All Forum Posts by: Brenden Mitchum

I have not but will look into it today. Thanks so much for the recommendation @Rachel White!!

Hey @Omar Saucedo Cortes, welcome to the BP community!

I'm sorry to hear you and your family have been uprooted. But, like many seemingly negative life events, perhaps this is a blessing in disguise. You are now a landlord and have the opportunity to learn how to make this work to your and your family's benefit. 

There are many books out there on the subject but Brandon Turner's Book on Managing Rental Properties is a good start. The most important section in there to pay attention to is the tenant screening. Who you rent to will make or break your returns. It sounds like you already have it rented though so just keep a close eye on when they're paying rent and make sure you have someone back in SLC to help you manage the property while you're gone. Don't be afraid to terminate a lease for non-payment. Remember: This is a business. 

Hope this helps a bit! Please, feel free to reach out anytime if you have other questions or just want to chat.

Hey @Erin Anderegg

Unfortunately, this is one of the biggest downsides to the FHA product and can really limit someone like yourself who is looking to turn and burn on house hacks every year. You would need to refinance into conventional in order to rinse and repeat with another duplex. Last I checked, 75% was the highest you could get on an owner-occupied cash out refi for 2-4 unit properties. Loan guidelines have only gotten more strict since so I doubt this has increased. Best to double check with your lender though.

Typically, the strategy would be to force some appreciation to make sure you could refi out within a year. 

Perhaps this next one could be a SFH that has a mother-in-law suite or ADU? Not as ideal as a duplex but will function similarly. Then, you could use the low down Conventional product and maybe next year have enough equity in the duplex to rinse and repeat that FHA on another small MF. Only other option I see is to wait...but hopefully someone else here on BP has some bright ideas!

Hope this helps a bit, please feel free to reach out anytime if you have other questions or just want to chat!

Calling all Wholesalers and Lead Generators!

I am looking for the right CRM to build around our cold calling / wholesale business. The number of services out there is pretty overwhelming so I just wanted to see if anyone here would mind suggesting some options. Here are our criteria:

1. Easy to use but detailed lead upload tool

2. Ability to add tags to contacts

3. Can set up drip campaigns based on tags

4. Can batch text (and text via drip campaigns)

5. Can voicemail drop (via drip campaigns too)

6. Easily organize contacts and make lists by tags

7. Has group plans or a way of syncing multiple accounts so all have access to the same contacts

8. Provides dialer numbers for each user/account

9. Can easily take notes in the contact during calls

10. Batch email would also be great but isn't a must

Currently using Followup Boss and I love it but it does not do 4 & 5 which leaves a large gap in what we're trying to do. So, alternatively, if anyone has an affordable service that does 4 & 5 and can integrate with FUB or Zapier, that would be great too!

Hey @Michael Montagna, welcome to the BP community!

This is a great idea in theory. However, will they really cash flow if they refi a home to $500k and rent to their son? Are you and your fiancee prepared to pay market rent to live in the home? Would market rent even provide them with cash flow after PITI and other expenses?

As long as you all can come to an agreement that works for everyone, this should be fairly straightforward. You'll still want a realtor or attorney to type up the lease option contract though for y'all to use. 

Hope this helps a bit. Please, feel free to reach out anytime if you have other questions or just want to chat!

Hey @Max Bradshaw

My initial thoughts:

Would cash flow be totally gone if you refi'd? What if you brought rents to market? Maybe just a HELOC then?

Hey @Aman S., welcome to the world of MHP!

Your biggest hurdle here is going to be setting aside most of what you learned from SFR investing, pick out the useful bits & learn as much as you can about MHP. Very different asset classes, as I'm sure you've already figured.

Your questions do tell me that you haven't done much research into the asset class. The answer to all of those questions is "It depends." So, my best advice to you would be to start absorbing as much information as possible and to immerse yourself into networking groups. Here is a list of some great resources to look into.

Podcasts: Mobile Home Park Master, Mobile Home Park Investors, Mobile Home Parks in Real Life

Books: Mobile Home Park Manifesto by Glenn Esterson

Networking Groups: MHP Tribe

Courses: MHU

Hope this helps a bit. Please, feel free to reach out to me anytime if you have other questions or just want to chat MHP!

Hey @Ajibola Talabi, welcome to the BP community!

House hacking is an interesting strategy in that there really isn't a "bad" market for it. No matter where you do it, you'll be saving on rent and building equity. Now, there are markets where you could find better CoC by investing elsewhere, remotely, but I don't think Atlanta is there, yet..

If you're currently renting here in Atlanta, you likely have already felt the pain of skyrocketing rents this past year. House hacking is a great way to hedge against inflation and raising rents because your loan payment will be fixed, but you can continue to raise rents along with the market. Even if you're not living "for free" when you purchase your house hack, you likely will be in the near future. 

Anywhere in town is good for house hacking as long as it meets your return and living requirements. Best thing to do is to determine what parts of town you're open to living in. As @Penny Brown mentioned, it will also depend on how much you can get approved for so start that process with a lender as soon as you can. Happy to recommend one who's very familiar with house hacking!

You'll also want to start asking yourself what your minimum "return" is from your first house hack. Do you have to cash flow or are you ok with breaking even? Or maybe you're even ok just breaking even on PITI? Might even be smart to get into something that is a little negative on cash flow right now. At least then you will be paying down a loan on your own property and do not have to worry about how much your rent will be raised at the next renewal...All of these options are fine, it's up to you to determine which is worth the effort and $$ to purchase a home.

Hope this helps a bit. Please, feel free to reach out anytime if you have other questions or just want to chat!

Keep crushin' it @Louis Aller! 

@Stephen R Krempl, welcome to the BP community!

Pretty sure you can withdraw your contributions from a roth anytime without penalty. It's the returns on top of the contribution that will incur a penalty. I'm definitely no CPA but a quick google search seems to support this. 

Might not be a terrible idea to withdraw the returns earnings too if you think you can get a better return on your cash than what you would lose from the penalty. Best to check with your CPA or do some research to determine what that penalty would be for you. 

Hope this helps a bit! Please, feel free to reach out anytime if you have other questions or just want to chat!