All Forum Posts by: James Devoe

Hi everyone,

My wife and I are new investors looking to purchase our 1st out of state investment and are very interested in STR.

We've been looking at properties around Lake Royale in Louisburg NC (we heard from family in the area that this is a new vacation hotspot) and we have found some promising properties.

The thin is, most of these properties are comprised of empty lots and mobile homes. 

We own an Interior/Architectural Design company and have designs that would work on these lots, as well as people in the area that can help us with construction and property management, but we've been wondering if it would be more lucrative for us to invest in mobile homes to start out instead.

Does a Mobile Home work out as a STR?

If so, how does Financing and Equity work with Mobile Homes?

Can we build and pull out equity like a house?

Any info would help.

Thank you.

@Wesley Mullen 

Where have you been looking for land? 

My wife and I own an Interior/Architectural Design company and we've been looking into similar projects in and around Raleigh, NC.

I have found no trouble finding land for a good price in these areas through Zillow.

Have you been looking out of state or are you looking to stay close to home with your portfolio?

Hello Everyone,

I'm looking to do some out of state investing and I heard that Detroit is a very forgiving market for new investors due to the low prices of ownership.

I would like to do some affordable housing in the area, however, I'm still having doubts about investing in the area on account of the higher than average crime rate.

I know I can avoid problem tenants through proper screening, but I still want to avoid any problem areas for my tenants.

Does anyone have any sound advice on the areas to avoid and/or whether or not this is worth the investment?

Thank you everyone for the advice. It was very helpful.

@Suzanne Player what type of attorney would you suggest I consult with about the eviction?

What if the tenants need financial aid?

Is it a long difficult process to have the property turned into section 8 housing?

Hello Everyone,

I recently came across a deal from a fellow investor on Long Island, NY.

He wants to sell his property because his tenants have been giving him trouble and haven't been paying him rent on time. As it is a very long and difficult process to evict a tenant in NY, I was considering offering them Cash for Keys. However, I don't know exactly how to go about this.

Can I offer them cash for keys before I take ownership?

If they're willing to accept, what's a good offer and do I need to get it in writing?

What other options do I have if they do not accept?

Any help would be great...

@Dan Dice

Have you thought of selling some of your properties using Owner Financing?

You would act as the bank and I believe you only get taxed on the payments rather than the entire lump sum of the property.

Plus you get all of the benefits of a Passive Real Estate Investor without any of the responsibilities.

It might be something that's worth looking into if you're looking to retire.

@Suzanne Player 

I have talked to a mortgage broker who specifically works with investors, he told me to hold off until we can claim the money we make from our business.

I own an Interior/Architectural Design company with my wife which we do well with, but we've only claim 1 year of income from it. 

I'd prefer not to wait to buy our 1st investment property as our rent is $2700/month and I would love to mitigate that expense with a house-hack.

@Miranda Micire @Patrick Drury

Thank you for the advice. I will definitely look into this and ask my real estate agent about this. 

Any advice as to how to structure this deal?

@Ray Garcia

Great!

I look forward to hearing from you!

@Miranda Micire

That's very interesting, I will look into this.

I was told you should only use this strategy with off-market deals as you might interfere with a real estate agent's commission if you use this on an on-market deal.

Was your agent ok with you using this strategy?