All Forum Posts by: Cole Raiford

@Tue Huynh-Nhut Vo thanks. I pretty much only use BP via my phone or iPad app so no mouse. Will see if I can do something with this tip on the app though. Thanks!

If a topic has 300 replies, as an example, is there a way to open the thread and skip to the end to see the latest reply? I don’t see a way to get to the end of a thread other than scrolling through all replies. Surely there is a better way that I am missing...

@Ashley Hamilton awesome! Keep the momentum going!!

@Robert Kirkley I recommend a spending tracker for all expenses. I use Mint and like it, and there are a few others. It will help you see where your dollars are going each month.

@Eric Kulling I think the main thing is knowing the market well and being able to verify all information for yourself (ARV, rehab cost, rent rate, etc). Don't just trust what they tell you, verify it yourself. If you know the market and have a good deal analysis spreadsheet (or use BP calculators) you can figure out if the deal is good numbers wise.

As far as trusting them, just get to know them and make sure nothing feels out of place. Also I suggest not giving big non-refundable earnest money deposits to them. Some markets may require this but mine doesn’t. I don’t even give them an earnest money. Gentleman’s agreements have worked for us so far. And if you do give them earnest money, I would advise that you put a contingency that it is refundable in the event that they can’t produce a clear title.

Get involved at the local REIA and make connections here on BP for the market you choose and you will be able to figure out what wholesalers are actually doing volume. You just need to be ready to buy from them with cash (your own, LOC, private/hard money, etc).

@Eric Kulling pretty much any market in the southeast or Midwest will work. The key to brrrr is to find steeply discounted houses. The "B" (buy) is the key. If you don't get the property cheap enough it will not work as a true brrrr. Pick a market with houses that ARV around $100K and find wholesalers that can get you these houses cheap enough to allow for the purchase and the rehab to complete around $75K. You can scale these prices up or down, just keep the spread between the all-in cost and ARV at 25%. This will allow you to brrrr.

@Jeremy Marek $100/pet/year non refundable deposit plus $25/mo additional rent.

@Sebastian Sanders I agree with Sam. If you could find a good duplex or triplex that you can live in and rent out the rest you will be setting yourself up well. You can save more of your income by not having a mortgage payment, and once you eventually move out you will have a nice multi family property in your portfolio. Just make sure you analyze it as a full rental to be sure the numbers work well as an investment after you move out. I definitely wish I had done this when I was in your shoes 15 years ago.

@Dan Falcon nice. I’m going to try that on my next one. Will message you about it.

@Dan Falcon what amount did you pull out via the refi? The $42K purchase price I assume since you didn't season it. However, the monthly mortgage payment looks like you pulled out closer to $60K. Is the call the case, and if so, how do? Did you include repairs on the HUD at closing?