All Forum Posts by: Account Closed

Im going to say something that a profound college professor I had said:

The world doesn't owe you anything..... 

And im guessing if you were the flip side of the equation you would be trying to figure out how to sue the buyer for not closing......

@Charlotte Dunford Ideally you have a park or a self storage.  It becomes more grey as they mix, fewer buyers in my opinion. Will be deal specific 

@Charlotte Dunford This is going to be completely depending upon how everything is platted, the zoning, and if they are separate, or have the ability to be separated.  There would be great opportunity with the right strategy fo realizing this POST acquisition and optimizing the value.  

I tried to buy a package once that was the same property but the exit would be to sell the self storage component since it was already subdivided and could just reduce the cost basis of the deal and fix / operate the park.

@Gregory Williams  You might be able to get lucky with 10 min a day but the more time you put forth... the luckier you might get. 

At some point you are going to have to pull the trigger. Dont get so caught up on getting the last 1k or 5k out of  a deal.  Once you are able to successfully do one deal i think that taste of accomplishment helps propel you to the next one and so forth. 

REAs can be good, just talk to guys doing deals today, not selling anything.  Lot of people out there who just want to help others.  Hang out with them outside REA if you can , be genuinely interested in what they are doing . 

Im not sure why you would want to eliminate the use of the REA.  But if you have trusted deal maker friends to bounce things off, that will be just as good or better than a REA. 

I have no experience investing with them , this might be something to check out on MHU forum 

https://forum.mobilehomeuniversity.com/t/mobile-ho...

Haha and for the flip side, i may be biased cus I'm a mobile home park guy.  I think MHP investors will buy a self storage component with a park all day long.  The big considerations will be how much value you have to place on it, how much of a component of the deal it will be.  If its say 800 park , 100k storage.  If its 450k storage, 450k park, becomes tricky because your exit pool of buyers is limited. I have tried to buy a park with SS component but it didnt close for some other reason.  In park land, you may end up with a laundromat, a retail business, strip center, apartments, houses , all the above, So you go case by case basis and see if you can get it to workout. 

@Karl McGarvey You can read here on BP, go to networking events. and don't forget, at the end of the day you have to pull the trigger or it was all for nothing once you feel you have adequate time and knowledge. Talk to people who are actually doing deals. Not marketing deals, not trying to sell you crap, people who have done it a handful of times... people who are still doing it today. Im not doing SFH. But before i tried to buy a house in Cedar Landing league city - 2013 i think . And our offers weren't high enough for on market. So we started mailing the list of all the houses there. Said we needed to buy a house to live in , and boom , we got one for about 15% off market. Numbers would have worked as a rental. Probably dont today. So scan some neighborhoods, that dont flood , have strong rents, your expenses are not out of line, and acquisition cost makes sense .

You can find deals all day long  with some leg work.  A house i previously owned, and sold last year. 

I think it would have worked as a rental, good numbers, needed fix up.  For me it was part of a package. But had to go through like 5 buyers , wholesalers , like 5 months of contracts.  Seriously , for people that complain about lack of deals..... Im sure the spread was there for generating a rental return. 

I dont know the city much but spend more time in galveston county ( not galveston) and also like brazoria county more towards the east.  See if you can find some way you can have a niche or special advantage, special neighborhood. etc. 

Off Market , Off Market , Off Market , buy your own deals.  Find areas where the numbers work for a rental , tricker with prices that have gone up over the past few years. 

@Rich Weese Great to hear from you.  I actually called you a couple weeks back, nice to hear from you but didn't have any specific questions just make sure you are allowed and kicking.   My life goal was to own a Ferrari at 24. Im 33 but never owned a Ferrari. Im happy that earlier before that goal I rented one in Vegas for a day and realized it was not the car for me.  

I talked to a guy who owned a Lambo and said it wasn't practical he always had people wanting to get up to him and was annoying . I realized that would not fit my personality style. 

I am happy though i did ( me and my wife) take the plunge into something less practical .  She always wanted a convertible, I wanted a supercharged mustang. Alas, about 5 years ago we got a used Shelby GT 500 .  Then a couple years back did some tuning, headers, intake system so if i need to get to deposit a check , i can get there quick ( haha ) 

About once a year though, my real estate investor heart tells me that its not practical, we should sell and have this talk with my wife and decide that we shouldnt.  

I love the car, its not an expensive car but surely not practical . My favorite part about it was that i bought it for a great deal and i even bought the car off market ha! And it was used.  

Im so happy that i didn't work endlessly to get that ferrari. I like how those cars looks /ferraris and lambos. but i would get a panic attack driving one thinking im going to get a rock chip and knock the value down 1k .  

And maybe stupidly, i have taken the Cobra to too many mobile home parks and have even gotten a couple dabs of cement on the side.  But im ok with this now.  If i had a ferrari, no way!

I think if you have the grit, you can do it.  Throw in a little luck and it can magnify it.  

@Aaron Smith  We no longer accept mailed in payments, money orders.  We are 100% online payments or what you are talking about with 7/11.  I use Buildium which is partnered with Pay Near Me and that's CVS, Ace Cash Express . 711.  Then there is other vendors like Rent Manger i think they use Pay lease which is Walmart and not sure what else. Probably a variation of programs out there. 

There have been a couple hiccups, we have this all worked out though . 

I dont personally have experience with 3rd party mgmt. We are our own mgmt company,  Im smaller parks sub 50 spaces right now.  You have to blend figuring out how to do things , or share duties among people. I know there are a lot of companies that have there have their own mgmt arm even at scale.  Ideally you get one person who does everything but sometimes that is not practical or realistic so you figure out what is best weighing cost and providing quality service to your community.