All Forum Posts by: Patrick H.

i went threw the rich dad coaching program for 6500$ .  I liked it gave me the confidence i was looking for.  You can buy all the books or audio and learn it all there for much cheaper.  But having a experienced coach is nice.

I did one on a farm/rental that I bought for 60k  and sold for 157k with 12 years of depreciation.  Bought a 28 unit senior apartment and differed all the gain.  The apartments are in a turn around right now and could be exchanged again soon but I'm going to keep them for cashflow.  I never plan on paying the gain tax just going to keep exchanging.  Saturday long as the don't do away with the 1031 code benifit, which I've heard talk of them doing.

Also check out this website, they are great!  Boot camp is awesome also!

www.mobilehomeuniversity.com 

I forwarded her name and info to my aunt, thank you!  I will follow up and get back to you on how it went.  

Hello, I am looking for a accountant in Pensacola FL for my aunt who is just starting to invest.  Any recommendations?

Thanks in advance!

Welcome Eric!

I will shoot out a few things that come to mind.  

Read these books no exceptions if you haven't already

1 Rich Dad Poor Dad, and frankly all of Rich Dad Series of books.

2. Millionaire Real estate investor by Gary Keller

Start small and make some mistakes, learn and grow in to bigger deals.  

Personally I won't buy a deal unless I can get it at a discount and or under performing so that I can improve the property and pull my $$ back out with in a few years.  That keeps me safe and my momentum moving forward with out having massive amounts of cash to invest.

In the areas that I invest in it seems that the multifamily market is a little top heavy right now.  I can't say for sure but I do know it has been harder to find deals.  Same goes for self storage though that is a little different market and I'm not a expert on either.  Im focusing mostly on Mobile home parks.  If you decide that MHP's are the way to go, do you self a huge favor and book a boot camp with Mobile Home Park University. Frank and Dave are great.

Best of luck, remember that you can only learn so much by reading and must jump in at some point to learn the ropes and figure out what style you like the best.  

ps Thanks for your service!

Patrick

 Yes the older people have lots of time on their hands and seem to be more of a community type mentality.  Which is good some times but not always.  Word spreads fast, "did you hear he is raising the rent and he's kicking Mildred out"  on and on.  They just take more hand holding than a normal family type tenant.  How ever they seem to stay a lot longer so you have less turn around.  Its just a little different animal.  You just train the tenants that you are not going to respond to every little complaint and request.  I like older people in the apartment world, I don't have any experience with them in the park world yet.  Best of luck!

I agree with Bruce  on all accounts.   I've got older tenants and they are very very needy.  Also they do resist rent increase more than average.   But look for things that you can do to spruce up the place while raising your rents to help with the pain of raising.   you need the due diligencework book from Frank and Dave.    Looks like a great deal!  Congrats! 

I went to the boot camp with Frank Rolf (MHU)  It was everything you need to know wrapped in to one event.  TOTALLY WORTH IT!!!   Its a must, don't even think about buying a park with out going.  Frank is also hilarious so its fun also.  They give you all the documents, and tools they use like contracts, list of all the parks in the USA and Canada with ph numbers.  You can call them once you find a deal you can call them and run it buy them.  They way over deliver!

Good luck

The contract reads

If the buyer fails to close do to fault of the buyer the commission will not be waived and will be due and payable immediately. 

This is not a foreclosure it is simply making a few phone calls to find a willing seller of a property that isn't listed.