All Forum Posts by: Brian Turnbough

Sounds like you already did the hard part. Taking the intiative to get something done.

Tell him mobile home parks are hard to get financing for. And then ask if he would be willing to owner finance. If he is, ask what his terms are. 

 This seems to be a problem these days. I have a co-worker trying to flip a house. The contractors come out and give him an off the wall bid and the others don't call back. I guess they have so much work that they can't handle anymore. 

What makes you think that your friend can get them to respond to him? As frustrated as you are about them not responding to you, how are you going to be towards him if he can't meet your expectations?

I think you might be better off trying to find and manage your own GCs. 

I have bid on properties on HUD homestore. Same as offing to bank or private seller. Auction.com does bid you up to meet reserve. You will need all of your info in order. Proof of funds. They won't accept one of the POF you can buy online for 5 to 20 bucks. It has to be from reputable source. Then find an agent and have them submit offer.

Try to find a portfolio lender. That will save you all of the trouble.

I work a full time job as well. Sometimes 60 To 70 hours a week also. But my advantage is my wife is a full time real estate agent. When it comes to investing I find the property and she gets all of the info. We go look at them when I get off work and if we are going to buy she makes the offer. It can be done, but I do have a partner.

Well since we can't make money on 30k properties, what do you suggest we buy?

The sweet spot is value add. Buy properties that are worth 80k for 30k or 40k. Replace all HVAC, plumbing, electrical and roofs and you won't need a lot for capex. Put a plan in place to turn the properties every 5 to 10 years. That way you get your equity and can buy two more for what you put into one.

Try to get an increase in your checking line of credit (over draft protection)to cover those expenses. That's what I did. If you just want to get a heloc then follow Patrick's advice and go to a local bank/lender and try to refi with them.

I believe I read somewhere that the average subway, taco bell etc. Nets about 18k a year. After all expenses. So I guess it's up to you the direction you want to go. If you like dealing with the public (many customers and their complaints) then retail would be a way to go. If you want passive income with just a few customers then REI would be the way to go.

 Buy a subway, pay franchise fees and taxes and a mortgage and employees and social security and welfare tax and have to pass health code inspections and pay for supplies you may or may not be able to sell and pay insurance and the list could go on forever. 

Or buy a million dollars in RE and pay taxes and insurance and a mortgage and a handyman when needed. 

Why not type up a letter with the information you want to provide. Leave a space for the address you want to inquire about. Sign it and make 400 copies. Then handwrite the address in.