All Forum Posts by: Cassidy Burns

Hi BP,

Quick question: 

Would you rent to a tenant that meets all other criteria for your rental but has filed bankruptcy in the last 5 years??

Thanks.

@Peter M. interesting to hear that i'm not the only person experiencing this.  Is this a small portfolio lender as well??

Hey @Jeff Piscioniere thank you!  Yes, it's been a complicated transaction and financing has been more frustrating than normal (filling out new personal financial sheets, new applications for business loans, needs a copy of EVERY lease that I currently have even though I sent P&L as well as spreadsheets with income and expenses for every property).  I sell real estate as my day job and I even had to ask my broker to send me a Q1 1099 example for him to view.....

Has anyone else experienced this?

Good Afternoon BP!

I just recently got another property under contract that I will be performing a flip and I have run into a little issue with financing and was wondering if anyone else has encountered this:

I have used the same 2 banks for my 12 transactions in 2017/2018 10 have been rentals and 2 have been renovation/flips.  The first flip there was no issue and I don't think they even asked if it was a flip or rental and they were able to use all of my documentation that they used for the rentals.  BUT..... 

On this current transaction they are pulling tooth and nail and needing every single updated document as I told them this was a flip.  Has anyone else found it harder to get financing for flip properties over rental properties???

Best practice to just let banks assume it is a rental? 

Any advice/feedback is greatly appreciated.

Thank you!

Hi @Caleb Heimsoth, thanks for the response.  Do you have an example of a spreadsheet that you would be willing to share?

Thanks.

Hey,

@Joseph M. the unit is located in south western VA. The laws are actually very favorable to the landlord which helped significantly !

Hi BP,

I need help/would love an example/template of how you all are calculating your net worth and principal pay down on your properties on a monthly basis.  

Any suggestions/documents would be greatly appreciated!

Thanks so much.  Happy Investing. 

@Linda Weygant Thank you for the encouragement!  Yes, agreed 100%, but I guess they always say the "first is always the hardest".  So hopefully it is better from here!  

Hey @Max T., great question. Well first off my market average purchase price is around $30,000-$45,000. So i'm acquiring my units at a large discount. I purchased 4 then used the BRRR method to pull my cash out after the renovations and rolled that into others.

I also had around $100,000 from investors, paying them 10%.

Well BP, 

My first eviction has come and gone.  I currently own 15 units, and have owned real estate for 1.5 years now and I had my first eviction today, June 13th 2018.  The tenants were professional tenants.  During my background check they actually gave me the # of one of their family members as their "landlord", bad due diligence on my part.  So 3 months delinquent on rent, how did I survive?

OWNING MULTIPLE PROPERTIES. If this single family house were my only investment I would have struggled to cover the basic PITI, yes @Grant Cardone, you are right...... But since I owned multiple units that were collecting income I could go through the eviction process without any repercussions of my personal bank account. My other tenants payed for their rent.

So my best advice, acquire more units.  

I love the power of real estate and can't wait to gain more and more experience.

Thanks again BP.  Now please get me on the podcast!! @Mindy Jensen @Joshua Dorkin @Brandon Turner @David Greene @Scott Trench