, Repairs and Maintenance: 4%, CapEx: 8%, Management Fees: 0%).

About me: I am relatively young (25 years old) and am looking to get started in the real estate space by house hacking my first property. I have spent the last 3 years educating myself by reading various books and listening to real estate podcasts in my free time, so I'd like to finally get started now that I'm somewhat ready. During that time, I have also been incrementally increasing my cash reserves and I currently have enough to cover any expenses for at least a year in the case that I can't find a tenant and the property sits vacant. It may be overly cautious, but I'm just trying to be as prepared as I can so any notes on what I may have overlooked or should be aware of before proceeding further would be greatly appreciated. Thank you in advance for taking the time to ready through this and any feedback that you may be able to provide :)

View report

*This link comes directly from our calculators, based on information input by the member who posted