All Forum Posts by: Edward Pimentel

So, you want to get some of the folks around you motivated but know they won't push through and read Rich Dad Poor Dad to get to the parts of the book that are eye opening. 

So, you figure, I'll send them a link to a BP Podcast Episode. Now... which episode number would you recommend that is not too in depth but can really get someone to shift their thinking and want to learn more? 

Ready, Set, Go!

Amanda, sounds like you're setup quite well. My thought. Diversify a little out of your area. Look for area with good cap rates. Do your homework to have others manage/maintain the properties. Being that you have your father to invest with, take a dive into the 5+ units realm. 

If you spend more time in managing properties, that is time you could be spending to find more deals and get into more properties. And with your husband's expertise in upkeeping properties, he could help vet out contractors in your new investment areas to ensure you're not getting screwed. 

Set yourself up right and you can do your hospital job no-time instead of part time. Do it!

Happy Birthday and good luck!

Pm me.

Side note -make sure you're factoring utilities. We just attended a multifamily workshop and learned a good way to structure a partnered deal using 3 parties and makes sense for everyone. The hard part is going to be getting the private money to fund it and an experienced partner to come in on it. This experienced mentor could show hml the low risk in the investment and that mentor needs to be willing to teach how to overcome hurdles especially in due diligence.

Question to put out there.

Situation: A family member just setup a trust recently (unsure how it is exactly setup). They have their home (with a mortgage) and own 5 or 6 parcels of land (free and clear). They are holding onto the land for now and plan to either gift them to kids/grandkids in the future or leave them in the trust. I don't believe they have those parcels insured but unsure. 

Concern: It is common in their area of Florida, that kids/adults ride dirt bikes and other ATVs in their area because of so much undeveloped land makes for some fun rides for them. Lets say someone were to get hurt on one of their parcels of land. 

Questions: 

1 - Could someone were to sue for getting hurt while on my family member's land? 

2 - If the land and their home was under the same legal entity, could the pursuing party also go after any equity in their personal home?

3 - Should someone have insurance on raw land?

Any other thoughts or angles would be appreciated as well. 

(Side Note - they are not investors. However in minimal learning about structuring legal entities as a multifamily investor, I've learned that if not properly setup, someone may be able to go after other assets/equity within the same entity)

still good potential for families looking for a home to rent and prefer more privacy. depending on the home, area ,etc. maybe a better caliber renter and less turnover of you can find a long term renter. make certain to still do background checks and try to get them to maintain the lawn, etc. they should pay electric and heat but keep the water bill in your name but still try to bill them for it.

Hi Rick!

So analyzing MHP and other large scale multifamily is different than commercial retail spaces. Being that this is a smaller park near an airport, it may not be the best deal depending on your exit strategy. If you were to keep the property for rental space, this could still be good. If zoning allowed for commercial/retail in the future, this could also be an exit strategy for the future down the road. But let's just go on the assumption you are going to be keeping this as a MHP.

Now, analyzing your property. All based on numbers. Gross, expenses, deferred maintenance, NOI. For a target like this where it is abutting an airport, you could be negotiating with the seller that it would be a more difficult exit strategy later for you and if they are motivated to sell, they will come down.

As for the things to watch for, I HIGHLY recommend listening to podcasts from Kevin Bupp and Charles Dehart (The Mobile Home Park Investing Podcast) and start from the beginning. I'm not saying you need to listen to them all (though i recommend it to anyone) but in the beginning episodes they have short episodes of things to watch out for when researching a MHP. For instance, city sewer vs septic and septics vs ponds. They talk alot about submetering utilities, the differences with Park Owned Homes vs Tenant Owned Homes. Also how to look for upsides. 

15 lot park is not huge and may be harder to find someone you trust to manage it unless you had more properties/doors in the area you could have someone manage alongside this park. 

In my opinion, if the park cash flows and you can analyze the deal to be at or above your cap rate, I'd say go for it. But first, learn more about the MHP niche as multifamily investing is different beast than retail commercial investing. 

Hi everyone! Anyone have a form that can be used in the state of MA for wholesaling deals?

I'm looking for both forms that would be legal in the state to use for sellers to sign as well as forms needed for assigning the deal to an investor. I'll still have an attorney review it before I use it but my goal is to get sellers calling me in 30 days and want to have this in place before then.

Thank you all! Any help is appreciated

thank you Ken! My wife put the wind back in my sail tonight. 

But I certainly will update my profile soon with my goals. Right now I have many balls in the air and can't juggle.  Want to start with wholesaling and move into rehabbing and hold some properties as well in the future.  First personal goal is to get my wife the freedom to not punch a clock and do this for our family.  

so i took a couple days off from my JOB and wanted to start looking into getting started. With little money to spend I decided i'd head down to my local county probate office to see if i could get some leads on probate estates. I get there and find that it's not easy at all and would kill a lot of time. I didn't know what to look at. I sat at a computer they had and found that all it could pull for me was a list of cases but there were no electronic records about the cases. I can only pull up to 3 cases at a time and up to 10 if I ordered the day before. Pulling the cases was like firing into the dark and I pulled 3 cases that were worthless. 

Moving on. I have a draft of what i wanted to use for a contract for the seller and want to make sure it legally covers me to a) assign the contract and b) allows to back out if I can't line up a buyer for a property. I googled a list of real estate attorneys and decided I'd reach out to see if someone was familiar in wholesaling deals and if they could look at this form. I spent 1 hour talking with this gentleman in his office only to be told this is not a viable solution and that the forms i'd need to use would need to be a P&S approved by the state of Massachusetts.

Someone, please help to put the wind in my sails so I can look for some sales. If you are from MA and can provide some guidance as to how to find an attorney in the South Eastern area of MA who will not just shoot this down and will know what I am looking to do, please let me know. 

As for the leads, I'm going to have to just allocate some funds to get started with marketing and lists of motivated sellers.