All Forum Posts by: Braden Coleman

Love this idea, definitely following the conversation @Martha Bueno

@John Christodoulakis just about any type of work you can just post on your local area fb marketplace or the different buy, sell, trade pages asking for bids on stuff like that and I'm sure you'll get a boat load of interested people. Then you can ask them for references and go from there. 

@Kyle Sorrels in my experience talk to realtors and other investors in this area, it counts as another bedroom as long as it has a window and a closet/cabinet that you added yourself. Most tenants are fine with it and if they're not, well they move on to the next home. I'd look up Indiana laws but it seems to me that it's allowed and if so, I'd definitely market and price it as a 3 bedroom.  You mentioned you're making an additional room? Curious how this is going and where you've done this? Congrats on getting a property as well

Philipp, welcome to the area! Where are you located within Indiana? I'm in Southern Indiana 

@Jason Dillard that is a really good point

After hunting and hunting for a deal and calling tons of different mobile home parks and figuring out what their lot rent is etc., I've finally found a really good deal that doesn't need too much rehab! 

Now I've come to the incredibly knowledgable BP forums to help me with my next step, which I really have no clue how to proceed. What are the watch outs for when buying a mobile home trailer? I've heard things mentioned in general like back taxes, owed lot rent, owed utility bills etc but what do I need to check on for my due diligence? Do I just get the title and have them sign it and I go to the DMV and then I'm good? I'm going to rehab and flip, do I need property insurance or pay property taxes? 

Also things to inspect on the trailer? I've learned some great things from @John Fedro's podcasts but would love input on this as well.

Thanks in advance! Very excited to finally take action and not just read/listen all day but want to make sure I'm minimizing as much risk as possible!

Congrats on having your first deal! Nice that it gives you two doors as well. Thinking back to when I used to rent, they were always raising rents a little bit with each new year. I didn't love it but it was only like $10-40/month and I loved living where I lived and I knew appreciation was in affect so it had to be done. Sounds like you could raise it quite a bit more than that but a small increase like that might not even be a big deal because it'll be a big deal for him to move too, rather than just paying the increase. You could also pitch that by you doing the improvements + appreciation, it's just par for the course. Congrats again!

@Josh Heeb welcome to BP! I'm in the same area and at about the exact same point as you in my REI journey.

Totally agree with what @Abel Curiel says becuase that's the only way I knew about this thread, through notifications. 

I don't know about any local meet ups but have seen one in Nashville and a few up in Indy, let me know if you find anything!

So I'm new to REI as well but a book I heard about that is supposed to be amazing for wholesaling is: "If you can't wholesale after this: I've got nothing for you" by Todd Flemming. They mentioned it in the BP podcast recently

I don't have the capital to get started now but have been learning all I can so when I'm ready, I'm 110% ready.

I'd love to start walking through these properties I'm watching online. Is it a waste of the realtors time to do so though?  I'm thinking if I walk through enough houses I'll be able to spot a good deal when I am ready, I'll know a good agent when I find one etc etc.

Thoughts on this thinking? Love any type of advice as it's all learning in my book!