All Forum Posts by: Paul Bowers

@Austin Fruechting what do spend the extra $500-2K on that you think gets you the most bang for the buck?

 That's funny, my first wife did F&I at the Newark store a LONG time ago!

The issue is that the park has to approve your buyer to rent the lot.  You just need to make sure what their criteria is and make sure your buyer will be able to get approved by the park management.

@Alex M., try this https://www.biggerpockets.com/files/spreadsheets/c...

@Jason V., first off 4 adoptions is amazing!  The opportunities you and your wife are providing these kids is incredible.  

I've only on my first flip but I have been selling cars for 30 years and for me I always seem to get reinvigorated when I spend time with new salespeople trying to help them, teach them.  They remind me of when I first started and was so excited to make a sale.  I've been doing it so long now that it sometimes seems like I'm doing it on autopilot but working with the newbies gets me inspired again.  Maybe you could spend some time with a newer investor and get back to the time when hunting properties and making deals drove you.

Just be careful with the park rules.  You will have to make sure they will approve your buyer to rent the site  before you sell it to them.

Bring in a partner on your first one. Even if you have to provide everything and still split the profit with them it may be worth it to have someone there to reassure you that you’re making the right decision. If you have someone you can trust they can “talk you off the ledge” when you start to panic and back out of the deal. Either that or write a GIANT check for your earnest money deposit so you have no choice but to close, lol.

That seems shockingly high but if your workers have it set at 70* and there is no insulation in the house there is a good chance the furnace is running 24/7.  Maybe you should consider one of the thermostats that you can monitor via an app on your phone or at least have a programmable one installed so you know its getting turned down when nobody is at the property.

@Alex Silang I think you should tell anyone who will listen.  You may very well work with someone who would love to invest but is afraid to.  That could be your next partner or private lender.  Or you may find out one of them is also investing but at a larger scale than you and they could be your next mentor.

Transferring a property from your personal name to an entity such as your LLC could also cause a current loan to be called because of a due on sale clause.