All Forum Posts by: Colton Bridges

Investment Info:

Other other investment.

I have a shop on my property that has a one bedroom apartment.

House Hacking that for $800/mo.

Didn't know what a DSCR loan was until this post

I honestly have no idea what I’m doing lol.

My initial idea was to find a house in the &150k-$200k range and flip it for $300k-&350k.

This deal came along and I have an opportunity to cash flow $3k a month When converted to a fourplex and it has a non attached garage that I could turn into an ADU which would add to the cash flow.

im just hoping to get out of the hard money loan and lower my payments and rate if possible so my rents can cover mortgage.

I have an air bnb rental that I have a very nice chunk of equity in but won’t be able to sell it til spring. Once I sell that I’m gonna convert to a fourplex and do the ADU.

going through cash quickly and also using credit cards when possible like to purchase materials. I know this thing will pay off in the long run but don’t want to kill myself doing it lol 

Thank you for the advice everybody! It sounds like the DSCR is the route I need to go. I'm hoping it will get me a better interest rate and payment so my rents can cover the mortgage.

I will be reaching out to you guys to see what my best options are.

Pretty cool to have this community to help figure out problems 

Better rate and terms!

I recently bought a duplex that I plan to convert to a fourplex. I used a hard money loan to purchase this off market deal.

I rehabbed the upper two units within two and a half weeks and have a renter already lined up for one unit. I believe after the holidays the other unit will go quickly.

What is the rule to refi into conventional loan? If I secure renters and show a lease agreement and deposit can I get into lower interest rate mortgage?

I wasn't planning on going this big for my first investment but the deal, location and potential to value add was too good to not go for it.

Thank you!

thank you all for the positive welcoming!

Fellow investors,

Recently quit my W2 job(commercial General Contractor) to pursue full time real estate investing. I own three properties and have a great amount of equity in all of them. I also have a good amount of capital.

Looking to get into flipping to earn more capital and also hold some properties to build my portfolio. Any advice, leads or potential partnerships would be greatly appreciated.

Thank you all!

-Colton Bridges

Spokane/CDA

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $552,000
Cash invested: $30,000

purchased this home as primary home. lived in it for 1 1/2 years, rented it out and moved to a different primary home.