Main Account - Checking account to set up transfers or draw money from for mortgage, insurance, taxes, etc. and I get a Baselane debit card (physical and virtual)2.

Although the $55,000 renovation went as planned, dealing with unforeseen issues, such as older plumbing, required adjustments.

Although the $55,000 renovation went as planned, dealing with unforeseen issues, such as older plumbing, required adjustments.

It’s an older house so older plumbing so def not replacing the entire plumbing.

Insurance broker will know..

When financing a large-scale fix-and-flip project, assessing and managing risk is crucial for success.Risk Management StrategiesContingency Budgeting:Set aside a contingency fund (typically 10-20% of renovation costs) for unexpected expenses.Time Management:Develop a detailed project timeline to keep renovations on track and avoid extended holding costs.Partnerships:Collaborate with experienced contractors and real estate agents to mitigate risks associated with repairs and market positioning.Insurance:Obtain comprehensive insurance coverage, including builder’s risk insurance and general liability insurance, to protect against unforeseen events.Exit Strategy:Always have an exit strategy.

Inflation has raised costs , labor is up , insurance is up , rates have dropped a bit , but are still higher , and now we have a dock workers strike . 

Hi @Michael Baum, I have watched several PB episodes about MTR, mostly for traveling nurses and insurance displacements and I am interested in learning more but I do not have time to watch everybodys videos on how to get started.

Remember that the more complexity increases not just legal set-up and ongoing fees, but tax prep and advising fees as well.There are several considerations that can go into the analysis of whether you need an LLC or whether a large insurance policy will suffice.

If the taxes are $3K plus insurance at $3K thats an escrow of $500+$1,445.24 =$1,945.24.