A Day in the Life 6-30-15

Today was fairly uneventful.  The dumpster was delivered to the Willow Flip, but no work completed.

My Realtor called me about a house that became available, so I told him to make an offer on it.  It is listed for $57,000 with an ARV of aprox. 70k-75k.  My Realtor told me there was some mold in the crawl, and some drywall would also need to be replaced.  I told him to make an offer with a 10 day inspection period of 35k all cash.  I don't think they will respond, but I am not too worried, as I have my money out on 2 projects already.

I also signed  up for the mobile home park university boot camp today.  I will be going in August. If you look at the website, you will see all the reading, and CD listening I will need to complete before the boot camp.  Sometimes I get discouraged as if I am way over my head.  It can be difficult when nobody else believes in you.  Especially when you really don't know what you are doing.

I evaluated a few apartment and MHP deals I get daily in my inbox, and all seem outrageously over priced.  I feel like I want to make an offer on one, and go through the Due Diligence process just as a learning process.  I got one today that bragged about a 6.9% cap rate on 61% occupancy.  I like the occupancy rate, as it leaves a lot of room for a value add.  But I wonder why I should pay an absurd cap rate for a b-c property.  Maybe I will learn something from this training, but I don't think we are even close to making a deal on this one.

As Always thanks for following me on my journey to riches.