All Forum Posts by: Dylan Hearn

I did not know that, thanks for the heads up!

@Alexander Felice I think I will be able to get around $1000/month for rent fairly easily. As far as reproducing this over and over, I am not sure that is something I would really want to do. This is definitely intended to be a low-level first-time investment to see how things go. Thank you for the heads up with underestimating things, I will definitely take that into consideration!

@Corby Goade Yeah that's primarily what I am looking for, is some decent cash flow on the side. Especially for my first investment property. Also, I do have my current roommates on a lease. Thanks for the heads up, though!

Thanks, Chad! That's helpful advice. I think college kids (or college kids parents) would be more than willing to split $1000 two ways to be only 5 minutes from NAU especially during the winter. But I get what you're saying. 

I also have a buddy that has also shown interest in real estate investing and I discussed this with and he offered to go in it with me, if I wanted. Is this a good idea? Seems like it would be for me, as it would minimize risk. We are both teachers and this year (as well as the next few school years in the foreseeable future) budget has been cut dramatically. I don't think jobs are on the chopping block yet, but you never know...

I've been wanting to get into real estate investing for a couple of years now, trying to learn all that I can. Over the last couple of weeks I've been seriously trying to come up with a plan, and here is what I have. Unfortunately, it seems almost too easy/good to be realistic, so any input would be incredibly appreciated!

Side note before I begin: I am a 24 year old teacher making roughly $45k/year between teaching and my other jobs, own my own 3 bedroom home and collect $1050/month in rent from two people on my $1250/month mortgage, along with 2/3 of monthly utilities.

I live in a college town with crazy high rent prices (at least they seem crazy to me) in Arizona. Most studio apartments are going for $1000/month or more. I could purchase a single wide 2 bed/1 bath mobile home outright for under $15 - $20k cash, including repairs, just 5 minutes from the college campus and downtown in a multi-aged trailer park. Lot rent is $525/month there. I am confident I could rent that out for $1,025/month, netting $500/month before upkeep expenses. $500 x 12 months = $6,000/year, paying for itself in just over 3 years, call it 5 years with expenses. Sell it after I have made my money back, even if it sells for a conservative $10k, I am still making pretty good money starting with not much, right?

I haven't done a ton of mobile home investing research, as I just got this idea a few weeks ago. Additionally, I plan on purchasing the house I grew up in from my widowed mom who will give me a killer deal, and turning that into a rental (possibly vacation rental) in Ocean Shores, WA - a tiny beach town that blows up in population during the summer, near where Mr. Turner now resides I do believe. That is several years down the road, though, the mobile home idea seems to make the most sense to me without a ton of capital to begin with.

Thank you for taking the time to read!

PS - Not sure if this counts as asking for a mentor or not, I know that is against the rules. If this breaks any forum rules please remove, and please do accept my apology.