All Forum Posts by: Cody Neumann

Are you a realtor? Are you a wholesaler? Are you looking to buy properties? What's your goal in looking to work with active investors?

Take this first property as a learning experience. Reflect on what you did wrong and could have done better, write it down, move on to the next property. Real estate is about making and learning from your mistakes to get better day by day

House hacking is a great way to start when you still have your W-2 job. You can use it as your primary residence and get the landlord experience while paying little to no money in rent. If you go the FHA route, you have very low money in the deal so your cash on cash return will be high. When using an FHA loan the require you to have that property as your primary residence for at least one year

Get a new agent. If they aren't willing to make offers at what you want and talks you out of it, they aren't working in your favor in my opinion. Making offers at a discount to get a good deal is all a numbers game. The more offers you write at a discount, the closer you get to getting an accepted offer at a discount on market.

I require it every time no matter what. 

I feel if a tenant doesn't want it pulled then they are trying to hide something. 

Just my take

Buying properties through an LLC can provide some liability protection and may help to separate your personal assets from your business assets. However, it does not typically affect your debt-to-income (DTI) ratio. Your DTI ratio is calculated based on your personal income and debt, regardless of whether you own property through an LLC or personally.

As for how it will impact you when you want to buy a primary residence as a first time home owner with a 3.5% down FHA loan, it will depend on how you are using the LLC and the property. Rental income from properties owned by an LLC can be used to qualify for a mortgage, but you may need to provide additional documentation, such as tax returns and financial statements for the LLC. Additionally, if you are using the LLC to purchase and rent out multiple properties, it may be considered a business and your lender may consider your income from the LLC as business income, which can be treated differently by lender during the loan underwriting process. It's always best to consult with a mortgage professional to see how owning properties through an LLC will affect your ability to qualify for a mortgage.

A good cash on cash return on a cash deal is generally considered to be in the range of 8-12%. However, this can vary depending on the specific investment and market conditions. It is important to consider the overall return on investment, including any potential appreciation of the property, as well as the potential for rental income. Additionally, it's worth noting that a higher cash on cash return may indicate a higher level of risk, so it's important to thoroughly evaluate the investment before making a decision.

1. Research: Research potential markets, neighborhoods and properties that meet your criteria for mobile home parks. Look for properties that are undervalued or distressed, and have potential for improvement and increased income.
2. Networking: Build relationships with local real estate agents, property managers, and other investors who may have knowledge of properties that are not yet on the market.
3. Due Diligence: Carefully review all available information about the property and its financials, such as rent roll, income and expenses, occupancy rate, zoning, environmental and legal issues, etc.
4. Closing: Coordinate with closing agents, attorneys, and other professionals to ensure that all the necessary documents are in order, and all contingencies are met before the closing date. Close the deal and take possession of the property.

If you're interested in investing in mobile home parks, but don't have the income to travel to each potential deal, there are a few options you can consider:

1. Virtual tours: Many mobile home parks have virtual tours available on their website or on third-party platforms such as Google Street View, which can give you a good idea of the property.
2. Remote inspections: You can hire a professional property inspector to conduct a remote inspection of the property. The inspector can use tools such as drones or cameras to capture detailed footage of the property, which you can review later.
3. Hire a local property manager: If you're unable to visit the property yourself, you can hire a local property manager to take care of the day-to-day operations of the property on your behalf.
4. Use technology: You can use software and tools such as video conferencing, online document signing, and cloud-based property management software to manage the property remotely.
5. Partner with local investors: You can partner with local investors who can act as your eyes and ears on the ground. They can help you evaluate potential deals, inspect properties, and handle the day-to-day management of the property.
6. Join a Mobile Home Park Investing Group or Network: There are groups and networks of investors in this asset class that can provide you with access to deals and resources that can help you navigate the process of investing in MHP

It's important to note that investing in out of state properties can come with additional risks and challenges. Make sure you do your due diligence and research before making any investment decisions.

@Jordan Marin

A lot goes into figuring if it worth it. Is it worth your time and stress to deal with it or would you rather take the cash and sell it?

Victorian homes have a lot of hidden work that may need to be done, and is especially risky if you don't have any experience.

You also want to make sure you don't over spend on the rehab and make sure you have an accurate after repair value on the house when you are ready to sell.

It'll come down to if it is worth your time do deal with it and what your goals are.