All Forum Posts by: Maksim Easley

@Greg Dickerson thank you for your suggestion! I’ll definitely have to look into that and network some more. I just feel like small scale rentals require much more time and work and I don’t want to spend a whole lot of time if there are other options. Plus in bigger deals, banks tend to look more at the investment than the investor. Seems like my best bet is with some mentor ship and experience with one, like you suggested! Do you have any advice for a newbie on how to find one such syndication or operator? (Besides the vague “network” answer”).

@Christopher Hunter that looks like a very helpful site! Thank you!

@John Lenhart I don’t plan on managing them myself, I would hire a recommended property manager to do so. Financing wise, I would definitely bring a partner or so with more experience in for the first couple deals at least. I do need to build a solid team though and I feel like I could do that with a few smaller scaled properties/deals before moving up.

Hello BP. I am wanting to get into real estate investing, more specifically larger multi family. I have book knowledge and from BP Podcasts but I don’t have any experience yet though and was wondering tips on how I should go about it. Should I start small with single families, small multis, or go straight ahead into 20+ unit multi families? In other words, will owning and operating smaller family homes translate into the larger multi families or is it a completely different game? I don’t want to waste much time in the smaller scale family homes/rentals if the skills don’t necessarily transfer & I’d have to essentially start over from scratch. Just really curious about other people’s thoughts and personal experiences. Thank you in advance!

@Geordy Rostad What are your thoughts on this method of evaluating mobile home parks? I came across it earlier but don’t necessarily know how it works out the way it does and if it’s actually a decent rule of thumb to consider when searching. “A good rule of thumb that I use to start with is that I take the number of occupied spaces and multiply this by the average monthly space rent and multiply this by 70 (The "70" number is an arbitrary number based on my experience in evaluating deals).” Using this method, it makes the deal I found seem fairly nice but I wasn’t sure if it’s something you’d use on a small lot or not.

https://www.mobilehomeuniversity.com/articles/evaluating-mobile-home-park-investments.php

@Geordy Rostad I am not sure about the size or condition of the garage by the pictures or description, but you are right, I never really looked into the amount it could bring but it looks like I’d be able to rent it out between $50-$100 a month at least. & that is a good idea to get rid of owning the mobile homes! I do not want to be responsible for them so I’ll definitely look into seller financing them if I happen to get them. This has been very helpful! Thank you. I’ll post more information about it if/when the owner replies since right now it’s a vague deal.

@Geordy Rostad thank you for the reply. I will need to get in touch with the seller and find out all that information! I believe the lot owns/comes with all three mobile homes, but I’m not 100% sure. It does not say how much the garage rents for but I’m sure it can at least rent for $25 a month as is or even more if I made it look a bit better. I don’t believe there is any room to add a trailer unless I get rid of the garage. & I will see if the seller would be willing to do seller finance as well as check out that site. I appreciate it!

Hello all. I’m fairly new to the BP community. I am 21 years old and wanting to begin real estate investing and building up my portfolio as soon as possible though. I have not yet made a deal yet but have been searching at possible ones. Lately one deal that has stuck out is described, “L-shaped property has 3 trailers on site 2- 3 bedroom 1 bathroom, and 1-3 bedroom 2 bathoom. Also has metal 18x24 garage with concrete floor. Single wide 3 bedroom 2 bathroom needs completely renovated or replaced. Other 2 trailers are rented with tenants. This is a project! And i have it priced accordingly. Right now all trailers are connected to 1 water meter that i pay but there are 3 new meters installed just need to finish running to each trailer then tenants would be responsible for their own water bills.” Average MH lot rent is $450. The amount the owner is wanting for it is $30,000. I was wondering if anyone could offer me some advice on how to properly evaluate this deal and what to possibly expect. I am interested in mobile park investing and feel like a small property like this can help get my foot in the door but I’m not 100% sure. I also need some advice on how I would go about funding this deal. I have $10,000-$15,000 that I could put down on it but don’t know how to come up with the other $15000-$20000. I was always taught that credit cards are “bad” so I didn’t get one until recently so I’m currently trying to build my credit score so conventional bank financing isn’t an option.. Should I wait until I build up a credit score that will allow me to get bank loans or try some other options that don’t require credit scores? If so, I’d really love to find out about different ways of financing an investment that doesn’t require a credit score. Thank you all in advance!