All Forum Posts by: Christian Manhard

Give them some options. We gave 3 very detailed offers all of them worked for us but we wanted to make sure he chose the best one that worked for him as well. They varied in Loan term (3,5,10 years), Different down payments for each offer, Different monthly payments for each offer, then we provided a amortization schedules for each showing him how each varied. Hope that helps!

I think either or would work. It really depends on how much you need to take out. A HELOC you only pay interest on what you use. So say you need 20k down payment then 50k rehab you will only pay interest on 70k plus you don't have to go through the closing cost again for the refinance. Then when you complete your BRRRR you can just pay back the 70K plus interest. Also with a HELOC you don't need to take out a specific amount its more of a credit card you can just pull out what you need.

@Jim K. Get yourself a garden sprayer fill it will water. Spray the ceiling until damp, use a14 inch trapping knife to scrape the ceiling, the popcorn will basically just fall off (cover the floors if you don’t plan on replacing them it can get messy). Paint the ceiling and walls with 2 coats of bin oil base primer. Shellac primer create a hard surface which doesn’t move and will crack over time. Then paint everything whatever color your heart desires! Good luck. If you paint over the popcorn and it is actual popcorn and not mud texturing the moister will basically remove the adhesion that the popcorn has to the ceiling and will fall off anyways. My recommendation would be to get rid of it. You can cover it but it will take you more time.

@Domonick Dangerfield just remember you can only sand and refinish hardwood floors so many times. If you plan on selling it down the line I would cover the floors with vinyl planks or a linoleum flooring. You can get linoleum flooring that looks just like hard wood (texture and feel) this will l keep the look you want and protect the hardwood floors for later down the line if you choose to sell.

@Charlie Scheiderer take a look at this video! Its 30 min but if your worried about a crash it might help you or scare you either way its pretty informative.

https://www.youtube.com/watch?v=PHe0bXAIuk0

If the cracks are superficial i would just put up some 1 inch strapping on the walls and sheetrock over it but if they are bigger cracks i would that could potentially create more problems i would fix them for sure.

When my fiancee and I refinanced our triplex the bank only used one of our credit scores. Which ever one was lower at the time if your able to have your buddy/ partner get his credit score up to something decent it might help a little more for the rate and borrowing power they give you. As far as buying the property you have a couple options. Private money, seller financing, hard money. We bought our duplex with private money fixed it up added another unit (making it a triplex) then refinanced it after 15 months and paid back our lenders while also building 90k in equity. The second duplex we just purchased in December we used seller financing. We are doing the same strategy (BRRRR) on this duplex as well. Its a great method to build your foundation and get your foot in the door!

@Nat Chan you could present it like that but you will probably lose your contractors.. there is a shortage of good labor as I read on BP and hear from other contractors all the time. If they are any decent they have plenty of work besides your project. I would assume the client would try to nickel and dime me and I would already be onto my next “non problem” client. If they do the work, get it done, and it’s quality work I wouldn’t risk it.

@Jack Bingha there are a couple options here! You can paint over everything using “lead lock” child safe paint and put a lead disclose in your lease. Or gut everything and replace it. The lead lock encapsulates And locks in the lead. If you do not disrupt the lead surface (sand, scrape, ect ) you can paint and do the work yourself. As soon as you break the surface tho legally you will need to comply with the EPA and RRP roles and regulation with lead paint. If there is lead paint on the windows you might want to replace those tho. That is where the most dusty is created. Hope that helps!

I had the same idea for tuckermans but i just saw that post yesterday haha so now Im thinking Barley and salt over in settlers green. They have a good amount of long high tops so depending on how many people show up we should have plenty of room! That sound like a plan 6:30 @ barley and salt?

@Ken P. @Forrest Greene @Mike Shemp @Corey Bashaw @Audrius Pauliukonis @Jonathan Vassiliades