All Forum Posts by: Zaid Badabwan

Thank you for the advice.

Hello Friends

I am shopping for the best mortgage and already applied to two lenders. At the end, I am going to accept the best offer, but would like to know my responsibility toward the the other offer which will be declined. Would I pay anything like appraisal, or closing cost?

Appreciate your advice

Thank you for your insightful advice.

Hello everyone

I have been investing in multi-family rentals for few years now, and doing well. However, the inflation, rising interest rate, and expected recession are confusing me about investment strategies and decisions. I have some cash and a good line of credit and I have been hesitant to buy new properties because of the increase in real estate prices in one hand, and because of recent inflation and bad news coming from everywhere!

My concern now is to find best use of my available cash and line of credit. Is real estate still the best choice even with the increase of prices? or may be gold, or stocks for a while until the economy is safe and stable? or may be do nothing and wait?

Please give me your opinion, knowledge, and expertise. I would appreciate your feedback. 

 Thank you Alan for the thorough and knowledgeable suggestions. I will follow your recommendations.

Hello

I have bought seven units with 70% loan and now with higher prices, I can pay back my loan if I sell 3 units and this way I will have 4 units totally paid and available for cash refinance if real estate prices fall.

Is this a good strategy? Or should I just keep my mortgage and keep the seven units.

Please advise me with your good insights.

Hi Aaron and welcome to the club

I would certainly advise to start locally in your vicinity. Old properties may be more profitable if you are taking care of your business personally. Don't use management for old properties because management companies tend to use contractors for all maintenance which cost a lot more than if you bring a handyman to fix whatever needs to be fixed. In addition, upgrading old properties will appreciate the value of the property. Therefore, old properties in your area is not a reason not to start there. Just make your calculations for rent, renovation, taxes, insurance, utilities, and maintenance to make sure that you are making the right investment.

If you decide to invest away from home, then get very sound property that would need the minimum maintenance.

The last thing I would say is that you should put your money as a downpayment (20-30%) of property cost and get a loan, this way you will be increasing your cash to cash return as well as your long term profit from property appreciation because you will be able to buy more properties when using loans.

Hello landlords and friends

I have bought a quadruplex in Tampa FL and inspection showed termite in the building. I have informed tenants that I will be doing tenting for termite treatment and offered payment for their accommodation during the tenting. One of the tenants, who also has not paid rent for January is refusing to cooperate and leave the unit for 3 days. I thought to serve him an eviction notice since he has not paid January rent, but this will not help because of the eviction ban.

The main issue I need help with now is how to make him accept tenting.

If you have any ideas, please let me know soon.

Thank you

Hello everyone

I have been investing in multi family rentals for few years now. One of my properties is zoned for higher number of units than the existing duplex. I have just started initial plans and would like our experts in BiggerPockets to lead me to the process. Do i sign building contract and the contractor takes care of permits or do I get the permit first and then find a contractor.

I talked to my lender and they want me to get permits first and come back to them.

Your advice and experience will greatly help me with my project and will appreciate any ideas and opinions.