All Forum Posts by: Ethan Griffel

@Nathan G. Awesome advice. Appreciate it a ton. I've operated with a checking and savings up to this point. Savings to hold the security deposit but I never thought to move the withholdings for maintenance/capex/vacancy over to savings. I've just let it stay in checking and let that account grow! Thank you!

@Morgan Eriksson, that makes sense! Thanks for the input!

@Richard Advani, awesome thanks ks for the advice! I was planning doing one account but thought I'd ask if people have found benefit separating them!

For book keeping or any other reason is it advisable to keep a separate checking/savings account combo for each individual property? Interested to get peoples opinions. Thank you!

@Ashley Cross that's great to know. Thank you!

@Ashley Cross thanks for the advice! Correct me if I'm wrong but if the property is bought in cash out right initially with the private money, would there still be a seasoning period on that?

I'd like to get everyone's opinion on a couple options for financing BRRRR projects. I've got my first project completed and stabilized and am now looking at how to scale gradually bigger and do more BRRRR deals. My goal is to get 3 more units done this year. I recently found a private money partner that is willing to allow me access to the funds out of a HELOC on their house. There would be about 600k available to use. My thought is to use that to buy properties in cash (I will find rehabs out of my pocket) and then refinance and pay their HELOC off in ideally 3-4 months. Part of the aggreement in letting me use those funds is I'll be making the interest payments on the draw amount monthly and then at the end when it's paid off the partner will make a percentage back as well. What do people think about that vs using a hard money lender (or other source) for the majority of the purchase and only using the partners HELOC for the down payment. All advice and other ideas welcome!! Thank you!

@Christian Beyer that's a great point I forgot to mention from the book. The author recommends making and addendum to the lease for and extended period if you allow the tenant to do this. Thanks for the input!

@Joe Splitrock this is great advice and makes total sense! Thanks for taking the time to explain your process to me!

@Felicia Lucco agreed! I definitely don't think I'd let the tenant do the repairs/install themselves. I think the author is more talking about letting the tenant go through the process of picking a carpet they like as well as finding a flooring installer to do the installation. I've heard to many stories like yours about letting tenant do their own work!