All Forum Posts by: Jesse Lynch

@David K. My intention is to sell, probably with seller financing.  Landlording in mobile homes doesn't seem ideal to me, and I think a safer bet would be dealing with tenant-buyers.  And I agree, I have not come across anybody investing in the mobile home world within the twin cities, either.

Hello BP!

I'm beginning to get my feet wet in mobile home buying and selling in Minneapolis, St. Paul, and the greater metro area.  I'm even open to the Duluth area as well.  Most people aren't into it, but potentially if you're a wholesaler, flipper, etc, some MH leads come your way from time to time and you have no interest in them, well I pay cash for them, and would happily offer a finder's fee on any deal I end up closing.  

I can entertain offers where the mobile home is in a park, or on land, and even homes that need to be moved.

Best Regards,

Jesse Lynch

Rebel|Hawk Properties

On episode 114 of the Bigger Pockets podcast they talk with a guy named Scott Sutherland, who focuses primarily on vacation rentals and seems to do very well.

Here's a link to it:

https://www.biggerpockets.com/renewsblog/2015/03/1...

Hey @Roman Shaposhnik!  Here in Minnesota, there are many cosmetic updates that do not require inspections, I can't be sure about your area.  However, structural changes, electrical, plumbing, hvac/mechanical, and such things DO require inspections by law.  It would definitely be worth checking into online, so you don't waste your time at the permit offices.  They're not fun.  Also, I think it's worth noting, there are certain permits that can ONLY be pulled if you are the owner occupant (or a licensed contractor).  I made the mistake of not homesteading my first flip, and it made permits and inspections a total pain.

Hope that helps!  Good luck!

Invest in 10 properties for $100k, that cashflow $1,000 a month each.

Invest in 5 properties for $200k, that cashflow $2,000 a month each.

Invest in 1 property for $1 Million, that cashflows $10,000 a month.

Good luck!

In my opinion, ceramic tile and a nice tub will last longer, and probably take the abuse of your tenants.  So, in my opinion, just go with cheaper ceramic tile and a solid tub, and it will be worth the extra money now, in the long run.  It all depends on your area, but a reasonable, bathroom renovation with rental quality upgrades could probably go from $1500 to $5k.

Hey Caitlin!

Good to have you here.  I'm also in Minneapolis, done some flipping, and now looking to get into buy and hold of multi-family!  Where in Minneapolis are do you own now?

I'm in the same position where i'm driving a TON lately.  6 hour round trip from Minneapolis, to Two Harbors once a week.  And it's not an audiobook, but the Bigger Pockets Podcast is seriously FILLED with information.  And from all sorts of different investors/perspectives.  I think they have like 150 episodes, each of which is an hour long.  I've listened to 30 so far, and I feel so much more informed and inspired by them.  Their guests also give book suggestions, which I have taken note of, and even downloaded a few audio books that I intend to listen to once I catch up on the podcasts.

Rich Dad Poor Dad

Millionaire Real Estate Investor

Hope this helps!

Hey @Jordan Webster!

It might not be a bad idea to present this deal to a veteran flipper with more financing connections, and team up on it with them!  It would be an amazing opportunity to learn.  @Brandon Turner likes to say "50% of a good deal is better than 100% of no deal."

Hey @Adrian Stamer! 

I'm paraphrasing here, but in a recent podcast, the guest explained if a seller says "the rents are under value, so the property is worth more" then the correct response is "well, then raise them, show me proof that they'll rent for more, and then we'll talk."  But, the idea is that you don't pay for future potential.

It seems like a pretty good rule to me.