All Forum Posts by: Siye Baker

@Rick Baggenstoss Thank you. Time is at a premium with little ones but the motivation is sure there. Thank you for your reply!
@John Vashon Thank you for the reply. I'm an analyst so the thought of all the things that can go wrong plague me :-) Thanks for the encouragement.
@Drew Farnese You make a great point. I'm brand new at this and it's a starting goal. It will probably be adjusted along the way. The reason I would like 1500 units is that I don't want to manage property as landlord - and more units would force me to build structure into my business. I'm really looking to build out a large portfolio and mitigate risk using volume. That said, I don't have any units at present so I'll take what I can get :-) Thanks for your thoughtful reply.

Welcome aboard @Mark Vejnar! I find mobile home parks to be very complicated and am taking all the info this site has to offer. I find it to be very appealing, as it is not what usually jumps to mind when one mentions real estate. It looks like there is definitely a lot of money to be made wisely there. Your goals sound awesome, and you will get a lot of great advice/encouragement from this community here at BP

cheers

Sebastian

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Hello @Koob Moua

my understanding is that banks wont generally consider singlewides, unless their title has been "retired" (not sitting on axles, but permanently set in foundation)at which point it is considered like a stick built home. Apparently it is easier to get financing for double wides. When you say "rent space" do you mean you will be the one renting the space out, or will you be renting the space from someone?

The more knowledgeable guys will be jumping in and can provide you with better answers, and correct anything that I may have misspoken.

Sebastian

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@Bruce L. Great reply by @Brad Johnson

I would also want to know what restrictions the city has placed(if any) on the age of mobile home that can be moved in. Make sure that there are not any limitations to the year mobile home which may move into the community.

Also see the payment history of tenants if you can. That way you can get an idea of how management operates

pay careful attention to things that are prone to breaking/updating (septic tanks for example)

Is there an on site office? Is this something that you would be prepared to move into and self manage?

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my current goal is 100 units to the tune of 10k/net per month

eventually graduating to buying a large apartment complex for ultimate passive income. Set up trust for sister, Move to the beach, play rhythm guitar in a band, help those who strive to help themselves. I somehow suspect that once I have achieved success on that scale- that I will wish to continue to grow my portfolio... but i doubt it.

I wish to make just enough money so that I can be in control of my time. That is truly living in my book.

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Originally posted by @Brant Richardson:

10k per month passive income after paying a property manager to run the show. That will be the begining of the endless summer. Continuous world travel surfing my brains out in third world countries. When I find somewhere I really like I'll spend a few months at a time there volunteering my medical skills to the underserved. I hope the wife and daughter are into that plan.
If there is left over money at the end of the year then the portfolio gets added to or loans get paid down. I won't be spending months looking for a distressed bargain and rehabbing though.

You Sir will always be a wealthy man, regardless of income

Sebastian

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Originally posted by @Will Barnard:

[quote=Damion Hopkinson]im studying so hard right now reading books, surfing the web and talking to alot of people, just trying to educate myself. im so serious and motivated right now.[/quote]I don't think you can find a better resource than BP Nation for your education. Stick around, fill in your profile and join in the conversations.

agreed

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Originally posted by @Troy Meyer:

Greetings Bigger Pocket Members,

My Name is Troy Meyer and I am new member, and reside in the Sebastian, FL. I started real estate investing while I was in the Army, buying houses at every new location and renting them out after my reassignments. This started me on my path to passive income on a long term basis. I am eager to collaborate with Bigger Pockets contributors to learn more about expanding my business and to get insight on different types of investing. I currently have two positive cash flow rentals and hold the note on two owner financed properties. I am in the process on liquidating my out of state properties to recreate locally.

I retired from the Army after 26 years and currently doing some contract work for the government in Georgia. In my off time I am studying for the Florida Real Estate exam since I am always looking at new listing and deals, even when I am not in the market. My long term goal is to create a larger passive income though buy and hold deals. I have bought several distressed and foreclosed properties as well as move in ready homes (if there really is such a thing, my wife always finds something to change). I plan to attend and join the local REIA which I believe is held in Vero Beach upon my return later this year. I am looking forward to expanding my knowledge.

Welcome aboard! Any particular types of housing that you will be going after? I cannot stress enough how much information/support you will find on this site

Sebastian

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Originally posted by @Mark Ferguson:

I am getting closer to my goals! I closed on number 9 today. It is a 4/2 ranch with a 2 car attached garage. I bought it for $133,000 which is more than I have bought any of my other rentals for, but the market and rents keep improving. This home needs very little work; only a but of paint. Has new windows, newer kitchen, newer hardwood and baths.

I put 20% down with a 5/1 ARM at 4.625% and my payment with taxes and insurance is $642. The home should rent for around $1,300, maybe $1,400. There were multiple offers on the first day of course. I think being a Realtor and knowing the listing agent helped me out on this one. Asking price was $134,900.

It was purchased off of MLS just like almost all of my deals. For those saying you can't buy off MLS, I have 6 fix and flips going, 5 of which were from MLS and one from the trustee sale.

Thanks for the post! Sounds like you are executing a well devised plan. Keep up the good work!

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@Derek Johnson hey that's great man! and who knows you may decide to sell it down the road, and the detached garage can be marketed as a potential mother-in-law suite to the buyers

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@Alex Parra

I hope you are still on your path to acquiring your first property. I just thought I would add that you should consider trying to acquire a house "subject to", which is basically where they deed you the property, the mortgage remains in their name, and you take over making their payments. A couple things to consider:

This does not require a real estate broker

only a small percentage of homeowners are going to be open to this, as they must be in a position where it is worth it to them to walk away from the property, so you are going to have to find them, or put out ads inviting them to find you.

although a person might be willing to walk away from their payments, it doesn't necessarily mean that they will have the funds to do so. You should be prepared to give them money for moving expenses, and to pay any past dues note on the property. Hope this helps

Sebastian

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All Forum Posts by: Siye Baker

Siye Baker has started 7 posts and replied 240 times.

Post: New from Greenville, SC

Post: Moblie home financing

Post: Mobile Home Park Analysis Help

Post: What's your number?

Post: What's your number?

Post: wholesaling with no money down

Post: Sebastian, FL New member

Post: I just closed on my 9th rental

Post: Possibly my FIRST rental!

Post: Need some advice: starting out as a young real estate investor