All Forum Posts by: Bruce May

@Clarence Huang  you should come check out the #NSDREI (North San Diego Real Estate Investors Association, www.nsdrei.org). We have guys buying out of state and they are making it work with good returns.

Leslie, it is hard work. I recommend two things. First get involved with your local real estate clubs and find the people at the clubs that are actually doing flips. Ask them what a deal looks like and then go find one and ask them to partner with you and do a joint venture (JV) deal. You can learn how to do this, make some money and do it with no money. Best of luck.

Steve,

I've considered this niche as well. I'm in the San Diego (North County) area too and think we could work together. I know there is a burned home notification system here in the area because I heard of it years ago before I was an investor. I just haven't found how to tap into it. Maybe you can help.

Anyway, welcome to BP Steve and stay in touch.

Bruce

Paul,

I know Jefferson's partner and it sounds like they are doing good things with their fund.

I invest in the fund operated by Frank and Dave (mobilehomeuniversity.com). If you want the contact for that fund send me a message.

Thanks, Bruce

Jaime,

Welcome to BP. I live in Oceanisde. When you get back and if you stay a while there's a note investor buyers club that meets in Vista that you might want to attend. You can find them on Meetup.com. I think it's SD Note Investors or something like that.

Bruce

I think the key is to have an on-site property manager. The trick is to buy a park large enough where it makes sense to be able to compensate them for their work. I think you'll find MHP's are a very different animal and you'll need a manager that lives in the park who can be your eyes and ears as well as repairman and rent collector. They basically run the park for you.

Kelly, one of the first properties I bought was in Indiana and had 3 mobile homes on it. We bought it for about $16,000, but even that didn't stop the bleeding. We live in San Diego so each trip to Indiana ran me about $1,000. It was hard to find a good property manager for it and in the end we sold the property for a loss after one of our tenants burned down one of the trailers and badly damaged the other two. I could go on and on about this but you get the point.

I still have out-of-state rentals, but they are single family homes and are more predictable and come with fewer issues. I agree with the comments above about getting educated first on MHP's. I'd do that and then buy a larger park with an on-site manger. That's what I'm currently working on.

Congratulations @Jason Graham. I love that you found a way to make it work and have room to grow.

Hi @Rayman Shakuri. Welcome to BP. I'm in San Diego (Oceanside) and do a lot with the local REIA clubs. In fact I'm on the board of directors for the North San Diego Real Estate Investors Association (www.nsdrei.org). We meet on the third Tuesday of each month in Oceanside at the El Camino Country Club. It's advertised here on BP as well as on Meetup. We'd love to see you at our next meeting.

There's two additional clubs in the county and they have their own websites and are on Meetup too. There's the SDCIA and SDIC/FIBI. You could go to a meeting almost every week of the month if you like.

Let me know if I can help you out with more info,

Bruce

How to Create YOUR House Flipping Machine!

@JustinWilliams has been flipping houses full-time for 7 years. During that stretch, he has flipped over 350 houses, and is currently flipping close to 100 per year. Rather than just tirelessly working IN his business, he spends much time working ON his business. By focusing more on CREATING SYSTEMS and STRATEGIES that will be repeatable time and time again, he has enabled his business to thrive and grow. He’s developed a system that allows his business to practically run on autopilot, and he’s here to share it with you. If you’d like to master your craft or have always dreamt of flipping houses for huge profits, without the headache of personally managing every single detail, you won’t want to miss this month at the NSDREI. In this extremely informational meeting you’ll learn…

•How Justin went from flipping a few houses to systematically flipping over 100 houses per year, while only working 5 hours a week.

•How to understand the different components of a house-flipping business and how to create systems for each process.

•The great skill of delegation.

•How to properly analyze a deal in today’s market.

•Different models to flip a home without investing your own money.

•How to create and build strategic long-lasting relationships with agents and others.

About our Speaker: Justin Williams is the founder of House Flipping HQ (www.houseflippinghq.com), the Ultimate Online House Flipping Resources. In October 2013, Justin launched the House Flipping HQ Podcast, where he interviews other successful house flippers on their journey about how they run their businesses and how others can learn from their mistakes and successes.