All Forum Posts by: Jesse Soriano

@Annchen Knodt

Thank you

@Ron H.

So if I wait for the 6 month seasoning period. I can then get the ARV on the refinance and not just the purchase price?

@Joy Shaw

It’s because the tenants don’t know your intentions and they fear that your going to give them the boot once they sign the new lease. The old lease is there safety net. The word month to month is scary and sounds uncertain. I’m pretty sure your still going to get the rents.

You need to give the tenants assurance that your not looking to give them the boot.

I have enough cash to buy a property straight up and then I will be using my credit cards to do all of the rehab.

My question is how does delayed financing truly work?

I don’t want to wait the 6 months once I finish the rehab. If so, if I get a cash out refinance. Do I get back my money from the purchase price of the home or do I get back my money from the total after repair value if I choose not to wait the 6 months?

(I know I only get back 70-75% back)

I already use plastiq to pay some bills.

But how to I use plastiq to pay a title company? What category to I select?

If I click on real estate it gives me sub categories like pay mortgage and pay rent.

Which one do I select to pay the title company? And does title company send me an invoice as well that I can attached and give to plastiq as well?

I cant get pre approved for any credit card offers because I have have a pretty recent loan under a year old on my report. It’s reports from on “discretion box” as “my loan balance to my loan amounts is too high”. Meaning that my loan amount was $15,000 and I only paid $1,000 so far so I still owe $14,000.

My question is does the 35% utilization rule apply to personal loans as well? What amount should I aim to pay down my loan to so this does not affect my credit application process to getting new funding? 

@Basit Siddiqi

Thank you. This makes sense. So you do report the gross but you also deduct the expenses. That makes sense

When doing a flip 100% all cash.

Do you pay taxes on the price you sell the house for. Or just in the money that you made profit on?

Let say you bought a house for 30k

Spent 20k on rehab

And sold for 70k

Do you get taxed on 70k

Or the 20k profit you made?

Is it better to start out but doing flips first to build capital to just end up doing brrrr deals for good.

I hear that a lot of brrrr’ers regret selling their flips.

My sole purpose of starting out by doing flips is to have some cushion.

@James Wise

Oh wow what a coincidence. I watch your channel all the time. I’m literally just about to buy one of your packages to do a mls and Analysis so you can help me find a flip or brrrr deal.