All Forum Posts by: John Roeder

Hey BP, Just closed on a duplex and looking to do a complete interior renovation to start my first BRRRR. Its gonna need a new kitchen, bathroom, flooring, paint etc. I am wondering if anyone has any recommendations for a good general contractor? Thanks BP!

Thank you Thomas. This is the kind of answer I was looking for. 

Originally posted by @Jason Dillard:

I'll lend you your money back at 1.9%.🤔

Will you amortize it over 21 years too?

I have a local credit union that will loan money to me at 2% for a term of up to 20 years. The only caveat is that i have to have an equal amount in an account with them as collateral. I feel like this could be a great opportunity, but I am unable to connect the dots and find a way to use it in my investing. Anyone got any ideas??!! And for clarification if they loan me $100k I need to have $100k in an account with them that I cannot use, since it is collateral.

That is very similar to my strategy. I just sold my primary to access the equity. I am happy with how it's going so far. I have purchased a few cash flowing properties with my equity. And now I live in a nice house where rent is cheaper than a mortgage. Remember nothing is permanent. If you don't like renting. Use your increased cash flow to save up for another down payment on a primary residence.

Thanks. I appreciate the info. 

Ok. So should I keep my insurance at rebuild value or lower the premiums to protect just the amount of money I have invested?

BP,

Just wondering what level of insurance everyone has got. I feel like I'm a little over insured and just wanted to see your thoughts. I am into my properties for around 85k-100k (that is there market value) and my insurance has my rebuild values any where from 120-150k. Am I overpaying for my insurance? Should I lower my coverage rate to reflect my level of investment into the property to increase my cash flow? Any and all help is appreciated! Thanks for the help. 

What about selling it and taking the over 200k and investing that in more properties. You've played the appreciation well on this one. Might be time to cash out?

I will forward your info to my

Business partner. Thanks!