All Forum Posts by: Eric H.

Great afternoon Leighann,

I watch/analyze my local market through the MLS and I use the redfin app on my phone. I am a licensed agent which gives me access to the MLS. I have searches saved which send me emails as houses are listed, sold, and put under contract in that target market. I also add these houses to my favorites list on redfin. The MLS offers tons of data but I specifically like the fact I can pull up a map of my target market and outline the area on the map that I want to track. I like redfin because the app shows all of the sales for the house within the past few years as well as when offers are placed on a property and when those offers fail to go through. Essentially the redfin app is for when I am on the go. And the MLS is for when I can sit in front of the computer. Finally when something sells, I keep that house 'favorited' and I get an alert when the rehab is complete and flipper puts house back on market. So I have tracked the property's progress from initial listing - initial sale - after repair listing - after repair sale. I am tracking price, condition of purchase and rehab, days on market, real estate agents used in the sale on both ends. For rental markets I am looking to track purchase price, days on market, condition.

Hope this helps!

Peace!!

Great morning @Travis Konermann,

If you were listening to a BP Podcast, the name of that book is more than likely in the show notes.

If you remember the show number the url will be www.biggerpockets.com/show***

Great morning @Anthony Tabor,

Six of one, half dozen of the other. Your offer will look stronger if you have the prequalification letter available. The benefit of presenting the property to HML first is he/she may be able to confirm if it's actually a deal or not. Ethical HMLs will not lend on bad deals because they don't want to lose their money and they normally don't want your property either. They just want to collect their interest.

Keep us updated on the process, please.

Peace!!

Great morning @Sonya Brown. Welcome to BP!!

I am not sure what formula you are using. Can you elaborate a little more please? I interpret your original post as the property was listed for 150k but ARV is only 70k. Furthermore, there are several other fees/expenses that need to be accounted for besides repairs. What formula are you using?

@James G. Great morning.

I am not a mobile home investor but what I have learned from my brief investing career is

1. Invest in something that you understand.

2. Educate yourself and learn from other's mistakes to decrease your risk exposure.

3. All investments come along with some kind of risk.

4. Do not spend your principal.

5. Identify a budget for investing that you can sustain for at least 6-12 months to gauge success/failure.

6. Consistency is key.

7. Understand the numbers and how to analyze a deal so you can easily recognize a deal when the opportunity arises.

Two great books that I recommend on the topic of 'general' investing include Richest Man in Babylon and Set for Life.

Happy investing!!

Peace!!

@Celena Strong Great afternoon.

The RE Attorney/Title Company I recommend is Anthony Onwuanibe (Golden Trust Title and Escrow). I wish you the best!! Peace!!

@Zack Clopper congratulations!!! Wishing you much success in all of your future endeavors!!

@Roy N.

@Kim Meredith Hampton

@Nathan Gesner

@Thomas S.

@Jennifer A.

Thank you all for the prompt responses and insight.

Great morning BP Fam,

Tenant's lease is up in March '18. How early are you sending out renewal/anniversary (Mr. Landlord terms) letters? I am planning to send out letter in January.

Thanks!

Thanks everyone for responding. So she's not with AirBnB at all. We have used AirBnB on multiple occasions so we are familiar with how it works. I offered her 20% of income to spend at her own discretion. No bites. Essentially she's not with house hacking at all. I tried. And yes @Scott Trench's book prompted my interest. I will continue to run the numbers, analyze deals and see how we can cut back on our housing expense and commuting expense.

Peace!!