All Forum Posts by: Carol Bloom

Hello!

I'm Carol, need your professional expertise to answer a question using the BRRR strategy in a 25 unit property to purchase. Property to be purchased using a non-recourse loan 40% down-60% financed with 15% in reserves. Can I use the BRRR strategy to refinance with this type of loan?

Thank you!

@Nicholas Field

Hi Nicholas you need to focus your attention away from yourself and think like a consumer. How do consumers search for properties? Most consumers don't know the zipcodes of cities but they know the name of the city. Most consumers don't know the jargon talk because they are not in the business, example "flipper" isn't that a dolphin. My advise to you is keep the end user in mind first. Look at other industries to see how small business "brand themselves" see what you like and don't like for ideas. 

Good luck! 

@Zack Karp

Appreciate the detailed explanation and suggesting the umbrella policy. I use it for my properties in AZ.  

@ChristopherBlanco

Can you recommend the lender you used for your HELOC or PM if you can't share publicly.

Thanks,

Extremely high tax rate! I guess that's why the gov't doesn't want you to use your 401K money for flips. 

@Brian Eastman

Thank you for a detailed explanation, very helpful. I would rather be on the conservative side of the equation, when calculating expenses, what is the UBIT tax rate I should include?  

@Brian Eastman if I set up a LLC from my self directed acct I become the manager for the LLC. therefore it would not be considered "personal" is that correct? What happens if the LLC purchases a property with "cash" from the LLC and is not sure if I want to flip or buy and hold. I had thought I read somewhere as long as you don't have "inventory" you can do a few flips a year with an LLC with self directed funds? Can you please clarify if this is correct. Thank you!

Sorry I missed it, when is the next REI meeting in Grand Rapids in Nov?

I found American Home Shield to be more expensive than Fidelity. I don't know about Select Home.

If you are a realtor you get a professional discount. 

Nice!