Self Employed w/ $40k to invest, looking for MFs, land or laundry

[Stephen Anderson]

Hey BP community!

I’m a new member, and new investor looking to get my first deal on the books in 2019. Thanks to everyone on these forums for sharing your knowledge and experience, it’s given me the motivation I need to get into the game!

Here's my situation: 

• In my early 30's
• Based in NYC 
• Self employed (for the last 1.5 years - paid by 1099)
• Credit Score: 700+
• No debt (other than student loans) 
• Around $40k to invest
• First time buyer

Here are my questions:

1. What's a good market to look for multifamily properties/ land or laundromats that will get me started? (NYC is way too expensive)
   • Looking for cashflow or to start a BRRRR strategy in the next few years.
2. I've heard getting financing as someone self employed can pose some issues... are there any special considerations I should make to have the process run smoothly? 
3. Is $40k enough to get the ball rolling on any of these niches? 
4. Is there a niche that makes more sense for a new investor to start with ? 

Any advice, input or suggestions are appreciated, Thanks BP!

- Stephen

[Amy Heitner]

Hi @Stephen Anderson,

Regarding your question about resources for mobile home park investing. 

Here are some:

Books:

1. Mobile Home Park 10/20 Investment System by Dave Reynolds, Frank Rolfe
2. Mobile Home Wealth Part 2: How to Become Even Wealthier investing in Mobile Home Parks by Zalman Velvet, Stuart Silver
3. The New Investor's Guide to Owning A Mobile Home Park by Laura Cochran, Erin Cochran
4. The 21 Biggest Mistakes Investors Make When Purchasing Their First Park and How To Avoid Them by Charles DeHart and Kevin Bupp (available for free from www.mobilehomeparkacademy.com)

Podcasts:

1. The Mobile Home Park Investing Podcast with Kevin Bupp and Charles DeHart
2. Mobile Home Park Investors with Jefferson Lilly & Brad Johnson
3. Mobile Home Park Mastery with Frank Rolfe

Websites/Blogs:

1. Park Street Partners - http://parkstreetpartners.com - This is the investment firm run by Jefferson Lilly and Brad Johnson. They focus on mobile home parks and have solid educational content on their website.
2. Mobile Home Park Investors - http://mobilehomeparkinvestors.com - This is the LinkedIn group led by Jefferson Lilly. It's the largest group on LinkedIn that is exclusively focused on mobile home park investing.
3. Mobile Home Park Academy - https://mobilehomeparkacademy.com - This is the educational site that's run by Kevin Bupp and Charles DeHart. They also run an investment firm, Sunrise Capital Investors, that is focused on investing in mobile home parks.
4. BP Member Blog - Mobile Home Park Academy- https://www.biggerpockets.com/blogs/9911-mobile-ho... - This is the BP blog maintained by Charles DeHart from the Mobile Home Academy. In various posts, he walks through the basics of finding and analyzing mobile home parks. In recent posts, he walks through case studies and outlines how to analyze and underwrite opportunities.
5. Mobile Home University - http://www.mobilehomeuniversity.com - This is the site maintained by Dave Reynolds and Frank Rolfe. I recommend subscribing to their newsletter.