All Forum Posts by: Adrian Smude

 I am interested in the mobile home on private land because I already own three of them and they pay me nicely on the rental side. My question to you is, do you invest in these particularly because they are less expensive up front but yet provide rent compatible with a stick built house? 

 I'm trying to wholesale it, the year is 1995. Okay, I'll make sure to reach out to the local union and banks right now since I'm meeting him in a couple of hours. Unless I conclude that this investment doesn't look right. 

A good way to avoid scams (and bad business relationships) is to associate with people who walk the talk and actually buy and invest in what they are selling.

Five signs of a guru scam

1. He tells you he’s doing this because “he want to give back”

2. He states “ if you think education is expensive you ought to try ignorance” 

3. He has employees standing by who can arrange an increase in your credit card limit

4. He travels with an “entourage” of current “students”

5. When asked for the success rate of his students he states that this is an entrepreneurial effort depending on the individual for success rather than specifying any quantitative stats. 

I have a lead (3bd, 2bth, 1104sqft) that I'm going to drive an hour and a half sometime tomorrow to see, the owner is really motivated. My question is, do you think it's a good property to get under contract because he owes 185k on the property and thats what he's asking for, but he lives in the hill sides and there is only 2 properties next to him that sold for 293k-306k . The property is in good condition the only downside is that there's a landslide that happened next to it, that needs to get cleaned up. 

Also Zillow zetstimate says it goes for 173k.

It's a mobil home. 

He also said he got it apprised a couple of months ago, and that its worth 260k

Reason for selling it, he is old and wants to leave the state to live with his family and doesn't want to stress over the home 

median home price for the are is 437k, but idk if it applies to these homes since they are 

It depends on the market, I'm still seeing a lot of investors doing BRRRR's

@Adrian Smude

Best investment at this point is tube rentals down the Rifle River!

I would not say BRRRR is dead. Is it more difficult? Yes. Is it dead? No. Too many people get into real estate wanting to make a quick easy buck. The minute they run into difficulty they give up or just start whining. It takes work. You need to get out there and look harder for good deals and buy deeper. Don't expect a good deal to fall in your lap off MLS.

We recently purchased an off-market estate sale 2%+ deal, a duplex in smaller market.  Purchase was 20% down at 7.25%.  By buying at a deep discount we have over $16,000 in equity on day one.  We just completed the renovation of the first unit so we are half way into renovations.  The other side is currently rented and paying the mortgage.  We will need to wait a bit for seasoning but I expect to be able to refinance in the coming year pulling out all our original capital.  Meanwhile the property is running at a positive cash flow ($800 month) saving up for the next good deal.  I only need to find 1-2 of these deals a year.

@Eliott Elias @Adrian Smude

I am a novice/new investor in the midwest and wanted to ask a few questions if your open to it. It sounds like the biggest issue with BRRRR in your opinions is the refinance portions? In todays markets the ability to refinance is tough given banks have tightened down on lending, and mortgage (personal or Commercial) rates being what they are. Does the remainder of the strategy still hold true? Buy distressed properties at below market rates that will pencil out, Rehab to "hopefully" create forced appreciation, Rent/Manage the properties that are at least break even, Repeat the process?