All Forum Posts by: Jerry Lucker

We are the enlightened few :) I recently posted this without one reply:

Thank you BiggerPockets! Although I specialized in mobile homes for over 20 years I learned enough from BP contributors to also accumulate a nice portfolio of real estate.

I developed my own contract for selling mobiles (many provisions good for real estate too) that saved a lot of time and headaches. It’s designed to eliminate loopholes, maximize earnest money received and remove obstacles to collecting all the money allowable upon buyer default. You’ll find many other unique provisions to deal with banks, parks, etc.

It has passed muster with buyers, banks, parks, escrow companies, and the tax and licensing agencies. Most of the time it’s just a one page document.

I’ll be happy to email you a copy along with a detailed explanation of all the provisions. No charge or cost. Just let me know :) Time to share as so many have with me :)

Thank you BiggerPockets! Although I specialized in mobile homes for over 20 years I learned enough from BP contributors to also accumulate a nice portfolio of real estate.

I developed my own contract for selling mobiles (many provisions good for real estate too) that saved a lot of time and headaches. It’s designed to eliminate loopholes, maximize earnest money received and remove obstacles to collecting all the money allowable upon buyer default. You’ll find many other unique provisions to deal with banks, parks, etc.

It has passed muster with buyers, banks, parks, escrow companies, and the tax and licensing agencies. Most of the time it’s just a one page document.

I’ll be happy to email you a copy along with a detailed explanation of all the provisions. No charge or cost. Just let me know :) Time to share as so many have with me :)

@Devan W.

In some areas you legally have to rent to the first qualified applicant. If you don’t it’s discrimination, you will pay the price.

@Arnold Finkelstein

The pros would be collecting rent but have no maintenance responsibilities for the house. The mobile home owners pay all utilities. There’s a good chance you’ll end up owning some of the homes.

You could buy a new or used home, pretty it up, and sell it, rent it, etc.

I still like just renting out the dirt. ( over 20 years doin’ this stuff :))

Quote from @Evan Alfaro:

To the entire BP community, hello! 
Evan here coming to you from Los Angeles California! 
total newb to the BP universe, and frankly upset that I barely became a member at the ripe ol age of 34! Better late than never I say! 
I’m just super stoked to have jumped on board and am currently trying to soak up as much as I can in preparation for my first investment!
a little scared, but that’s why I am here!

My ultimate goal is to buy and hold multi family properties, shooting for no less than a 3 plex and no more than a 4 plex to simplify the loan process, and eventually max out the amount of mortgages I can take on. 
this intro is really just to say hello, and to hopefully establish communication with others in my community! I really want to start attending group meetings because I feel there is no substitute for face to face interaction. 
hope everyone is doing well, looking forward to what the future may hold! 
take care y’all! 

You may want to consider how I started over 20 years ago and am still doing today. I now own a nice portfolio of income producing real estate – virtually all of it purchased with cash by flipping mobile homes in mobile home parks. Why this unusual business model?

High profit margins! Consistently between 50% and 200%. Examples: 1) $8,000 total investment, sold for $24,000. 2) $20,000 total investment, sold for $40,000. 3) $60,000 total investment, sold for $95,000. 4) $100,000 total investment, sold for $160,000.

Most investors have no understanding of how or why this unique housing niche works the way it does. There are several unusual factors that make this possible. Mobile homes are considered personal property, not real estate. They are bought and sold quickly and easily - just like a car. Misconceptions and myths keep competition almost non-existent. The business model works the same way in 49 states (no mobiles in Hawaii).

I’m a big fan of real estate and BiggerPockets. I’m also a big fan of having a method to accumulate nice chunks of cash, rapidly, without borrowing (especially hard money).

May you have Great Fortune in your Endeavors!

Quote from @Blake Ramsey:

Hey everyone, my name is Blake and I'm a mechanical engineering major at a community college in Springfield, Mo. I have been diving into real estate for a little over a year and I am now confident it is what I want to center my career around. I am currently working on my associate's at OTC and had plans to continue my education and get a bachelor's at either MSU or MS&T, but I am now considering not going down that route. I think the opportunity cost is too great and my time spent on school work can be better put to use to further my real estate career. I know that going to college and doing real estate are not mutually exclusive and often go hand in hand, but I am not so certain that is the path I want to take. I'm not doing this because I don't like school or because I think that real estate is the "easy way out", but because I believe that my current goals will be better met if I were to commit full-time to accomplishing them.

Just so I can challenge myself and test my own commitment to this decision, I have set some goals for myself to accomplish before I will allow myself to leave school. They are to: 1) develop relationships with 3-5 investors in the area that I can learn from, and 2) save up $7500 to put towards a down payment for my first sfr house hack.

I'm not posting this fishing for responses that justify my decision, but rather to get perspectives from any of you who might have had similar experiences or have their own opinions on my situation that can help me see things differently.

If there are any investors in the 417 who happen to come across this, I'd love to get the opportunity to connect with you!

College Degree = J.O.B./Work for someone else. Cap on income.                       Real Estate = self employed entrepreneur. No income cap.

Debate all the 'ifs' and 'buts' of this analyses all you want. I'll stick with the K.I.S.S.

Quote from @Kelly Olson:

INVESTORS! If you could use the knowledge you have now and start from the beginning of your investing journey with $150k to start, how would you invest it to scale cash flow fast? 

