All Forum Posts by: Chris Battaglia

Have you considered a modular or mobile home as opposed to stick built? I have a piece of property that I'm considering putting one of the two on since it is just idle property right now. I've also been considering a spec house which some people have had great success with.

@Nikki Closser in a seller finance situation, the seller has a chance to earn a return/interest on the payments from the buyer while maintaining a position if said buyer defaults. There's also tax advantages for the seller in that they can spread out capital gains over a few years. Some buyer advantages to not paying full cash price up front is the ability to use the cash to purchase other properties and additional time to turn the park around before setting up traditional financing. Hopefully I understood your question correctly!

Does anyone here have personal experience using the 21st Mortgage CASH program to fill a park? It sounds like a good program but would be interested in hearing positives/negatives from actual users. A park in my area has come up for sale and there would be an opportunity to add upwards of 12 more homes. It would not be a bad park as is, but the value add is definitely in the expansion. I would also be interested in other programs/methods people have used to fill parks.

Great detailed post and description of the whole process! I think some of the smaller, yet still very important details, are often overlooked when talking about the BRRRR process.

Following this thread, also curious. Can anybody responding to this thread that deals in notes recommend books/resources? I've listened to a few BP podcasts on the topic but am curious to learn a bit more.

I'm looking for opinions from people that have either 1) built a home from scratch to be a rental, whether it is single/multi or 2) built a spec house to sell. My personal residence was purchased with an additional 6 acres that directly back up to the 4 acres that my home is on. The 6 acre piece is already subdivided into (2) 3 acre lots, with each assessed at around $20-25k (market value maybe $50-60k). My wife and I like having the land behind us and would most likely keep one of the lots for the time being, but I constantly find myself thinking about the different ways I could make money off of it! The way I see it, there are 4 potential possibilities for the remaining lot:

1) Hold the land and someday sell it as is 

2) Build a spec house that would be sold after construction 

3) Build a small SFH or duplex that would be turned into a rental property

4) Sell the land for its approximately $30k market value and invest that into other real estate deals 

Please share your opinions and experiences! The land is in an excellent area in upstate NY close to highways, shopping, good schools, etc. so it would be desirable in any of the above scenarios. 

My opinion is yes, you absolutely should. My girlfriend (now wife) paid me $400/mo while we lived in the first home I purchased by myself. The mortgage was around $1,000/mo plus all utilities. Before she moved in, I had a roommate that was paying $500/mo. To me, giving someone (even if it is someone I loved!) a free ride while myself sacrificing $500/mo seemed financially irresponsible.

Boyfriend/girlfriend relationships and living together for the first time are the proving grounds for deciding whether 2 people are compatible for marriage or long term partnership. I've had friends date people for 5+ years and then both in the relationship mutually come to the conclusion that they'd be better off going their own separate ways. Assuming the home owner was not charging his/her significant other rent, he/she has now given up $30,000+ in savings. That is a down payment on a real estate investment!

5 years later, my wife and I have purchased a new home and are hoping to close soon on our first real estate investment properties. The rent she paid me was not squandered on material things. It was instead set aside in savings and we're now able to reap the benefits as a team!

Did you pay cash for the rehab costs or work that into the financing? 

Congrats! How did you finance the purchase and renovations? Looking at similar numbers for a potential first investment purchase.

Well, it wasn't what I was hoping for, but I looked at my first house for a potential flip or BRRR today. The home has been on the market for several months, which in this hot market was my first clue that it may be extremely rough. There were no pictures of the inside as well, my second clue that it was going to be rough. The house is a 4 bed/2 bath 1800sqf in a good school district and on the edge of what I would call a rural area. Built in 1890. List price is $65,000 and it is public sewer/gas/water on just over an acre. Pulling up to the house it is quite rough on the exterior. The soffits are rotten with large holes in them, there's an addition on the back that was never completed and basically looks like ancient ruins. Inside there are holes in the roof upstairs with water coming in, very questionable flooring and sloped/uneven surfaces, mouse droppings everywhere, etc. It was honestly sad that a house could get as bad as it was, especially since it was still fully furnished with someone's possessions (senior that moved into assisted living I believe). The whole time I'm there, I'm wondering to myself if there's a way to make it work. Is there a contractor that can fix this mess at a number where it still makes sense? Can the house be demo'd and then sell the lot? Could the acre be subdivided to make it two lots? From someone with no real construction experience, it appeared beyond repair (compared to knocking it down and starting over). But to a GC, maybe it's not as scary underneath all of it? These are the thoughts running through my mind right now. The sellers are open to any offers, but not sure if there is a price or a plan where it makes sense. No matter the outcome, I'm glad I looked and feel like it's progress in my investing journey (that hasn't technically begun yet). Anyone been in a situation like this or want to offer up some thoughts/suggestions?