All Forum Posts by: Binny Mundra

Wanted to see if anyone here has done a bank statement loan recently. If you could share what the lenders name is, and what your experience was like I’d greatly appreciate it. Thanks!

Hi all,

I was feeling high and mighty paying all of my property taxes ahead of schedule back in November and forgot to pay my supplemental property tax on my new primary residence. The supplemental tax was due on 12/31/19...and I remembered this morning. I went to the tax office to pay it and see if I could have the penalty waived. It looks like I have to submit a form they gave me but must still pay the full amount including the 10% fee. I wanted to see if anyone here has been successful at disputing a late property tax payment penalty...and if so, what reason did you use? Thank you in advance!

@Greg Dickerson thank you so much for the information. I am familiar with the EBITDA multiplier and will also Google how to value landscape design businesses. Much appreciated!

@Taylor L. Hi Taylor, I will check them out thank you for the recommendation. How was your experience with him? Thanks!

Hi folks, I wanted to reach out here to see if anyone has any books you could recommend on buying a business. While there are tons of books that I’ve read about real estate, I want to know if anyone can recommend a book on acquiring businesses. I know the fundamentals may be similar to RE however looking at a business I’m sure there’s a different way to evaluate a company. The company I’m looking to acquire is a landscape design company and wanted to have a full understanding of what to ask the owners before agreeing to purchase. A list I have put together are the following:

- Last 3 years of P&Ls (both general and detailed)

- Last 3 years business returns

- Last 3 years SCF

- Last 3 years BS

- Last 3 years general ledger

- Last 3 years worth of bank statements

- Last 3 years sales vs customer history

- Last 3 years of payroll reports

- Current lease agreement

- Other fixed monthly expenses?

- Key employee background

- Employee turnover rate

- Age and repair history of equipment if the company owns any

- Any known CAPEX needed in the near future

-Line items that can be added back such as owner draws or personal expenses (travel/meals/entertainment/etc.)

Thank you!

@Javier D. I’d do this for sure!

Hi Folks,

Looking to do my first flip in Northern California and wanted to see if any of you have used Civic Financial Services before for a HML. If yes, how was your experience? If no, why not and could you recommend someone you've used in the past?

Thanks!

@Benjamin Ervin Wow thank you for such an elaborate response. This DEFINITELY answers my question. I recently bought a farm style house and fell in love with the open floor plan. As soon as I saw the house, I knew I had to have it...like it was calling my name lol. I am thinking of redoing our current property as a test, and then venturing out from there on future rehab projects.

@Cheryl Vargas thank you for the suggestions. I will check out the app and make a Pinterest account!

@Benjamin Ervin Awesome job on the design work as well as color choice. As I've read through all the comments just now, it seems like your wife has a great eye for deisgn. Do you know where she gets her ideas from? Does she read certain books, follow certain people on social media? I may be working on a flip soon and while I have tons of ideas of what would work for ME, I like to see what ideas other people have implimented when it comes to color schemes, redoing the floor plan, kitchen, etc. Either way, keep up the great work and I look forward to seeing many more of your before and after rehab posts!