I have some questions again...

Baltimore, Maryland
General Real Estate Investing
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I have some questions again...

Gabriel Spaulding
Member since 2022 · 4 posts · 3 votes

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.

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Brenden MitchumBusiness Member
Rental Property Investor · Atlanta, GA · Member since 2019 · 1k+ posts · 872 votes
4y

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!

[email protected]404-737-0018
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  • Brenden MitchumBusiness Member
    Rental Property Investor · Atlanta, GA · Member since 2019 · 1k+ posts · 872 votes
    4y

    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!

    [email protected]404-737-0018
    3Reply
  • Nathan GesnerBusiness Member
    Moderator
    Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
    4y

    Gabriel, I have to agree with Brenden. I could answer your questions, but I suspect there are many more holes in your education that you aren't even aware of. 

    The first thing you should do is read some books and listen to podcasts. Build a foundational understanding of the types of investments, how to find good deals, how to finance, etc. If you decide to invest in mobile home parks, read a couple books on how to manage them. If you choose single-family homes or apartments, read books on those. Same with AirBnB. Reading a book will give you a big chunk of what you need to know. If it's a good book, it will give you information you didn't even realize you needed to know. Then come back and ask specific questions to fill in the gaps where your education is limited or you struggle to understand.

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    2Reply
  • Michael Dumler
    Real Estate Agent · Atlanta, GA · Member since 2020 · 1k+ posts · 1k+ votes
    4y

    @Gabriel Spaulding, I agree with Brenden, you're all over the place man haha. I'm all for thinking big but there's also some merit to being realistic especially when you're just starting. Let me save you some time and struggle. As you alluded to at the end of your post, more likely than not, your first deal is going to be a house hack. I would start studying this topic and become an absolute pro. Read Craig Curelop's book, " The House Hacking Strategy" and listen to podcast episodes specifically about house hacking. The more you dive into some of these other real estate subcategories, the less likely you are to take action in my opinion. As mentioned by others, start with the basics and grow from there. Hope this helps! 

    2Reply
  • Cole Simpson
    Rental Property Investor · Columbia, SC · Member since 2020 · 302 posts · 186 votes
    4y

    All sound like great ideas.  I would listen to the BP podcast everyday for 90 days, and start to learn more.  You are trying to make decisions without a foundation. I am sure you will be successful, but learn to walk before you run.

    2Reply
  • Drew SygitBusiness Member
    Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
    4y

    @Gabriel Spaulding

    Tough love response - as others have posted you need to invest in your own financial & real estate eduction!

    Otherwise, it will be easy for people to take advantage of you and take your money!

    [email protected]248-209-6824
    Logical Property Management4.9459 Reviews
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    1Reply
  • Gabriel Spaulding
    OP
    Member since 2022 · 4 posts · 3 votes
    4y

    Thank you everyone for the replies. Does anyone have a specific book on my first investment property, how to advertise my rentals, and managment? I'll be coming back with my clear and informed questions, thank you all!!!

    2Reply
  • Brenden MitchumBusiness Member
    Rental Property Investor · Atlanta, GA · Member since 2019 · 1k+ posts · 872 votes
    4y

    @Gabriel Spaulding I mentioned two specific books above! ^^^

    [email protected]404-737-0018
    0Reply
  • Paul MoorePro Member
    Commercial Real Estate Fund Manager · Lynchburg, VA · Member since 2015 · 1k+ posts · 1k+ votes
    4y

    Hi @Gabriel Spaulding. I would start with every BP podcast episode you can listen to plus read Rich Dad Poor Dad and The Cash Flow Quadrant by Robert Kiyosaki.  I predict some asset type will jump out at you and you will start moving in a certain direction. Then you can focus on books and podcasts that will get you there. Good luck!   

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