All Forum Posts by: Jeret Foshee

I agree with @Luke MacLean. My lease clearly states that if the tenant breaks the lease for any reason without a 30 day advanced notice then I keep the security deposit for loss of rent. However, if the security deposit in your lease is strictly for any damage and repairs caused by the tenant then I would give it all back to him since he has never been on the property. 

@Ben Woodsum Hey Ben! Welcome to BP. Im not far from you, about an hour south. I would agree with what everyone has said so far. I would encourage you to try to read and learn as much as you can before you do anything. There is nothing like actually buying your first home and learning from that but you can definitely avoid many mistakes by reading and learning from others. 

I would personally stay away from trying to flip because like @Mel Petersen said there are just so many variables with it. The way I got started was by finding a single family home that looked a little rough but really just needed some cleaning (pressure washing, scrubbing, painting) but because of that I got a pretty good deal on it. I also have two amazing mentors who have helped me with every step so if you can find someone who can help guide you then that is invaluable. 

I don't know your situation but a lot of people go the "house hacking" route to get started. With that said, each person and situation is unique so I don't know if one person could really tell you whats going to work for you. Best of luck to you!

@Gina Shields I own 1 mobile home on a piece of land in North Florida. I got a great deal on it and got it rented out in just a couple weeks with multiple hits. There seems to be this stigma about mobile homes but I don't think people have a problem with renting a mobile home. Vacancies is normally the one issue to avoid on any buy and hold property so if you are in a Landlord friendly area I don't see a problem with it. The one thing I would caution you about is insurance. Make sure you have a company that will insure a mobile home….they are a lot harder to come by, especially in Florida. I probably talked to 15 different people/companies before finding one that came close to what I needed. Best of luck to you!!!

That's awesome @Jasmine Ansley! Good luck! 

@Franklin Romine thank you! Best of luck to you! Hopefully it all works out like you hope.

I'm fairly new to real estate. I bought my first home 3 months ago, a mobile home to be exact. Purchased at $24,000 with private money and no money of my own. It's a 4/2 about 1,800 sq. ft. I did fix a few minor things, maybe $500 worth. Had a tenant in there after a couple of weeks of screening and have received 3 months of payments on time. Getting $700 a month and probably could have gotten more just a rookie mistake. But very nice people. Have actually cleaned up the place a little. Couldn't be happier! So far so good. 

Have recently bought a home in the area to fix and flip. I try to listen to every podcast bigger pockets puts out and have read "The book on flipping houses" "The book on estimating rehab costs" many of the rich dad poor dad books and others. I have become addicted to it!

Just want to encourage people and say that it really is possible to make money with no money, you just have to start marketing yourself and your goals and plans and it could happen. And on top of all that it's just fun!