All Forum Posts by: Derrick E.

I will be cashing out two homes in the next two months. I will give the appraiser a portfolio. It will include comps that my realtor provided. It will have before photos, rehab photos, and after photos of everything we did. It will also have a cost break down of all the work we did to the house so they full understand and appreciate all the work done. Does it help? I think so, but who knows. At the very least I know I did all that I could. 

When I make an offer it’s typically:

All cash, no inspections or contingencies and will close as soon as title is ready which is currently around 14 days. 

Couple of things… if it’s lower class tenants then I always offer to split their payments in half to make it easier for them. They pay half on the 1st and the other half on the 15th. It’s worked pretty good so far and have less turnover as most other landlords won’t do this. 

Last, make sure you are charging and collecting late payments. If so then who cares as long as she pays and takes care of the place. I would just budget accordingly and be happy with the extra rent.

My local Lowes will deliver materials to job site. I’m not sure if it’s more expensive for regular customers but through my business I have a delivery tomorrow and it was $20. Well worth it imo. 

I have a truck but why would I worry about doing all of that when they will do it for $20.

That’s awesome man. How did you find a lender who was willing to count the down payment as seller financed? I’ve been looking for a lender to do this as well. Feel free to send a PM if you prefer. 

How about we try meeting via zoom once and see how it goes? 

 Nice try. Not even close to the same thing.

Starting off, a person can get all the information they need for free. NOW...when they have a deal or two under their belt and they are looking for some ways to scale/grow their business then a course or mentor could come in handy. 

@J Scott and @Basit Siddiqi thank you all for the response. Makes sense and aligns with what I've been told by a CPA/EPA I'm going to potentially use moving forward.

Let me ask you guys this:

I can BRRRR this house and put around $30k cash in my pocket on the refinance (as long as appraisal comes back normal which we all know how that can go.) Even if it comes back low I would be able to put $20k or so in my pocket. As I'm sure you guys already know, this would all be tax free. (For the time being as debt is tax free.)

OR

I can flip this property and after taxes its looking like I would put $32k in my pocket after all the taxes and such. 

The appraisal and sale numbers are based off of what my realtor has said after pulling comps. 

These are the deals I'm able to do pretty regularly in my area. I have two homes under construction right now. Would you guys BRRR these homes or just flip them and forget about them? I'm really struggling with what to do moving forward. I've been BRRRRing for a while now, but I've not been super aggressive with it. I feel confident with my team and systems in place and want to really be aggressive moving forward, but I want to have a plan to either BRRRR or flip, or both.
 

@Wayne Brooks I thought so, but I have an EPA telling me I would actually pay an inventory tax? I'm so confused lol 

@Rigoberto Torres Meza there's no need to pay for a course, especially starting off. There's tons of free info on this site, and others including FB groups. These so called "gurus" make more money from selling their courses than they actually make from REI.