All Forum Posts by: Yasmin Mohamed

I just purchased my first property using an FHA Loan. You have to live in the property for atleast year.

Hello BP, I just collecting my first check from a tenant but I want to start using an online payment system. Any advice on what system to use for online rental payments from tenants? Thank you!

Matt K. & Josh Huber thank you for advice. I didn’t know that forming an LLC would effect my loan. Great to know!

Hello BiggerPockets! I just purchased my first multi-family house which I will be house-hacking. It was a long journey but I’m the first step to investing is done. My question is should I get an LLC if I’m living in the property and is the benefit of an LLC. Any advice is appreciated! Thank you!

Dawn Brenengen thank you for responding! It has 3 windows and a separate entrance. The owner partially finished the basement. Should I get a permit before or after the construction is done?

Hello BiggerPockets! I’m closing on my first property this week and I need some advice about the basement. It’s a multi family house a block away from a university. Although I will cash flow with renting out each unit I want to finish the basement so I can rent it out. What are some precautions on making a basement a “livable area”? Any tips/advice would be beneficial to me! Thank you.

@Christine thank you for the reply! Currently she is renting each room between $300-$350.

I’m looking at a buying my first rental property in the Philadelphia Area. I️ will be house hacking in this house. The owner is selling the house because her husband passed away and she trying to get rid of all the properties. The house is a Triplex with 10 bedrooms and 3 bathrooms. The asking price was $350,000 and the seller went down to $312,500. My monthly expenses for the house including mortgage, 5% vacancy rate, 5% repair cost, water, taxes and insurance will be $2,400. It’s a block away from Temple University which my plan is to rent to students after renovation. The average rent cost on the block averages between $400-$500 per room. The owner is renting each room under market. The house was renovated in 2009 but needs work done. From the looks of the house I️ would need about $40-$50k which I️ would take additional loan. I️ am getting concerned because she doesn’t have any leases and each room is already occupied. I️ just need to some advice on this house? Thank you,

I’m looking at a buying my first rental property in the Philadelphia Area. I️ will be house hacking in this house. The owner is selling the house because her husband passed away and she trying to get rid of all the properties. The house is a Triplex with 10 bedrooms and 3 bathrooms. The asking price was $350,000 and the seller went down to $312,500. My monthly expenses for the house including mortgage, 5% vacancy rate, 5% repair cost, water, taxes and insurance will be $2,400. It’s a block away from Temple University which my plan is to rent to students after renovation. The average rent cost on the block averages between $400-$500 per room. The owner is renting each room under market. The house was renovated in 2009 but needs work done. From the looks of the house I️ would need about $40-$50k which I️ would take additional loan. I️ am getting concerned because she doesn’t have any leases and each room is already occupied. I️ just need to some advice on this house? Thank you,

Hello, I want to get my first multi-family home using an FHA Mortgage. I don’t have cash but I know I can get approved for a line of credit that would cover my down payment. Would the bank consider me a risky lender even if I have a great credit score?