Hey Inner Circle! This week's Office Hours with Coach Joe is up and ready for you to watch. Good question and answer session, and a few things in here will save you money the next time you have a property under contract. Here's what was covered: Contractor, inspector, appraiser, in that order. Why the spacing between them matters, and how sending them out in the wrong order costs you money on a deal that was never going to work. Make the realtor send values, not just a list of properties. Coach Joe called this a tennis match he has been playing for 35 years, and he gave the exact language for getting values up front. You only need one way out of a contract. His fireman analogy, in reverse, plus where the financing clause protects you right up to the day of closing. Property taxes alone can kill a deal. A six unit in Columbus where the tax bill jumped from about $9,000 to roughly $17,000 against $40,000 of income. What causes it, and the phone call to make before you buy. The small profit margin script. What Coach Joe says when he goes back with a low offer, and why it is the opposite of what sellers are braced for. The golf ball jar. For anyone fitting deal analysis around a full time job, this is the part to watch. Go watch the replay and drop your questions below. REPLAY HERE @Susu Yazan @Jacqui Mast @Samantha Jones @Coach Joe Finnegan @Josefina Rodriguez @Wilfred Morgan @Kim Flowers @Svetlana Denevich @Cheryl Saeger @Joyce Torres @Adria Andrews @Shannon Hart @Greg Thenn @Jackie Gage @Nadia Johnez @Suzanne Boyer @Alisa Maurer @Tsveta K @Brenda Short @Ervin Howard

Stacy pulled the real records for this one. Not a hypothetical, not a round number example. The actual duplex she bought after 2008 wiped her out, the one that became the foundation of over 2,500 units. Here's what Stacy covered: ✅ Why she chose BRRRR on a small multifamily when she was rebuilding from zero in her early 40s ✅ The $29,750 purchase and $60,000 rehab, and why she wanted the LOWER price with the BIGGER rehab ✅ How an 80/90 hard money loan actually works and exactly what it funded ✅ What she brought to closing: $16,350, broken down to the dollar ✅ Why you need $10,000 to $15,000 liquid just to float contractor draws, and why $30,000 is the safer number ✅ The refinance math: $130,000 ARV, 70% LTV, $91,000 loan, $9,200 cash out ✅ Seasoning requirements, and why a 12 month seasoning kills a BRRRR ✅ How to calculate what is really left in the deal after interest, holding costs, and rent received ✅ The final scoreboard: $8,730 left in, $4,080 a year in cash flow, 46.7% cash on cash, $39,000 of equity created The part that matters most: Stacy was honest that these numbers are not flashy. $170 a month per unit. The point of your first deal is not the money. It's proving to yourself you can do it. She had 3 more deals running within 6 weeks of closing this one. Your homework: • Interview lenders BEFORE you have a deal under contract. Know the terms you are actually working with. • Run this full calculation on a deal you are looking at right now. Cash to close, holding costs, cash out, money left in, cash on cash. • Decide your maximum LTV before a lender tempts you higher. Stacy's is 70%, and the reason is 2008. Coming up: 📅 Apartment Investing Kickstart Masterclass, Wednesday September 2 at 6 PM ET 📅 Virtual 3-Day Event, September 25-27. Mark it now, whether it's your first time or a refresher. Watch the full replay here: https://www.skool.com/the-first-deal-society/classroom/724478bc?md=b0cbdc84af6a408ebf102321b3be7763

Have you ever wondered how to figure out (in advance) everything you need to know numbers wise for a BRRR deal? In today’s training, I’ll be walking you through my first BRRR duplex (post 2008 crash). We’re going to get into the details and I’ll be walking you through it step-by-step, including: - How to calculate the down payment using a hard money lender - How much you need to plan for at closing - How much extra cash do you need to have available for floating the rehab draws - How to calculate the amount of cash out at the refi - How to calculate how much of your capital is left in the deal - How to calculate the ROI for the capital left invested I’m going into the real numbers at a detailed level, so that you can feel confident in projecting your numbers in the future. 💪💪💪

This one leaned heavy on the practical side, vetting the people you work with, verifying the numbers you are handed, and knowing where to spend on a renovation and where to stop. Here's what was covered Vetting operators before you put capital in Confidence is not competence. Analyze a JV deal as if you had found it yourself, compare your numbers to theirs, and ask about every gap before you commit. Your ownership is proportional to what you put in, so the size of the raise should not scare you off. Why the market survey pays for itself Knowing cost per unit for every line item is what lets you analyze fast and challenge a broker's numbers with confidence. Reading the T12 and letting it generate questions A materials to labor split that does not add up is not automatically a red flag. It is a question. Ask what the jobs actually were. Managing the management Check every invoice. Costs a tenant caused belong to the tenant, and the guardrails have to come from you. Rent accuracy makes or breaks a deal Back every rent number with Zillow, Redfin, and other secondary sources, and cross check the comps your property manager sends you. Uneven unit mix and odd layouts A one bedroom next to a three bedroom is fine as long as there is demand for one bedrooms in that area and the layout is not awkward. Adjust the rent to reality and run your analysis off the adjusted number. Building your team before you need them Set expectations with contractors and property managers up front, so that when an offer is accepted and the due diligence clock starts, you get pricing back in days. Collected rent versus scheduled rent Always use a collected rent property manager. They only get paid when rent comes in, so they vet tenants and quote rents honestly. Finishes, spending, and color Match the comps and let your property manager tell you where more spending stops returning in rent. Overspending is the biggest mistake new investors make. Neutral earth tones, uniform throughout, so nobody has to re-decide every time they turn a corner.

Hey everyone! I was going to be doing the training today at 2p ET since Stacy is traveling. Unfortunately I have come down with something and will not be able to. I promise to make it up to you all!