All Forum Posts by: Mike Dorneman

@Michael King Typically you would buildnin this type of utility into your rent. This allows you be stay competitive since your comp would likely “include” these uttilites. We “include” utilities, but believe we have them already baked into the rent from the start.

@Jose Acevedo Yes

@Chris Hewitt most every bank offers a standard 20 year commercial loan. Very common, everyday product.

@David VanWert best of luck!!

@David VanWert The challenge with a BRRR partnership ship is really timing... what I mean is that we’re o key using our money on the very first deal, The you execute BRRR and do it all over again with your initial cash that you just pulled back out. That said, for me to partner with someone at this point, they need to bring something to the table aside from cash, since the BRRR method provides for recirculating cash from deal to deal. The exceptIon Would be if I was lookIng to move Into larger deals and needed more cash than I had on hand to fund my next deal.

@Nana Nkoah Try searchIng Facebook / marketplace, that’s how I found mine.

@Thomas Jaeger I’m typically seeing about 20% greater value with a commercial Vs. personal heloc. Rates are slightly higher however. I got a 5.5% @ 20 years on a HELOC last week.

@Alison Rauch I’ve done this multiple times, in fact I’m doing it again tomorrow! I pull out the cash, BRRR the property and pay it back in about 6 weeks. It’s free money, you can’t go wrong! (Unless you buy a bad deal, don’t do that ;) )

@Kyara Schroeder a HELOC had an annual percentage yield which is divided monthly based on the principle balance. Typically, the min monthly payment on an active HELOC is just the interest, not the principle.

@Nana Nkoah local RE investors meeting. I work with a great team of plumbers, general contractors, title people a commercial lender and a roofer. Each and everyone of them came recommended by other investors I met at a local meet up.