All Forum Posts by: Paul Sofia

@Colton Lucas not that it's any of my business, but how on earth did you purchase a property that already has 450k of equity? Before dumping your capital into another property, I advise that you educate yourself on real estate investing to a certain degree, otherwise, you're going to have shady folks reaching out trying to take advantage of the situation. Your question is also entirely dependent on your goals and how active or passive you want to be with your investments. If you have no desire to be a landlord, then maybe network with a RE syndication institution and evaluate your return via that route. Buying a multi-unit property is going to take time and energy and you will need to treat the purchase like a business. However, if you do desire to grow your investment portfolio, I would surround yourself with investors who have done it themselves who can be a guide to help you succeed. Hope this makes sense and helps!

Right on. Don't get lured by the easy money right now. Especially if you have minimal experience. Wall St is buying up properties for cash and inflating the prices right now. I would never risk leveraging my personal home. I've been investing in properties for well over 20 years and have never seen what's going down right now

I sold my last spec last part of July and sold all land holdings I was going to put specs on (with handsome profits). I am doing only customer builds now. I am getting ready to add addendums to contracts as a result of price increases. If you ever want to discuss in depth, I'd be more than happy to talk.

1 Vote

Phoenix, Arizona

Mobile Home University

3 Votes

The flipping coach....that's probably where it started. I won't ask what you paid the coach. I will offer my 20 plus years experience free as I have plenty of times on here...this is just wrong

1 Vote

Jorge and Mo, you would both need a verifiable track record as a GC or partner with a GC with a verifiable track record.

0 Votes

Originally posted by @Douglas Gratz:

@Paul Sofia with your experience why wouldn't you? 180k per lot, 4 lots....In the 2nd most gentrified place in the country where houses 3 strories 3 beds 2300 sqft sell for 700k on lots 15x60? The comps in my area are astonishing

1. 4 bed 4 bath 3 4300 sqft with garage parking (which is unheard of in the city , but I will have) lot size 20x60 sold for 1.3 million two months ago

2. 4 beds 4 baths 4700 sqft with garage, lot size 20x90 sold for 1.9 million

3. 3bed 3 bath 3300 sqft new construction 950k

I'll leave it right here...I have done well in this business, Praise God. We are in uncharted waters at the moment. All of this happy money will soon cease. Just check out what Larry Fink has been up to. You continue trying to prove a point and you are still trying to convince yourself. You still seem a bit unsure. Don't bite off more than you can gnaw on.

0 Votes

One of the basic rule of thumbs in the MHP space is formulating a value off the pad rents, not off total rents collected. Do not use home rentals. You must break it down based on market pad rents

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I do flips and new builds and have over 20 years experience. No way, I would attempt this with my experience. No offense but you are asking rookie questions ready to enter the championship game. I would never do a spec home of this magnitude.

19 Votes

Based on your diagram, I would ask the other neighbor if they would grant you an easement. It seems the other one is quite unreasonable.

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Right on, Frank

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I have to ask, how much experience do you have? Do you reside in the particular area that you would like to risk your investment dollars?

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All Forum Posts by: Paul Sofia

Paul Sofia has started 3 posts and replied 321 times.

Post: I have 450k in home equity. Needing advice.

Post: Beginner Mobil home park investing information

Post: Partnership gone bad advice

Post: NEW CONSTRUCTION FINANCING

Post: What is the new construction process? Dig lot, pour concrete, etc

Post: How do I determine poor performance vs poor management/accounting

Post: What is the new construction process? Dig lot, pour concrete, etc

Post: Need Advice: Bought a house with an unmarketable title

Post: Mobile home park Financing

Post: Buying Land for beginners