All Forum Posts by: Mike Dorneman

@Michael Sheridan if you are planning on turning this into a business that you would be looking to obtain credit on in the future, than yes. Start building positive cash flow history you’ll be able to show the bank down the road.

@Oneil Okpaleke Tour best bet is to hire a reputable credit disput company. You can do this yourself, however the process is tedious and can be difficult. They should be able to enter the disput and have it cleared up by the next quarter for you.

@Pat Jackson Ohh I know this game all too well! 😁 I think 8 of my 9 properties have paneling in them somewhere. I’ve found that painting them works very well. Especially if you are in a market that paneling is he norm. My competition typically just leaving it in its original state. If you do paint, be sure to use a high quality primer first, then a high quality paint. If not, it’ll be peeling within a year. On my last Reno, we actually left the brown paneling, and instead put in a white oak vinyln floor. The bright floor lightened up the room and the paneling actually looked fine.

@Gusatvus Johnson Great options! I usually always go with the kitchen. Maybe you could find a 200-300 from the budget and paint just the main spaces in the house also.

@Mindy Jensen Hi there- the “unanswered” screen in the forum has disappeared again. Also when using the app and needing to edit a post mid sentence, the Caps lock remains on and one must manually change each lettwr to lower case, and spell check no longer works. Thx

@Sabi Singh Absolutly!!! Typically will lend up to 80%, rate around 5%, 20 year term, resets after initial 5. This has been my experience. The key is to find a local commercial lender who understands your business and sees the value. While obviously the value of the building matters, the loan is often written of the value of the business. Gross revenue- expenses= net (profit).

@Usman K. I get that. Well another option may be to partner with an ezper once’s investor in a different area. Maybe you bring the cash, they facilitate the deal... Unlimited options as to how you could stricter the partnership. Good luck!

@Brandon Butler Got it. I’d try my local r real estate investors meetup. I found a few in my area just by searching on Facebook. Most meet monthly and you can get some great insight, tips info out of these. Good luck!

@Kristin Moore This can depend on your state taxes, not just federal. You’re best bet is to work with your cpa to make the transfer and your attorney to draw the recourse / 1st position papers for your relatives.

@Paul Carissimi I’ve used it and it’s been great! You’re right though, many options that seem repetitive and confusing. I built my list, then I called thier customer support and the cra was able to make recommendations (which actually lowered my price). I’d give that a try.