All Forum Posts by: Andrew Baker

We do have a REI group,

http://www.meetup.com/EastTexasRealEstateInvestors/

It is held in Lindale, but all the Longview/Tyler and even some Dallas investors attend.

 Most mobile homes in my area sell around the same price as homes do ,(60k +) but with this one I could probably sell for around 20k after repairs and rent for 500 - 600. 

So I have been anxiously waiting to get started in my investment career, but my lack of funds has prevented me from just jumping in and buying a home right off the bat, until now. 

My mom is (finally) moving out of her single wide trailer and has agreed to give me the home absolutely free. As stated it is a single wide manufactured home, not too pretty on the inside or out but livable. She tried to trade it in a few years ago for another mobile home but the trade in value was only $2000. I can keep the home on the property it is on now for as long as I want, just cant rent it here (land owned by family) so to rent it out ill need to a.) Put it in a park and rent. b.) Buy land and rent. 

I will be fixing it up first though, mainly cosmetics and duct work, but I am assure with what path I should take to get the most out of it. 

Should I rent or flip?

Looking for investors in the Longview, Texas area to connect with and/or mentor me by showing me the ropes.  

thank you all for the replies, I was assuming I could get more money out of the deal if I flipped it to an investor with a tenant leasing rather than flip it as a regular single family. But I now see how wrong that thought was. 

I'm going to look into the BRRR strategy mentioned above, I am honestly just trying to get creative with my investing to be able to afford a downpayment on a larger multi-family. If anyone else has any recommendations please tell me. Thanks again

hello, I've posted once before regarding multi-family investing and I've come to realize that I lack the funds to get started with that.. so my plan now is to purchase a single family home roughly 15 -20% below market value, fix it up if needed, lease with a one year contact, then after holding for 2 or 3 months sell it off to another investor with an occupied tenant. Is this or does this sound like a good strategy? Any drawbacks that I may not see? Thank you for any response

thank you both for the replies, but im still unsure how you can buy a house with no money down and no credit. Especially since kelly said you cannot get a loan for a home under $50k. I'll do more research though.

But one last question, I plan on creating an LLC after investing in a rental to hold the properties under, but would it be possible to use the LLC to take out a business loan to buy the property? Or would that not work. Thanks again

Hello, as I am new to this forum and have yet to begin investing I am a little confused about how I should finance... A little about myself.

- 18 years old, little to no credit (just got my credit card a month ago) I work for my grandpa's construction company (have also been working there for a month) I don't have much money saved at the moment but with this job I will be able to save around $1,000 a month. I plan on flipping a single family home to gain capital in the early months of 2016 so I can then begin investing in multi-family homes. 

But what steps do I need to take now to actually be approved for a loan? I plan on buying in the $20,000 - $50,000 range so a 20% downpayment shouldn't be a problem, still just a little confused with the whole process. Any help or tips would be greatly appreciated.