All Forum Posts by: Alaura Mannor

Owner occupied loans will require you to move in within 60 days typically. So your lease back needs to be less than that, and the lender may ask for a signed statement from the seller that they intend to move out by XX date.

I'd say its a little early for some team members, but fine for others. The key is knowing your own goals as Henry mentioned, figure out your asset class and route first. It'll make the team search that much cleaner and efficient.

You can do the trailer home route, Pecunia non olet

My client does RV parks, has 10 acres as primary residence in TX, increased the value 10x, BUT his neighbors all have high end homes $2m + he lives in $2m house, but he has 30 pad sites in his backyard (separate entrance) anyway, you choose your life! 

Alaura,

Been doing this around 20 years and have a nice little portfolio that I manage and provides a comfortable lifestyle.  The three most important people you need: accountant, attorney and insurance broker.  Do a little research or ask around at a Reia meeting who to use.  Do not underestimate the knowledge of these key three.  

Not only for their professional advice but they can share “war stories” of other business people in your area that you can learn from.  They are also in a unique position to introduce you to property managers, contractors, suppliers, you name it.

Like I said I’ve been doing this a long time now and I still do not make a major decision without a phone call or email to all three.  Often they give me conflicting advice….but that’s ok.  

Meet more people, make a small data base of their investment interest.  And just keep in touch and kick ideas by each of these people that you think might fit.   More contacts the better.

 Ahh, not wanting to waste their time... You already have the right mindset. It's about value exchange. Being honest, some of the sharks in the game simply wont make time for you right away. But, the industry is filled with tins of people who want to lend a hand-up to those just getting into it. 

You can provide value in little ways. Giving someone your full attention and asking good questions when they give you time of day is crucial. 

Simply showing up to networking events and engaging with people -- starting to build REAL relationships goes a long way. Following up with people based on previous convos is also valuable. How did their last project finish? Did they lock up that deal they mentioned to you? What's going on with the wife and kids? Did the daughters recital go well?

Then you can get creative. So my current boss I was introduced to via listening to his podcast CashFlowKings. Over time he had speaking engagements with investor meet ups or he would do property walkthroughs, offering to explain to peers what the deal was. I attended all of these that I could. One day he needed help demoing a unit... I showed up and worked for free. My man loves cigars and the gym. So a couple times a month I'd call him and ask to catch a work out or go light a fat one. 

Fast forward. We talked business, the relationship grew personally, and now we work together. There are many ways you can contribute :)

I think you should think about educating yourself prior to networking with professionals. 
The more information you know, the more the professionals can help you.

Below are some things I would zone in on the next 6 months
1) What market do you want to invest in - Get very specific by focusing on a zip code or neighborhood.
2) What size property do you want to buy? Small properties that are 2 or 3 bedrooms or something larger like a 4 or 5 bedroom house?
You possibly want a multi-family house?
3) What condition of a house do you want to purchase? 'turn-key condition', paint and lipstick or a gut rehab?

I think once you know the above you can properly communicate with the professionals

Best of luck

 You'll be fine with one CPA for both businesses, if that CPA is a specialist in both areas.  Send me a PM if you want some ideas on making sure you're connecting with the one that's right for you.