All Forum Posts by: Walter Pape

Jennifer,

Welcome to BP!!! I am also starting out in RE investing and have low cash reserves. My advice would be to continue to read the different forms and podcasts on the website. As you go through your research a niche will pop out to you. Continue to explore what the niche and go into action!! A couple of resources that really help me are: 

http://beta.biggerpockets.com/real-estate-investin...

Personally, my journey has lead me to Mobile Homes. Its not what I thought I wanted to do when I started but the more I learn the more I get excited about it!!! If you have any questions please reach out and I would be happy to help in anyway I can. 

Best,

Walter

I did not know that Good Neighbor Program was that small!! Would buying and selling previous RE disqualified myself from the program ?

Hello, 

I am a teacher and planning on using the Good Neighbor Next Door program to purchase my first home; however, I would like to start investing in MH. By buying and selling the MH would that disqualify me from the program? 

Thank you for your help,

Walter 

Hello BP!!

During some research I have came across Dodd-Frank and SAFE act regulations with seller financing. As a new investor should I meet with a RMLO and/or Real Estate Attorney:

Before I start making offers?

After I make a deal?

Could someone point me in the direction on understanding laws of the Dodd-Frank and SAFE act with regards with MH.

Any help with be appreciated,

Walter

@Jim Johnson , 

I believe when it comes to ethics \ morals , within the context of your stories, are examples of why it is a gray area and not black and white. Ethics and morals are created based upon an individual's culture, family, religion, and experiences. With that being said the law is the law and your examples provide proof that we as a society need the governance. What I believe it comes down to is what as an individual do you value more. Is it serving others within the context of the law and situation? Is it your bottom line? Is it something completely different...

Personally, I'm getting into this to provide a service for others and to build wealth for my family. It would be difficult for me to run a business that does not take into account what is going on with the other individual and the situation. I want to be as profitable as possible but not at the expense of someone else. I believe that's why having a "code of ethics" or thinking about this ahead time is important. It allows us to examine what are our personal ethic and moral. That's why this conversation is important because we could discuss situations and understand others point of view. For example, I am going to increase rents every year and it may cause me extra work but that's ok for me. I wouldn't make someone who is dying of cancer pay their lot space. I would try to help out  more through a group fundraiser or bringing him meals. 

What are other examples or stories of ethic or morally dilemmas? Why is it a gray area ?

welcome to BP!! I like your angle of your investment! I would look into the so zoning in the area that you do this. Also, you may want to listen to the recent podcast biggerpodcast.com/show75 with @John Fedro . This is the strategy I am going to pursue because I don't want to be a landlord yet! Best of luck, 

Walter

Hello, 

I'm looking to focus in the MH real estate. As mention in the last podcast the primary way to sell these MH is through payments with a down payment. Where, what, or who do I need to talk / read about this area of real estate. Also, I have seen others post about how they charge interest as others don't. Trying to understand what is legal ad what is not. 

Thank you , 

Walter

Welcome to BP!! Great advice above. As someone who is starting out; I would talk to park managers and the neighborhood to start. Use word of mouth and see how they found out about the park. Best of luck!!

@Mike Gennaro  welcome to BP!! 

I believe @Jim Johnson would the person who would be able to answer your question about MH Parks. Keep posting on BP to share how starting a MH park goes. I would be interested to see how it goes. Best of luck!! 

Walter 

Great post by all!! I have been researching Rich Dad, Poor Dad info. If you can find a job that teaches you about selling will help you in the long run. A couple of my first jobs in college were in sales, and at the time I hated it. But looking back those skills will be helpful in REI. Best of luck!!!

Walter