I have some questions again...

[Gabriel Spaulding]

Hey everyone I hope you're all doing well.

So today I was thinking about some options and fears. So first, options. I'm confused about whether to go for a triplex, quadplex, or a 10-unit mobile home part. Another thing I have thought about doing is buying a small single-family home near an attraction and building a couple of tiny homes for AIRBNB, however, I don't know if this is wise or not. I also don't know if an FHA loan will work for a mobile home park. Any help with this would be amazing.

Do I make an LLC before or after I buy?

Is it better to save up 200k to buy a house with cash or would less risky to get a mortgage? Is a 15-year or 30-year better for investing? Can an FHA loan be a 15 year or will it always be 30 years? These topics are some that I need help with the most.

And lastly, about tenets, what can I do if a tenant stops paying rent? How do I screen and set up an application process for them, what are some things you would have on that application or look for? How do I advertise my units for rent to get a tenant moved in? How do I run a background check on tenants? How do you guys feel about living in the same building as your tenants, such as living in a duplex with a tenant in the other side?

Any info would be amazing, THANK YOU!

-Gabriel S.

[Brenden Mitchum]

Hey @Gabriel Spaulding, welcome to the BP Community!

Oh man, I don't even know where to start! haha

Really, you just need to educate yourself a bit more, my friend. We're here if you have specific questions or still don't understand how something works after looking into it yourself. However, your last questions tell me that you haven't even read a book on investing or property management. Start with Brandon Turner's "Book on Rental Property Investing". He also has one on "Managing Rental Properties." Also, listen to the first dozen or so BP Podcasts (I think there is even a beginner-focused separate podcast now too). 

Even if we simply gave you all the answers now, you would not be ready and you would likely forget them by the time you were. 

You have some very cool ideas but first you need to get the basics down. Slow down and build that foundation. This is not a race and it's certainly not a quick way to make money. Follow the same process we all did starting out and be patient but persistent. Honestly, if you're passionate about real estate, the learning part should be really fun for you and there are plenty of resources out there to help you with this. 

To answer a few of your more specific questions. No, you cannot buy MHP with an FHA loan. You also likely can't build some tiny homes on your SFH zoned land unless the municipality allows it. Create an LLC after you buy. I do not have the answer to your very general question regarding whether to buy a triplex, quad or MHP. Remember, the more info you can provide us in a concise form, the more likely someone might have an answer that helps. Specific, to the point questions get answer more frequently than general, drawn out questions. Help us help you!

And please, feel free to reach out to me anytime if you have other questions or just want to chat!