All Forum Posts by: Cole Raiford

@Jamia Stevens you need money. Either your own or someone else's. Don't get into this with no cash reserves. REI with no money puts you at a high level of risk. Sorry if that is discouraging..

@Michael Bettencourt I’ve done two refis in the past 3 months at 4.85 and 5.00. You are in the right ballpark for an investment refi.

@Henry M. This is pretty close to standard process man. For the purchases I have made from wholesalers I have seen the assignment fee on the HUD at closing, or never saw what the wholesaler made if they did a double close. Don't sweat what they are making, just evaluate the deal at their asking price.

@Robert Stamper tenants responsibility. Include it in the lease.

@Flavio Espinal if you are asking if you can buy RE with a personal line of credit, yes you can.

@Dan Linger welcome!!

@Eric Smith spend less, earn more, and save. REI requires money so you have to get some money in the bank before doing much. Yes, some people have made it to great heights while starting with no money of their own, but these cases are very few and far between.

@Spencer William Quesenberry I read and listened to podcasts for a few months, found a realtor to help me in my out of state area and started making offers. Bought the first house within 6 months of starting. Once the first deal happened I had two more purchased within the next two months. Went from a few months of making offers and no deals to 3 houses in two months. For those in the early stages just stick with it and things will come together eventually.

@Ryan Hall definitely a no for me. Cost is way too high for that rent amount. Look at other markets if you are investing for cash flow and get your returns up in the double digits.

@Joey Allison I just did two conventional refi's at under 5% through a regional bank. Shop other banks and see what they can offer. However, it may be that your particular situation (DTI, credit score, etc) is such that you won't qualify for as low of a rate as someone with a better financial position than you, so comparing yourself to others isn't always apples to apples.

If your cash flow is hurt too badly by a standard 75% refi then you probably bought in an area that is too expensive for the rents you are receiving. Nothing you can do about it at this point. You have to choose between cash in pocket and cash flow.