All Forum Posts by: Matthew Masoud

Yeah, the previous landlord had no screening process. I just got to get him out so I can do my own intensive screening for the unit.

I inherited a tenant that was playing loud music at all hours of the night and having friends over where they would have weird screaming parties (drugs maybe?) 

Anyway, I send him a 30-day notice to leave the premises and he calls me going ballistic. "This is ********". "We are going to have real problems" "You don't know who you're talking to" "I'm a real ni**a.

Naturally, I hire an eviction attorney but I'm lowkey worried about going to the property. It's a 3 unit in which one unit I'm still getting rent ready. I don't know what to do. I'm going there tomorrow to meet with a plumber but I'm concerned he could get aggressive. 

Thoughts?

Hey Evan. Rental numbers are good but it's in price hill so a C class area. 

I got this property WAY below market rent (current appraisal $140k) going to do a few cosmetic changes this month then let it go in February. Stay tuned!

Investment Info:

Small multi-family (2-4 units) fix & flip investment.

Purchase price: $100,000
Cash invested: $32,000

Ohio Triplex
$600
$850
$600

I'm considering doing a syndication in Ohio but don't know where to begin.

My family/friends have seen my success with small multifamily and want to invest their money with me, it kind of just fell into my lap.

I'm interested. I've always known I'd end up in large multifamily but I thought it would be through a 1031 exchange not through syndication. 

Anyway, the problem is, I don't know where to begin. Like the actual formation of the corporation, how to collect money, etc.

I want to shadow someone that is going through the day to day operations of owning a syndication. That'll teach me the ins and outs and while I put together my first deal. I'll work for free, I don't care.

I purchased Volume ll of the multifamily millionaire, I'm sure that'll help.

Thoughts? What to do next?

 My goal was to get a cleaner that could also serve as a manager. My buddy does that to minimize costs.

Hey BP community,

I'm closing on a triplex in a few days in Dayton, OH (3 miles from downtown Dayton).

Not a big city but not a small city either. Two of the units are rented already. I'm considering Airbnb for the last unit (1-bedroom) rather than a typical rental. Traditional rent would go for $650 but I estimate I'll pull in about $1,200 (gross) from Airbnb.

I'm moving to California in a few months so I'll have to set up systems before I leave (cleaning, check-in, check-out, etc). I'm big on just trying things and seeing how it works but to try Airbnb, I'll have to furnish the apartment for at least $2,500.

If it does not work out, I'll have wasted that money.

Hoping to lean on the knowledge of the BP community. What is your experience with long-distance Airbnb? Is my Airbnb revenue reasonable?

Any advice and welcome and appreciated!

Thanks,

Matt

At 23-year-old and with over $90,000 in student loan debt, I was able to get my first multifamily property that is now making the monthly payment on my student loans.

I've essentially canceled out my student loans by purchasing a multifamily property.

It's not my fault I was born poor but it will be my fault if I die poor.

Alright guys, finally ready to get into real estate but I have some specific questions about qualifying for financing. I've got different answers from different loan officers.

here is my situation so you have the context for my questions.

Age: 23

Income: $52,000 (started 3 months ago)

Credit score: 810

Monthly debt payments: 1,200/month

Savings: $15,000

Here are my questions:

1. Can I qualify for an FHA loan with only 3 mo of work history? (before this job I worked two jobs for 6 mo each, same career, before that, college).
2. Would I qualify for a $250,000 mortgage for a 4-plex that I'd like to house hack.
3. Is there anyway around the whole "must live in the house for one year"? I might be moving back to LA at the end of the year.

If you need any more information to answer these questions let me know.

Thank you all for the inspiration to get started, ready to start building wealth.

Really depends on the location and what kind of time you have.

If the numbers work for you to outsource everything give air bnb a try.

My advice would be to try both. Start with air bnb if it does not work out switch to rent by the room.

Goodluck man.