All Forum Posts by: Erin Church

 Hey Rachel,

The investors doing this, are they using new or used manufactured homes? I know several folks that have cheap homes on cheap-ish land and rent, but don't know anyone personally putting in new ones and renting them out. I'm curious what percentage of cost they're getting in rent. :)

Hey Andy,

I'm sure you know that zoning is step one :) Just because a manufactured home was on a parcel doesn't mean your county/city will allow you to put back a new one. I would suggest calling and verifying any parcel before you buy.  Also, just because utilities are available (usually sewer), doesn't mean you can tap into it. (I currently live in a city that doesn't allow manufactured homes to tap into sewer, even if it's available.)

@Robert E Bogino - I'm sure you've got a million other tips, I just wanted to hit on the "make the calls" part of things :)

Hey Nick,

I'm assuming this is from the perspective of a wholesaler. Usually, end buyers will have well over the EM since they'll have closing costs, down payments, etc and the EM is just a drop in the bucket. If you're finding screaming deals, then look into finding a Gater Lender (a Pace Morby term) or partner with another wholesaler who has the money for EM. Also, how much EM are you offering? When I've worked for wholesalers in the past, they often offered a couple hundred bucks when market standards would have been a couple thousand. 

Something that I've heard said by many investors - if the deal is good enough, you can find the money. :) (It's a true statement - folks are happy to have some money in a deal that will net them a lot more.)

First, Rocco congrats on taking time to figure out your next best step for you rather than following the "next step" as determined by other folks. :) I also appreciate you recognizing that part of college is the social aspect - obviously, you'll miss out on that, but you can always find another "community" to socialize with/fill that need.

I really like @Nathan Gesner suggestion of taking the PM route. 

I agree that college isn't usually needed for a successful career, especially in real estate. Things that might have me suggesting going to college - are you getting scholarships, grants, any other funding where college would be free now, but would be more expensive in a few years if you went back? If you are, then it's something to strongly consider and I may give different advice.

If you're going to need to take out student loans and you're questioning if you want to go to school or not, at least take a gap year and dive into real estate in some way.  It gives you a little time to get your feet wet and see if you want to go to school. I think learning property management is likely the best fit if you're looking into buy and holds (which I assume you are since you mentioned generational wealth), but you could also go work construction to figure out how things all are supposed to be in a house/be able to do some of your own work. The first year out of high school could be the time you figure out you're great at getting folks to sell with creative financing also! Tons of options! I wish I had been thinking about real estate at your age! :)

Let us know what you decide :)

I was going to suggest what @Ray Hage mentioned. Do a 6-month lease and then let it get renewed annually (with rent adjustments as needed). I'm not sure of FL laws.

Also, check with your insurance about this kind of lease. Most residential rental property insurance doesn't cover a business being run out of it. That can help inform the cost you're going to charge them as well. :)

I was going to echo a similar idea to what @Tyler Lingle mentioned. See if there is a wholesaler in the area that you can work for. Could be a way to learn more and make money. You'll learn what they're doing, their processes (potentially, where their processes can be improved), and be able to bring yourself a paycheck and bring them value. 

I'll mention that any fees/penalties/remedies that need to be paid by the tenant, I have in my lease that they become additional rent. I haven't had to use that yet, but have read and been told that making things additional rent can "help it stick" in some places if you end up going to court or if a tenant uses an organization to catch up on rent.. @Richard F. - have you used that type of wording or found that to be the case?

Based on this: https://www.siskinds.com/walk-away-if-i-dont-pay-real-estate...

When the buyer unilaterally decided not to abide by the terms of the Agreement by not paying the deposit, the buyer is in breach of the Agreement and that breach gives the Seller certain rights. The seller can choose to rescind the Agreement, seek specific performance (that is, have a Court make the buyer complete the transaction), or pursue damages. The seller can also let the buyer pay the deposit late and keep the transaction alive, although the seller has no obligation to do so.

I agree with @Tom Gimer - I'd talk to your agent's broker. I figure the best you're getting from them is the $4k in help (likely out of your agent's commission). I would mention to the broker about the gaslighting, explain that you don't want to be in the contract and see if they have other suggestions, but...  ultimately, you should have been double-checking the numbers you were signing. 

Education costs time and money, so file this experience under education to not trust your agent that much.

All that being said - I'm very sorry that you're in this situation. It totally sucks to be in a stressful situation that's likely going to cost you a chunk of money because you put too much blind trust in someone's abilities. 

@Sandra McEwan - for around Augusta, try Wright McLeod (I don't love them, but they will do Sub to) and Hull Barrett (know they'll do owner financing, work with wholesalers, but not sure about Sub to), and on the SC side, someone has mentioned that Patrick Zier will do Sub to (although I don't know for sure and he doesn't wire money out, just in). These three are around the Augusta area. 

If those all don't do what you need them to and you're open to all of GA, try Josh Rand around Atlanta.