Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
×
Try Pro Features for Free
Start your 7 day free trial. Pick markets, find deals, analyze and manage properties.
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Jake Baker

Jake Baker has started 21 posts and replied 877 times.

Post: Need Advice on Appraisal Issues and Refinancing Options

Jake Baker
#4 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
Posted
  • Flipper/Rehabber
  • San Diego, CA
  • Posts 884
  • Votes 597

@Najeh Davenport

I agree with @Brian Teeter to challenge the appraisal. Compare the comps from both appraisals to see if the second appraiser used outdated or less relevant data. If you find discrepancies, you can submit a rebuttal to Kiavi with supporting evidence (e.g., better comps, rent roll, market trends). It may not always work, but it's worth a try.

Consider a Portfolio Loan. If you're refinancing six properties, bundling them into a portfolio loan might help you consolidate debt, reduce rates, and avoid individual property issues like this.

Negotiate Closing Costs or LTV with Kiavi. When I tell lenders I am backing out of the refinance, they often take things to their higher-ups. They can find some wiggle room!

It’s a setback, but with persistence and leveraging other lenders, you should be able to move forward without taking too big a hit. Good luck, and let us know how it turns out!

Post: 3rd year Real Estate Investor / Landlord

Jake Baker
#4 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
Posted
  • Flipper/Rehabber
  • San Diego, CA
  • Posts 884
  • Votes 597

@Roy Logan

It sounds like you've made some great moves in real estate investing—your BRRR strategy is paying off with those solid returns.

At the bare minimum, you should do the following to make your bookkeeping easier:

Dedicate one checking account and credit card exclusively to real estate. Keep personal and business finances separate to create less headache.

File all receipts in a dedicated Google Drive folder. Digitize physical receipts for easy storage and use a consistent naming convention for easy sorting - 2024.03.25 Home Depot.

Maintain proper records, such as contracts, settlement statements, and promissory notes.
Additionally, you can track income and expenses consistently using software or spreadsheets.

As you scale, if bookkeeping isn't fun, consider hiring a bookkeeper for a couple hundred bucks per month. This is often one of the first things a real estate investor will outsource.

Post: Joe Asamoah - Course Review

Jake Baker
#4 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
Posted
  • Flipper/Rehabber
  • San Diego, CA
  • Posts 884
  • Votes 597

@Tarek Emam

Joe Asamoah is highly respected in the industry, and his strategies around BRRRR and Section 8 investing are well-regarded.

However, with any course or program, it’s essential to approach with a bit of caution. Ultimately, courses can be great for structure and guidance, but real learning often comes from doing and connecting with experienced investors actively succeeding in your niche.

For many, podcasts, books, and courses are just entertainment. 

I recommend finding local meetups to attend. https://www.biggerpockets.com/forums/521 I have found all of my best connections at local meetups.

Post: Separate credit cards for each airbnb? Or is that complicated to track?

Jake Baker
#4 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
Posted
  • Flipper/Rehabber
  • San Diego, CA
  • Posts 884
  • Votes 597

@Ana Mills

I agree with @Andrew Steffens. If you plan to scale at all, that will result in an excessive number of accounts and cards to keep track of. Scan receipts and label them with the appropriate property.

For our bookkeeping clients, we advise using the Profit First framework. This is great for small businesses and entities with multiple properties. It keeps all operating expenses in one account and income in a separate account. 

Post: Interview Questions for Prospective REI Accountant

Jake Baker
#4 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
Posted
  • Flipper/Rehabber
  • San Diego, CA
  • Posts 884
  • Votes 597

@Heidi Fahringer

Real Estate Expertise - Are they familiar with real estate-specific tax strategies, such as depreciation, 1031 exchanges, and write-offs for repairs, property management, etc.?

Experience with Multi-State Taxation - Do they have experience handling income from out-of-state properties and navigating California's specific tax requirements for LLC members?

LLC Tax Treatment - Can they advise on the best tax classification for your LLC (e.g., partnership vs. S-Corp) to minimize taxes while maintaining compliance in Indiana and California?

Post: Rentals in Roseville, RanchoCordova,ElkGrove

Jake Baker
#4 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
Posted
  • Flipper/Rehabber
  • San Diego, CA
  • Posts 884
  • Votes 597

@John Berj

If cash flow is a top priority, factor in HOA fees (common with new builds) and confirm rent comps to ensure the numbers work. Also, consider builder incentives like rate buy-downs or upgrades if they're not open to price negotiations.

Post: Refinance out of HM Dallas

Jake Baker
#4 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
Posted
  • Flipper/Rehabber
  • San Diego, CA
  • Posts 884
  • Votes 597

@Alberto Vargas

Congrats on completing your remodel. There are plenty of investor-friendly lenders here on BiggerPockets who can help you exit your HM loan. Given your credit score and the equity in your property, you'll likely want to explore a DSCR (Debt Service Coverage Ratio) loan. These loans focus on the property's cash flow potential rather than your personal income, making them ideal for investors.

Post: Contractor / Property Manager Recommendations

Jake Baker
#4 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
Posted
  • Flipper/Rehabber
  • San Diego, CA
  • Posts 884
  • Votes 597

@William Vreeland

Network Locally: Ask other investors or landlords in Indianapolis for recommendations. Local real estate meetups or REIAs (Real Estate Investment Associations) are great places to start. https://www.biggerpockets.com/forums/521

For PMs, check out the PM finder https://www.biggerpockets.com/business/finder/property-manag... It is free to use

Post: BRRRR exit strategy or next steps?

Jake Baker
#4 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
Posted
  • Flipper/Rehabber
  • San Diego, CA
  • Posts 884
  • Votes 597

@Justin Cummings

Well said, @Tim Delaney

Use a 1031 exchange to sell one or more properties and reinvest into fewer but higher-yielding or easier-to-manage assets, like multifamily units or triple-net lease properties. This can also defer capital gains taxes. You could also wWork closely with a CPA to maximize depreciation benefits and reduce your taxable profit for 2023 and beyond. For 2024, you can carry forward losses, which might offset future tax burdens.

Post: scope of work

Jake Baker
#4 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
Posted
  • Flipper/Rehabber
  • San Diego, CA
  • Posts 884
  • Votes 597

@Vikash Nand

Consider books like “The Book on Estimating Rehab Costs” by J. Scott (available through BiggerPockets). It’s written explicitly for investors to help them understand rehab projects and budgets.