All Forum Posts by: Craig Jeppesen

The point of a flip is to make it look new. Do not skimp on little things like outlets and switches and covers. If you do people will wonder what else you forgot to do. They are super cheap as well. I usually put carpet over hardwoods in my area just because most of the other houses will have hardwood (not refinished) and it sets me apart. I would switch out the appliances for stainless steel ones.  I think that is part of the appeal to buying a flip. You can sell the old ones.

$1 million in the bank and a successful business and you can’t get a loan??? Something doesn’t add up. Are you looking at commercial loans???

For a $100k house I put the laminate countertops at Home Depot that kinda look like granite with a nice grey glass tile backsplash or white tile backsplash depending on cabinet color. Lvp flooring and cabinet pulls. Stainless steel appliances.

Probably not. Lenders will want equity from you. To them that is still 100% financing. Now if you have a ton of equity elsewhere for the hml and a good plan to pay it off quickly then maybe.

Sell a car, refinance car, heloc, 401k loan, family loan, hard money loan, credit card, salary advance, cash out vacation/sick leave, signature loan, etc.

I would be more worried about automation of unskilled jobs more than a recession if you are in low end multi family. I think a lot of jobs will be going away in the next 10 years especially if $15 per hour min wage starts taking off in a lot of states.

well Usually to get a house at a discount to make the brrr work it needs to be repaired and won’t qualify for traditional financing. You either got a lucky deal or will have issues when the bank does an appraisal.

Another option is to get a heloc on your primary and do the brrr method and keep paying your equity back and you will still pay your house off within 15 years with the lower rate.

Rates aren’t going down. The fed cut rates 25 bpts. This rarely affects mortgage rates more for short term rates. A lot of people don’t understand this. If the deal is good move forward and don’t wait. Never try and time the market.

 You pay taxes on income less expenses. If you own the property with no loan you will actually pay more tax than if you had a loan because you have no mortgage interest expense to write off. That is not necessarily a bad thing as the write off  is just a percentage of the interest so your total cashflow and your noi is higher than if you had a mortgage on the property. You could leverage your equity on another property and increase return percentage but also your risk.