All Forum Posts by: Kristin Compton

thank you for some perspective! I want to get into rehabbing and making neighborhoods nicer, but also make a profit, not lose $. 

I haven't tried attending yet, but try the Colorado springs meetup?  I'm going to make an effort to go to the next one too!

http://www.meetup.com/Colorado-Springs-Real-Estate-Investing-Club/

I met with them today, but they had an issue and didn't meet me until I only had 20 minutes to get back to work.  I realized today that I'm not good at asking for all the information.  The home is an fairly large 2/1 that needs flooring and appliances at bare minimum.  If I decide to buy, I would gut the whole thing, put raw dry wall in, and renovate then kitchen and bathroom.  The deck is huge, but needs repair.  All the Doors and windows also need replacing in my opinion.  The roof and structure looks solid, and the manager stated that they are doing an 8-point inspection/repair before they sell.

It is very difficult to find comps that aren't just word of mouth from the seller, so I am still undecided.  I also need to get back in there wit a tape measure and more time to make some real estimates.

I don't know how to edit, but my first paragraph does not make sense.  I meant that I was the in-town, face-to-face contact between my sister and the MHP.  I was the one who gave management the money order and paid their first couple months' rent.

I just got done reading this recent post

https://www.biggerpockets.com/forums/30/topics/190...

And it looks like there is an abundance of information!

My story:  my sister and brother in law are moving to a trailer park in Colorado  from Tennessee, and I was theta sanction person for them, helping them buy their home.  My brother in law is completely renovating their place, along wi his little brier, and doing everything themselves.  

Since I have a budding relationship with the MHP management and maintenance, they have offered me "first chance" at another home in the park.  It needs some work (SOW to hopefully be completed today when I meet with them and see the place).  

They are asking $4K and the lot rent is $400/month.  

I am cautiously excited because of course I want to "get my feet wet" in the business, and this might be a niche for me since I have no money yet (but a full time job with a steady stream of income).

We also have the option to live there for a few months to save money.  Our apartment lease is up in less than 2 months.

I know I don't have many details yet but I will later today. I'm meeting the park manager during my lunch break from work.  My husband will be there too.

I hope I can make this a deal!

Thanks everyone.  I'll keep you updated on my next steps :)

Sounds pretty awesome, Sue.  I had planned on hiring a property manager and keeping my full time job.  This particular property won't be the one for me.  After speaking with one of the residents today I found out the rent amounts and the fact that some residents were getting kicked out.  

I am pretty excited about how you all have been jumping at the chance to help me though. Thank you again!

Thank you, Dmitriy.  I am having a little trouble initially finding nearby investors using the BP meet link.  I even put within 100 miles and didn't get any results, which I know is wrong.  Do I have to put a title in that option box?  I'll keep trying on a different device maybe.  I do have keyword alerts set up, too!

My husband and I got pre-approved to buy our first house last year and after searching, finding, and inspecting our future home, got denied the loan due to the way we get paid.  I was getting a size able stipend through my job and he was getting half off his pay through a booster club (as a gymnastics coach).  We were both very disappointed and ended up re-signing our apartment lease for another year.   Different situation, but I feel your pain Marcus.

Thank you for the reply and advice.  I have not gotten all the information about this specific property.  I was just thinking about starting with something like this in general.  I will start analyzing more numbers on different properties when I get past the initial interest stage.