Real Estate Investor · Orlando, FL · Member since 2008 · 12 posts · 13 votes
Hello everybody,
My name is Chris and I have been a active reader on this forum for probably about a year now. I've read a wide range of books ranging from motivational stuff to very specific real estate exit strategies. I am most interested in doing short sales, subject to's, and then creating some passive income by doing some Lonnie Deals w/ mobile homes. I live in Orlando, Florida and although the traffic is horrible, it has turned out to be a blessing in disguise because I am surrounded by distressed home owners and have 5 mobile home parks within a 2 mile radius and many more within a very short distance.
I am currently a 24 year old college student and HIGHLY motivated to be a Real Estate Investor throughout the duration of my lifetime. I consider myself very fortunate to live where I live, and to have the full ARMY of BiggerPockets investors to network and build relationships with.
It feels good to finally introduce myself to you guys/gals. Thanks for having me! :beer:
Chris have you done any deals since your post in October? I bought a 53 space MHP in August 2009 and then a 40 space senior MHP in Dec. Surely, you have had time and opportunity to work some MH deals. The 53-space MHP had 3 vacancies, but another MHP gave me a doublewide and a singlewide, then I was able to buy a singlewide from a senior MHP and moved it in. Both of these MHPs are now fully occupied. MHs and MHPs sure do beat SFRs, Apts, and Office Buildings!
I actually only sold 1 mobile home and am in the process of selling a second. I've been focusing on obtaining short sale leads the past few months. Every weekend we put out 50-100 bandit signs and currently have a couple of deals going through the process, 1 of which is a bird dog to our very own Nick J.
Most recently, I bought the e-book from Steph at FlipThisWholesaler.net and have been putting bids in to bank owned properties to wholesale them out to cash investors. No bids have been accepted yet but I am also currently working on finding a cash buyer for another wholesalers property and split the commission.
My plans are overall the same, just slightly different at this point. I want to take advantage of the overwhelming foreclosure market here in Orlando and do as many short sales as I possibly can. But I have no money for marketing for direct mailers or any other approach. I currently have a friend buying blank bandit signs and I am going to split any profits I make with him included, along with my partner. I just made fliers that I am going to walk around and put out in the neighborhood to try to get some leads that way.
I want to wholesale REOs to cash buyers because there is no risk and quick cash. I want to use this money to pay for marketing for more short sale leads. Then I want to use some money from the short sales and invest in some Lonnie Deals/Mobile Homes to create passive income.
Last but not least, I want to set up a team that does all of this for me and then invest some (10%) of my earnings in other things like stocks or funding a small business.
My overall success has been mediocre. I have learned a lot and feel like my positive mindset and my burning desire for success will most definitely lead me to it very, very soon. However, I haven't really collected any money which just makes it hard to keep going when i have no money to support myself or the marketing that I need for this business. I will not give up and I will incredibly successful very very soon.