All Forum Posts by: Daniel Mendez

 James,

Congratulations on your success. 

What skills do you attribute to your success?

Thank you very much, Amy.

This will definitely come in handy.  

Good evening BP, 

What percentage of your cash flow do you save for tax purposes? 

Good evening BP, 

What are the positives and negatives of sticking to BRRRRing ONLY multi-family (2-4 units) homes? 

The reason why I want to stick to this strategy is that if I lose a tenant I know that I won't be left with the full mortgage payment to pay like I would if I owned pure SFR.

On the downside, I know it is not easy to determine COMPS for multi-family homes because sometimes there won't be any mult-family homes around to try to figure out the ARV of the property.

Am I making a mistaking by not considering SFR to my portfolio?

 Congrats, Matt. If I may ask, this duplex that you found, how long had it been in the market for? Was their pushback to your offer? 

Good evening BP members,

For those of you that have bought properties off of the MLS for the purposes of buy and hold using the BRRRR method.

Do you guys always offer below asking price? Or do you all try to meet the seller first to build rapport and then offer your deal? Also, what is the success rate that your offer is accepted? 

Gotcha! Do know if it works for LLC's that obtain a hard money lender at first?

 If you know of anyone Brandon that can assist me that would be awesome. I would have a few more questions just to clarify a little bit more. 

Good afternoon BP,

Can I purchase a buy and hold property under my LLC and then switch it to my name before doing a cash out refinance?

I am looking to purchase a property in Columbus Ohio using a hard money lender but all of them so far only lend to LLC's.

Any advice is greatly appreciated. 

 Thank you for that information, Bryan. Just out of curiosity, does the contractor need to be licensed? Or is it only the electrician and plumber that need to be licensed?