All Forum Posts by: Brandon Diaz

Rolanda Eldridge one minute you're wishing to find a deal. Next thing you know, you wonder if there is enough time in the day to complete half of what you got to do. Lol One thing I try to always stay on top of is marketing. No matter what. My organization though comes from my partner admittedly. Lol

@Account Closed lol I hear you on all this myself. I could use it myself.

@Jeffrey Hotz that is interesting. I can see that as well!

A good property manager with good business acumen skills will want to help you out here. You may have to call several. Just start your steps make your calls. Do what you got to do. 

We all see red. You are good. Just want to shake you in the right place. Being mad will only make you lose sleep and in the future this just becomes a thing of the past and will eventually be a lesson learned. Look at your contract and read it thoroughly. If you have no contract. That is another lesson.

I hear to help. Vent away.

That is cool that it gets put out collectively like that to drive up a healthy budget. I once had 1800-BUY-KWIK and did Radio, two Uhaul trucks with advertising , and TV (no leads and stopped quickly), plus many other things. But, I found that form of advertising to be a little expensive and I was still having to do all my own marketing myself (the same as if I was regular joe). So I stopped paying the fees and went with my own advertising and I like it. I like that you all share like that. 

In just thought and wondering, do you think that form of advertising generates a different type of seller mentally? Where they think that a big company assumes bigger money and more for them? Whats your stance since you are a franchisee? Hows the experience?

Hey bud,

First off, we all have felt something like this at some point in our investments. "It" happens... what is "it"? EVERYTHING happens. 

Could your property manager be a part blah blah? maybe, maybe not, maybe yes. Who knows? Fire him. If they placed them in the property and told you they were good and they were not. It is unfortunate for them as well. Read your contract see what it says with this type of stuff. Hold them accountable. They represent you. 

Next, grab a phone book and start making phone calls to other property managers (Friends or anyone also that will help out. Let them know you remember favors like this and mean it) and let them know you have business and are looking for someone that wants it. Do you good and you will do them good. 

Hell, do some research and see if there is a realtor that knows that area real well (find out if they sold a lot in that area- zillow lol pops stuff like that up. I hate using zillow for any example lol) and find out if you got a deal enough to just sell right away and get out if you need too. 

Lastly, think of a few people that you can J/V with that may have capital that you guys can work something out. (I think you should treat it as last resort. But, I dont know your finances and giving my honest feedback)

This should be a learning lesson to you that you are under capitalized. I know you are under capitalized because you sound like this situation will cripple you. It wont cripple you. It punches you and hurts and guess what? 6 months down the line something else will happen. If you are under capitalized learn short term strategies so you can make money during times like this.

If you know how to make money. Go hustle your way out of this. You can do it. These things can actually do you good and strengthen you for the better. IF YOU LET IT. 

You got this brother. We all want you to do well.

Not a bad place to start at all. I was doing something similar when I first started off. The numbers were equivalent. And you are seeing dollar for dollar/pound for pound why people like mobile homes. 

My advice would be: 

1. Quality of the park should be a priority.

2. Build a relationship with the park owners/managers. This is key to a long successful prosperous transaction. Do not force something that is not there. 

3. Read a book written by Lonnie Scruggs "Deals on Wheels" to get a great idea. (You may have to adjust numbers)

4. Mistakes cost you more on your cash on cash return on investment with mobile homes. Use reliable people and make sure that you do everything to quality. Being frugal is ok. Being cheap is not. Make sure you understand the difference. If you dont, learn this. It will make money if done... right. And done right the first time. (Im speaking from what I learned-lol)

I am not the mortgage guy in here, but I think you are going to have a tough time getting a HELOC on an investment property. I think the banks will only let you pretty much do a refi. Unless, primary residence.

If I am right about that, I think that Option 1 would probably be forced on you and its still a good way of doing it. :)

@Patti Robertson

What type of marketing are you using to source your deals? How much as well?

Ever since I got the chance to start training people on real estate investing, I have got a chance to see real estate markets first hand nationally and I have also done some overseas mentorship and got to see the real estate market in several spots in Canada (B.C. Province) and also the UK (London, Richmond, and Oxford) and LEARNED ALOT! 

We are really blessed in certain way here in America. In the UK its so much easier to invest and make money in real estate. The banks lend 20year notes interest only loans to BRAND NEW entities (domestic and foreign) with no credit checks. As long as you have the 20% down. And, they pretty much have a guarantee market appreciation (which I don't like) of like 8% a year. And the rents allow them to cashflow in areas like London and everywhere pretty much. They literally turn small attics into bedrooms (tiny things) and are able to sell their properties and profit nicely on the sell. ITS INSANE! If they can create the legal space... The space will be filled... sorta. Generally speaking

America is not like that at all. In order for us to invest, we have to have skill. We have to have wit. You have to work hard and be quick in order to get a good deal. Our laws are a lot less than the UK so we have to actually understand a lot more law than they do, which makes us actually very creative as a country. The way we buy properties are so creative (Wrap mortgages, Lease Options, Buying through Trusts, Deed of Trust, Land Contracts, etc. and the list goes on). THEY HAVE A VERY STRICT... THIS IS HOW YOU DO IT of guidelines and laws. But, there is still a lot for their citizens to play in. America has "less" laws than the UK (our country is a teenager in comparison to the world). They have properties from the 1500's and older EVERYWHERE! 

I believe that we will be changing in the future to being something like this, as our country gains in age and we learn from ourselves politically, culturally, and financially. And we will make decisions that will lead us to be something like that on a real estate level (We still got a long way to go). But I think America is still behind the curve ball from other countries. And that means on a macro level we are actually at the bottom of the market. However; Micro level, we notice the booms and bust heavily because we live literally in it... and it hurts us, personally. 

So what advise would I give people right now about the market? Buy real estate, but buy in areas that cashflow. If we are wrong, you at least cashflow and still make money. But, you can sit on cashflow as the market appreciates. 

Short term gains are cool in areas that don't cashflow, but be quick and get out as fast as possible. Place the proceeds in cashflow properties for better results. Don't live extravagant lives off that money. Invest it and live off what you invested.

If you need to build capital, you need to work on short term strategies. Wholesaling is cool, Rehabbing is a mountain of work, but gives some cool checks. No matter what, my belief for 80-90% of investors should be:

1. Spend money for marketing and advertising. 

2. Learning to be a great communicator with people. Great deals are the decision of people and situations. Knowing this... This is the core to a deal. That means deals=people. Deals are people.

Marketing and advertise to be able to have conversations with people and offer a solution to their problem (Communication). This is the true way of creating financial independence. Which invested correctly, leads to financial freedom from the cashflow.

I dont know if this the right channel for this type of topic. I am new to the community of BiggerPockets but I am not new to Real estate investing or who BiggerPockets is. So, bare with me as I go through this learning curve, and thank you for reading this far. I just felt like typing. 

Keep moving up,

Brandon Diaz