All Forum Posts by: J Frank Cole

Hi @Stanley Dean.  My wife and I are in the process of getting an ALF up and running in Va Beach right now.  It's a super exciting niche market and the returns are spectacular.   I know there isn't a lot of information on the subject out there, so if you have questions, feel free to ask!

@Douglas Slingerlandremember that guy that owned that restaurant that you washed dishes at when you were 15?  And he was kind of an a-hole and made you work double shifts so you quit?  And then you noticed he started opening more and more restaurants and getting more and more recognition?  Yeah, start with that guy.

Welcome @Andre Cano!  You might consider using the Blue Ocean strategy:  basically, go where your competition is not.  For instance, my wife and I have begun to invest in residential assisted living facilities here in Virginia Beach.  There is virtually no competition and much higher returns than a traditional buy and hold or a flip.  However, we still use the advantages of traditional residential acquisition strategies (i.e. yellow letters, seller financing, etc.).  I believe this is an example of what @Jacqueline Carringtonis speaking of.

Welcome @Candi Rivera! Rich Dad Poor Dad started me on my way too, if you use the tools on this site, you can definitely have a very successful REI career! Hope to see you around the forums!

Welcome @Adam Wimmer!  My wife and I are investors/real estate agents here in Virginia Beach.  Sounds like you've been putting in the work on your investment education, that will pay off for you big time when you begin to implement it.

One question for you; are you investing with a self directed IRA? I have no opinion good or bad, I just noticed you needed a PM to oversee and I know that's a stipulation of a self directed IRA.

Anyway, welcome to the site, let me know if you have any questions and I'll see you around the forums!

@Paul ZofsakYes, that would be a place to start haha.

@Paul ZofsakI was a contractor and an estimator for a handyman company in previous life, so I have a little bit of a leg to stand on here.  The reason a dedicated flooring shop (lumber liquidators) or a dedicated tile shop has higher prices is because it's a better product.  This is especially true with tile.  A real tile shop carries "ones" which are generally the same dimensions relative to one another (i.e. square).  Home Depot/Lowes carries "twos".  These are tiles that may not be quite square but the tile manufacturer (the same company that makes the fancy "ones") will unload in bulk at a huge discount.  Then there's wholesale establishments, we have one in Norfolk called Home Emporium.  I don't know if it's a chain, but it's pretty cool.  Definitely great for a rehab.  These guys carry "twos and threes" and they can range from out of square to colors don't match to uneven tile.  But if you're smart about it, you can save a ton of money.  And in my experience, nobody seems to really notice it if it's minor imperfections.

Wood flooring is similar, but I would caution you on using laminate from a big box (I wouldn't use laminate at all, actually).  It's an inferior product and if moisture becomes an issue, you'll have to redo the whole thing.

You can usually save a lot of money on lumber by buying from a building supply store (lumberyard) instead of Home Depot.  You'll have to calculate the wood you need in advance, but it's worth it, you'll save quite a bit.

Hope this helps a little bit!  Let me know if you've got any questions, I've definitely been there.

@Rony MuellerI was a licensed contractor specializing in carpentry of all shapes and sizes.  It took me 20 years to be a great carpenter and I still have lots to learn.  In my opinion, Youtube is THE BEST resource on the planet for hands on learning.  Everything is on there. Skip the books, skip Home Depot (those guys don't really know anything anyway), pick up your hammer and do the dirty dirty!

@Steven KopsteinVery insightful.  I shall never complain about my hustle again.  These little town blues.....

@Gina TyckosonWelcome!  BP is a great resource for investors.  And I agree, seller financing is super sweet, I go after it every chance I get!