All Forum Posts by: Cory Binsfield
Cory Binsfield has started 10 posts and replied 153 times.
Post: Wow! I'm in Forbes
- Financial Advisor
- Duluth, MN
- Posts 156
- Votes 194
Originally posted by @Brian Ragsdale:
Loved the article too. I liked the idea of using the cloud as well. One question I wondered is if you have back up contractors/handy people, or do you regularly use the same contractors? Best, Brian
Post: Wow! I'm in Forbes
- Financial Advisor
- Duluth, MN
- Posts 156
- Votes 194
Thanks for all the kudos fellow REIT investors!
I wish I could say I was an overnight success, but that was far from the case. It was simply sticking with a plan of buying one property at a time and making course corrections whenever the market/life threw me some major obstacles.
I'm still buying and have learned a lot over the years. For those of you interested in the journey, see podcast number 86.
Anyone can do this If they are willing to put in thoughtful effort. The first five properties are the most difficult. After that, you discover ways to speed up the process while building out your team.
If all goes well, I may have a 8 unit under contract soon. So far the terms and property are perfect. A true "win-win" for all. I will post in success story once it closes along with how I found it and why it's a great deal.
Post: Wow! I'm in Forbes
- Financial Advisor
- Duluth, MN
- Posts 156
- Votes 194
Need some inspiration? Maybe this will help.
Thanks BP for keeping me inspired as a I continue to grow my portfolio.
Post: House Hacking at $1,050,000! - Only $5,000 (net) out of pocket! - San Diego
- Financial Advisor
- Duluth, MN
- Posts 156
- Votes 194
Wow! This is the ultimate house hack and a great way to invest in CA where rents are low and prices are off the charts.
The beauty of this deal is you tied up a million dollar asset with less than 1% down-inconceivable! I'm not sure what your exact mortgage payment is but estimated it at $5,012/month before taxes and insurance.
If you simply hold on for 10 years you will paid off $222,000 in principal.
In other words, your $4,100 net out of pocket grows to over $200,000. That's my kind of investment.
Keep working it and stay focused on your goal. I like the FHA idea next. Owning the 4 unit is a great way to gain real world experience and is worth waaaaaaaay more than a $30,000 real estate boot camp taught by a guru who never managed an investment portfolio.
Post: My tenant is taking care of other people's dogs
- Financial Advisor
- Duluth, MN
- Posts 156
- Votes 194
This is a simple issue. Send them a notice that they are violating the lease. They need to move. Problem solved.
Post: Best Podcasts
- Financial Advisor
- Duluth, MN
- Posts 156
- Votes 194
I listen to lifestyles unlimited in addition to BP. They have an iTunes feed as well. It's called Learn Real Estate Investing Lifestyles Unlimited. They are out of Texas. Pay special attention to the Del Walmsley and John Ridgeway shows. I've listened to all the shows while working on rentals or driving the car. Great stuff!
Post: Why I'm not a flipper
- Financial Advisor
- Duluth, MN
- Posts 156
- Votes 194
Sorry about the ???? It was supposed to be a thumbs up emoticon.
Post: Why I'm not a flipper
- Financial Advisor
- Duluth, MN
- Posts 156
- Votes 194
Nice ????
Post: Why I'm not a flipper
- Financial Advisor
- Duluth, MN
- Posts 156
- Votes 194
Originally posted by @Jimmy Hong:
As a flipper, let's not break down Cory too much, his topic means well and no one disagrees buy and hold is an intelligent strategy.
Keep proud Cory, us flippers will continue as well and hopefully we will all get to our goal of financial freedom.
Thanks Jimmy. I like your style!
Post: Why I'm not a flipper
- Financial Advisor
- Duluth, MN
- Posts 156
- Votes 194
Originally posted by @Mike McKinzie:
While I didn't read every post, I get the gist of what is going on. I think it was @Mark Ferguson who said that he has 10 flips going right now with about a $349,000 profit. That is most excellent and I applaud the results. As for me, in June, I bought a package of 7 homes from one investor for the price of $500,000.00. Appraisal's came back at a total of just over $800,000.00. To top it off, the seller carried back at 4% with 20% down. Rents are about $6,300 a month. And the best part is I never drove a nail, never inspected a home, have zero employees, have no capital gains taxes, no commissions to pay, and increased my gross annual income by about $75,600, net income by about $30,000. So while making money flipping is a GREAT way to make money, an investor can also make money buying "hold for flow" properties.
Best of luck to all of you and your endeavors!
Holy Cow!!!!!!! I've got deal envy ;)
Not that it matters, but how did you structure the seller carry? Was is a long term note or a short term with a balloon?