All Forum Posts by: Dalyn Hazell

@Brandon Chandler No, you do not have to have a certain legal entity to start using a business bank account. As a sole proprietor or, you can use a business bank account. It’s essential to keep business and personal expenses separate for tax purposes.

@Andre M. By nature a handyman is someone that can do a whole host of tasks related to renovation. Therefore, many pay handymen hourly. Others avoid paying hourly whatsoever. I don’t mind paying a handyman hourly - a good one will cost you less hourly than by job.

And no, you don’t need to pay them any sort of monthly fee.

@Julia Tingey I used 360training.com.

It was very smooth, affordable, and easy. However, the training is 100% text-based.

@Sachin Maskey If you are looking for out of state distressed properties, I would recommend getting in touch with realtors in that area. Call the top real estate offices in the market and ask for the agent who works mostly with investors.

@Osvaldo Benavides here are some reasons you would hire a GC:

1) It’s not one of your strengths to oversee a rehab

2) The GC fee works in your numbers and you are okay sacrificing some return on investment for ease

3) You are physically distant from the renovation.

@Ryan Cleary Keep business expenses very distinct from personal, like in a separate account, starting as soon as possible. Then, if you feel necessary, get in touch with a local CPA to talk about things like entity advising and common tax deductions.

Good luck as a new agent!

@Stephen Dupuis There is a bank in my local area that does 90%. But I can't speak to your local area. Just keep calling multiple banks and seeing what they offer. Some banks will even waive your appraisal and origination fees when initiating a HELOC.

@Collin Bryston Adams In a perfect BRRRR, your cash on cash return would be infinite, since you are able to pull out all of your money invested in the deal.

@Andre M. A good hack I found is to go to your local real estate investor Facebook group and search for “handyman”, “recommend”, etc.

When I did this, I pulled up YEARS of past Facebook posts of recommended handyman that I was able to sift through and vet further.

@JD Bock Figure up your maximum allowable offer (MAO), and if they are asking a lot more, just say "this is the most I'm willing to pay." If your MAO and their wholesale price is close, just try to negotiate them down.

Unfortunately, a lot of new investors will overpay, and therefore the wholesaler will find someone to assign a deal to. But if you develop a close and working relationship with the wholesaler, they will value your ability to close, and therefore bring deals to you before everybody else. That is the best place to be.