Good morning everyone! I am new to REI and bigger pockets and figured I'd start by saying hello! I've read several books and watched several videos on investing. Just need to take the jump. After I save up a few more grand.
Flipper/Rehabber · Seattle, WA · Member since 2015 · 333 posts · 459 votes
4y
Welcome :) You might start by doing what I did 20 years ago and am still doing - flipping mobile homes in mobile home parks. Why? I'll give you 3 quick typical examples.
1) Purchased home for $5,000. Pretty up for $3,000. Total in $8,000. Sold for $24,000.
2) Purchased home for $10,000. Pretty up for $10,000. Total in $20,000. Sold for $40,000.
3) Purchased home for $50,000. Pretty up for $50,000. Total in $100,000. Sold for $170,000.
Mobile homes in parks are personal property, not real estate. Bought and sold like a car. Fast, simple, investment level choice, outstanding profit margins, not a lot of competition (most investors have no idea how or why this niche housing segment works).
Take the cash you make and invest in income producing real estate :)
Flipper/Rehabber · Seattle, WA · Member since 2015 · 333 posts · 459 votes
4y
Welcome :) You might start by doing what I did 20 years ago and am still doing - flipping mobile homes in mobile home parks. Why? I'll give you 3 quick typical examples.
1) Purchased home for $5,000. Pretty up for $3,000. Total in $8,000. Sold for $24,000.
2) Purchased home for $10,000. Pretty up for $10,000. Total in $20,000. Sold for $40,000.
3) Purchased home for $50,000. Pretty up for $50,000. Total in $100,000. Sold for $170,000.
Mobile homes in parks are personal property, not real estate. Bought and sold like a car. Fast, simple, investment level choice, outstanding profit margins, not a lot of competition (most investors have no idea how or why this niche housing segment works).
Take the cash you make and invest in income producing real estate :)
Thank you Jerry! I have indeed thought about turning mobile home parks myself. I believe my biggest battle is with myself and the worry of (what if?) . I still have yet to Watch an experienced investor actually do a walk through during a real transaction. Seeing is believing I guess is where my mind is going ha ha. I know once I see one successful transaction done then that’s be concrete for me to jump in nose first. My end goal is to bring in at least 5-10K a month passive on the low end of my journey. I know the times has severely changed since your beginning, how would you go about finding deals or getting started if you had to start from scratch with let’s say , No job, 3-4k$ in savings and credit score of let’s say 600 flat? Just a small scenario to go by .
Good morning everyone! I am new to REI and bigger pockets and figured I'd start by saying hello! I've read several books and watched several videos on investing. Just need to take the jump. After I save up a few more grand.