All Forum Posts by: Mike Dorneman

@Mitchell Roedel Cash, Mitchell. But keep in mind that it’s the same cash I bought my very first property with...

@Ernesto Hernandez Many banks don’t require you to “season” the loan. So we buy in cash and refinwith cash, then just refi it back out. If I waited u til each BRRRR was completed and then started the refi process, I’d only be able to do 3 or 4 deals per year...

@Cam Jimmy it’s a mix. Most electrical and plumbing I sub out to guys I have been using from the beginning. I have some labors inhigher to paint, then I do most of the carpentry and finish work.

@Gerald McCullough I don’t think my timeline is anything too unique. I know a few other investors doing the same. After I get the house and begin the Reno I apply for the refi. I provide my rehab costs and we get an appraisal. During that time we get the property rented for the next month (lease signed and provided to bank). Within a few weeks we get the cash back and start all over.

@Joseph M. Yes Joe, I try to keep rehabs atbor under 10k. I found this bank by attending a local real estate investors meeting and asking around. Unfortunately they only lend locally here in PA.

@Daniel Soyars So many deal breakers... Bring an inspector if your not sure. I still miss things that my inspector catches all the time. Best $450 you’ll ever spend.

@Aaron Phillips No waiting period Aaron. I’m in the process of working 3 separate loans right now. The major deterrent if you are talking about refing one you just did, is paying the closing costs again.

@Victor S. Depends on the lender. I’m using a small local bank that does 80%.

@Rowell Rodriguez ARV’s for properties that I’m all I’m at 30k are typically mid 50’s. The Reno’s usually take about 3-4 weeks.

@Jared Smith Hi Jared- buying with cash allows for much more leverage. Most often we are buying homes in distress.l, which is how we can negotiate and get deals from 20-50% under market. Often, sellers are willing to take a lower offer if you can close quickly. Additionally, this is how you recoup all your costs.