All Forum Posts by: Sean Cole

I purchased this property with the intention of fixing it up and renting it out (BRRR), but I've changed course after completing the rehab and am now looking to sell.

The property has dimensional shingles, newer HVAC, washer/dryer already installed, newer kitchen and bathroom, brand new carpet and pad throughout and new paint throughout.  Rents for properties in the area are $800-$850/month, but this property is in better condition than others that have recently rented.

Photos will be uploaded within the next day or so.

@Nicholas Salvia, unfortunately your premise in the original post is incorrect.  The Fed doesn't set mortgage rates.  Historically, there is some correlation between the Federal Funds Rate (which is actually just the rate that banks pay to borrow money overnight to balance their books.  Even this isn't actually set by the Fed - it's a target that they publish and then they take actions to influence the rate to settle at their target), Prime Rate, and many other interest rates.  Mortgage rates are almost always set relative to US Treasury yields, which (again) have nothing directly to do with what the Federal Reserve does.  In short, there's nobody that decides mortgage rates are going to go up or down.

The current target rate is 0.25% to 0.50% and has been since late last year.  Over that same time period, mortgage rates have actually fallen from 3.87% to 3.42%.  This is, again, because our mortgage rates are actually determined by US Treasury yields.  This yields have been held low because they're still viewed as the 0 risk investment option.  Global economic uncertainty has driven investors to seek out US Treasuries.  When more people are buying bonds, the yield goes down.

While some might think that laying out this distinction misses the larger point of the post, I'd say that understanding what mortgage rates are actually driven by is very important when trying to discern future market corrections.  If you're just looking at what the Fed does and you ignore what's going on in the world economy, you might act based on the Fed raising rates when mortgage rates may actually not do what you think they will.

Hope this helps.

https://www.eventbrite.com/e/craftsman-properties-...

We're hosting another meetup/networking event at the A Tavola in Madeira tomorrow night.  There are only a few spots left and the weather is going to be great for the outdoor area we'll be occupying.  We had over 30 people show up last time and more than 30 registered already this time.

We're not pushing any services or products here - it's a true meetup/networking event to chat with other investors and vendors in attendance.  We'll pick up the bar tab, too.

@Account Closed at least in Ohio, most title companies will do a split-HUD where the buyer only sees the buyer side and the seller only sees the seller side. Now, of course this doesn't eliminate the end buyer from knowing the assignment fee, but they see it when they sign the assignment anyway.

@John Thedford I think you missed where he said it was a double closing.  That means the first buyer was actually closing and then reselling.  

I use Xero for my businesses and have really appreciated how easy it is to use.

Ha!  I didn't even look.  I was wondering why you would have posted this from GA!

@Riley Gilson I understand what you're getting at.  The advertising issue is very easy to overcome.  The passive nature of it isn't - for me, at least.  The other major issue that I'd have is that my deals would be lumped in with all the other yahoos who fancy themselves wholesalers.  I already get enough crap from folks on BP just for being a wholesaler.  I wouldn't put myself up for any more abuse or guilt by association.

@Riley Gilson something like you're proposing would potentially violate real estate marketing laws in Ohio at least.  My experience is that I sell the vast majority of my houses to people that we pick up the phone and call vs. people that hear about it from any other marketing that we might do.  By vast majority, I mean over 90%.