From the Gulf Coast, new to BP 36541.

From the Gulf Coast, new to BP 36541.

Grand Bay, AL · Member since 2017 · 19 posts · 0 votes

Not sure if this is like a AA meeting but here goes lol.

Hi, my name is Kyle Mcdonald I'm 25 been working full time since I was 15, I have been self employed full time now going on 4 years. The company I started is in logistics, has turned out to be great income but it keeps me from home/family more times than not. I had a great opportunity to purchase a house via owner finance when I was 19 from a investor that was a family friend. That property will be paid for here fairly soon and I couldn't be happier. I am dabbling in real estate and so far and am super jacked about it, I am also in the process of buying a bigger house (due to a growing family) and plan on renting my current house out which would be enough to make my new house payment. 

I am kinda at a stand still though because I don't know exactly what direction I want to go from here? Once I finish the house I am buying I should have about 130k equity in it, should have access to that $$ by Julyish. I am also 50% owner in a trailer/RV park (about 16 units) and so far seems to be a pretty good money maker, but we have just been reinvesting it back into itself. Annual NOI of the park is about 62k, the cash flow is about 38k, writing it down on paper and all the time out there working on it I think it could double that with the right amount of elbow grease. My predicament is, I don't know if I want to go more in the mobile home park direction, single familys, or even multi family's units. I do however know I want (at least at the moment) to be involved in being a landlord, I like the idea of residual income and not having to kill myself with physical labor forever.

 After listening to the podcast for awhile figured it was time to post, and hopefully get connected with some people in my area, and looking to get all the advise and direction y'all are willing to give.

Thanks for reading,
Kyle McDonald

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Professional · Carlsbad, CA · Member since 2012 · 12k+ posts · 1k+ votes
9y

@Kyle McDonald

Welcome to Bigger Pockets. Make sure to read the Beginner’s Guide: http://www.biggerpockets.com/real-estate-investing

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  • Grand Bay, AL · Member since 2017 · 19 posts · 0 votes
    9y

    I also tried like 10x to get a picture to upload but for some reason it never sticks. I d k?

  • Professional · Carlsbad, CA · Member since 2012 · 12k+ posts · 1k+ votes
    9y

    @Kyle McDonald

    Welcome to Bigger Pockets. Make sure to read the Beginner’s Guide: http://www.biggerpockets.com/real-estate-investing

  • Grand Bay, AL · Member since 2017 · 19 posts · 0 votes
    9y

    @ Mark Nolan

    Thanks I will be sure and check it out!

  • Investor · San Antonio, TX · Member since 2013 · 206 posts · 71 votes
    9y

    Welcome. I started in SF but wanted to get into multifamily and found myself in mobile home parks. It's a pretty solid investment vehicle as long as you know what you're buying upfront, and not to buy something that will be a problem, i.e. sewage lagoons and old/outdated park infrastructure.

  • Daniel HymanBusiness Member
    CPA · Milwaukee, WI · Member since 2016 · 2k+ posts · 1k+ votes
    9y
    Kyle McDonald welcome to forums! Best of luck on your journey.
    My Online Accountant572 Reviews
  • Investor · Mobile, AL · Member since 2013 · 71 posts · 29 votes
    9y

    welcome to BP. I'm from Mobile

  • Grand Bay, AL · Member since 2017 · 19 posts · 0 votes
    9y

    Thanks guys! @Michael Watts what kind of real estate are you involved in?

  • Grand Bay, AL · Member since 2017 · 19 posts · 0 votes
    9y

    Rich I was reading your profile, do you like owning the mobile homes or just the spaces they rent? I have access to a MH park that needs rehab, about 55 spaces but I think only 10 or 15 are rented. I could get it for about 225k I think its grossing about 5k right now, honestly I have kinda just put it on the back burner for now.

  • Grand Bay, AL · Member since 2017 · 19 posts · 0 votes
    9y

    Bump

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