All Forum Posts by: Zaheer Jabbar

I am from Queens New York and I could tell you: the taxes in Suffolk are extremely high.. I had one co-worker who was paying almost 9000 a year in taxes. So not to say deals are not done in that area, just that you may have to talk to a reputable broker that will represent you as a buyer only. 

I know this may be an age-old question with it comes to real estate: how do you find a good deal... This has been my problem for a while. I would like to invest in low income properties - that is - properties that sell within the 30,000 range... My first investment was done in Mercer county PA where I bought a beautiful single family home for 32,000 and renting now for $750.00. The house has appreciated to a value of 46,000.

My problem is this: the brokers have exhausted the real estate prices for these low income houses and it is hard to find a good deal.. I can do with some help and advise..

I know I have to be pre-approved before making an offer; however, should that offer be contingent or have a clause that would give me the option to buy, only if the accounting is in good order. If the accounting is not right or satisfactory to me. Let say say have excessive liabilities, would i be able to backed-out of the deal, if it's not on my terms...

Dear Biggger Pocketers(lol),

Here is my situation and brainstormed it as best as you can:

There is a two unit commercial business - hot dog and food which I would assume grossed about ten thousand a month. The sized of the Property is: building -4032 square feet and land is 2500 SF, Taxes: $5,119.00. I am not aware of any liabilities nor do I know of any bad debts of the Business. The owner is asking for $225,000.00. And only with an offer, they would release the accounting of the business.

My research(compt) showed that the property value might be about 170 or 180. I think a good offer would be about 160, since you would want to buy with some equity in the property.

Here is my situation: between me and my nephew, we have about $28,000 cash and about $42,000 in equity of a newly purchased investment property. We knew of this business deal after the purchasing of the property.

The banks are giving me a hard time because of (1) I am only in the 3rd year of my bankruptcy discharged. The bank said I have to be in my Fourth year. (1) My nephew can't get a joint mortgage with me because he work and lives in Canada. His house has some equity.

We do not want to exhaust all our cash reserves..

Please give me some Ideas. I am a beginning investor. I purchased my first property and closed on the 15th of this month. The house is about to rent for 750.00. I did the rental myself. Thanks to you Guys.. I did the research as to how to advertised and pre-screaning. I am so glad that I am becoming so independent. I was going to give this property to a property management, but i thought to myself: if I am going to do this business, I better learn how to do it myself and so it worked. However, where the bigger boys play, I need some sound and practical advise on that commercial property. Give it your best shot.