All Forum Posts by: Anastasia P.

@Roger D Jones Good tip, thank you. Someone else just told me a similar thing, to make sure that loans can be secured for the property. 

Last question -- how did you combine your land with the home legally? Do you know if that could work the same with something purchased at a tax auction?

Thank you!!!

Wow nice!! I would have never thought of that ... can I ask where you learned how to do that or how you learned/started? @Roger D Jones

Thank you so much! @Dominic Mazzarella

@Dominic Mazzarella Thank you for the help! That's actually an excellent idea .... do you know where I can get more info on how to rent out the land for passive income? That sounds like something I'd be interested in looking at as well.

@Vince Scipione Hey Vince! Thank you -- that's actually very helpful. I would not be combining the lots for a mobile home park, because they are not all in the same vicinity. I would be looking to purchase new mobile homes and place it on the lot to then rent it out. I haven't spoken to the county yet, but will make that phone call today.

As far as financing -- I was leaning more towards getting a business line of credit or using a business credit card and rolling it over to interest free cards. That's only one idea, but I'm learning other ways to leverage OPM.

Again thank you -- that definitely helped point me a bit more into the right direction!

Hi! I recently bought 5 pieces of land all in Michigan -- one is in Jackson and the other four are in Saginaw. I purchased all at $300 each and am thinking of placing cashflowing assets on them instead of reselling them, since resell value is around $1200-$3000 each. 

Does anybody here recommend any mentors/resources/tools/or has experience doing it themselves and would be open to connecting? It's even better if you've done it with land that was purchased at an auction! I have no idea where to start, as there are so many resources online.

Any other ideas that are beginner friendly are welcomed too. These are all in residential areas.

Thank you in advance and I appreciate any help I could get!

Anastasia

Investment Info:

Other other investment.

Purchase price: $300
Cash invested: $300

First tax deed property purchased from Michigan's no-reserve list. I purchased this 0.12 acre for $300 in Jackson, MI and am thinking of either reselling it or placing something on top to create cashflow. I already listed it up for sale on FB marketplace, but with the price I got it for vs resell value I'm thinking it may be smarter to place a mobile home or build a house on it to resell later.

What made you interested in investing in this type of deal?

Pennies on a dollar investment and I believe it's beginner-friendly

How did you find this deal and how did you negotiate it?

I found it on Michigan's no-reserve list, which I found through my mentors at the time which were Acre Boyzz.

How did you finance this deal?

I used my own money

How did you add value to the deal?

Nothing yet -- I'd love to find someone who can teach me to put either a mobile home or build another cashflowing asset on top of my land!

What was the outcome?

Currently listed on FB marketplace -- the hits I've received are either low offers or questions with no commitment yet, but I only listed them a month ago.

Lessons learned? Challenges?

Challenges -- definitely getting to all the right departments for due diligence and digging at them for answers. They're not always straightforward or willing to help.

Another thing I will be facing soon is having to upkeep the grass, because the community its in requires grass to be cut. I have 5 properties total and one more that I need to send paperwork for which will total 6 properties acquired from November 2024 - January 2025. I'm hoping I can sell most or all before springtime.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Not yet

@Dmitriy Fomichenko thank you so much!

@Jamie O'Connell thank you so much!!

@Christian Styles Thank you so much! I'm proud of myself for doing it until the end when most people gave up after learning wholesaling. I think the knowledge I gained is probably the most important thing