All Forum Posts by: Michael Powell

 This happens after having the winning bid?  Do you know if this is standard practice even with county site auctions? 

 That definitely clears up a bunch and helps connect the dots!  Nice work

 Thanks!  Yes the unknown is always a concern but trying to include all these systems in the overall price and worst case scenario. I’m somewhat handy and fact MH is smaller seems like easier fix if something is wrong.

Primarily the price point.  I’d take any opportunity if the numbers worked but starting out “cash” is limited.  Additionally the benefit/satisfaction of being able to do it on my own to start.

Hey Kevin, CONGRATS! 

I have a few questions if you don’t mind.  I feel like thought process can help us new folks out!

1. This would be a success flip, not BRRRR right?

2. You were $150k in with acquisition/rehab.  However were there additional fees for holding and eviction over the course of the year? 

3. Cash to purchase, was it also cash for rehab? Zero financing?

4. Did you consider actually BRRRRing this property? With a $200k appraisal, a 75% LTV would have put you back at $150k and you would have recouped all your money back. Additionally you would have had a 2-4 unit available to place multiple tenants in and potentially good cash flow?! If you did consider but chose not to. Could you explain why?

I’m looking for my first deal and just want to learn as much as I can.  Congrats again on your success!! 

Hey everyone, I’m new here and looking to get into my first real estate investment.  I can’t help be a little gun shy since “you don’t know, what you don’t know”

I’m eyeing a mobile home auction.  Other than title and lot land fees, what are some other potential concerns?    The community is 55+ and I’m 30 y/o but assume as long as my renter is 55 we’re good there.  I know the park needs to run background checks and stuff but just assuming I’d go through that after I have winning bid and transfer of title.

Appreciate any insight! 

 This all makes total sense!  Appreciate you taking the time and providing some insight!

Can we talk about #4 a bit more?  As far as title searches go.  Should I pursue an attorney (what’s best way to go about this?  Have them search 1 property or all that I’m interested in?) or would a title company generally be sufficient?  Thanks!

 This is my goal too but I’m not sure why you wouldn’t run a title search?  Don’t you feel you are putting yourself in high risk winning an auction with potential unknown liens/issues? 

Hey everyone my names Mike

I am a full time firefighter/paramedic and have consistently tried different side hustles to provide for my family and attempt in financial freedom.

~2019 I got my real estate license and assisted a few buyers in the purchasing process.  Tbh I felt new and needed more training and hung up my license quickly with the news my wife was pregnant with our first child and the onset of covid

I have always seen the value in real estate and the possible change it could make in my wealth. Recently re-sparked my interest more with the book BRRRR.

I have secured a small PLOC in attempt to buy my first investment property. I feel like BRRRR is my long term strategy but open to quick flips first to help build a bigger capital base. It's all about the deal and numbers. My current research is highly distressed properties to get the best deal possible.

I’m looking to build my knowledge and community to help me along this path and want to thank everyone for all the information I’ve recently read through!