#46 with Cory Binsfield: Buy and Hold BRRRR Investor and Scaling to 100 Units

Millennial Millionaire Real Estate Podcast

English - August 07, 2020 19:33 - 1 hour - 132 MB - ★★★★★ - 56 ratings
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Previous Episode: #45 with William Barnard: Building your Flipping Business & Working with Seven Figure Properties

Next Episode: #47 with Amanda Han: Tax Strategies for Building Wealth Faster

In this episode, Jonathan Farber interviews Cory Binsfield on his path from his first triplex to achieving financial freedom through holding more than 100 units. Cory is a buy and holds BRRR specialist based in Duluth, Minnesota. In this episode, we get into topics like: staying eligible for financing, picking the right lender, avoiding analysis paralysis, and more!

Top Takeaways:

How to make sure you remain eligible for financing - 14:00 - 16:30

The key to continuing expanding is to keep properties cash flowing

As long as you can keep a debt coverage ratio above 1.25 you’re in good shape

Good debt coverage keeps you in the good graces of the banks

How to pick the right lender - 20:00 - 29:00

The larger banks tend to be more rigid in their requirements

Search out banks that specifically work with real estate investors

Smaller or regional banks tend to be more open to flexible loan terms

Small banks also know their area more and care about your investment

How to avoid analysis paralysis - 29:30 - 36:50

While research is important, there are still actions you can take in the meantime