BiggerPockets

Shifting Focus

Friday, June 10

I've recently shifted my focus from SFR's to Mobile Homes.  I recently bought my 1st mobile home and am pleased with the deal.  The main reason I moved to mobile home invesing is the cost of the deal.  One of my goals is to develop $3 - $5k a month in passive income.  This will be accomplished with rentals I purchase and hold.  The average SFR costs around $100k for a decent home whereas a good rental mobile home costs around $15k.  The net monthly positive cash flow for both is about the same.  The mobile home I bought for instance fully rehabbed, set up on a lot and with a tenant in place costs me $15,500 with a rent of $600 and lot fee of $195.  So my net each month is $405 which equals to 31.3% cash on cash.

I am preparing to buy another mobile home in the same park from the same seller in 2 weeks.  My overall goal is have 8 - 12 of these in the next 12 months to reach my passive income goal. 

 

Bandit Signs

Sunday, September 19

I put out my 1st group of Bandit Signs (25).  The signs are generic WE Buy HOUSES xxx-xxx-xxxx.

Let's see what happens.  The number I'm using is a voice mail box.  I am expanding my marketing to include this as well website with an associate.

Newest Deal

Wednesday, August 04

I am working on my latest deal and it's interesting.  I found a multiunit property consisiting of a 2br/1ba house with 3 garage apartments.  I toured it yesterday and its looks good.  The sellers want to liquidate and move to Dallas.  They are asking $130K which may approach the retail price but I'm looking at $60 - 70K for an offer.

Let's see what happens!!!!!

Probate Property Investing

Thursday, July 08

I am branching out in my real estate investing and researching adding probate properties to my strategies.  This area may have some advantages over REO and Foreclosure investing in that it seems to be a "road less traveled by other investors.  I will add additional posts updating my progress.

1st Deal

Wednesday, May 26

I closed my 1st deal with another investor here in Baton Rouge.  It was a REO that got away from me and I asked the realtor to let me know if it comes back.  That deal fell through and she called me right away.  We put an offer in immediately and got the contract.  We sold the property 2 hours later.  Awesome!!!

I Am Pumped!

Wednesday, March 31

I am very excited by recently networking with some very aggressive and experienced real estate investors here in Baton Rouge.  I've been studying and taking "pot shots" at REI for 1 1/2 years but now I am really focused and with the help of my new assciates, we have submitted 3 offers in 2 days.  I am finally believing that I am on my way to my goal of generating income from my real estate investment activities with my ultimate goal to leave the "Rat Race" forever.

I thank God for guiding me and giving me the opportunity to pursue my dreams and fulfill my life's ambition to be happy and provide for my self and my family using His power and my belief take great things can be achieved with determination and unrelenting drive.

I also want to thank the BP community for all the support and fantastic information.