All Forum Posts by: Cole Raiford

@Carlo Santarelli No I wouldn’t do this. Not even close.

@Gordon Olson they gain money via the borrower paying them interest. If a lender gives you $100K at 10% for 12 months, you pay him $833/mo in interest for a total of $10K over the 12 months. Plus, you’ll probably have to pay a point or two at closing, which is a few thousand more.

@Vernon Trice III. I use QuickBooks online for all financials and tax information. I keep an excel file with a tab for each property to document things such as paint color, tile type, etc. I also have a separate bank account that is only used for my rental properties and that is linked to QuickBooks.

@Geoffrey Giannone welcome!

@Keith Homstad Without looking at this deal in detail, it stands out to me that your rent is quite low for an all in cost of $104K. For my market I can be all-in, including rehab, for under $80K and rents are $1100-$1200/mo. If I am all-in at $104K I would want rents around $1400 - $1500/mo. You should look at other markets, and you should find a way to get deals off-market for a lower price. Whether you are buying for long term hold or flipping, the money is made at the acquisition so finding lower prices within your market is critical. The MLS is probably not going to get you what you are looking for.

@Bill Fallesen good job! Welcome to the club!

Hey Flippers! I am a buy and hold investor but may have the opportunity to partner up with some fellow investors for a flip in the future. I have some questions related to structuring the partnership for anyone who has experience doing this. I would rather take the discussion offline so if you would be willing to answer a few questions on this topic would you please PM me? I appreciate your help in advance.

@Doug Schorr I’m in the midst of a refi now. 4.75% fixed, closing cost is $3K + $2K escrow prepays for taxes and insurance. $70K loan with a total closing cost of 5K. I think your fees are pretty standard.

@Anthony Wick as essentially everyone else has said, use a greige type of color. Repose grey, agreeable grey, etc. Use white for trim, doors and ceiling.

@Wyatt Postal I am in the Bay Area with you. You aren’t going to find cash flowing rental investments in anything other than war zones around the bay. I suggest you look out of state, or if you want to stay in CA, head out of the Bay Area towards the valley or head north a ways. Good luck man.