All Forum Posts by: Emil Kostov

Maybe it's my European mentality, and I don't mean to sound rude, but you probably misunderstood me. Nowadays people forget their own greatness, and while to some a gesture of lunch-break coffee is an "exchange of a professional's time/knowledge" and sounds ridiculous and worthless, others find it a very productive during the hectic work day and an excellent way of collaborating while doing business. I'm far from your thought about wasting people's time, especially for free. Thanks for the input, anyways.

Cash flow - STR $225/night or LTR $2500 per month. It is vacant after a major reno from the flipper.

Ok, let me clarify it. I don't need money to close for my first STR that I got in upstate NY. Everything related to downpayment/closing cost I'm covering with my money. But that's it. I got it for $205k with 20% down. I lack funds for the mild reno+improvements like the ones I mentioned earlier incl. for the furnishing and marketing of the place. It's a 9.35% DSCR with 1.25 ratio and not sure if it's worth refi after closing. I was referring more of a line of credit(20-30k) that as a new business and personal score in the 670's, I'd get denied right off the bat. I'm not planning to utilize the whole amount but have at least 20% for operational expenses and working capital. Those fund could be also considered as a start-up LOC/loan that will help me complete the project and put it on the market for rent.

Dear BP Lenders and fin. gurus,

I hope this email finds you all in good health and high spirits. A call for help.

I am writing to request an assistance in obtaining the small but crucial funding required for a minor renovation and furnishing of my first investment property. I started in March and unfortunately don't have established business credit history, yet. I made a mistake, instead of using OPM, I depleted my own savings to jumpstart my REI business, but I couldn't just keep reading all those REI books. I needed to start acting. Lesson learned.

I wish to explore creative financing options for a long-term line of credit or loan (10 years or more) that will be utilized partially to raise the overall value of the property. This will include adding an ADU, office, HVAC, and couple more exterior/interior improvements.

I understand that most the organizations you represent have a reputation for providing exceptional financing solutions while prioritizing the needs of the clients and I believe that with your expertise the same could be priceless and prove invaluable in helping me secure the necessary funds to make these improvements to my inaugural property.

I would be grateful if you could provide me with the right information on a creative financing options and the application process. I am prepared to provide all required documentation and work with you throughout the process. Also,  wanted to thank in advance to some of you who already reached out to me with advice.

Please do not hesitate to contact me privately for further information and thank you for your time and consideration.

Hey guys. Noob question here. I'm about to close on my first investment property in upstate NY and wondered if it's possible to obtain a HELOC after that. I'm hearing that the banks are fuzzy about those tactics and most likely it has to be a local credit union but I think it doesn't hurt to ask. Also, I'm planning on starting my due diligence on the second but not sure which strategy is worth more. I'd like to make some renovations with the hopes to raise the value as well as absorb and consolidate some of the debt that I carry currently and have a surplus from the future second loan for the second closing cost. Possible or not and if so, how to properly execute the idea? Some extra wisdom and advice are needed. Get in touch, please! Thanks.

 by the way, the NAEA "find a tax expert" link is dead...

Hey guys, as a fellow BiggerPockets member, I admire the priceless information and advice I get from this amazing community but in our case, I would like to partner up with someone like you who can guide us throughout (24/7) the years, and be responsible and responsive enough to help us prosper in near future. 

I'm interested in finding a great CPA professional(s) to help me build the tax strategy, bookkeeping, and planning related to REI entrepreneurship. And if you're open to it, I'd love to buy you a cup of nice freshly brewed coffee sometime soon so we can ask you some questions and learn more about you and your journey in this particular field of real estate.

Cheers

Very interesting. A similar scenario here. Closely following.

I got a problem...my CPA sux. I am new to the field and am still learning the ropes. Every time I need to ask her something she acts like I'm bothering her, ignoring my emails/texts, and I even started feeling uncomfortable approaching her. I don't feel comfortable with her negligence maybe because I'm less important client of hers, and basically I'm now struggling to get recommendations. I need help finding another one. Please advice! Thanks.