All Forum Posts by: Preston Quinn

@Vilena Gilyaeva

Pm me. We own a kitchen renovation business.

$35k purchase price

$13k Reno

Refi for $65k

Rents for $825/month

@Doug Smith

Thanks Doug, I feel like I use the best bank in my area. They’re extremely small and extremely logical. One example, they only check my credit once a year. Idk if that’s standard practice with commercial financing or not. I am definitely going to dig further into this.

I know a few big developers in my area use this bank for the same reason. They’re just really easy to work with. Hopefully something good comes out of this.

Thanks again!!

@Nicole Heasley

I searched it as well on google. I’ll post what I find out when I hear back.

Anyone using a guidance line of credit for their acquisitions?

I went to my bank yesterday to hash out the details of my most recent brrrr deal, (which went great) and my banker suggested a guidance line of credit when I ask what options they had to allow me to move faster in my acquisitions.

Up til this point, I have been using commercial financing, that involves 20% down to purchase the property, then I am using a HELOC and a BLOC to do my rehabs. Then refinancing out and paying off the heloc the bloc and the existing mortgage. Which I'm ok with as long as I can continue to find off market deals. But recently, there have been some decent deals come across the MLS that I would've like to at least offered all cash on with a quick closing.

We didn’t have a lot of time to discuss to guidance line of credit. But she is suppose to get back to me in a few days. Anyone with experience on this type of line of credit I would like to hear your opinion of it.

Thanks

@Ben Roberts

My small town local bank will finance these cheap properties for me. It has to be held in an entity though. So it’s commercial financing and this cheap they would only go 7 years on it. 20% down. I would target every small local bank on every street until someone told me yes.

@Jim K.

I did siding and windows for a while when I was starting out my working career. You should be able to buy replacement vinyl windows for 150-165 for a double hung white vinyl window. I normally put them in myself, I can bet money that you can figure it out with your back ground. Then I pay a siding guy to come wrap the outside trim. I normally have about $25/window for him to wrap them. Caulk the inside and you’re good to go.

A lot of people put windows in from the inside, I personally don’t like that method. You risk doing damage to interior trim and drywall/plaster. I prefer to replace from the outside where you have room for some errors so you can cover with trim coil if it happens.

If you want advice on how to measure let me know. I’d be more than willing to help you remotely. This is extremely easy bud. I replace windows in every house I buy. Adds a lot of value and helps the tenant out.

Has anyone else experienced the edit button working on their iPhone while using the desktop site on their BP PRO calculator? I bought a duplex as brrr and the numbers have changed a little. I’m just trying to figure out if it’s my phone or the site. This just started happening. I haven’t tried it on my laptop yet.

Thanks in advance.

@Jaron Walling

If you’re using commercial financing there is no seasoning period. At least with the bank I work with there isn’t.

@Aaron Bonne

For my wife and I, our number is $10,000/mo. We just started buying and holding. Our business plan states this will take us 11 years. (The year my youngest son graduates) We have written that each door will produce $150 after all expenses, trying to leave $0 in each property. This equates to 67 doors or 6.09 doors per year or $909.09/month per year in passive income. These are our minimum requirements for purchases. Obviously we will try to beat these numbers. But these are our minimum requirements.

Currently we only have 3 doors, as we just started about 2 months ago buying and holding. Just closed on a duplex and a sfr. The sfr is being renovated as we speak. The duplex tenants I inherited are paying well below market rent. So it will take some time to get them to where they can be. If all goes well we will cashflow around $600/mo off of these 2 purchases with $0 left in them.