All Forum Posts by: Suhan Junaid

I've been networking to meet investors for the healthcare properties I'm working on as well as private lenders. 

Generally, and not to be cliche, it's all networking; however, typically in unlikely places. The BP meet up I go to in my area was a great place to start. I also met many people looking to invest through some of my hobbies (boating clubs, motor enthusiast clubs, etc) - so golf / country clubs are probably good too (though I don't belong to any either of those). 

Former co-workers and my professional friends have also been potentials, particularly for referrals. 

Speaking of referrals, I think once I hit the later stage of some of my deals, my few current investors may open me up to their friends and networks. 

I haven't tried this yet but I've heard LinkedIn is a good place to network if you can establish your credibility in what you're doing.

Finally, you can look for "trust" or "IRA" on the county records for either the owners or mortgages.

Hopefully, those are helpful.

Thanks,

Suhan

@Angela Holmes, it all depends on your specific situation and what you'd like to accomplish. 

If you are really flexible. I'd use your ability to pay cash and close quickly to get as best as price as possible. Note that a fast close does not mean without diligence. I would still run the full gamut of diligence including property inspection, contractor walk through (yes, those two are different!), and maybe even an appraisal.

I would then do any work you need, fill it with tenants and then refi to get your money out - that way your mortgage (and other) payments will be offset by rental income.

I would also recommend looking into a professional property manager even though you have family in the area to check up on the property. I'm not sure if your family, or you, would like getting maintenance or emergency calls. Additionally, property managers are in the "flow" of the market - they know what your units can rent for and what improvements you could make to maximize potential income. They can also aid with bookkeeping and getting batch discounts from vendors.

The only other item I think it might be worth considering is if you can dip into small apartment buildings (5 or 6 plexes) from the get go. I initially started with all four plexes. I realized quickly that bank loans for such properties are very cookie cutter and rigid since they're sold to Fannie and Freddie. For instance, each time I did a refi on my 4 plexes, I couldn't get my income from the rental properties to count towards my debt to income ratio until I owned the property for two years (without going to private or hard money lenders that wanted higher rates or a lot of points). I've found "commercial" (5 units or greater) financings significantly more flexible and actually cheaper to obtain (I think this has to do with RESPA obligations for the lender as well as the Fannie / Freddie thing). And I would argue having 4 units is not that different than 5 or 6 units.

Cheers,

Suhan

@Mark Baldwin - I’ve quit claimed properties from LLCs into personal and vice verse, for financings usually - they didn’t cause any tax implications

Thank you @Richard Sherman and @Account Closed! We did have a sheriff post a notice. The issue was that it was posted to the front door (as opposed to the suite door), I'm guessing that's because it's not technically a separate entrance. I'll look into the posting & mailing.

Hi everyone,

I have a house that has an in-law unit with a separate side entrance. The house and in-law unit are rented to two different tenants (I inherited when I bought the property). The in-law unit has become troublesome but when we filed for an eviction notice, it was served on the front door (instead of the in-law unit). I'm guessing that's because the in-law unit doesn't technically count as a separate unit. 

What's the best way for us to get the tenant in the in-law unit out? (We stepped up to an eviction because cash for keys didn't work).

Thanks everyone in advance for your help.

Cheers,

Suhan

I’ll be in the Atlanta metro area from Thursday (10/4) until Monday. Would love to meet / network with BiggerPockets folks in the area, particularly investors and agents. I’m coming up from Florida where our team has a portfolio of 60,000 sqft commercial / strip center presence, 30+ multi family units and looking into senior housing. Who: investor from FL What: Visiting Atlanta When: 10/4 until 10/8 Interests: Senior Housing / ALFs, multifamy, suburban commercial Meet: Investors & agents Cheers, Suhan

Hello, I'm an investor in Palm Beach county, Florida. I'm looking for a lender than can help me with a cash out refi for multi-fam residential. My usual stable of lenders have switched their guidelines to "cost" as opposed to the new appraised value of properties once we get them fully occupied.

Thanks, Suhan

Anyone know of a good property manager for a small multi-family located in Belle Glade (rural western half of Palm Beach county), FL.

Thanks,

Suhan

Anyone know of any good residential (4 unit multi-fam) surveyors in Palm Beach county?

Hey @Charles Kac, I'm in the South Florida market. If you have good insurance, they will cover nearly all (if you're in a flood zone, then you should also get flood insurance). Keep in mind though that just because you have money for property repairs, your personal property (patio property, cars or anything inside your house may have been damaged). Other appropriate insurance is if you're landlord, you may request (or require) rentor's insurance - that'll depend upon the type of tenants you have though. 

Additionally, the building codes here take into account the storms that go through here...and the locals accept it as a part of life. 

So I'd conclude that, with adequate and appropriate insurance coverage, building codes and heeding the warnings of officials (like putting up shutters when they tell you to), you should be fine - arguably storm risk is priced into values here. Storms do happen though, and damage is suffered but it's not a catastrophe everytime...its just the price of endless summer down here to us.