All Forum Posts by: Andrew R. Lucas

I believe Arthur State Bank will do the mobile home as long as it is deeded. 

@Will Gaston I do not have any seller financed properties but...

You have a good relationship with them so be up front.  let them know you are consolidating and paying down some debt.  Let them know you are willing to pay lots of money up front to settle the debt.  Ask them what they would take.  

Maybe say "I've got $90k for you today.  Would you take that to settle the loan?" 

Worst they could say is No

@David Methvin have you googled you address?  See if he has it listed for rent or has had it listed.  Try contacting that number as they are probably more responsive to their sales line. 

@Ernest Rogers Consult an attorney :)  I would be careful of online attorneys because they are generalist and may not know the intricacies of SC law.  

A few things that you should know about SC LLC's:

A single owner LLC is not what you need. I can refer you to my attorney so he can explain the legalities of it all, but the gist of it is that you need a Multi-owner LLC and you Have to give it a term limit. If you ever get sued, this will protect your personal assets much better, and also allow you to keep some control of the LLC.

An attorney can easily draw up the paperwork to move the property under the LLC. However, you will still be on the loan as well as the property as collateral. You must know the risk of the Do On Sale clause.

Herring Insurance in Lexington has been great for me.  They've got my primary and all rentals.  Including multifamily, vacant rehabs, and even mobile homes. 

@Jasmine Norris i've worked with @Christopher Bunge and his partner, and he is serious when he says they work.  But I know they have having fun doing it :)

Good luck out there!

@Carter Bushman I have lots of questions and things she should be looking for.  

- If she is not managing the property then she should take the PM with her.

- Obviously, condition is a major factor in mobile home purchases.

- I recently purchased a 10 unit park and have learned Way too much about Septic tank issues.... They Stink!

- Certainly need to see all leases.  

- Don't simply trust the owner's word on financials.  Try to get some back up on expenses and most importantly the actual income.  I was surprised at how many tenants were on a "catch up" plan.

- however there is some upside here as the rents only average to $436 and she may able to move that up in the current Columbia market.

Feel free to direct message me or call me if you'd like to talk more about the property.  

Greenville, SC was just named one of the 10 fastest growing cities.  Spartanburg is also nearby with 7 colleges in 1 town.  

Good Luck @John Gardner

Thank you @Elisa Uribe.  They are already part of the business.  They know that driving home from church also means a half hour of driving for dollars :)

@Poosana Sunnanonta Thank you.  Working in the service industry translates very well to dealing with sellers and tenants.  I believe the service skills we use everyday should be used with every contact in real estate as well. 

I found Bigger Pockets in May of 2016 while looking for help with my 1st flip. I got hooked on the podcast and officially joined the site on June 30. Little did I know that the tips, tools, advice, and motivation from BP would catapult my family’s financial security the way it has.

Let me paint the picture: Spring of 2016… I’m an extremely happy family man with a 3 year old son, a 20 month baby girl, and the most amazing wife (who was again Pregnant). My job as a Hotel General Manager is demanding, but understanding of family time. I’m also pursuing a master’s degree with 1 or 2 classes a semester. We already owned 4 rental properties that were acquired in the previous 8 years. Now we’ve saved up $30k to flip a house with a partner, and we are on the hunt.

May 6th we are the winning bidder of an online auction for a cute 1920’s bungalow. Here is where the fun began… Partner backed out before we got to closing. Now I’m stuck with a great property and not enough money. Through BP, I heard about other ways to get money fast. We took a loan against a 401k to complete the purchase and closed on June 6th. Then found an unsecured loan to rehab the property. Through the renovation I continued to lean on BP as my first source for answers. I did bring in a partner to help with the day to day renovations, because I just didn’t have the time that the rehab required. Time management, negotiations, partnering, and financing were all areas that I needed help and I found on BP. We finally finished the project in late August and just slightly over budget.

On November 21st 2016, I was sitting in a Labor and Delivery room waiting for our 3rd bundle to be delivered. We had been brought in early because the doctors wanted to get our little guy out sooner than he was ready. So, as we waited for his arrival, I continued to work towards our financial freedom. BP taught me to get a good team together and work with them to extend my reach. I was able to work out the final sales info for the flip, as well as coordinate the inspection and offer of another property all from the L&D room! That 5-plex that we closed on 1 month later will be baby Lucas’ college fund. I’ll write another post to detail that first flip, but the gist was that we cleared about $20k to be split with me and my partner.

We would have never purchased that 5-plex if I hadn’t heard all the great insight on BP. We were able to see the true value of this property while many others simply passed. We purchased it at $135k and was appraised at $210k at closing. We updated the units and made some exterior improvements and have been able to increase that equity even more.

Now here we are in July 2017 and we read and listen to BP every day. Every day I learn something from BiggerPockets. We increased our real estate holdings from $380k to $1.5 Million in just 1 year! My wife and I both Love our careers so we are not leaving them, even though our monthly cash flow more than makes up for 1 of us. We plan to double our current portfolio to 50 doors by next August. I have seen first-hand how the “snowball effect” works and I know we will get to our 50.

There have been many hurdles this last year. Many days where I was so tired that I didn’t want to move, but as long as we kept our goals in mind we kept striving forward. By following strategies, we found on BP we continue to be blessed with great opportunities.

What I’ve learned: 1. Keep your goals front and center. Write them down and talk about them daily.

2. Always be looking for opportunities. Always be talking about what you do

3. Time management is vital to sustained success. We would be stuck at 5 properties if we hadn’t adopted procedures to manage our time effectively.

4. Be grateful for your blessings and be willing to share those with others. Network!

5. Be patient

Thank you BiggerPockets and community for the motivation and education to get us here today!