All Forum Posts by: Chad Coates

If you're taking a "hit" every month it's a bad deal. Do not buy a rental if it will not cash flow. Flip out of it.

Late to the conversation; I saw a ton of flips posted in The Colony last night. I was wondering who did them. Same materials throughout.

I'm in The Colony. I am still learning and planing. I noticed several flips posted in 75056 last night, all obviously done by the same crew. Seeing those is a true motivator.

Living in The Colony, I may be biased. I am also starting to do this research. My thoughts; The Colony is still a short trip to DFW, retail and restaurants are blowing up with things like Nebraska Furniture Mart. Toyota is going to be near and they are already moving departments out here into temporary work spaces. Main Street is about to be all new. It neighbors a nice marina.... When I bought here I landed in a foreclosure not really having a plan, just knowing it was a great deal for me. At the time we were shopping between Carrollton and The Colony and found the comps were usually 20k cheaper in The Colony. That was almost 6 years ago.

My intention; sell this house next spring and walk away with enough cake to start taking action. I'd bump up the schedule but I'll have a senior in high school next year.

Thanks BP peeps! I'm feeling pretty good about this now.

Current - 5.5. possibly going to 4.7 and dropping PMI. All of the $20 cash would go back into this place looking for a bigger equity check to play with in selling this place. @Alexandar A.

More details:  I never plan to pay this place off.  My current mortgage balance is $153k; rolling in cost and pulling $20k out I'm looking at a new loan of $182k.  With that I will still pay $100 less per month.  

This is where I need to be told "good thinking" or "Chad, you're an idiot".  The $20k cash will put the lipstick on the pig here (cedar fence, new a/c units, brushed nickle door levers).  With those items addressed this place meet or exceed my comps selling for $275-300k.  That in theory would give me a possible equity check of $95k!?  With that I can throw down on my families (6 of us) next place and throw down on my first flip or B&H.  Thoughts?

I guess I'm cutting my teeth on my own place. I've been in an FHA for five years and having bought a foreclosure we have plenty of equity. After reviewing a few offers its clear that I can take 20K out and still have a monthly savings over my current P&I payment. I guess the question is: in refinancing to a new 30yr fixed are there any red flags or rookie mistakes I can look out for in comparing offers to refi? This is my first of many BP inquiries I'm sure ;)

Unless I missed something above; I'll bet the issue is 12-18 inches from each sink. Before you cut, grab a $2 plastic drain clearing tool from any big box store. It looks like a saw fish nose ;)