All Forum Posts by: Brenden Mitchum

Hey @Daniel Sager, welcome to the BP community!

I do not live in you area. However, I have recently transitioned to MHP investing and am still learning the ropes. I'd be happy to share some great educational resources with you and any information I've learned thus far. Maybe we can bounce some ideas off each other?

Anyways, feel free to reach out any time if you have questions or just want to chat about MHPs!

Hey @Van Hai Nguyen

So sorry to hear about this awful scam you got yourself involved in. I am sure there are legal routes to take here but I don't have the knowledge or experience to advise you in this sense. 

However, perhaps this is salvageable? Do you still own the park? If so, what are the expense and income items? Are there any major repairs needed? I'd be happy to help in any way I can, and I'm sure other members would too. 

Feel free to message me anytime!

@Maya Patterson

I believe you would just use a Bill of Sale like you would a car since it is personal property (chattel) not real property. I'm sure someone much more experience in this will chime in to verify this with more details. If not, I recommend just reaching out to your local mobile home association to find out exactly what document(s) you should be using in your area.

Feel free to message me anytime if you have other questions or just want to chat!

Hey @Brynton Lemar, welcome to the BP community!

Building a real estate portfolio, while playing a professional sport is a great idea man. Many pros are not that forward-thinking and do not plan for when they inevitably are no longer able to play the sport. You realizing this is not surprising, considering the school you went to - I, too, am a UCD graduate. I might have even seen you play before!

Anyways, since you're just getting into the educational phase I'm happy to make some recommendations. First, listen to as much of the BP podcast as you can. Maybe during practice when you're just shooting around if that isn't too distracting? And in your free-time, consume as much reading material on the subject as you can. A few great books to get started are "The Millionaire Real Estate Investor" by Gary Keller, "The Book on Rental Property Investing" by Brandon Turner and "The ABCs of Real Estate Investing" by Ken McElroy. And, of course, you have a nearly infinite level of material right at your fingertips through the BP site and other blogs. BP is a fantastic tool, but don't just use it to your own benefit - make sure you are adding value in any way you can. This is also something to keep in mind in any relationship you build in REI.

If you ever have any questions or just want to chat, please feel free to shoot me a message anytime!

Hi @Haley Dahlgard, welcome to the BP community!

That is an awesome and very realistic goal. And starting with a light BRRRR is a great way to get your feet wet and get you headed towards that goal.

I completely understand where you're coming from. There are so many markets that it becomes practically paralyzing to analyze each and every one of them. That being said, that's what this community is here for. Prepare to hear from at least one person in each city you listed. Obviously we are all biased since this is the market we have chosen so we really believe in it, but the information you get from us, combined with your own research, should provide you with enough to choose one and focus on it. Remember, this is so important; don't just bounce from one market to another when you don't find a deal right away. Choose one wisely and stick with it. Establishing yourself in a market and building the necessary networks is not easy, especially if you're OOS. It will take time.

I am here in Atlanta and would definitely put it in that "super popular" category. Even through this crisis Atlanta has been hot. Yes it has slowed a bit, but we are still outpacing most other cities in terms of volume. That being said there are still plenty of deals here if you know where to look, and if you can scoop some up you will be sitting pretty. The job market is strong and diverse here and there is still so much room for this city to grow and improve. The greater metro is massive, with around 6 million people and employment growth that is actually outpacing the population growth. There is such a diversity of submarkets here that almost any strategy can work if you know where to implement it. West Atlanta out through Cobb County is a fantastic area to look for BRRRR deals.

If ever want to chat about the Atlanta market or REI in general, please feel free to reach out to me anytime.

Hey @Fradel Ogarro, welcome to the BP community!

So your situation is fairly unique. I would bet most investors here have not been in this particular situation. This means, all we can really do is tell you to run the numbers. Definitely don't just "tread lightly" because you are afraid of the unknown. Get out of your comfortability zone and really educate yourself on both options. What kind of return can you expect out of that cash if you dump it into a vacation rental renovation? Keep in mind, we likely won't be seeing people go to the Caribbean for a while and those economies may not recover for years. 

Vs. what kind of profit could you make on that cash plus refi here in the states? What kind of strategy would you even be looking at here? Yes, the Caribbean reno may look easier but the numbers may be telling you to go the other route.

Hope this helps a bit! If you have other questions or just want to chat, please message me anytime!

Hey @Heath Bressette.

Here in GA we have a separate contract for residential and commercial sales. So I would say maybe, but you'd probably be better off speaking with an attorney or Realtor in your area. Yes it would be easier and save you a few hundred to just throw it on that residential PSA but might end up costing you in the long run.

If you have any other questions, please feel free to message me anytime!

@Charlie Anne

I'm going to have to agree with @Jingru Sui, those numbers definitely need to be checked out. While on paper that does sound like a great deal, I find it very hard to believe that you've got yourself a 7x2 ITP for $45k with only $25k rehab needed. Almost definitely too good to be true. However, if you get your GC out there and it checks that looks like an absolute steal!

Please, feel free to shoot me a message anytime if you have other questions!

Hey @Charles Pridgen, welcome to the BP community!

I'll be honest, I am not 100% sure what a REI advisor is exactly. Would this be an investor friendly Realtor or more like a mentor? Either way, I think I might be able to shed some light here.

I'd like to apologize for the poor experience you've had thus far with Realtors. There are individuals in every profession whose work ethic and behavior is not necessarily representative of the entire field. That being said, you will want to put some effort in on the front end to find those professionals whose experience and goals best aligns with yours. This post is a great start.

If you ever have any other questions or just want to chat about the Atlanta market, shoot me a message!

Hey @Carlos A. Buentello, welcome to the BP community!

First let's address the refi. You simply need to start the conversation with your lender. If they are not doing refis right now, then start speaking with other lenders.

Now, let's talk about that plan to only invest a third of the refi into real estate and blow 2/3rds of it on a downpayment for a primary residence. If you are truly looking to get into real estate you might want to rethink this strategy. A better option would be to house hack: Take that full refi and put it into an investment property that you can also live in. If you are not familiar with this concept there are tons of resources here on BP to learn more. 

You can also rent and put the full refi into an investment property, but I would highly recommend the house hack route since you can get much more house for much less with a low-down owner-occupied loan.

Please, feel free to message me anytime if you have questions or just want to chat!