All Forum Posts by: Robert Blanchard

Great to read about your successful rezoning. 

In my city and county there are only 2 MHP's.   Both are Senior 55+ Parks and bring in desirable tenants.  Lot rents are now $560 and higher.  The MH's sell for $30-115K.  

The county will not approve any new MH communities but keep rezoning some areas for multifamily housing.  The current one being built has 385 units and the one bedroom units start at $1160, and the two bedroom units get $1474.

Even the MHP's in C neighborhoods on the other side of town get $600 for lot rent. That does not include water and sewer. 

 Rental housing is reaching all time highs and many people can not find a decent 1 bedroom apartment in a B neighborhood for less than $1,000.  

On the east side of 1-25 there are several plots of land that would make an ideal MHP but Arapahoe County probably would not approve them.  The new doublewide's that Clayton homes offer sell for $42,000 - $320,000. 

Here is the link to Clayton's website if anyone is curious what $100K will get you:

http://www.claytonhomes.com

Some MH Manufacturers offer 9 foot sidewalls and some other really nice options.

A SFH that has 3 beds and 1 1/2 bath runs over $200K

Here is an example:

http://www.trulia.com/property/3207761000-5329-S-G...

I am not affiliated with trulia or this house, just posting an example

Welcome to BP!  May the new year bring some RE investment opportunities your way.

I would not change much other than putting my short and long term goals on paper.

Some people benefit greatly from getting a College degree, while others don't.

Take some time and write down your 6 month, 1 year, 5 year, and 10 year goals.  

Start attending a REIA group to start learning more about RE investing. This will give you a better idea where to start investing. For many people the quick and decent ROI of a fix and flip is what they do as they enjoy the challenge of finding property that needs remodeled. Others like the slow and steady of a long term rentals. Some do both. With Rentals, if you start out with buying 1-2 a year then crank it up to 5-10 a year, you will have a nice portfolio of properties that will provide you with plenty of income to keep investing in RE while building a good retirement nest egg. I wish I had bought some rentals after the RE prices came down in 2008 but the banks did not like my fluctuating income while I was self employed. Some people need the stability of a w-2 job that requires a College degree so that job will give them a salary high enough so they can invest in RE on the side.

Please keep us updated on what you decided to do in 2016.     

While reviewing Hunters posts on this site, I came across this one from Sep 13th:

Although I'm only 21, I'm blessed to say I have a very, very good job. I make more per hour than my age and have all the benefits in the world, so money isn't an issue thankfully. I'm currently in a lease that has about 7 months left. In this time, I plan on paying off all my debts, saving up some safety money, possibly starting an LLC, and obtaining my real estate license (currently 12 hours into my 75 hour course).

@Account Closed How far along in the course did you get?   Did you save up any safety/ emergency money to live on while you are unemployed?

If you have not written down a budget, do so.  Dave Ramsey has a great online one which is free to use:

https://www.daveramsey.com/everydollar?snid=tools....

While Dave believes that you should not buy anything on credit, even investment Real Estate, which many on this site disagree with, he does have a great class called Financial Peace University.  This class really helps some people manage their income and plan for the future.   I was given one of his books, and it did help me.

Sorry to hear about you being laid off.   Did Gulfstream offer a severance package?  Or are you going to apply for unemployment benefits?

If you have $2-3K in your emergency fund that could be used to become a Real Estate Broker, that might be an option for you.  

Have you attended a local REIA metting?

Here is the link on BP for the one in Savannah:

https://www.biggerpockets.com/rei/georgia-real-est...

There will be RE Brokers that attend and might be hiring in their firm or business.  

You might offer to take one out to lunch and pick their brain.  They could tell you how many closings a new Broker averages in your area along with the median price of a house in your area or one that you want to specialize in.    

According to this web page, there are plenty of houses in the $140-240K range around Savannah.  

http://www.trulia.com/home_prices/Georgia/Savannah...

If you get hired by a traditional brokerage, your commission before fees should be in the 2.8% range.  So if you sell a $200K house a month, that would mean a commission of $5600 before Desk fees, advertising fees, and a few other fees.   

BUT then you have to take out money for self employment taxes, Social Security taxes of 12.9%, Medicare Taxes, and some other costs of running a business.

Even with all of these fees, costs, and taxes, many people make a decent living in this field. 

Just an something to consider if you want to think outside of the W-2 job box.

While working in this field, you will learn what areas are improving or going down hill.  

 Also, you could make some good contacts that might lead to some off the market deals.

Good luck to you and whatever you decide to pursue for work or a job.  Please keep us updated on what how things work out for you.

Thanks for posting your experiences and Success story.

Do you only deal with investors or do you also have regular clients that are selling their primary residence? 

Many RE investors will not pay more than 70% of Full Market Value for a house.  If the house is ready to rent, and you do not have to do much other than fresh paint and carpet, you might be able to offer more. 

Since you are in a larger city, you should be able to find a Landlord or someone else that needs out of a property and is willing to discount it to do so.

How did you choose the RE Broker that you are dealing with?  Are they willing to be on the lookout for a discounted property for you?  Are you willing to spend money and time on a property rehabbing it to make it ready to rent?  

Have you attended a Real Estate Investment Club meeting?  In doing so, you might be able to find a property that is not on the market yet and purchase it at a better discount than one that is listed.  

You can never lower your offer but can raise it if the seller says no or gives you a counter offer. 

If the seller accepts your offer without a counter, it is usually too high.  

Good luck on finding a rental.

@JT Spangler  Congrats on your Success.  Some people that I know refer to a Job, as Just Over Broke.  

Glad to hear can leave the rat race if you choose to. 

@Michael Swan  Congrats on your RE Success!

How did you pick your Mulit family properties?  Were they for sale or did you contact the Owners directly?

Thanks for sharing your well written story.  

Why take the risk of letting her become an undocumented occupant of your rental?  What if she has her other undocumented relatives move in and end up doing damage to your rental or stop paying rent.  If her husband was wanting to make things legal, he would have rented a place for her before he left the country.  I am curious if the previous landlord had a similar request from them or if the husband was in country when they lived in FL.