All Forum Posts by: Eric Gardiner

Hi everyone, 

I am curious what you try to get for cash on cash and cap rate. Im working a deal that is 5.32% cap and 8.48 COC. I like it because it is a pretty low down sub to deal with a 25 year mortgage that I can take over. Just curious other peoples thoughts. It is in Utah and finding things that cashflow is pretty difficult.

Thanks,

Eric Gardiner

@Joe Gee Hi Joe, I am glad you made the call not to sign but I must share a few things. 

1. $10k for an education that can make you much much more is worth it. I have invested much more in personal development, coaching, and mentors. But verifying it is legit is important and that is great you did. 

2. I have a friend in the Detroit Michigan area that is currently doing a lot of flips. He is a real estate agent there and has started flipping heavily. I am happy to connect you two if that is where you live. You both might be able to help each other and I wont charge you anything lol. 

Best of luck. Let me know if I can help

@Chloe Dawn Murphy. My friend owns a "buy here pay here" car dealership and I use to help him manage the debt AKA repo cars. I might have created the term from that industry but the idea is the same. It can work but it takes leg work. 

@Chloe Dawn Murphy Hi Chloe, Yes seller financing is the key in most mobile home parks I am familiar with. It is very likely that you will recycle buyers before you actually sell the home but that is part of the business and can also be profitable. 

Recycle buyers = they put a down payment intending to buy, then default, you evict, you get rent ready again(remodel), then you list as seller financing again. 

@Brittany Chesley Hi Brittany, Its great that you are starting to attend some of the meet ups. The one Jeff Rappaport does is awesome. 

If getting a license is your primary goal then get that done and get some income coming in from retail deals. Then once that is dialed in you can start down the wholesale rabbit hole. I was also at that virtual wholesaling meet up. 

To me, and I likely wrong, you need some money to wholesale. Usually for a marketing budget. I haven't pursued it that much but I attend the meet ups to learn more with the intent to do it soon. 

Good luck and reach out for anything. 

@Chloe Dawn Murphy Hi Chloe, I like the idea of flipping mobile homes but the issue is once remodeled finding a buy is very difficult. You cannot finance mobile homes very easily. So your buyer at the end of the flip needs to be a cash buyer. If you want to buy and hold it might work. 

Regarding your specific questions. 

I do not know investor friendly parks. 

Not sure if they are owns by larger companies. 

Land rent is between 600 - 700 a month. 

@Adrienne Donner Hi Adrienne, I sold an apartment I owned in Salt Lake City that tested positive for meth. The first contract fell apart because it tested positive. I then remediated it and relisted and it sold quickly. Once it is remediated no one cares. You do need to disclose this but also discuss remediation in the seller disclosure. 

As long as the cost of remediation works into your flip budget I say go for it. Your realtor should be able to advise you on this.

Let me know if you have more questions. 

@Alvin Milton Hi Alvin, Depends on the size of farm you want. Is it a hobby farm of 10 acres or are you looking for something more substantial? There are land listings on the Utah mls but a lot of things do go by word of mouth. What area of Utah are you interested in?

I lived in Logan for a long time which is an awesome farm area but winters can be rough. A lot of the farms are being developed to housing. How close to the city do you want to be?

@Hadar Orkibi I would love for an introduction. I would like to talk to a great agent there to discuss if it should be a rental or a flip and how I should do a remodel. Thanks. I will send a PM>