All Forum Posts by: Sean Harris

I have a few questions pertaining to buying property out if state and how to structure partnerships. I currently live in California and I'm looking to buy in Tennessee where I currently have family and friends living. My first question is, if I have people who I can use as boots on the ground such as going to view properties for me, meeting with contractors and even personally manage some of the properties, how would I structure deals to where they get cut in as well? Like paying them a property management fee or work some kind of payment deal for going to view the prooerties for me and talking with contractors. What advice do you have on that? Also this may seem like a complete newbie question because it is but I hear all the time on podcasts and forums about how when you find a deal the money is the easy part. I can't wrap my head around this. Starting out as a newbie with one rental under my belt, once I need some cash it seems like it would be hard to find investors without a decent track record. Any tips or experience will be appreciated, thanks.

Thanks Rachel I PM you. As far as the bootcamp goes I have looked into going to that as well and the closest one to me is in Las Vegas in August I believe so we'll see. It would be great to go. Do you know anyone who has attended?

So I am trying to learn everything possible i can about buying a mobile home park and I would love some suggestions from you guys. Over the past 8 months I have read every article on mobilehomeuniversity.com and scoured all the posts in this forum and listened to all the podcasts by Kevin Bupp and Charles Dehart. I just feel like I want to know everything there is to know about the process before I pull the trigger. Are there any good books or other material that could be very helpful? I am starting to analyze a park a day so I get more familiar with what to look for as far as good and bad deals. I also want to learn more about the underwriting process as well as dealing with parks out of state which is what I will be focusing on. 

2020 is crazy and I feel that there will be alot more opportunities next year considering everything that is going on right now. I would love to close on my first park next year. Im open to talk or if you have any suggestions it will be very appreciated. 

Thank you for your reply George with all that information. I did look into it and that was the main reason I put it up on here. We were impacted by covid due to me being out of work for 3 months, so this would help pay off things that we fell back on and also help get us back to the point where we could start looking to invest again. Thank you

yes you can borrow money for up to a year interest free only because of covid but it's a way smaller amount. I'm just wondering now since it's being offered for the first time I have seen as a withdraw with no early penalties if it would be worth it now rather than have a monthly payment later. Take the hit now vs paying for it over time. Also on the loan you are required to pay it back in full once you get laid off which is possible in a 5 year period

During this whole Covid19 epidemic my 401k investment firm is offering that they will waive the early 15% penalty to pull out up to 100k with no payback. I know there will be taxes due in doing so but I have never seen this happen before and am wondering if I should capitalize on it so I can use this money to invest more into real estate considering the stock market is not doing well anyways. 

I very briefly talked with my tax guy and he said I will be taxed 35k if I pull out 100k. I'm assuming 20% federal and 15% state? Even if so I would still fall in the same tax bracket that I am in currently, so if I was taxed that much I would hope I would get some money back at the end of the year. I have a call with him in the next few days so I can fully explain the situation. If you guys have any input or advice it would be greatly appreciated. Thanks

Yea I can see that but where I live in California a 3bd 2b house with no land costs you 600k that still needs improvement. Rent is very high here but I would never invest in California just because of all the bs laws and regulations. Cabo "area" is great. I wouldn't necessarily invest right downtown cabo just that general area from cabo san lucas all the was up to san jose del cabo. Wherever the cashflow is great and people are wanting to stay is where I would want a house

Yea Rancho Cerro colorado looks great! Unfortunately I'm cant afford a 800k home at the moment. The thing I worry about is the financing aspect of it because I have heard it can be tricky and like Matt Ayoub said about how homes are on the market for quite sometime because they can sell was interesting and for sure something g to look into. The way I would get into something would be to utilize a 120k HELOC on my primary residence which means I need to do alot more research into the area because I obviously would want to pay that off as soon as possible. So if the returns are there then great, all I'm looking for is good cashflow and I feel now might be a good time to look more into because of all this Covid19 stuff happening. Does anyone have a good resource to search for properties in mexico? I have found a few but I would love some recommendations. Thank you

Thanks for the replys everyone and Derrick I will send you a PM later today, thank you

So we go go to mexico quite a bit and everytime we are down there the thought of owning something there is always brought up. Just wondering if anyone else on here has done this? We are focused om Cabo San Lucas and San Jose del Cabo. I know alot of the homes we are interested in are in HOAs which can be sketchy as they can change the rules and tell you no vacation rentals. Just curious of what people's thoughts are and experiences.