All Forum Posts by: Andrew Martin

@Charlie Price
      Hey first off congratulations on all of your successes! I cannot offer you too much insight on this particular deal in regards to experience but i think it does have some good benefits long term. Not only can you get the rent from the mobile homes but you can also charge lot rent if other investors want to move a mobile home in there, or if you choose to sell one of the mobile homes in the park you can still cash flow from it monthly in lot rent. Also I know that it is not that uncommon for people to give mobile homes away for free if you can have it moved; I seen one on Craigslist in Fort Walton in this same scenario just a couple weeks ago. 
     On another note, I am currently in Orlando but I am from Fort Walton originally and I will be moving back there in two weeks. I have yet to get my feet wet in the real estate world but i have armed myself with mass amounts of knowledge and I have a private lender in place to assist me with getting started when I come back to Okaloosa county. I would like to get into MFH but as I'm sure you know they are scarce in the panhandle. So I will most likely be starting out in flipping until I can build my capital up and start my rental portfolio. I have to say I am impressed with the 24 unit deal you acquired in Crestview and that is something that intrigues me and I want to try to go down that path when the opportunity arises. Do you think there is any chance that maybe we could get up sometime soon and grab some coffee and I could pick your brain a little bit about the ins and outs of the Multi-Unit investments? Or just any kind of life lessons you've learned that might help me on starting my journey? Well, either way I wish you the best of luck! Thanks for sharing and just seeing that you've done these bigger things in my own backyard opens my mind up to possibilities that I didn't know existed in my area and I thank you for that! 

Thank you Rolanda, and everyone else! All the suggestions will be applied, and all the support is greatly appreciated! I am determined to achieve not only financial freedom through real estate but one day great wealth. I know it won't be an easy road but I think being a part of this community and also networking with my local REIA that the sky is the limit. I know this topic doesn't have the substance of most real estate investing topics but this is a vehicle I have decided to use to help me obtain financial freedom and build capital and I appreciate you guys having positive feedback and helping me out. Take care everyone!

@Kim Younkin, 

        Hi and thank you for the info! I can see how maybe I was a little vague, basically I am about to start up a residential cleaning business to clean homes whether people live in them currently, a realtor needs to clean up for rent/sale showing, investor needs to clean out of a foreclosure, etc. Basically I was just fishing for a few ideas on how to expand my clientele, and I think you gave me a wealth of information that I did not think of. I didn't realize that PM companies hired people to clean units- thank you! I will be reaching out to the PM companies in my area and hopefully land a few contracts. Thank you again!

Hi everyone I am a new investor but I am also in the process of setting up a residential cleaning business. I plan on going to my local REIA and trying to build my clientele there; I am wondering on who all I should target for my cleaning business? Should I just run around to every realtor office in my area and hand out business cards? What are some common services needed through a cleaning company in the real estate world? Is there a fair common price per sq ft? Any advice would be appreciated. I might've left some points out that I might not even know of. I am planning on doing my first flip soon and would like to have this extra income to help build my capital here in the beginning of my journey. Thanks!

Thank you both Manny and Ed, very enlightening! So as long as I am the homeowner I can pull any permit as long as I am the one completing the work, is there anyway to set the house up under an LLC after the rehab? Or does that have to be done at the purchase? Thanks again guys that really cleared up a lot for me!

Hey everyone, so I am looking into acquiring my first flip here soon and I have a few questions regarding the self-rehab procedure involved. 

   Ok so I think it's obvious I am trying to maximize my profits here in the beginning by doing the work myself (along with a couple of knowledgeable guys). 

   Let's say for instance we're talking about a full rehab; can i complete this project without involving a GC to pull permits? Do you recommend just trying to slide under the radar? Is it possible for me to pull permits myself without a license? What exactly do you need to pull permits for? 

   I hope this is pretty clear on what I'm trying to figure out here guys and I appreciate any information you can help me with

Okay thanks guys.

@John, I see what your saying, if you were to finance that then one unit would cash flow similar to mine, you're would still be higher but not drastically so. 

@Claude, thanks for throwing that out there, no I was not figuring in the down payment into the calculation I was figuring it at the purchase price which of course that would not be the case.

I appreciate it that helped me out you guys!

@John Hickey, thanks for the reply. As far as cash flow, is $100/month something to be considered as acceptable or is that not enough of a margin? Obviously the more the better, but what is your rock bottom number you look for?

Hi everyone. First off I feel blessed to be a part of this community and am very grateful to Brandon, Josh and whoever else had their hands in making this possible for us all. Okay, so I am a new investor and I'm currently analyzing multiple deals a day to get my head in the game and be able to grow sharper day in and day out. I have been running the numbers taking a percentage out for each individual expense and ran across the article Brandon wrote about the 50% rule. I sat down and added the usual expense percentages I use and decided that the 50-60% rule is very good conservatively just a few percent higher than I come up with individually. Conservative is a great thing; my question is this: when I do this and then factor in the mortgage it almost seems every deal is negative. I mean unless I look at one for 40-50k (which from my understanding is near impossible to get a mortgage on?) Then the mortgage usually kills the cash flow. I'm also basing this on 4-5% 30 year amortization- is this a common and practical approach? 

Example:
Purchase price: 60k

Mortgage: 4.5% 30yr
304/month
3648/annual

Rent: 800/month
9600/annual

50% rule expenses: 400/month
4800/annual

Total expenses:704/month
8448/annual

Total cash flow: 96/month
1152/annual

Any feedback is greatly appreciated. Is this $96/month sought after? What do you guys generally like to expect in cash flow? Thanks again for letting me be a part of this community!

Hey everybody, I am in the midst of getting my first batch of yellow letters/bandit signs out and about and I have a few questions I would prefer to know the answers to before the situation arises. 

1. If a homeowner contacts me to sell their home and they are currently in A.) Preforeclosure; or B.) Foreclosure; what are my options? Am I able to get either one under contract and sell? Or is it too late at that point?

2. Does anyone recommend getting a tool such as Vumber to allow all calls to go to a voicemail set up specifically for this target, or just send it to my personal cell? And is there any suggestions on weeding out non motivated sellers at the voicemail?

3. (And this is the most important one to me at this point) what is the exact situation I'm setting up? I'd this correct: I make an offer and set up a contract with the seller; set up an inspection before closing maybe like 21 days after contract and that 21 days is the actual time I have to find a buyer? And what happens if I can't find a buyer? Do I just cancel the inspection, do I have to pay upfront for the inspection, or say I do find a buyer do i have to pay for the inspection when it occurs? 

Sorry for the long post guys but I've done a lot of research and putting a lot of work into getting started but it seems that everybody talks about every path there is in real estate but nobody really seems to explain the actual process and how it all ties in together. Any information would be greatly appreciated