Newbie investors that want to do it right.

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Newbie investors that want to do it right.

Jason Cotner
Real Estate Investor · Canon City, CO · Member since 2013 · 54 posts · 2 votes

Hello, my name is Jason and my wife is Socorro and we have just joined Bigger Pockets. 'My wife and I really want to get into real estate investing and we are trying to gather up all the knowledge we can. We have a basic plan to get started and we would like to know if it is a solid one. What we want to do is sell our manufactured home in a mobile home park for $25,000 use a little to clean up some credit issues and then some to keep in the bank and make are first deal. Is this a good plan? Any direction and information would be greatly appreciated.'

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  • Simon W.Business Member
    Real Estate Consultant · Lehigh Valley PA & New York City · Member since 2013 · 1k+ posts · 667 votes
    13y

    Welcome to BP!
    When you sell your mobile home, where will you be staying?
    What kind of niche are you going for?

    Where is your target market? Are you planning to invest out of State?

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  • Jason Cotner
    OP
    Real Estate Investor · Canon City, CO · Member since 2013 · 54 posts · 2 votes
    13y

    Thank you Simon. The plan as of right now is to rent something maybe pay 6 months rent up front to get that out of the way and really focus on making some deals. I think we want to start out with fixing and flipping with some hard money loans. We have a lender here in Colorado Pine financial that I have been hearing good things about. We will most likely start out here in southern Colorado with single family homes, but investing out of state is something we would be interested in the future. Thanks for your quick reply. Like I said we are very new to this and appreciate the help.

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  • Ben Reese
    Real Estate Investor · Driggs, ID · Member since 2008 · 60 posts · 21 votes
    13y

    It's only one of many strategies, but it's possible there may be an opportunity for cash flow right under your nose. Are there any abandoned MH's in your park? If so, talk to the park owner, get title, fix it up and rent it. The park owner will be thrilled to get the lot rent and you can make a few hundred per month off your initial sweat.

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  • Jason Cotner
    OP
    Real Estate Investor · Canon City, CO · Member since 2013 · 54 posts · 2 votes
    13y

    Thanks Ben, Yes there are quite a few MH's for sale in the park as it is a fairly big park. The park does not permit renting outright just on a rent to own basis. This maybe something to look into thanks for the advice.

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  • Brandon TurnerPro Member
    Investor · Maui, HI · Member since 2009 · 13k+ posts · 3k+ votes
    13y

    Hey Jason Cotner (and Socorro) welcome to BiggerPockets! Let us know how we can help you out. Mobile Homes are not a bad niche to get started in - John Fedro is a good source of knowledge on those!

    Also, be sure to:

    1.) Check out our "Start Here" page
    2.) Check out "The Ultimate Beginner's Guide to Real Estate Investing."

    Glad to have you here!

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  • Jason Cotner
    OP
    Real Estate Investor · Canon City, CO · Member since 2013 · 54 posts · 2 votes
    13y

    Thanks Brandon, I am so glad I found you guys. This site was exactly what I was looking for. Everyone seems eager to help out us newbies and I will absolutely return the favor once I become more knowledgeable.

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  • John FedroPro Member
    Investor · Austin, TX · Member since 2009 · 413 posts · 295 votes
    13y

    Hi Jason,

    Welcome to the site and glad to have you here!!

    There are many variables we need to determine if your idea to sell your mobile home in this park for $25k will be a good idea, or even a reasonable idea.

    I have experience in CO but would like to know the year of the mobile home, beds/baths, repairs needed, selling terms (sounds like you wish to cash out), is the home vacant, are there other parks in this area, do you wish to continue investing? We'll go from there...

    Talk soon,
    John

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  • Jason Cotner
    OP
    Real Estate Investor · Canon City, CO · Member since 2013 · 54 posts · 2 votes
    13y

    John Fedro Thanks for taking the time with this I do appreciate it. The home is a 1988 3br/2ba around 1269 sq ft We currently live here. We just had the exterior painted last September. No major issues with the home that I know of (I haven't been underneath it). The kitchen could use some cosmetic TLC, and the stove and fridge are older, dishwasher is new. Our lot isn't much to look at, its not trashed it just has no landscaping to speak of. We do want to cash out. Similar MH's have recently sold in this park and it seems like people are wanting to move them out on their own land. There are several MH parks in my area (Fremont County) ranging from pretty trashy on up to your nicer ones. Yes this is why we are selling...to continue to invest. We have had our ups and downs and we are striving to be financially stable. Thanks John please let me know what you think and if you need any more info.

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  • John FedroPro Member
    Investor · Austin, TX · Member since 2009 · 413 posts · 295 votes
    13y

    Hi Jason,

    We all agree that investing in RE is a great way to become financially stable and more, for this I congratulate you for joining us. With that said if and when you can sell this home for all-cash you will have a little bit of money to reinvest into another deal, although I'm not sure where you plan to live.

    Either way we can all agree that selling your home for all-cash is the main objective you have in front of you. Your property sounds nice, large, and is great it's a 3/2. If other homes comparable to yours have sold in the recent past then market your home for a similar price, perhaps make some cosmetic tweaks, and perhaps a 30 day warranty on certain items to move it even quicker. Market the home in every inexpensive way you can think of to get the word out.

    Be aware that if you are looking for a quicker all-cash sale then your MH will have to be 10% nicer than everyone elses and 10% cheaper in price (as you are competing with every other MH seller looking for the elusive all-cash buyer).

    Since you are looking for an all cash buyer and since your MH will not likely qualify for a loan it is simply a waiting and marketing game to find a buyer with cash. Since you do not wish to hold payments I will not go this route.

    If the MH is a doublewide you will find less buyers that plan to move this home out of the park as opposed to a singlewide. Not a big deal, just FYI.

    All the best,
    John Fedro

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  • Jason Cotner
    OP
    Real Estate Investor · Canon City, CO · Member since 2013 · 54 posts · 2 votes
    13y

    John Fedro Thanks for all the great info and taking the time to get back with me.

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  • John FedroPro Member
    Investor · Austin, TX · Member since 2009 · 413 posts · 295 votes
    13y

    Happy to help and best of luck to you both. Contact me (or us here at BP) and let us know how it goes.

    Best,
    John Fedro

    Podcast Guest on Show #75
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