All Forum Posts by: Mike Reynolds

 What is this enemy method? Sounds interesting. 

I like going with the person. If I can see they are willing to do what it takes, I'm willing to throw the dice. I deal with labor and production on a daily basis. I can usually spot a good one. Or a bad one. 

I've had realtors who had 25 or more years let me down. I've had newbies that hit that grand slam. 

My first mhp I had a commercial newbie. He told me he was. He was very upfront about it. It was his first commercial deal. We had some hiccups along the way and he got knocked around some. Then he hit that grand slam. It's true, you don't know what you don't know. But are you willing to learn it? That's what I look for. 

I use that OOS realtor to this day and when I'm in town we have dinner sometimes. I've used him on other deals. He's not a newbie anymore. He's hall of Fame. 

Now, if we could just get bankers to see the numbers like we do, that would be something. 

 You are exactly who I was 4 years ago. I lurked on this forum for years. I learned everything I could. I was scared to pull the trigger. It was a lot to deal with.

Then I did it. I was scared and unsure, but I did it. These people here want to see you succeed. Just keep it up. I have spent 500 dollars out of pocket. 4 years later, I get to keep 5k net per month. It is possible. And yes, I am paying 8% interest. I'm still making 5k net on that 500 bucks from December 2019. 

You do the math. I don't know( and don't care) the number. This stuff works. Listen and pay attention to the ones that have really made it. They don't boast or act like they are better than anyone here. They had their first day also. Every bit of valuable info I got here was free. 

 I actually thrive on the little ones. I like at least 20 spaces though. But I get them at the right price. IE, in 2020 we bought a 24 space for 230,000. Every single one of them park owned homes. 6 to 8 months later, they were not my homes anymore. It has been all lot rent. 

I have to get them right so that they bank doesn't collateralize the homes. I need to sell them do I don't want the bank to have anything to do with the deeds. I don't ever buy 40 of them in 7 years, but I don't have to either. 

Bought a park in March the same way. 36 lots. House all 15 years old or less. I got it low enough that the house were mine from the get go. Bank didn't need them. We got it for 1.5m. We have 175k in escrow to be released in March next year, plus 500k in accounts receivables. All the houses are sold. It nets about 5k monthly above note and expenses. It's also 8 percent interest. I wish I could have got it done before the Fed went crazy. 

I'll take those all day. 

 Do you have some examples?

 I got 8% on a15 year with a 5 year balloon back in March. It was going to be 7 3/4 but we closed in Friday. 2 days after the next to last fed raise. 

It was a local commercial bank. And they didn't collateralize the homes so we were able to sell them. This was North Little Rock. 

 I was doing a house inspection and heard a noise. I thought maybe the AC fan was going on the Fritz. 

Then it hit me. 

Or my foot at least after vibrating out from under the couch. 

instead of being grossed out, I was glad the AC was still working fine. 

 I'm a real estate investor just moved to Austin 2 days ago. I'm looking for an agent in the area. My interests are RV and mobile home parks. 

 I start a job in Manor in the 21st. I'm not from the area so I don't know anyone near there, but I soon will. I'll ask around if you'd like. 

My advice would be, don't get caught up on one type of property. When I was in the research phase, I read about BRRRR, house hack, etc,etc. All can be great. My problem was, I was hyper focused on one of the other. It just depended on the day of the week.

Then, a property came on the market that I never even had considered. A mobile home park. Everyone told me to stay away from it. The bank didn't like it because they didn't understand it. Family thought I was crazy. But I bought it anyway with no out of pocket money. Since then, I have found a better bank and did a refi and bought another one. Now, the new bank is asking me when I will buy the next one. 

Don't give up on any property because you don't understand it. Run the numbers  (incessantly) and have some experts on here go over them. Then, all it takes is the guts to pull the trigger.  That's often the hardest part.