All Forum Posts by: Logan M.

 I am always open to a conversation to see if I can give you some tips but I am far from being a perfect Operator

Only listen to investors who are where you want to be. There is so much noise out there that is often incorrect.

Real Estate is far too often overcomplicated and confusing. New investors look for guidance only to find constant ads for courses, coaching, and get-rich-quick strategies.

Look at those where you want to be and before you ask them to be your mentor study them, learn from them, and read books about business owners. 

Growing up in a household with 6 siblings and parents working hard to survive living in California I became very observant of what others were doing to make money. I noticed some of the wealthiest people I knew owned real estate. Over the years I became more and more involved with some of those people and as an adult started taking them to lunch to "pick their brain" (Not my favorite term but you get the point).

One of these Gentlemen I have continued to meet with and give him updates on my business. Some of the best advice he gave me was to not be scared or think you are too good to learn something, he gave the example of installing a water heater. 

There are so many people who are further along in life than you who are more than willing to talk and let you ask whatever comes to mind. Some of the information they have will be difficult to learn on your own without going through that experience.

I would suggest going to investor meetings, city council meetings, rotary, church, anywhere you have a large amount of people who are involved in the community.

Yesterday, I posted about 5 tips for new investors and multiple comments were to go more in-depth so I will start with my first tip, Every Market has deals.

I will give a few examples:

In 2023, I bought four Mobile Home Parks. One with 38 units on KSL (Like Craigslist), two on the MLS, and another on Facebook Marketplace.

Four of the four were seller-financed, two with 0% down, two with down payments, and one at 0% interest. What I have found is if you go directly to owners and talk about their needs you can often fit them within your buy box. Most sellers are not looking for a chunk of cash they are looking to solve a problem.

If I was starting today I would be going directly to these owners who have listed their properties and have conversations. Don't be scared to ask some hard questions and dive into what they need.

I will wrap this up with three more examples of purchases in 2024.

Last month I bought another mobile home park with nothing down, decent interest, and a ten-year balloon. This was on KSL as well and the sellers were very very motivated.

This year I have also purchased two single-family homes that I am rehabbing and both allow for lot splits so I will have a renovated home to sell or rent and a free and clear lot with each one. Currently, I am planning to build single-family homes on those lots.

Keep this business simple and focused on your niche.

 Alex is legit, he has great business insight

 Thanks for sharing this is money!

 I encourage you to go to my profile and look at some of my previous posts where I go into deeper dives. I focus mainly on smaller multifamily of roughly 10+ units that are non-professionally managed.

This has allowed me to negotiate better deals with great terms. I just responded to another post that was similar to yours and what I will say is that this post would be a novel if I did an adequate job on each point. The purpose of this post was to get new investors introduced to topics that will focus on them.

But for you, I am more than happy to have a conversation about them and see if there is anything I can do to help in your business.

 If more investors followed these tips they would have more units and more money. It must be nice to be retired but most of us on here are still working to get there instead of trolling.

 Most of them I have independently but for the projects I have brought in partners I am the one managing all of it, I don't have any active partners.

 It's about half and half and even the ones I have with partners I am at least a 50% owner or more. I have about 45 units through my fund but I am the only manager with a waterfall etc

To give everyone just a little background since 2018 I have built a portfolio of 194 rental units. I did this through seller financing, creative purchases, and utilizing other people's money. 

I want to take a moment to give a few quick tips to new investors jumping into this market.

Tip #1 Every market has deals, don't fall for the downers. Investors made a killing buying homes in 2010 when many companies were going under and everyone in real estate panicked.

Tip #2 Only listen to investors who are where you want to be. There is so much noise out there that is often incorrect.

Tip #3 Invest for the long run, it is safer and builds wealth.

Tip #4 Be humble, always be willing to learn, and never let your ego stop that.

Tip #5 Sales skills and communication will have a greater impact on your success than any other skill.

Bonus Tip #6 Stay positive, no matter what happens.