All Forum Posts by: Jake Baker

@Alex Pena

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

Ill be at the beers and deals meetup tonight!

@Jason Porto

6-12 Months of Expenses: Many investors aim to have 6–12 months of property expenses (mortgage, insurance, utilities, and maintenance) saved. 

Set Aside for Major Repairs: Most Cap Ex items have a life expectancy. Plan for those system failures on a spreadsheet. 

Property Age and Condition: Older properties may require a more significant reserve due to higher maintenance needs, while newer ones may allow you to taper off sooner.

Understand your portfolio: I look at my portfolio as a whole and calculate a number I am comfortable with. It is very unlikely that all my properties will stop generating revenue at the same time. 

@Tyler Hoffman

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

@Miki Sheinaizen

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

For your BRRRR strategy, partnering with a local property manager and connecting with contractors early on can help streamline your rehab process, especially if you're not local. Best of luck.

@Nevin Wilkie

Luxury Vinyl Plank (LVP): Durable and hardwood-like, LVP is ideal for rentals or flips. Look for brands like LifeProof, COREtec, or Shaw, with a 12–20 mil wear layer to handle heavy traffic. $2-4 per sf.

Rigid Core Vinyl: This material is available in SPC (stone polymer composite) and WPC (wood polymer composite) types. SPC is great for moisture-prone areas like kitchens and baths, while WPC is softer underfoot and ideal for main living areas. For quality options, expect $2.5-5 per sf.

Click-Lock vs. Glue-Down: Click-lock is DIY-friendly.$1.5-3 per sf.

@Celso Rodriguez

It's great to hear you're diving into BRRRR! Austin has become a pricier market, so seeing BRRRR-ready properties in the $250K+ range is expected here. Due to high demand, many investors in Austin are finding they need to adjust their approach a bit to make the numbers work.

Rehab Budget: Ensure that bids are received from multiple contractors and that adequate reserves are made for cost overruns.

@Shawn Callan

Lenders typically look for a DTI under 50% for conventional loans. One option is to pay down any existing debts (credit cards, car loans, etc.) to free up income capacity. Any reduction in non-mortgage debt can make a big difference in your overall DTI.

Since you mentioned having funds for a down payment, putting more down on your new purchase could reduce your new mortgage payment and lower your DTI. Alternatively, using part of those funds to pay your current mortgage might help create additional borrowing room.

@Philip Jones

I recommend finding local meetups to attend. https://www.biggerpockets.com/forums/521

I have found all of my best connections at local meetups.

@Nevin Wilkie

It's expensive to refinance again. The goal here is to reduce liability.

Consult an Attorney for Liability Options: An attorney could advise on setting up an umbrella insurance policy to add an extra layer of liability protection. You might also consider forming an LLC to manage the property-related business activities while holding the property in your name to stay within your lender's requirements.

Explore safer rental strategies: If you’re open to short-term rentals, Airbnb’s Host Guarantee provides additional liability coverage, which may offer peace of mind while keeping the property in your name. Airbnb’s structure also offers a layer of protection and can sometimes reduce the risks associated with traditional long-term tenancies.

Wait to Transfer: Some lenders may be open to an LLC transfer after a seasoning period, typically a year. This could allow you to re-evaluate LLC options without incurring the cost of another refinance.

@Marc Shin

I believe you can post the image of the quote. (maybe redact to company info)

Here is a "general" rule of thumb for my market in Jacksonville, FL.
Light Cosmetic ($40 x Sq. Ft)
Medium Cosmetic ($50 Sq. Ft)
Heavy Cosmetic ($60 x Sq. Ft)
Studs Down ($85 x Sq. Ft)
Luxury ($175 x Sq. Ft)