All Forum Posts by: Mike Finn

@JD Martin Thank you! Really good stuff to think about.

@Theresa Harris Thank you! I will try to get an accurate breakout of costs.

@Michael S. Then maybe I haven't performed a true BRRR. I feel like I'm missing something very important and also basic. I bought the property, Renovated it, got it Refinanced at a lower rate (saved me $150) a month, and now Rent it for positive cashflow each month. I want to move on to the repeat portion of BRRR, but I don't understand how I can use my current properties to help me do that.

My current situation is this - I bought a property for $237k as my primary residence. Really good deal for the area and how the market was at the time. I renovated it, then moved in for two years. My wife and I moved to a different house, so I started renting the house when we moved. reached out to multiple agents I know and they each appraised my house at $325-$335. The housing market in my area is extremely hot right now, but I do not think it can last. 

I really want to grow, and I do not see a way to do that other than selling this property and then using that profit for a down payment. Do you see another way I can leverage my properties?

@Eliott Elias I do not have anything in the works right now, but yes. Ideally I would sell the property and then can use the profit as a down payment on multiple properties. Not sure if this would work, so trying to get an better understanding of how this could work.

@Karl McGarvey Thank you! I will definitely look into that. When you say 'very soon' do you know what sort of time frame that is?

@Wale Lawal Thank you! I just reached out to one. I will try to get a meeting next week!

Good to know! Thank you for the quick and detailed response. I will read the link that you sent today. In your experience, are there any ‘back of the napkin’ calculations or ‘rules of thumb’ that you follow or have found useful?

Hello everyone! Question - I have heard/read about what happens when a tenant breaks a lease (loss of security deposit, paying rent for a number of remaining periods, etc.) but what happens when a landlord decides to break a lease? What are best practices for doing so? How many months warning should you give the tenant so they have time to find a suitable place? 

I know that breaking a lease is not ideal, but what should a landlord do when it becomes necessary?

Hey everyone! Question - I understand that the point of BRRR is to have a property that you hold on to to increase your monthly cash flow as well as build equity overtime. But at what point does it make sense to sell?

For example - If you reached out to an agent and they gave you an honest appraisal of the property and the value was 20k over what was owed, it would not be worth selling a cash flowing property. But if the agent said 100k over? 200k? Where is the line of it being worth it to sell?

Hello, new to the BP community! Question - what is the most efficient/affordable method for insulating a garage yourself? Emphasis on the ceiling. Heat seems to radiate down from the ceiling of the garage in question.