All Forum Posts by: Naseera Mohamed

@Neil Schoepp That was exactly my train of thought -Thank you-will run it all by my son

Thank you fo rthe responses . It is my son's money and totally his decision , but I want him to be well aware of what is best for him before he takes that decision and what better place to pick savvy brains than BP ! He is just starting out his life and dont want him to lose any money or opportunity to make it, any which way .

By God's grace I have been able to put together 3 deals for my husband and son the past year - all multifamilies.

Now my son has some cash saved up from his full time job  -around 150K . I would like to help  him to invest in another property , but he thinks its better he does not do that now because he wants to go back to Grad school in about 6 months and wants to pay all cash. I'd like all you savvy people out there,to give me your take on this -is it better for him financially , to invest in a rental property and then take out a home equity loan for education , plus other student loans , or to just pay for his education cash down? Although I'm not a Warren Buffet, my little brain tells me the first route is savvier . Please send me your thoughts! 

Wow! Awesome! Congrats! 

I dont know therental market there, but in Jersey City I find its easy to rent out within a month of listing. So what I am currently doing is, in case a tenant breaks a lease, they pay me a month's rent as penalty. And we're good.  I also charge to their deposit whatever it takes me to hire  help to clean out their apartment for a new tenant to move in

Thank you all for the encouragement . 

John -I tried subscribing to the Foreclosure websites , but did not find any leads I could work on . I just went the conventional way -The first 2 REOs I bought was through my agent .

This one was something I got through the mls. There are plenty of foreclosed properties that come across these days on the regular listings. I just went to the open house they had -I made sure I went early and built a rapport with the agent. One valuable piece of advice she gave me was -"If the house sells by a $100 more, you should not regret your offer. Make your offer the best that makes sense for you financially. And thats what I did -I went up from my initial offer I was about to make -$265K -to $271.And sure enough, the agent told me after the closing that her next best offer was $265k! The bank appraisal came in at  $375k

Happy to share with BP that my 3rd deal is done for an REO 2-family house in Jersey City. The good thing is the whole house has been renovated except for the basement .

Cost -270K 

Rehab for basement estimate -$15000 

Expected rent -$1650- 3 BR/1 bath unit 

                         $2300-3 BR /2 full bath with basement 

Detached garages available .

This is an attached house . Wanted to share another great idea I saw in the adjacent house. The owner had put in a staircase on the outside of the detached garage, from the backyard and put up a little garden with seating etc, on top of the garage! Beautiful ! 

Maybe you know the saying, "When you point one finger, there are three fingers pointing back to you." Jesus had a version of this wisdom when he said, "Don't focus on the speck in your brother's eye while ignoring the log in your own eye."

Why do you get involved in personal lives of people -If this guy cheated on his wife , maybe your doctor cheated one of his patients, your contractor cheated his business partner. What's the difference and how do you judge which is worse in whose circumstance? We are not God -He is the only one who can judge. Keep business just that -business. 

My problem is -I am getting the down payment but not in time for this particular deal -How to secure it, is my dilemma

Do hard money lenders give 100% loans. I am currently in the process of buying one property with a conventional loan while at the same time have come across a really good deal I dont want to pass. I dont have enough down payment for both right now, but will be getting the money I need in a matter of a few weeks.But the money has to be seasoned for a month before I can use it.  WiII be able to get a Hard money loan for 100% value, in the meantime?