All Forum Posts by: Todd Murphy

@Nikki Closser reach out directly to the owner or manager. As an owner, I don't want a lot of third party owners of homes, but if the home is nice and new tenant is screened you should be ok.

I encourage you to reach out to park owners on a regular basis.

All the best and Merry Christmas!

@Joshua Thibeaux when I look back on the beginning of REI, I knew it was important to get around people in the business and asset class you want to be in.

Find a way to add real value to another investor, property manager, syndicate, etc...

I have found a love of reading like I have never had before. Attend meet-ups and other free events if you are concerned with the money.

If you are willing to do ethically what others aren't willing to do, you will gain traction. If you take shortcuts and make excuses, that $200 will be a drop in the bucket compared to the losses you will suffer.

What are you willing to do to make it real?

Merry Christmas!

@Trey Malone the best deals are off-market in most any REI asset class. There are still deals to be made out there that aren't listed.

It takes time in some cases, but reaching out weekly is how I have built my pipeline out. Podio is great for managing this.

All the best and Merry Christmas!

@Camerron Cheatham Landlording on Auto Pilot!

@Jerell Edmonds so knowing that, I will tell you my teams are not complete yet, but have been building since I started. My teams will continue to grow overtime as a part of overall goals.

I started with myself and finding a good agent. I searched, met with and had more conversations in that period of time all to find a good one. We bought two duplexes with that agent and still keep in touch regularly with her. Our buying criteria has changed, but I still let her know what I am up to.

As far as money I did start with a heloc and that grew to working with others (OPM) providing value to everyone I can. It has grown my business and others at the same time exponentially.

@Quentin Brown I will tell you this. Verify your document is legally binding in your state. The amount of money you spend on an attorney that specializes in real estate is an investment that creates multiple streams knowledge, network, experience and more money. It will also ensure you are compliant which is a solid part of integrity in this business.

All the best and Merry Christmas.

@Antonio Jaime learn, learn, learn. Get into the business. Get around people in the business. Do things others aren't willing to do. Be intentional. I am still early on in my MH experience and can tell you each step you take you learn what to do or what not to do when executing your business plan.

All the best and Merry Christmas!

@Jerell Edmonds you have seen all the replies and many of them are giving you great insight.

My perspective in 22 months since the start of reading, podcasts, meet-ups I am partner on 137 units. Take action, action beyond your last that puts you closer to your goals. Every action step you take tends to grow quickly if you truly lay it out and do what it takes daily.

What is the next step for you? All the best and Merry Christmas!

INext door neighbor and I would first say that if you want to purchase a small multi-family property, you can house hack it with an FHA loan that would likely be 3% down. You may be able to do a 203k loan as well to help with the rehab.

Educate yourself on all the options.

Park owner point of view...… Do your homework on the park you put a home in or the land you put it on. We don't want many 3rd party owners due to lender guidelines and multiple parties to deal with. There are a lot of parks that will take 3rd party owners, but you still have the lot rent and repairs can be costly on units older than 1990. A majority of mobile homes are not kept up on maintenance and repairs can run high if you aren't prepared.

That being said you can make better returns that traditional housing with a mobile home in many cases. It is really important you look at all of your options first.

All the best,

Todd

@Ben Leybovich is absolutely correct about Indy. Gentrification is happening now throughout Marion County. Understanding the neighborhoods here is very important no matter what niche you are in.

All the best!