All Forum Posts by: Jack Reed

It's difficult to "know" everything when starting. Ive seen on here many times educate yourself which I did the best of my ability and until it was mentioned here, I had never heard of dod  frank or Lonnie deals. Being "uneducated" in this area that I did not know existed has apparently created a very hard lesson learned for a new investor. I think this might be my first and last deal because I didn't have that much to invest to begin with. I appreciate all the advice. 

Yes, I am new and apparently didn't do enough research. I assumed since it was a rental when I bought it I could rent it as well. This being my first deal I'm a but discouraged.

Thank you all for the suggestions. Working with park owner is out, I tried to go that route when he informed me of their no rental policy, he's not a very understanding guy. Moving the trailer is to expensive and would cost more than trailer, I paid 4k for it and have put 2k into rehab. It was going to be a sweet deal rented at $600 a month, already had a tenant waiting to move in. 

At this juncture I think selling is my only option. There are 3 trailers in same area, different park, that are fir sake and have been fir a while. This concerns me about mine selling. 

So i purchased a mobile home that was already in a park, the person i bought it from was currently renting the property but after the last tenant left she decided to sell. I have worked on the property for a month now and finally met with the park owner to sign lease and set up autodraft for lot rent. During our conversation he asked me if i was going to be living there and I told him no, I am renting the trailer. He immediately said NOPE, we dont allow rentals, everyone here owns or their family owns the houses.

So now I have a problem, what the heck do I do with this house? There are several more for sell in adjacent parks and im afraid i will not be able to sell it. 

Im thinking about owner finance maybe, any suggestions? 

The intent is to do it owner occupied. That would give me a total of 4 rentals and hopefully no mortgage coming out of my pocket. I finally got the income from the past 3 years and am putting all the information together to present to my lender. Wish me luck.  

Ok so i am new to this and found a property that I am looking at purchasing. I am running into a problem due to the type of property that it is. it is a Duplex that has a commercial building attached to it. The owner is asking 200k and current rental income is $2000 per month (which is low, rent will need to be raised to meet market value which should be closer to 2700). The problem that i am running into is financing, its not commercial and its not residential so the bank is trying to find a product that will work. However, the other problem i am having is the owner producing income records for the property. Is this a worth while deal or should i just walk? Thanks in advance. 

That was my thought was it may be to far but its almost to good a deal to pass on. The wholesaling idea is not a bad idea, however I have never done that and not sure how to even go about it.

I am a newbie to this entire thing however I have found a potential property that I want to purchase to flip. The catch is the property is over 2 hours from where I live. Has anyone had any experience with long distance flipping? What would your suggestions be not only for the issue of managing the project from a distance but any advice for a new guy trying to get started with my first flip?

Thanks everyone for the suggestions and the comments. I hope to make the most out of this community. @Janice Cruz im in rural Oklahoma, not in the big city like@Rhett Tullis so things are a little different out my way. What kind of investmetns are you thinking about? 

Hello,

My name is Jack and I have owned 1 rental for several years now but due to recent events I am looking at expandig and start investing in more rentals. I stumbled across bigger pockets doing research, look like a great place to learn.