All Forum Posts by: Chase Tompkins

Hello, looking for different ways to get started in real estate. There are a few mobile homes that are for 7-12k in decent condition. I was wondering is paying cash and doing a little rehab on them would be worth the return on rent? Only problem I’m having is i wouldn’t own the land it’s in a mobile home park but there are other mobile homes for rent in there as well. Only thing is they charge lot rent too. Is this one way to get started or should I stay away? 

Hello, I am currently looking at a property in my home town it has not had the utilities turned on for about a year now is this something that runs people away from purchasing the property? Also, it slopes in the bathroom but has peril beams so I don't believe that would be a huge issue let me know if I am wrong about that.

Also, how are you guys accurately calculating after-repair value?

Hello, so I am currently a new real estate investor and have been doing a lot of researching and analyzing deals every time to get better at it. Of course, there are a lot of things that I am still confused about, I am reaching out to possibly see if there is a mentor on here or where you guys recommend finding a mentor.  I just need a little help getting the process going.

Thank you.

I agree with you 100% did you start out the same way? how did you start out? With private money?

Thank you for the information, I am having trouble finding private money is this mainly through networking?

Hello, I currently have 3 questions to ask. 

When starting out as a new real estate investor do you absolutely need reserves? I was talking with a local investor and he was explaining how I need about 20k in reserves of course that would take me forever. I understand it helps just in case something goes wrong. I do not want to wait until I have 20k in reserves which could take years in your opinion is this an absolute necessitate? 

The second question when it comes to getting hard money should I be sending these people deals that I know make a decent profit to show that I am out here looking at deals with positive cash flow?

The 3rd question is are the homes on realtor or Zillow not the way to go when finding deals should I be really out to look for worn-down homes throughout the neighborhood?  I heard I few opinions explaining you can't find a good deal through those websites I just wanted more opinions. 

Thank You for your input and opinions. 

 I see where your coming from it will take too long and about the market. I live in a small college town called Canyon texas, the land I am currently looking at is about 5 minutes away from college and plenty of new construction is going up in the area due to a lot more people coming here for college, in my opinion, it is a hot market. Of course, I plan of getting a distressed home as well later on but I am currently dabbling in a little bit of everything I don't want to be stuck on a single market. Also, I believe new construction is better in my opnion due to less maintenance later on down the road.

 I agree with you 100% I plan on owning the lot first before trying to get a loan or acquiring any money. Thank you for your input it really helps!

Hello, I am trying to get more insight on maybe what I should do. I plan on building a duplex in my hometown this year, currently still looking for land and everything. I am just wanting opinions on if I should go to the bank and see what they can offer and then see if I can get private money for the downpayment. The other option would be to see if I can get private money for the whole thing. I am just struggling to find private money. Would it be better to do private money or try hard money since it seems easier to find? I am just wanting some opinions and explanations.