I have spent a lot of time learning the brrrr method and feel comfortable with it. I am seriously considering using it in an affordable market to start out, but wanted to hear your opinion on other possible ways to scale cash flow quickly and efficiently.  

My goal is to build enough cashflow (probably 7-8k a month) to be able to quit my dead end job hopefully in the next few years (or sooner) and then do real estate investing full time. I have access to $150k in a HELOC and I'm ready to rock!

You may want to consider how I started over 20 years ago and am still doing today. I now own a nice portfolio of income producing real estate – virtually all of it purchased with cash by flipping mobile homes in mobile home parks. Why this unusual business model?

High profit margins! Consistently between 50% and 200%. Examples: 1) $8,000 total investment, sold for $24,000. 2) $20,000 total investment, sold for $40,000. 3) $60,000 total investment, sold for $95,000. 4) $100,000 total investment, sold for $160,000.

Most investors have no understanding of how or why this unique housing niche works the way it does. There are several unusual factors that make this possible. Mobile homes are considered personal property, not real estate. They are bought and sold quickly and easily - just like a car. Misconceptions and myths keep competition almost non-existent. The business model works the same way in 49 states (no mobiles in Hawaii).

I’m a big fan of real estate and BiggerPockets. I’m also a big fan of having a method to accumulate nice chunks of cash, rapidly, without borrowing (especially hard money).

May you have Great Fortune in your Endeavors!

Quote from @Owen J Titus:

Most people who I ask about this subject with a general understanding keep leading me around in a circle I have no idea where to look or where to start is there any good tips on where to start

You may want to consider how I started over 20 years ago and am still doing today. I now own a nice portfolio of income producing real estate – virtually all of it purchased with cash by flipping mobile homes in mobile home parks. Why this unusual business model?

High profit margins! Consistently between 50% and 200%. Examples: 1) $8,000 total investment, sold for $24,000. 2) $20,000 total investment, sold for $40,000. 3) $60,000 total investment, sold for $95,000. 4) $100,000 total investment, sold for $160,000.

Most investors have no understanding of how or why this unique housing niche works the way it does. There are several unusual factors that make this possible. Mobile homes are considered personal property, not real estate. They are bought and sold quickly and easily - just like a car. Misconceptions and myths keep competition almost non-existent. The business model works the same way in 49 states (no mobiles in Hawaii).

I’m a big fan of real estate and BiggerPockets. I’m also a big fan of having a method to accumulate nice chunks of cash, rapidly, without borrowing (especially hard money).

May you have Great Fortune in your Endeavors!

Quote from @Dillon Tweed:

Hello, my name is Dillon Tweed and I am new to real estate investing. I am 22 and looking to do a fix and flip or a live in flip if I get the opportunity. I have been doing construction/ contracting work since I got out of high school, and now work doing HVAC full time. I would greatly appreciate any advice on how house flippers in the area are coming across good properties, specifically which areas are people having the most success flipping homes, and just some over all advise.

Anything is appreciated, Thank you.

You may want to consider how I started over 20 years ago and am still doing today. I now own a nice portfolio of income producing real estate – virtually all of it purchased with cash by flipping mobile homes in mobile home parks. Why this unusual business model?

High profit margins! Consistently between 50% and 200%. Examples: 1) $8,000 total investment, sold for $24,000. 2) $20,000 total investment, sold for $40,000. 3) $60,000 total investment, sold for $95,000. 4) $100,000 total investment, sold for $160,000.

Most investors have no understanding of how or why this unique housing niche works the way it does. There are several unusual factors that make this possible. Mobile homes are considered personal property, not real estate. They are bought and sold quickly and easily - just like a car. Misconceptions and myths keep competition almost non-existent. The business model works the same way in 49 states (no mobiles in Hawaii).

I’m a big fan of real estate and BiggerPockets. I’m also a big fan of having a method to accumulate nice chunks of cash, rapidly, without borrowing (especially hard money).

May you have Great Fortune in your Endeavors!

Quote from @Zihan Huang:

Hello,

I am currently trying to find my intro to real estate investing. I make about 89k a year and I have about 20k saved (~10k in bank and ~10k in ETFs). The main issue for me right now is that I live in NYC and if I want to invest in a property here, I do not have enough saved up, and I do not make enough. I have also considered purchasing a property in another state (Texas) and hiring a property manager, but I am not totally sure how that works. What is your advice on how I should get started with investing in real estate? Thanks in advance :)

You may want to consider how I started over 20 years ago and am still doing today. I now own a nice portfolio of income producing real estate – virtually all of it purchased with cash by flipping mobile homes in mobile home parks. Why this unusual business model?

High profit margins! Consistently between 50% and 200%. Examples: 1) $8,000 total investment, sold for $24,000. 2) $20,000 total investment, sold for $40,000. 3) $60,000 total investment, sold for $95,000. 4) $100,000 total investment, sold for $160,000.

Most investors have no understanding of how or why this unique housing niche works the way it does. There are several unusual factors that make this possible. Mobile homes are considered personal property, not real estate. They are bought and sold quickly and easily - just like a car. Misconceptions and myths keep competition almost non-existent. The business model works the same way in 49 states (no mobiles in Hawaii).

I’m a big fan of real estate and BiggerPockets. I’m also a big fan of having a method to accumulate nice chunks of cash, rapidly, without borrowing (especially hard money).

May you have Great Fortune in your Endeavors!