All Forum Posts by: Tareq Salaita

Offer 40k for it and see if he accepts.

Offer 40k for it and see if he accepts.

Get out and keep the proceeds on the side-- wait for the right time and pounce.

Melinda Campbell I think you should be asking the following questions: 1. Why are they selling it? Who was that person you talked to and what is his incentive to sell the house? 2. What is the house really worth now? Check out housecanary and get a free report on it - first 10 are free, no need for cc info 3.what can I rent it for ? 4. What is the condition of the house? 5. How can I finance the deal? If you can answer the first 5 and you like the answers - you should move to number 6. Treat each lead seriously and your bound to find a winner. Good luck!

Also, why do they have 20,000 in jewlery hanging around the place.. Seems like the person that robbed them may have known about this in advance.. sounds fishy..

I would start looking for new tenants--- it is not OK to install cameras without your permission and it is definitely not OK for you to pay for them. You could install a much cheaper and effective system for a fraction of the price..

I totally agree with Scott. I think you should identify the deal first and then look for investors to finance you. If the numbers make sense, you can always find the right people to support you. You may not have as much equity in the deal due to the lack of funds, but you can try to contribute in other ways for minimal equity (managing the property, identifying the deal, etc..). 

Remember, the key is to find a great deal-- the financing will follow.

Good luck!

Hi Raj,

Are the properties under a LLC or under his personal name. Most commercial loans are priced between 5 and 6 percent with closing costs. Like Chris Said, it would be very challenging to get 3 to 3.6 rate even under a personal loan.. Good luck!

Tareq

I bought a MF unit in Atlanta 2 years ago and now I have found the value has gone up by about 30 percent. The property is paid for by cash (clear title under LLC name) and has been generating healthy cash flows. I need advise from experienced investors on my options to tap the equity to continue investing and growing. What is the difference between taking a mortgage out vs. an equity loan or line? What is the typical interest rate for commercial lending on this? What are the underwriting requirements? I have other SFH in Atlanta, can a commercial lender potentially bundle them all under a portfolio ? I have excellent credit but I work overseas (i have tax returns but no w2s)-- would that be an issue?

Thanks for any help here!

Tareq

Hello everyone, I'm new to bigger pockets- love the forum and great free advise I'm getting here. I'm 35, have 4 properties in Atlanta-- the strategy was buy, rent and hold.. However I have paid cash for all of the homes and find it hard to grow without additional lending. I work overseas and file tax returns ( excellent credit) but I find that lenders shy away from lending for investment properties or equity lines on investment properties especially when my overseas employer doesn't provide w2s. Do you think I should continue buying when I have cash, start flipping or look for lenders ? Thanks T