All Forum Posts by: Justin Hoggatt

I'm probably echo a lot of what people are saying to your initial question - definitely is the answer!  If you have the drive and time to get it done, get it started.  The trick is always providing value and a real reason to come, but if you get the right people that want to talk shop then it's a fun time for all.  Don't feel the pressure of having it in a perfect venue either, and just plan to grow with it as it becomes more successful.  We've found Meetup to be a good generator of interest so if you have bit of money to get on with that, it might be worth your while.

Hey, @Cody Harris, I'll answer for Adam (we're partners). Yes, we got the park going. I'd be happy to connect.

Cash back cards are great!  The one bit of advice that I received from my CPA was to only and always use a card specifically for work/company usage only and don't mix personal cards.  It keeps things cleaner and clearer should you have any issues or audited.  With that said, I'd use any card that gives the best rewards, and of course, pay it off because the interest won't be worth it.

@Keva Niver, I'd love to know how the scammers find us - it's never ended.  It's likely they have found your information through the permitting process.  My guess is that because you may have to post the variance publicly, they have your information?  Just a guess.

For a lender, give the local banks in the area a call.  Many times the local banks and credit unions are looking for opportunities and are often aggressive.  Hope it goes well for you!

@Dale Snider - this sounds like a gamble to me.  My first hesitations from what your wrote are that the expenses are $2,550.  That amount alone sounds like utilities expenses at the very least.  Then you're going to have landscaping, taxes, insurance, repairs, etc.  Second is the cash flow.  Buy the property on how it's performing.  If the property is losing money, I wouldn't touch it - unless there is a lot of land that you expect to build on and there would be value there.  With the property losing money at that occupancy - which could be normal for the park, I don't think the benefit outweighs the risk - at best you're only bringing in another $5600/mo but with my estimates on RV parks, your expenses will eat that up pretty quick.  Again, that's a quick analysis on what you're mentioning here, but it sounds more like speculation than evaluation.  

On the bank topic, with the numbers you have now, they may not finance on it and you're going to be stuck with putting a much bigger down payment down.  The bank will tell you what you need as far as reserves but expect probably 12 months of P&I payments in reserves.

Good luck on the decision!

@Theresa Reynolds - since it sounds like you're going to be taking awhile to get the job completed, I'd think hard money loan would be out of the question.  Do you have any friends/family that might be interested in the project?  I like your idea of renting out the pad next to the shop to get your costs down.  I think the best way would be to get a loan on the property with minimal money down, hopefully leaving you with some extra.  You can then also talk to your local bank about a small construction loan for the property in addition to the purchase.  If you're able to keep some money in your pocket instead of buying the property for cash, will you have enough to complete the renovations?  It sounds like to me you have some decisions to make on the numbers and see what can make sense. We're kind of speaking in hypotheticals here and it's always hard because we don't know the property value, purchase price, condition of the shop, cost estimates, etc.

Good luck!

Jose, I'm going to reach out to you directly. I appreciate what you're laying out here and would like to connect.  There may be some opportunity to work together.

Personally, I started dabbling in RE investing and was doing all the work myself to Rentovate our properties.  I was working my W-2 job back then as well, and when I finally had enough of my job, I made a goal.  I was probably around the point you were actually, @Cruz Gartner, when I made my goal to get to where I needed to be in a short 4 months.  It wasn't maybe quit $10k in cash flow, but enough to continue down the path comfortably.  I did it so that I could quit my w-2 and then be home for the kids instead of worrying about after school care, vacation requests, etc.  I completed my goal in 4 months by purchasing about a dozen homes in that time frame with just me and my wife.  Yes, it was completely insane but completely worth it!  

Further news about this topic if not already seen:

https://www.american-apartment...

Hi, Gina.  Yes, that's perfectly legal and your landlord should definitely be checking in on his property here and there.  However, a landlord should give you notice prior to arriving - typically at least 24 hours in advance unless you authorize sooner.  That fact that he brought his banker doesn't have any effect on legality as far as I know.