All Forum Posts by: Logan M.

A couple of other sources that could generate flips are expired, withdrawn and canceled listings. 

I have two flips running currently, including one in Santaquin that were both on the MLS. Most investors and agents are too scared to negotiate, I bought the home on over an acre for 300k.

I like to take a net approach where I utilize as many sources as possible to find deals.

 Thanks @Wyatt Wolff I wish this was a bigger part of the investing conversation. I have yet to read anything that dives into Operating in real estate.

 Talk to the owners directly and figure out what their needs are. 

Rarely will they say a bunch of cash, it usually is something else like more freedom etc

 I agree with Rachel but I will add one addition, Credit Unions. If you have a relationship with a smaller bank in some cases they will lend on smaller parks located within the area they operate.

The greatest secret to business is learning how to be an exceptional Operator. This is the person who ensures the implementation of the overall strategy of the business.

In the mobile home park investing niche, I have found a near-limitless opportunity in underperforming parks. There are several reasons why they are underperforming, but I want to focus on the opportunity it creates. If you know how to maximize your communities you can repeat that strategy over and over again. This could be rent collection, filling vacancies etc etc

Being a savvy Operator coupled with Seller Financing removed 99% of your barriers and allows you to repeat it over and over again.

Recap:

Learn to operate communities at an effective level.

Learn creative financing to lower the barriers of entry and increase ROI.

 I am a licensed dealer in Utah

Radon mitigation is not very expensive, I did it on my home for like $1,200

Big things always happen when you are on vacation, that is a rule of the universe.

Below is a picture of a water leak in one of my mobile home parks this last weekend. There was so much water that we had to use a pump and mini x to get to the shutoff.

I am posting this because I want to add some extra emphasis on how important systems and good employees are to your success.

I was in Hawaii over three thousand miles away and we were able to get this taken care of without me there and without help outside of our contacts. 

Murphy's law is the real deal so build your business like it.

Maybe I am cheap but Calculator.net works great for most seller financing situations. It can start getting tricky if you make extra payments and it will not give you any escrow collection. I pay all of my sellers directly.

*Feel free to skip the next paragraph

You are what you eat. Never trust a skinny chef. Actions speak louder than words. Practice what you preach. Put your money where your mouth is. Walk the talk. Lead by example. The proof is in the pudding. You reap what you sow. Actions define character. Practice makes perfect. Words without actions are meaningless.

For example

I have heard "investors" put $5,000 in syndication and now tell everyone they own 1000 units. If you use Bigger Pockets right you can pick and choose people who are the real deal. 

If you are a new investor vet profiles and don't just network to network, network to get where you are trying to go.

It frustrates me when I see people who have two investments worth $60,000 a piece that they bought in Mississippi giving investment advice, I could say the same about Realtors who don't own investments and have no idea how it works.