All Forum Posts by: Chance Cooper

So after you figure out what your total cost are, and what you can rent it for, then you decide on if its a good deal or not? You still dont try to come down any?

I know you investors out there dont ever plan on paying full price for a property...What are your techniques and strategies to knock down the purchase price? I am pretty sure some of you use the same lines every time you place a bid lol...

So lets hear it!

@Account Closed the GI Bill is an awesome tool. I used it to get my degree and came back into the Military as an Officer. I am also Quartermaster Corps with the 82nd Airborne Division. Sounds like you have a good plan and have put much thought into it. Good luck, update us as you progress!

@Tom Goans where do you get your Mobile Homes, as well as the land to put them on? I have thought about getting into Mobile Homes as well but the land seems to be the issue...Every mobile home around my area seems to have the lot rent seperated from the mobile home.

I dont feel good about paying lot rent, they could go up on me...Ive thought about buying maybe 5 acres and putting Mobile Homes on the land but then you got to develop the land, place septic tanks, driveways, etc.

Are you targeting Mobile Home parks when you buy or single Mobile Homes?

Awesome! Love the pics.

@Wade G. Awesome thread! This hits home for me in so many ways and I find myself pondering these same thoughts everyday…I am really glad you threw it out there…

My wife…Well my wife supports me in everything I do and always has but there are times when I wish she would be the one on the internet looking for blogs and real estate forums like I do…Or looking for ways to build our portfolio…I told her yesterday “Babe, you need to really get involved more and get educated on this stuff…If something happened to me you would have multiple homes and wouldn’t know what to do with them…” She said “Cant I just have you teach me?”…I’m cool with that, but I wish she had the same eagerness I have. I guess I have to work with what I got; at least she’s not emptying out my savings account and bucking against my goals and dreams or spending our credit cards. She executes things I need done and she’s very loyal so for that I am thankful.

As for my inner circle…I have been thinking here recently about deleting my Facebook account or deleting probably 95% of my so called “friends.” On there…Why? Because every day in the newsfeed they aren’t talking about the things I enjoy hearing about. The things that interest me is success, goals, dreams, progress… I enjoy hearing the discussions that go on in these forums. These forums actually motivate me, while my Facebook forum sometimes aggravates me because it’s always the same stuff. Drama…I’m sure you see it as well…Probably the most interesting thing in my newsfeed is Mark Fergusons Blogs on “Invest for More.” Most of these people are people I went to high school with etc. and they just DO NOT have the same goals as me…So why surround myself with their thoughts? Why share my dreams with them, they have no clue nor do they want to know… It will literally drag you down…

Back home (I’m deployed) it’s hard for me and my wife to even find friends that can afford to hang out with us…I’m not trying to brag but I can give you a few examples. Last year we wanted to go to the mountains for the holidays (5 days). Nobody could afford to rent a cabin so what do I do? I paid a little more so that her parents and a lot of her family could come with us…I mean it was worth it I’m not complaining I really enjoyed their company and I always do, but if I had not paid for the cabin none of them would have come. Also when we want to go to Myrtle Beach for the weekend and get a nice room on the ocean, none of our friends want to tag along cause their cheap. Or can’t afford it…

Let’s just face it guys…Whether we know it or not, everyone in this BP forum is completely different from others in the work force. Everyone in this forum has goals, ambition, and they volunteer their experience because they are all about helping each other improve on their game. A lot of the people in this forum are the ones I would love to hang out with personally. Unfortunately we are all spread out. Just stick with what your gut tells you to do. I wouldn’t cut out the poor people because honestly poor people have taught me more in this lifetime than the ones who have money…The poor will show you what mistakes they made and how to avoid them…So consult with them just don’t follow them.

Hope this helps….Oh by the way @Michael Quarles you got me beat...I did it with 35k! lol

@Marcia Maynard What exactly are using for quicken? Is there a particular program? Ive never used quicken before but I would imagine there are multiple programs for multiple businesses. Can you be specific as to the exact program you use?

$300,000 for an investment home? I think thats good but I would think there are not as many high end rental clients as there are low end blue collar rental clients. I like buying the 70-80k homes. Less of a mortgage payment (if its empty) and I just think there are more people (customers) for those type homes.

Anyhow, I would rent it out and just start knocking down the principal on the home. Once its low enough maybe refinance and get a lower house payment which will increase your cash flow. I would be trying to figure out what your going to do if it goes vacant. Do you have reserves saved up for a loan that big?

Good luck!

I did AC work for 3 years so maybe I can help you...I dont know much about your warranty you purchased, you may have to read the ENTIRE contract to see what it covers. As for your AC system, walk outside and write down the model number and the serial number off of the data plate.

Once you get that done you can call the supplier of the type of AC you have ie. Carrier, Heill, York, Trane whatever unit you got call the manufacturer. Give them the model and serial number and they will tell you what parts on that system are under warranty. Sometimes you have lifetime warranties on parts and sometimes you have 10 years parts warranty.

Just call and figure out if you do or dont have a warranty first. Once you do that its a matter of getting someone who knows how to diagnose the system and fix it for you. If you have warranties on some of those parts the only thing your paying for now is the labor.

Hope this helps.

Wow! Rentometer.com....Ive never seen that. Glad you guys posted this, now I have another tool to use...