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Erik Stenbakken
  • Investor
  • Nortnern Colorado
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157
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CPA or experienced REI better for building business plan?

Erik Stenbakken
  • Investor
  • Nortnern Colorado
Posted Jun 10 2020, 17:12

I'm gearing up to take the next steps in my REI journey. Currently have 5 properties (2 LTR and 3 STR) with waaaaay too much equity in them. All are paid off but one, and that has a LTV of about 20/80. I'm looking at a 10 year horizon and want to be "cautiously aggressive" with REI toward that horizon.

My immediate goal: I want to run a bunch of scenarios and look at possible outcomes. Examples:

  • What if I did maximum cash-out re-fi and bought 20 BRRRR properties. vs
  • Buying 5 BRRRR properties with more equity in each and conservative LTV? vs.
  • Buying b-class turnkey multi-family in a stable market with good appreciation but low equity? vs. 
  • Keep four; sell highest $$$$$ one for cash, go conventional on maximum number of SFH with 80/20 LTV vs.
  • Where am I if I simply BRR 7 SFH units (not refinance/repeat) in 10 years?


Some of this I can do. But some of it involves issues with taxes that are out of my depth. Same with simultaneous rehabs. I've done five rehabs (sold 3) but did all the GC work myself; it was slow. How do the numbers and issues change when I hire a GC and take on multiples? 


What kind of consultant / sage should I seek for this? [To be clear, this is not a "mentor me" thing; I'm looking for a consultant who can help with this one specific step] CPA with REI experience? Or just a really seasoned REI consultant? Other? What's your wisdom?

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