All Forum Posts by: Brenden Mitchum

Hey @Kevin Hildebrandt

You will definitely want to have the proper contract drafted up prior to asking the tenant. 

Then I would simply ask them if they would be interested. They may not be familiar with the concept so don't just drop a term on them and see what they say. Ask them by using the definition of lease-purchase or asking if they would be interested in a rent-to-own setup which they would be more likely to understand. 

This issue could also be avoided by marketing the unit/house as a rent-to-own/lease-purchase from the start.

Hey @Ayat Suleiman, welcome to the BP community!

That background in commercial real estate sales will be incredibly helpful in jumpstarting your MF investing. You should have plenty of contacts to get the syndication ball rolling, which is the toughest part. Here is a book that I am reading right now that is a good introduction to syndication as a real estate professional. It is a bit dated but we may be seeing a similar market in the next couple of years.

Please, feel free to shoot me a message anytime if you have questions or just want to chat about MF investing!

Hey @LaJoi Royston!

I am in the same boat as yourself, looking for a house hack here in ATL. It is certainly possible depending on how much of your costs you are looking to offset. If you want to break even, this is definitely doable. If you want to cash flow it starts getting tricky. 

Personally, I am looking for a home run right now. However, there are plenty of base hits, doubles and even triples out there. Shoot me a message sometime and we can brainstorm together to see if we can't find you a house hack that meets your criteria.

@Ekaterina Stepanova Great idea! I just requested to join the FB group and also registered for the webinar.

Thank you!

Thank you @Ekaterina Stepanova! Something has come up and I do not believe I will be able to make it tonight. Will you have another webinar coming soon?

Hello @Ekaterina Stepanova

How does one attend this webinar?

Thank you!

Hey @Harrison Ojimma

What @Greg Scott said, airbnbs probably aren't going to be the smartest investment for a while. 

Why not shoot for something that cash flows, with or without airbnb and then once that market rebounds you can switch from long-term rental to short-term? Right now the name of the game is cash flow. Solid cash flow ($100+/door/mo) will protect you from many unexpected events and at this point anything is unexpected since no one has a clue what is going to happen in the next few years (or even the next few months). 

I'm happy to help you in your house hack search in any way I can. Shoot me a message sometime and we can chat about your next moves!  

Hey @Andrew Lackey

I am in the middle of my first direct mail campaign. It sounds like we have a similar idea of what we are looking for so I'll tell you my process and we can stay in touch so you'll know if it worked!

I purchased a list from listsource that targets MHP owners in GA, NC and TN. I made sure none of them have been bought/sold in the past two decades to hone in on mom & pops. You can narrow this down even further but keep in mind listsource requires a minimum of $50 purchases which is about 275 records. Decided to start at about 320 and narrow down once I can get more information about those parks that are interested in selling. 

As @Frank Rolfe, co-king of MHPs, mentioned, building relationships with brokers is probably the best and most efficient way to find the parks you are looking for. I am also beginning this process here in Georgia by contacting brokers on Loopnet that have listed MHPs. 

Calling/visiting parks in person will only work if they are mom & pop owned. I like the idea of running an seo campaign or other targeted online marketing for most situations but not for MHPs. I feel this would not be effective for the demographic you are trying to reach. 

It sounds like we are both starting the MHP journey at the same time so let's keep in touch. Feel free to message me anytime with questions or if you just want to chat!

Hey @Monique O.!

I cannot speak for TN, but I am a big believer in the market here in Atlanta. Especially with the starting of a possibly major recession, I think ATL is a great place to be. There has been incredibly strong job growth here since the last recession and there is a great diversity of jobs, as well. Obviously the population is growing steadily along with the jobs. Yes, the market is quite hot but since the greater metro is so sprawled there are plenty of deals to go around for active, go-getter investors. Another result of the sprawl is that there are many different submarkets within the greater metro, allowing investors to successfully focus in on a specific niche. Each submarket is a little different than the next so you'll need to figure out which is right for you based on your strategy of choice. 

I'd be happy to chat more with you about Atlanta. Shoot me a message anytime:-) 

Hey @Lakeisha Bradford!

@Curt Smith is absolutely correct. Make sure you've done your research and gotten properly educated first. But don't get caught up in education paralysis, thinking you need to know absolutely everything there is to know. Just learn enough to get started on a specific strategy/niche. 

Once you have done this, you have a couple of options for off-market leads:

1. You go out there and find them yourself by driving for dollars and doing direct mail/cold calling/texting.

2. You get connected with some local wholesalers. This is as easy as going to their websites and signing up for their buyers list. I have several sending me emails every day so shoot me a message if you'd like some help being added to those lists.

And if you have any other questions or just want to chat, please message me anytime!