All Forum Posts by: Daniel Kong

My personal opinion is that you should make spending time and energy with your family a priority. Especially with a new addition lol. I think it's easy to sometimes get so focused on our financial goals that we lose sight of the reason we are doing it in the first place. Weekends (or Monday/Tuesday) off seems like a reasonable work/life balance. 

You could also always try it for a set period (6 months), see if it's working for you, or you really do need to work those 7 full days. Whatever you choose, congrats on the new little guy! (or girl)

You're answer, like many question on here will be "It Depends". There are so many different scenarios here, that it might be best to describe the type of Fix and Flip you are attempted. There are simple ones where a repaint and recarpet is all thats needed, all the way to a complete knock down and rebuild from the foundation up. Do you want to describe the current condition of the property you are looking at and what type of improvements you are planning to make?

If I were to open a line of credit for 15k, what would you (the community) suggest the max I draw at any given time? For some reason, it seems bad to pull the entire 15k all at once. (let's say I use 14k, and put 1k into a bank account to pay any interest)

Is there any standard recommendation for this?

There's a good book, a guy here wrote. Its called "How to invest with little or no money down". I'd recommend it lol. 

https://get.biggerpockets.com/nomoneydown/

like @Kenneth Garrett said, it's just a rule of thumb to quickly estimate cashflow. If you are doing a BRRRR, you would ideally like your finished, rehabbed, refinanced property to cashflow. If thats the case, then you would take 1% of your refinanced price to calculate the cashflow of the property after you pull your money out.

Welcome to the forums! As you can see there are tons of helpful and knowledgeable people here more than happy to help you on your journey. Good luck!

The numbers given look great. Always good to double check the actual numbers yourself - especially the rent rolls. Is the 60/month electric owner paid for common areas? 

You said you still need to check out the property yourself. Would recommend a Home Inspector and look for any huge repairs that may need to be made up front or soon. But even with those added costs, looks like a great buy. 

Those refinished floors make a big difference. Great job man. 

How does it make you a felon? Would you be able to elaborate on that?

Painting the houses white would make it pop. But you also will see the dirt accumulate a lot easier too... 

Any kind of low water/maintenance plant life would add a lot imo.