All Forum Posts by: Wala Habiby

@William Ring I am pretty sure I know what Duplex your talking about. So depending on the bank/lender, some will consider the income from your other 2 room rental as income. Also with estimating the income for the new property, then you should have enough DTI to qualify. The problem is you will need at least 15-20% down for any lender to do this for you.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $151,125
Cash invested: $155,228

After my investors backed out of the deal. I decided to take it over and buy it for myself. Spent an extra $5000 on renovations. The property is now rented out and has built-in equity of $60-80K. The deal was found on MLS and I am very happy with the purchase.

What made you interested in investing in this type of deal?

The built in equity and the high rent vs the price that I knew I can get were my first reason. My second reason is the area growing and prices are expect to rise in the next 3 years because of large investment the city is making around this house.

How did you find this deal and how did you negotiate it?

Found the deal on the MLS and ended up taken it cash, As-Is with a few days to close.

How did you finance this deal?

Cash

How did you add value to the deal?

It took about $5000 for some repairs but overall it was a great property already.

What was the outcome?

I am keeping it as a long term rental.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

The Wala Group is always ready to help future investors start their journey or grow their portfolio.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $151,125
Cash invested: $155,228

I get a call from a client about this property right when it hits the market. We see it, we get it under contract quickly but the investors ended up deciding to walk away from the deal. I went ahead and just transferred the deal straight to my name and closed on it in few days. Took about $5000 to have it ready to rent, and now I have a great tenant with amazing cash flow. I also think this property has in the range of $60-80K in built-in equity. The deal was found on the MLS and I cannot be happier with my latest purchase.

What made you interested in investing in this type of deal?

The built in equity and the high rent vs the price that I knew I can get were my first reason. My second reason is the area growing and prices are expect to rise in the next 3 years because of large investment the city is making around this house.

How did you find this deal and how did you negotiate it?

Found the deal on the MLS and ended up taken it cash, As-Is with a few days to close.

How did you finance this deal?

Cash

How did you add value to the deal?

It took about $5000 for some repairs but overall it was a great property already.

What was the outcome?

I am keeping it as a long term rental.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

The Wala Group is always ready to help future investors start their journey or grow their portfolio.

I am one of the top Realtors in my area (Knoxville, TN) and I help a lot of investors start or grow their portfolio. I can tell you, there are MANY ways to get in this business. I just helped a client YESTERDAY buy his first rental. Multiple offers and we still got it (Not cash fyi). Surround yourself with the right Realtor and team and I am sure you can do it as well. Good luck my friend. 

@Austin R. Happy to help. 

@Austin R. no the deal didn't make sense and I haven't seen another one since. I feel like if you already owned the land and leased your land for 20+ years it should have great income but on the one I saw, the return was really low (Yes it was zero risk or at least very close to it, but still didn't make sense)

 I am was hoping to manage the facility remotely and maybe just have a local caretaker that goes when need be, or once a week or something like that. Yes with the way the cost I was calculating and especially with the property being 100% vacant at the moment, it just didn't make sense. I may have to look for bigger projects and also in bigger areas. 

Cost segregation study is a great tool and we have used it on the large shopping center but I have never done it on my small residential property as never thought it would be worth it/make sense but will keep it in mind for the storage facility.

Good evening everyone, 

Trying to learn more about storage facility ownership and management. I am considering a small complex with less than 70 storage units probably to start off with. 
Few questions:
1) Anything I should be aware off specific for storage complexes other than the normal commercial property issues? 
2) Any software or excel sheet anyone can share with me to help me analysis a deal?

Anything anyone can add would be helpful as I have 16 residential properties and partnership in a shopping center but this side of the business is brand-new to me. 

Thank you everyone. 

@Andy Yong happy to meet or get on a phone call. Send me a msg with what you prefer and times that work with you. I work heavily with investor and always enjoy adding more people to my team.