All Forum Posts by: Adrian Smude

I get that this is probably a post to engage in conversations.... but I will play this game. Its only dead if you are looking in the wrong markets. I am not sure what you talking about. I can cashflow great at an 8% loan, banks are still lending..... you just need the right bank. And appreciation has NOT slowed down and flattened all markets.

You are being very broad- each market is it's own market- and you can't categorize this broadly. For example We know historically areas like Memphis, Birm, Little Rock only appreciate 3-4% a year but areas like SW FL are about 8-10%. In the last few years they grew much higher, but you need to look at the historical numbers not the last few years. Did you know that Atlanta was one of the first markets to crash in 2009? And the smaller areas in the south didn't take a dive for a few years later?

You can't assume all markets are the same. Plenty of opportunity out there- you just have to know what you are looking for and what strategies/expectations are set.

You are correct, I worded this to generate responses because I wanted to know people’s views. Thanks for playing along and giving your input!

I agree with your statement!
to keep in the general conversation though I do think relaying on fast growth with a BRRR strategy like people have been able to over the last decade is on life support. There is always an exception tot he rule. But I feel those that don't learn other strategies will be left behind in this new market just like they were in the last major shift in the market. :-)

0 Votes

Quote from @Timothy W.:

Quote from @Adrian Smude:

Quote from @Timothy W.:

Quote from @Henry Lazerow:

Real estate should at a minimum get you 6% Cashflow + 8% appreciation and 2-3% in mortgage paydown all based off a 25% down payment.

You can do that or better on dividends and not have tenants. The only advantage on real estate in this scenario is depreciation.

Wow, I commented a month ago that the people making money off of BRRRR was the preachers, not the doers of the BRRRR. This thread is proving me right. It's all the real estate agents, brokers and other vendors servicing landlords talking about how great it is. Not much from owners who built up a portfolio of 20-50+ units using this. Pay attention. Their money is made on you continuing to transact in real estate, not you maximizing your own profit.

Great observation!

Thanks. Saw you're a mobile home landlord. VERY very smart down here. I've been in the insurance claims business for 20 years and not everyone gets that a modern mobile home tends to weather a hurricane better than most framed homes.

Yes sir! As I was once told when I was scared of mobile homes… there are 1965s still around… they’ve been through more hurricanes than you have! :-)

1 Vote

Quote from @Matthew Crivelli:

Buying a property, fixing it up, and refinancing at the higher value will never stop. This has been going on for a 100 years lol. @Adrian Smude

I didn't mean it'll completely stop, but the fact of it being a business plan I believe it's season is over. It'll come back but those that don't know anything but BRRR are in for a struggle.

1 Vote

Quote from @Timothy W.:

Quote from @Henry Lazerow:

Real estate should at a minimum get you 6% Cashflow + 8% appreciation and 2-3% in mortgage paydown all based off a 25% down payment.

You can do that or better on dividends and not have tenants. The only advantage on real estate in this scenario is depreciation.

Great observation!

0 Votes

Quote from @Henry Lazerow:

Putting money in a CD making 5% but with 3-4% inflation is only a real return of 1-2%. Real estate should at a minimum get you 6% Cashflow + 8% appreciation and 2-3% in mortgage paydown all based off a 25% down payment.

Yes sir, those are all benefits not always talked about in the real estate investing world! Some people will argue we have much higher inflation which means our 5% savings are actually losing money to inflation!

1 Vote

Quote from @Michael Rendon:

Hello. I am looking at a property in North Florida for purchase. It has a guest house on the property. One home was built in 2014 and it is a stick built home, the other one is a mobile home from the 70s.

My agent says they can only except cash offers due to the year the modular/mobile home is built. I suggested we remove the value of the mobile home from the loan and qualify based off the land and stick built home, but he told me in order for the bank to finance the deal the mobile home would need to be removed from the property.

Can anyone help add some clarity as to why this is? I want to purchase this home with the mobile home, but it sounds like if I want to finance it that is not possible.

Where are you with things?

Here’s some things from my opinion as a full time mobile home investor and educator.
The fact you got so much info that’s confusion is a reason I love investing in Mobile homes because so many investors don’t understand them which leaves us with less competition.
As mentioned June 15, 1976 is the magic year for banks to finance mobile homes.
private money one fantastic way to finance properties like this. I’d also offer the seller what they are asking but on payments. They may say no today, but as time goes on they might change their mind. I always like to sit down and talk about this before offering.

I’ve also seen people get a bank loan for properties like this and have to have the mobile home removed within 90 days.

Be careful with removing the mobile home because the municipality might not let you replace it and the income stream will be missed.

Keep us updated with how it goes!

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I started out with a single family house and rented out the rooms. I did this at 20 years old. Keep going to different community banks, credit unions, and mortgage brokers all asking how you can get a loan. What would you need to do to be able to.

One of my students, at 19 years old, worked as a handyman to save enough money to buy, fix, and flip a mobile home within the park. This gave him a larger chunk of cash to be able to make more decisions with.

Best of luck!

1 Vote

Jersey City, New Jersey

Quote from @Robin Bogin:

1202 N Bracewell Dr Plant City FL 33563
Very Clean Plant City, FL SFH on Corner Lot (NOT IN MLS)
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HVAC replaced less than 5 yrs ago.
Roof @ 10yrs old.
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Do you ever get any mobile homes in the area?

0 Votes

Quote from @Michael Monello:

Quote from @Adrian Smude:

I love the Lakeland market. It's become popular so it's not as easy to find great deals as it once was but we are still buying. What will your niche be?
Why are you looking at Lakeland?

Hi Adrian, I'd love to connect. I'm looking in Lakeland because it's more affordable than the Orlando market. Its still close enough for me to manage in my own.

im looking at new construction with incentives to close. One big incentive for me is fixed lowered interest rates that manau builders are offering now.

I like those reasons. I asked because a lot of people throw a dart at the map or pick lakeland because they read it in an article about being a great place to invest.

@Gavin Welch does new builds, is an investor, and realtor in the lakeland market you should connect with him!

0 Votes

Tampa, Florida

I love the Lakeland market. It's become popular so it's not as easy to find great deals as it once was but we are still buying. What will your niche be?
Why are you looking at Lakeland?

0 Votes

Tampa, Florida

All Forum Posts by: Adrian Smude

Adrian Smude has started 67 posts and replied 991 times.

Post: The BRRRR method is dead

Post: The BRRRR method is dead

Post: The BRRRR method is dead

Post: The BRRRR method is dead

Post: The BRRRR method is dead

Post: How does a mobile home effect lending?

Post: How can I get into house hacking as a 19 year old with not much money?

Post: Very Clean Plant City, FL SFH on Corner Lot (NOT IN MLS)

Post: Any investors in Lakeland florida?

Post: Any investors in Lakeland florida?