All Forum Posts by: Allan Smith

Call a local bank and ask for a cash out refinance. They will probably give you a loan at 75 - 80% of what the properties appraise for. 

subtract out of that whatever you owe on your current mortgage, and that's how much cash you get from your BRRR.

this is bananas. You are paying them to come to your properties to upsell you. So you are throwing away an annual fee, plus you are getting up sold on maintenance request. Unless these units are pushing 10 years old, you should not have to do anything to them each year. Just call them when something goes wrong and they will fix it.

You would have them quote the job weeks in advance, sign the contract two or three weeks before closing, and expect them to start within a few days after closing.

When looking for money partners, you have to play the long game. I'm talking three years out. If you want someone to lend you money 3 years from now, you will need to be networking now and slowly building that trust in the relationship. Over time they will see you do deals.

if you do not want to wait that long, what you have left is your current Network . People you have known for a long time. This is why most people start with friends and family when raising money for their business.

People will take phone calls with you when you lead with value. You have to show them how you can help their business or their life.

 Motivated sellers open letters. Not business owners and entrepreneurs like most of the people on BP. I throw them away too but I shouldn't even be on their list.

most businesses target at least a 5x ROI on marketing budget.

$500 isn't enough to do anything. I wouldn't even get a phone call in my market with that budget.

You could also just deduct mileage at the standard rate. 

You say you've had disappointing results hiring cpa's, then you are asking for free cpa advice on the interwebs? This is wild.

some CPAs would say it doesn't matter what your paper trail is, this is a short-term gains sale. Others would say to go for it and try to claim it as capital gains. So the bottom line is, it's whatever your personal CPA that files your taxes says to do.

and I'll tell you why: skin in the game. Whatever CPA you hire has to stand behind their strategy. People online have no skin in the game and can tell you anything because it will not affect them whatsoever.

All that really matters is talking to contractors who will service the area. Ask them if they do and get a quote. Compare quotes, and those are your options.

Your insurance policy covers getting sued. If it's your first one focus on building your business and don't waste time on LLC stuff. Go make money first.