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All Forum Posts by: Kyle Hendricks

Kyle Hendricks has started 7 posts and replied 36 times.

Post: Looking for investor friendly CPA's in HI or WA

Kyle Hendricks
Pro Member
Posted
  • Lender
  • Posts 39
  • Votes 20

Anyone have any good CPA referrals that specialize working with RE investors?

We spend the year between Maui and WA so someone local or experience working in both states would be sweet but not a deal breaker.

Thanks in advance!

Post: Leveling Up - Accountability

Kyle Hendricks
Pro Member
Posted
  • Lender
  • Posts 39
  • Votes 20

I wanted to reach out to see if there are other people out there looking for something similar.

I have a couple of units currently. A Mid term rental unit and a long term unit.

I am in the industry and understand real estate pretty well. But feel a little complacent.

I live in a very expensive market (Maui). I am slowly stacking capital currently and wondering the best way to scale.

I really want to find people in my same stage of having a few units but wanting to start growing quicker and taking investing / scaling more seriously.

I think having a small community of people in the same situation to keep each-other accountable and goal set together would be extremely beneficial. Maybe a facebook group, recurring zoom meeting, etc. (whether that be 2 people or 10)

I have looked into coaching programs but it all seems pretty expensive and more focused on education.

I would love to connect with anyone out there in a similar position.

Post: Looking for DSCR lender that accepts section 8 tenant.

Kyle Hendricks
Pro Member
Posted
  • Lender
  • Posts 39
  • Votes 20

@David Tran

Happy to take a look! 2533550247

Post: Investment Loans (DSCR?)

Kyle Hendricks
Pro Member
Posted
  • Lender
  • Posts 39
  • Votes 20

@Aamna Kidwai

Lender here. I think this will get more common over time and products will mold to fit mtrs.

I have done several dscrs for mid terms, they are doable.

Post: Looking for an investor-friendly broker/lender for an investment property

Kyle Hendricks
Pro Member
Posted
  • Lender
  • Posts 39
  • Votes 20
Quote from @Bradley Buxton:

@Byron Kim

Check with @Kyle Hendricks  

He knows his stuff and will have different options for you. 


 Thanks Brad! 

Post: First REFI (7.625% rate)

Kyle Hendricks
Pro Member
Posted
  • Lender
  • Posts 39
  • Votes 20
Quote from @Greg Kasmer:
Quote from @Kyle Hendricks:

Lender here, I would look at using a HELOC and keep that 2.75% on the rest of the debt. Plus with HELOC's you can only pull what you actually need and pay it down/pull the cash out as you need it.

Dan - I agree with others about exploring a HELOC first to pull out some equity as opposed to refinancing. The only issue I've found is that it's hard to find a lender willing to provide a HELOC in second position (behind your initial mortgage) for an investment property. For a property you live in (owner-occupant) is one thing - an investment property is another.

Kyle Hendricks - Do you have any lender suggestions for a HELOC on investment properties?



 Hey Greg,

Yes I actually have a few options for investment HELOCS myself. 

Post: First REFI (7.625% rate)

Kyle Hendricks
Pro Member
Posted
  • Lender
  • Posts 39
  • Votes 20

Lender here, I would look at using a HELOC and keep that 2.75% on the rest of the debt. Plus with HELOC's you can only pull what you actually need and pay it down/pull the cash out as you need it.

Post: Do you use software to track property rehabs?

Kyle Hendricks
Pro Member
Posted
  • Lender
  • Posts 39
  • Votes 20

Following. Also just using google sheets but always looking for something better!

Post: Who is your favorite Hard Money lender to use?

Kyle Hendricks
Pro Member
Posted
  • Lender
  • Posts 39
  • Votes 20

Housemax Funding is solid as well. Happy to send you a contact.

Post: Recommendations on organizational tools/spreadsheets for rehabs/flips

Kyle Hendricks
Pro Member
Posted
  • Lender
  • Posts 39
  • Votes 20
Quote from @Jake Baker:
Quote from @Jan Neruh Kelsey:
Quote from @Jake Baker:

@Jan Neruh Kelsey

If your just getting started, you should be fine with the following: 

1. Dedicate one checking account and credit card exclusively to real estate. Keep personal and business finances separate. This alone will create less headache.
2. File all receipts in a dedicated Google Drive folder. Digitize physical receipts for easy storage. Use a consistent naming convention - ex. 2024.03.25 Home Depot
3. Maintain proper records - Contracts, Settlement Statements, Agreements, Promissory Notes etc.

Additionally, you can track income and expenses consistently, using software or spreadsheets. As you scale, if bookkeeping isn't fun for you, consider hiring a bookkeeper for a couple hundred bucks per month.

We do 20 out of state Flips/BRRRRs per year and use QuickBooks Online to manage all of our finances for rehabs. 

I also use QuickBooks Online for most of my clients. For most real estate investors, a Plus subscription is needed in order to have separate by class(property). It is the most popular software in the industry and all CPAs know how to navigate it which is nice.

Thanks for the detailed recommendations Jake.  Any particular spreadsheets that you recommend, and or are willing to share?  

 @Jan Neruh Kelsey

Absolutely! I will send you a PM.


 Would love to see these as well!