All Forum Posts by: Michael Mackney

 Thanks for the reply! Is there a certain rehab limit you would recommend if I used the credit card? To avoid any issues in case things don't go as planned 

Hey guys, I purchased my first property, a duplex, back in early April. At that time the property did not need any huge rehab needs, more cosmetic stuff later on. So I fixed immediate concerns such as a leaky toilet, broken handrail, etc. I didn't want to do too much at first and overwhelm myself on my first deal.

Now, I am thinking of giving it a cosmetic facelift to raise rents. My question is, what are the options to fund this? I know if I was doing a BRRRR, a hard money loan could have helped with purchase and rehab but is a hard money loan ideal for just rehab? Would I still have to refinance to pay back the lender if I did that?

Hey guys, I purchased my first property, a duplex, back in early April. At that time the property did not need any huge rehab needs, more cosmetic stuff later on. So I fixed immediate concerns such as a leaky toilet, broken handrail, etc. I didn't want to do too much at first and overwhelm myself on my first deal.

Now, I am thinking of giving it a cosmetic facelift to raise rents. My question is, what are the options to fund this? I know if I was doing a BRRRR, a hard money loan could have helped with purchase and rehab but is a hard money loan ideal for just rehab? Would I still have to refinance to pay back the lender if I did that?

Good morning everyone. I purchased my first rental property about 2 months ago now, out of state. I was curious, who keeps up with regular inspections of the units? I have a property manager currently. Is there a set number of times that they should be going in to ensure that nothing is going wrong or needs to be addressed? Thanks! 

Thanks, everyone for the replies and help! I appreciate it! 

Hey guys! I closed on my first investment property last month and then my first primary residence 2 days after, big week haha. With those 2 properties, I had quite a good amount of credit checks. I now have the itch for real estate investing and want to jump into the next deal. My question is, should I be concerned about getting hit with a  credit check every single time? Won't this hurt my credit score if it gets to a high number? How do most investors avoid this dilemma. Let me know! Thanks 

Good morning guys! I am from Long Island, NY, and I am looking into getting my first real estate property out of state, with a potential BRRRR. My question is if I find a property that seems enticing via pictures, agent opinion, etc for a BRRRR, when should I have a contractor see it to give their opinion on the condition and estimate?

From what I have seen so far, properties fly off the market in a few days and I feel I would be missing out on a deal to send a contractor over to only then put an offer in? 

Should I put an offer in, and once it's approved, send a contractor out to see if the numbers make sense? 

Thanks!

Hey BP community. I am a dentist (first year in the real world) and am on a production-based salary. I went to get preapproved by a lender for my first investment property and she stated that I need at least one year of income with a  per diem salary before I can be pre-approved. Is this a common occurrence with commission/production-based jobs? And what other routes are possible instead of waiting for a year. Let me know, thanks! 

@Landon Bleau thanks for the feedback. That is true, never really thought that even if it goes south fast, I could just sell it

Hey BP family. I am still new to REI and am learning as much as I can before I start. I have heard the advice to know as much as you can before entering your first deal.

But then there is the other side of the coin to not spend too much time convincing myself that "I need one more podcast/book/article/etc before I can begin" and just get out there. 

I know that no one can ever be 100% ready for anything, but when do you feel is fine-medium of having knowledge so you don't get killed on your first deal but also not waiting to finish "one more book" before you start.

Thanks!