Hey everybody, my name is Kenneth Jester. I live in Salisbury, MD and I’m a current college student/ realtor. I’m looking to get my first property under my belt. In my area there’s a lot of student rentals and trailer parks so I’m thinking that those could be the best niches to explore for my area. I just wonder what the best financing strategies would be to get that first deal, would hard money be a possibility? Would that be a good route to go or not and why? Thank you for any info!!
Hello Kenneth! Welcome. I would recommend starting out small - less risk and with you being in college, you likely don't have your income completely developed yet. A small, used mobile home is a great place to start. You can get into these for a couple thousand or less. Do you work yourself, or have friends help for beer and pizza. If done properly, MHs will CF better than 75% of homes out there (in MY experience anyway). I have one right now CF'ing at a whopping $650 per month. Crazy! Would not suggest hard money. Try to get the owner to finance you. Or if you look to flip it... Do you have a credit card? If the deal is sweet enough, consider a cash advance of $1-2k to pay the seller. This can be paid back easily in a month or two if you flip the home.
@Dave Rav Thank you for the advice! Do you have any more insight as to how to find MH leads, would mailers or driving for dollars be good? What have you had success with? Also how could I go about owner financing, I am currently negotiating a MH and think owner financing could be an avenue, but I’m unsure how to bring it up. Thank you again!