All Forum Posts by: Ashley Childers

That's not a whole lot of info to go on, but speaking from my own personal experience and opinion, I would sell the condo. If the HOA's are already wiping out your cash flow, there is a good chance that future increases in rental value won't exceed future increases in the HOA fees. Instead of paying down the SFH when you sell the condo, use the funds to purchase another property that WILL provide cash flow. You aren't losing money on the first home, there are no HOA fees and there is a decent chance (depending on your specific market) that it will slowly build cash flow while paying its own self down. Just my thoughts though, good luck!

Well said Benjamin!

I have a background in mobile homes, and I can say that the toughest thing these days is finding manufactured home friendly zoning, along with the proper available utilities. That's why you don't see a whole lot of new communities being built in most of the country anymore, and I think that is a shame. Properly designed and executed manufactured home communities do not look bad, like their stigma suggests, and they could do a whole lot to help our affordable housing issues. If you haven't been there yet, go to mobilehomeuniversity.com and dig around a little. There's some pretty good reading there, the site was created by two of the largest mobile home park owners in the country. Good luck!

Hey Stephen I'm in Asheville, on the other side of the state from you. Many of the contracts that you might need are right here on BP. Go to tools at the top of the page, and you'll see the file section where you can search. As far as learning and finding a mentor, I would recommend meeting as many investors in your area as you can, through BP and local REIAs (sounds like you are already doing that), get to know them and find one who is willing to take the lead with you and partner on a deal. Figure out what you have to offer in the partnership, be it money, skills, or just plain old willingness to work hard. You'll have a lot better chance finding someone willing to do that, versus asking for a mentorship. Be persistent and you'll do fine, good luck!

I have two properties that have the washer and dryer hookups in the garage, and the high temperature this week has been 21 degrees. No issues. I have owned both properties for several years, never any problems but of course every situation is different. Down the road you may consider moving the pipes inside the wall instead of on the wall's surface, unless of course it is a block or concrete wall. Good luck!

I recently dealt with a similar situation and it got very sticky, to say the least. While I can't really advise you (I'm in NC, our tenant laws are likely night and day from yours), I would recommend taking all the information and having a sit down with a local attorney who handles evictions. Even if they charge you a few bucks for their time, its a very small price to pay. You don't want to pass on a potentially good deal if it is workable (after all, our job is to be problem solvers), but you also don't want to inherit a nightmare. Regardless, at some point you likely need to open a dialogue with the tenant, I understand the seller doesn't want you to but you may be able to resolve the issue simply by being a good listener to the tenant's argument. Just my 2 cents, good luck!

You did your first flip at 21 and made money?? Awesome!! 21 years ago, I did my first flip at 19 and it did not go so well to say the least lol. I had no help, no knowledge and I actually used a paint brush to apply drywall mud (let's keep that between us). I survived it and went on to do many more, even branching out into small mom and pop business flips. The biggest piece of advice that I can offer you is, don't let the early success go to your head. Confidence is great but ego can make you reckless and that's when mistakes and bad purchases happen (speaking from experience here). Stay cautious, continue to make good judgement calls and ONLY buy when the numbers work. You can have a very bright future ahead, and I wish you the best of luck!

I won't say that I never buy off the MLS, but it is not often that I am able to find deals there where the numbers work or that there isn't an immediate feeding frenzy. For me, definitely off market. Driving my areas is the best. Get a map, Google Earth works but its hard to beat an old fashioned paper map that you can hang up of your local area of interest, your 'farm'. Make a radius around where you live that you are comfortable with, for me I like to stick to 10 miles when possible. Break that circle into pie slices, and you have the beginnings of a route to drive. Make yourself a schedule and hit each section, working your way all around the radius, then start back at the beginning. Drive around in each slice systematically, look for those red and white FSBO signs, I love those. Abandoned houses are good but I've never had a lot of luck turning those into closings, could be that I'm just not persistant enough. Beyond that, make some cheap business cards that say you are buying houses and offer a specific referral fee. Just a couple of things that keep me busy, certainly not a fix all but a good way to get going. Good Luck!

That is a very smart and safe strategy, welcome and good luck to you!

Welcome Colin and good luck to you, you'll find pretty much everything you need right here in this community!