All Forum Posts by: Brian Ortins

Keep in mind that financing for MH is difficult or non existent with banks. It seems that most investors hold the note on MHs.  I have never heard of auctioning a MH to get a higher price, as I do not know if there is a high demand or lots of cash buyers. These are my opinions as I do not specialize in MH investing. Maybe @John Fedro can chime in.

If you are interested in continuing investing in real estate but want a higher cash flow, look up a 1031 exchange. You can use that gain (tax free) as a down payment on a multi unit property that cash flows better. Disclosure: I am not an attorney or an accountant.

Do you have enough equity in your condo to refi and use the cash?

Before deciding whether or not to purchase, have you analyzed the ARV? What is the intent of the investment? Is it to flip? Does the HOA allow rentals? Does the property cash flow after PITI, condo fees, management fee, cap ex, vacancy, special assessments? You would probably need to tell the lender what your intent is before securing a loan. Or look for a private lender, and or partner that is comfortable investing in condos. I have found financial partners here on BP and at local REIAs.

@Kevin Olson  Welcome to BP! It's always nice to network with fellow North Shore investors. I live next door in Beverly.  I would say the answer to your question depends on your long term investing goals. You mentioned a partner, so would the monthly cash flow be enough to satisfy the desired return of each party? Have you considered converting the building into condos? You can get a higher return immediately over rentals or flipping as a multifamily. My office purchases multis and converts into condos successfully on the North Shore. Let me know if you want to know more about this strategy, or if you have other questions. Good Luck!

I agree with @Tyrus Shivers. I am a full time real estate agent and also own a contracting business. Both businesses allow me to be flexible. I would not be able to work for someone else and be able to complete all of the necessary real estate related tasks.  Most of my real estate activities happen from 9am to 5pm. The only way I can see it working for you is if you are either buying and selling your own properties, and/or can join a real estate TEAM that you can be a part of evenings and weekends. You can assist with open houses, and showings, and share in the commission. 

@Kyle Cabral  Since you are spending the rest of the year doing research, have you analyzed this potential deal as a possible flip? It is always good to have 2 exit strategies on each potential deal.

Check out this post:

http://www.biggerpockets.com/renewsblog/2006/11/09/why-you-should-or-shouldnt-put-coin-op-laundry-machines-in-your-rental-property/

Great to see BP members partnering and working together! Nice job on the rehab!

@David P. brought up a good point regarding using a self directed IRA for investment. I personally have no experience in this arena, but you can search BP threads to find more info.