All Forum Posts by: Tony Robinson

@Tony Robinson Was the property one that had been on the MLS for awhile? Also, when did you go see the property in person? I want to consider farther states, but I'm still a little hesitant about being too far away from my properties!

Wow! @tony Robinson You did an amazing job.  I would love to hear your final numbers. Obviously, learning is invaluable, but it would still be great to see.  thanks for sharing.

@Tony Robinson Congratulations and thanks for sharing bruh.

@Tony Robinson Very motivating. Congrats!

@Tony Robinson

Tony, congrats on your success. That is a fantastic story. Curious on a couple of things:

1. You said next time you’ll wait to refinance because the monthly payment on a 6% interest only construction loan is cheaper than a conventional 30 year at 4.75% since the conventional includes escrow payments for insurance and taxes. However, you would still be paying insurance and taxes regardless while you own the home, the only difference is whether it’s through your mortgage payment or not (tip- make sure you’re checking the county website for property taxes due shortly after closing since it’s not automatically covered by your construction loan). Why is this affecting your decision of when to refinance? Shouldn’t it be based on whether you want to walk away with any extra cash or not after the re-fi by doing a cash out instead of rate/term refinance? Or whether you’re wanting to get out of risky debt (interest only short term loan) and lock in a long term loan with a good rate as soon as possible to complete the deal? I am just confused why your decision of when to refinance has anything to do with fixed costs like insurance and taxes being included in the loan payment. Or did I misunderstand what you were saying?

2. I saw in one of your comments you’re cash flowing about $200 after management and all other fees. Does that include any contingency for monthly maintenance and vacancy?

Again, congrats on the success and thanks for sharing. Finding a bank that gave you those loan options was a fantastic story. I am based in CA and own out of state as well, always enjoy connecting with other investors doing the same thing.

This is so motivating...! Thank you for sharing! I too love the business of real estate and I am looking forward to being productive in the field. I haven't close my first flip yet but I am looking forward to it with optimism, and hearing this story fires me up. 

Awesome work! The financing is out of this world amazing!!! Wow! How did you find this bank?

 What was the interest % you got on the loan? Many new borrowers get a very high interest rate so cash flow can get squeezed in deals where bank finances everything. Congratulations on the rehab and finding a small town market, there are a lot of gems out there away from bigger cities. 

Congrats on the great deal, the place looks great!

Congratulations @Tony Robinson and thank you for sharing the details of your investment.  I just started looking into real estate investing and this is my first day in the BP forums.  Your story is truly inspiring. Best of luck in the future.  I look forward to hearing and learning more from you and the rest of the community.