All Forum Posts by: CJ M.

@Dennis Byrne

This is why it's so critical to have accurate numbers/projections up front before moving forward with a BRRRR property. You should know how much equity you'll be able to pull out of the property after rehab, as well as what the monthly rent will be, and what your maximum mortgage payment can be in order to hit your minimum cash flow goals. If you are finding out the property does not cash flow mid-stream, then you probably missed that importan up front up front step. That said, sometimes you just have to take less equity out during the refinance process so the property still cash flows and it meets your min goals.

@Cristian Veres

I'm not the smartest person in the world but I would say by calling a bank.

@Cody Weber

You're going to hear arguments for both sides, and not one will be right or wrong. It's going to depend ultimately on your plan, and your comfort level. Personally I would take a 100 year loan if banks offered it.

I'm in the game for cashflow, so once tenants pay my PITI, I want to recycle any additional monies received into more cashflow!

@Mary Jay

It's largely going depend on your situation and what you do with the money. Personally, I'm not touching any of my retirement accounts unless of an absolute emergency.

@Erin Feit

I know some investors who like to pay for things separately. My feeling is KISS. Personally, I love only having to worry about 1 payment every month (PITI).

@Michael Plaks

I'm not sure about PPP but I can speak into the EIDL and $10K grant though.

The way it works is, you have to apply for the SBA loan (up to $2MM) in order to be eligible for the (up to $10K) grant. If you are approved for the loan, you CAN decline it, and still take the grant...or you can take both the grant and the loan.

I applied about 2.5 weeks ago, and haven't heard anything yet. Now that the additional funding was agreed upon in Congress yesterday, I'm hoping they approve me for the grant and the loan (it's cheap money!).

Hope this helps,

CJ

@Vincent Franzese

I use excel for a couple dozen doors and it's perfectly fine.

Tabs are:

- Revenue & expenses by door/property

- Revenue expenses by month

- Expense details for each door

- Cashflow

- Historical rent roll

- Mileage

- Maintenance Info (e.g. furnace filter size, etc.)

- Lease Info

@Bruno Bernal

Welcome to BP! Continue to visit the forums, add value and ask questions, and you'll get to know some great people!

@Blake Dailey

What would he owe in taxes on $40K? If (and a big "if") the numbers make sense for you, could you up the purchase price and then work out some sort seller financing agreement. That way you get the property (at better terms than a bank) and some of his taxes may be offset by the increased purchase price.

@Mateen Qureshi

You are welcome. And while it may be difficult, I would eliminate "impossible" from the vocabulary :)