All Forum Posts by: Anthony Ferguson

Thanks Jim and Mike for the responses. So are you guys saying i should wholesale mobile homes instead of SFH/Multi units?

I was wondering if there are any investors out there in the Central Michigan area?

Thanks Jon. I'm speaking on behalf of my partner here. We really had no clue on what to do with it. We thought we would ask the BP community to see if there was anyway to turn this around before calling her up and telling her there was nothing we could do about it. Just trying to seek out any possible way we could turn it around. Thanks for the eye opener

Hello everyone

Me and a friend of mine are just starting out in REI and managed to stumble across an 85K 5 unit building from a realtor we just met. We are going out to look at the property this Friday. From the sounds of it, it sounds like it could be a fantastic deal. So I phoned up the only guy i knew of for some info, my brother (a 5 year veteran in the REI business) who lives out in Cali.

I told him about the very exciting news and he was not only excited that I decided to pursue in REI but that i had already managed to stumble across a possible deal. We did a little bit of number crunching, we figured it had a good potential for some cash flow.

All i really talked to him about was the potential for cash flow. What i failed to ask him about were questions like what questions should I be asking the owner? what should i be looking at when i visit the property? What information should i be getting out of him? And the biggest one, how should I be financing?

I was just wondering if anyone could give me some quick tips on how to be prepared before me and my partner in crime (not literally) go check out the property.

Thanks,

Anthony

Hi everyone! Im 20 yrs old living in the Mt. Pleasant area and am happy to say I'm heading down the right track for financial freedom. On Sunday i completed my first REI training class and the following day went out to add a few members to my team. When meeting up with realtors i already managed to stumble across what seems to be a great 5-plex deal! I'm so excited! I'm also aiming for mobile homes and wholesaling to get started. My one main question now is, would anyone else who happens to be in the central MI area happen to know any rehabbers?

Thanks,

Anthony

Thank you all for the advice. It really helps out a newbie like me

Great question Lance, I was kind of wondering the same thing. But on top of that i was wondering something else. To find my approximate repairs cost. So what would be the best way to come about that number? Because i have no experience in estimating repairs

Tiger and Brandon, thanks for the advice. I understand that the best way to learn something like this is by doing and learning from the mistakes, but it doesn't hurt to have some helpful resources. So will definitely look into those.

Hey David, thanks for the reply! I will definitely have to look into that!

Hi Everyone

I'm 20 yrs old and just finished attending my first REI seminar today and plan to start investing ASAP. Because it was a cheap basics seminar, A LOT of info was thrown at me. Among all the info, the instructor mentioned that one of the best ways to start in the business when you don't have a lot of cash is to either A. Wholesale or B. Invest in mobile homes.

Wholesaling sounds like a great idea and I understand it is an easy and fast way to put a nice little paycheck in your pocket with almost no money put into it. So i can see that, and I have actually heard of the idea through BP before the seminar, therefore I have read a lot of posts about it. So that is definitely a tactic I will start out with.

But the thing that confused me about mobile homes is the way the instructor presented it to me. He said that the best way to start with mobile homes is to go to a lower grade mobile home park (parks without coaches) and find the owner. After you meet with the owner you are supposed to ask the owner if there are any vacant mobile homes that have been vacant for an extended period of time. If there are, then I should inform the owner that I am an investor and i can help him with this "eye sore" of a mobile home if he gives it to me for free, so i can fix it up and put a tenant into it and he would still have the advantage of collecting lot rent.

Now i understand the concept that the owner of the park would still get some cash flow through the lot rent of the property, but would he really give me the mobile home FOR FREE? Not only that but wouldn't the cost of repairs cost me quite a bit of money even though the instructor said I didn't need much money to make this deal work?

I'm just looking for a little bit of feedback on if the concept of the mobile home investing idea and if anyone out there who has had success with this type of investing could maybe give me a few pointers.

Thanks,

Anthony