All Forum Posts by: Patrick Daniel

I would go with the word Specialist, unless you truly are an expert and are going to be a rock star consultant for your clients. Specialist to me sounds like you know where to find the answers and will guide investors the right way. Expert sounds like you have all the answers and will tell the investors what to do.

Hope that makes sense! Good luck!

4 Votes

There is a lot of good advise here. One of the things that bugs me the most is that your agent refuses to carry out your wishes on the deal. Yes they are there to advise you, but in the end, if you are not breaking the law, it is their job to represent your wishes. I also would not lose the deal, but why not in the future work in a penalty into the contract? If the home fails to close within 7 days of the scheduled date, the buyer is required to pay 1/30th of monthly fair market rent per day until the deal closes, due at close. This way, if there is a delay, you are compensated, and the buyer is motivated to keep looking over their lender's shoulder?

3 Votes

I look forward to the 23rd! I have done a few rehab deals and some wholesale deals, but my long term goal is to have 100 rental units! super excited to hear any new tips that Brandon can provide.

4 Votes

Originally posted by @Todd Willhoite:

I have a property I bought a year ago for $50,000, rehabed $15,000, now worth $100,000, current loan balance about $50,000. In theory I can refinance and pull $75,000 out doing BRRR strategy. Applied for conventional loan and closing costs are going to be $4,400. Clearing a little more than $150 a month after all expenses including cap ex, etc. It looks like due to the closing costs it will take away 29 months of profit (4,400/150). Does the brrr strategy just consider this a cost of business? Is there a way to get the closing costs down (I suppose I should shop other lenders) Maybe I should look at it as spending $4,400 to get $25,000 but I still have to pay back $25,000. Any thoughts on improving this and keeping refinance costs down for either this house or the next one I do?

This is a great question and one that I haven't thought about much with the BRRRR method. Definitely interested in any tips or tricks to keep the costs low, Those closing costs do seem VERY high though! Like double what they should be?

1 Vote

As Jonathan said, you are very unlikely to run into issues because of a phone. Considering that closing is happening tomorrow, You should be clear. Best of luck!

0 Votes

These numbers seem about standard across the board. Did the mortgage calculator include just property and interest? If so, that is leaving out property taxes, insurance, maintenance fees, capital expenditures, and property management fees, so that $250 dries up pretty quick.

0 Votes

Originally posted by @Andrew Junquet:

0 votes

looking to purchase vinyl replacement windows online and replace them myself for a rental I own in Irmo, SC. Anyone have any good companies to purchase from or any to avoid? Any tips for this project in general?

Do you have a Surplus Warehouse nearby? Or possibly a wholesale/outlet store that sells windows at a discount? If you have common window sizes, you should have some luck there. I would also make sure that this is something you are allowed to do without pulling a permit. In my area and many areas, window replacements require a permit.

Good luck!

0 Votes

Are small houses such as that common for where you are looking to buy? If you do not have MLS access, I would speak to a trusted real estate agent and see what the DOM and price /Sq Ft is for similar homes in that area. Then go from there and use the flipping calculator to figure out how much you can offer and still make a profit.

1 Vote

Originally posted by @Jerry Puckett:

Originally posted by @Patrick Daniel:

I would remove them. The LLCs are less likely to be willing to make the deal at a decent price even if they are willing to sell. But that is just personal opinion.

With Single family, most folks exclude the Corps all together even though there are a ton of folks out there like you and me who simply hold their portfolios in an LLC. While I think they are worthwhile, but would rank them behind both Absentee and Owner Occs with proper first and last names.

I do not mail to Bank Owned, Government, Church....basically anything institutional, but I do mail LLCs. As mentioned, most of the time they are ordinary folks, no office, no gatekeeper.....they read their own mail and buy and sell as much as anyone else.......and they get very little mail because the common wisdom is to skip them. Just sayin'

Have you ever had any luck with buying from LLCs off of mailers? I have never mailed to them, it just seems like "conventional" wisdom to skip them. Maybe I should rethink.

0 Votes

If the reviews are believable and were from actual customers, then I would go with the better price. I am not in the business of spending an extra $2,500-2,700 because someone is more friendly. If I am worried about their business legitimacy, then that is a different story.

Do you have any local investors that you can ask about them to ask about their experiences?

0 Votes

All Forum Posts by: Patrick Daniel

Patrick Daniel has started 2 posts and replied 185 times.

Post: Realtors- What title do you put on your business cards?

Post: Am I a Jerk for Asking Buyers to do this?

Post: Webinar: How to Buy Your First, Second, or Third Rental Property

Post: Closing costs and BRRR

Post: Clear to close Nerves

Post: Mortgage Rates Are Lower Than Rents!

Post: Where should I purchase replacement windows from?

Post: Help analyzing flip deal

Post: Yellow Letter Question......

Post: Roofing Advice for a Rookie