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All Forum Posts by: Mike Fiorese

Mike Fiorese has started 3 posts and replied 32 times.

Post: B(R)RRRR - Buy,Rent,Rehab,Rent,Refinance,Repeat

Mike FioresePosted
  • Investor
  • Fairfax, VA
  • Posts 34
  • Votes 11

Hi Nicole,

If you are getting a great return and do not mind the cash being tied up in the property then there is no harm in waiting to rehab. Most investors use the BRRRR strategy to pull the cash out and move on to the next deal, the timing in which that occurs is your choice.

@Miles Stanley I used an unsecured bank loan to finance the rehab portion of a BRRRR on my last deal. Bought the house with private money, rehabbed with the bank loan and I'm a couple weeks away from closing on the refinance (had to wait 6mo title seasoning). Once closed I will pay back my investor, the bank, and reinvest the remaining.

Unsecured bank loan was 9% through USAA with no closing costs and they funded the next day.

Post: My first BRRRR

Mike FioresePosted
  • Investor
  • Fairfax, VA
  • Posts 34
  • Votes 11

@William R. would you mind sharing the details of your first BRRRR refi? I have two BRRRR deals coming up on the 6 month title seasoning and am interested to see what other investors are doing at that point. Conventional loan?

Post: Thought you'd appreciate some pics

Mike FioresePosted
  • Investor
  • Fairfax, VA
  • Posts 34
  • Votes 11

Looks great, are all 6 units laid out/rehabbed the same?

Post: Registered Agent for LLC

Mike FioresePosted
  • Investor
  • Fairfax, VA
  • Posts 34
  • Votes 11

@Nicole A. thanks for the price match tip, just did the same with incorp. : )

Post: Turbotax and Depreciating One Rental - Weird

Mike FioresePosted
  • Investor
  • Fairfax, VA
  • Posts 34
  • Votes 11

@Logan Allec This is what it looks like on my 2014 schedule E.  I have one rental property that should be depreciated, but it appears to be showing up twice.

Post: Turbotax and Depreciating One Rental - Weird

Mike FioresePosted
  • Investor
  • Fairfax, VA
  • Posts 34
  • Votes 11

@Ivan M. - I noticed the same thing when I logged into Turbotax and started this year's return.  I deleted the second entry and am hoping I do not have to do an amended 2014 return.  Did you ever find out any additional info on this?

Post: Private Investor Transparency

Mike FioresePosted
  • Investor
  • Fairfax, VA
  • Posts 34
  • Votes 11

I like the idea of presenting them a timeline with various stages of the project.  Maybe even a weekly call to discuss checkpoints and milestones. I want this to be a long term investor and I think setting a good foundation for this first project will be beneficial for years to come. 

Post: Private Investor Transparency

Mike FioresePosted
  • Investor
  • Fairfax, VA
  • Posts 34
  • Votes 11

Thanks @Mark Fedorov and @Account Closed

I don't have a problem disclosing details of the project.  What I don't want is to get a phone call daily for an update. I don't think that will happen, but I may have to set some ground rules up prior to the loan being administered. 

Post: Private Investor Transparency

Mike FioresePosted
  • Investor
  • Fairfax, VA
  • Posts 34
  • Votes 11

Hey BP!

I have a family member interested in investing in my next real estate endeavor, I'm concerned they will want to be a fly on the wall for every step of the process. They would strictly be a cash investor paid back via a set interest rate. How much do I disclose to them about the project (BRRRR)? I understand they are investing their hard earned money and want to make sure it is safe, but, I know the juicy details of the rehab will cause them to stress out.

Please share your advice and experiences.

Thanks!