All Forum Posts by: Brian Brown

Ok BP family have a dilemma. We moved out of state a few years ago could not sell our lakeview home. We are in a situation where it's too expensive for the local population to own as a primary residence but yet not Lakeshore for those who can afford it as a secondary home which many wanted when we listed it back in 2017. We've had it rented the past 2 yrs and lease is up June 30th. The plan was to sell it then hoping the market is still good. Today we get a msg asking if they can re-up the lease for 2 more years till their daughter has graduated. I still believe we should try to sell with hopefully a still strong market. We could payoff our duplex here that we leveraged from that home and have cash on hand for more deals or at least getting financing as we do not have extra funds to show now. We've had zero issues with the tenants. What would you do in this situation.

We owned the home free and clear took a mortgage against it to purchase a duplex. Our personal property has a mother-in-law 2/2 we rent out and between them all we don't pay a mortgage. But we also have an incredibly bad DTI and no extra money to show or have getting hard or private money funds for more projects that we would have if we sold.

Thanks in advance!

Interested in knowing if the investors in FL especially those doing their first few deals are able to find GCs or lic. contractors to do their rehab projects whether flipping or buy/holds.

I'll guarantee this has been asked a thousand times on here but am being somewhat lazy after searching for it thought it would be faster and easier to just ask again. I'm sure this answer also changes as you grow your business but as a newbie with just a few rentals what is the best way to protect your personal property in case of a lawsuit. Some say form an LLC others say they don't mean anything and are completely pierceable by a judge and just get an umbrella policy. I value everyone's advice I'd really appreciate those who have a factual statement vs. an opinion as we all have one just like something else we all have.

Side note - Does having an LLC help with accounting and taxes?

Wondering what everyone looks for on cash flow minimums, yes this is a loaded question and everyone's out look is different. One thing I was also wondering is if you are ok with x amount on a 1 door SFH do you want that same amount per door on a duplex trip, quad or multifamily apartments.

@Wayne Brooks - lol all he would need to do is have a HL or PL give him documentation that they will fund him. Really "wholesalers" need desperate or uninformed sellers, sounds like what most investors are looking for.

Hey BP nation- I understand the concept of the BRRRR strategy I believe...lol. What I'm trying to figure out is the rental price vs. the new refinance payment. If purchase a property for $60k put $40k into it you sit at $100k all in and it's worth $200k, you are able to rent it for $1100 you are good on the 1% rule and say you are cf a $100 a month. Now you Refi at 75% getting $150k, great you payoff the original $100k and have cash to get into another deal. But wait the new $150k mortgage payment is now higher than your $100k now your in the red each month correct doesn't make sense so what am I missing. Do you need to calculate what your refi should and base rent off that. Thanks in advance.

Just playing around with different calculations and analyzing properties and happened across the possibility of a BRRRR with and end result of $1 monthly cash flow and infinite COC. My question is this a deal you would do.

@Rick Pozos - completely agree, Thanks Rick.

@Minna Reid - unfortunately it's vacant.

@Scott M. - not sure another investor is going to buy, though possible as you could split the home into duplex but more than likely it would be a retail buyer as it would price between $315-$340k