All Forum Posts by: Joshua Briscoe

Quote from @Coury Cast:

Have you considered a cash out refi? That way you recoup some of the money you put into the property and keep it as a rental.

Refinancing isn't something I would do right now.  I'm trying to get ~4 paid off rental units over the next 5 years and then go back to school using the rental income to live off.  If that wasn't my plan I would definitely consider refinancing.
I definitely think pulling equity out of my rentals is something I will be doing at some point in the future to reinvest it.

I'm looking for advice on whether to sell a property.  My wife is asking me to sell our single family house we own in South Carolina.  We bought it to live in back in 2018 after we moved down to help with her family.  In 2020 I switched over to travel nursing so the house has sat vacant for just about 2 years.  We've been slowly fixing it up with the plan to rent it out.  Everything looks nice now new everything except I'm waiting to buy new appliances which I should be able to have put in this month/maybe next month.  After it's rented it should cash flow about $50-100/month.  Last fall we settled back in Maine and bought an owner occupied duplex.  The other side of the duplex is rented and pretty much carries the mortgage.  However, in the process of the move and the renovations, I racked up ~$30,000 in credit card debt, which has been very stressful paying off.  Fortunately, the credit card will be paid off in the next 2 weeks. 

Within the past month my wife has asked me to sell the house in South Carolina; she's changed her mind once, but after her bringing it up again I had told her to talk to our agent and put it on the market to preserve the marital harmony.  However It's never made it to the mls.  Her brother has offered to buy the house and pretty much cover all the fees.  Per my calculations we'd walk away with ~ $50k.  Not bad, but we really wouldn't have made any money after all the renovations.  

I'm having second thoughts now, because I really don't want to lose a rental property after all I've done to get it ready.  It's been like pulling teeth to get it.  I've wanted to get into rental properties for so long and it feels like I'd be giving it up to "make some quick cash" (like I said not really).

I don't want anyone to get the wrong idea about my wife she's not a witch or anything (exactly the opposite), she just has been really anxious about money after I messed up with the credit card debt and doesn't have an investor mindset.

Anyway any advice is greatly appreciated.

Josh

@Jason Ray Richardson

@Jason Ray RichardsonThank you for your insight.  I'm in the process of raising more money to strengthen my position when making offers on some of these properties.

@Jason Ray Richardson Do you think the length of the letter is appropriate?  My next step is to do some cold calls.  How did you find the park that you just bought?

@Karen Margrave Calling is definitely my next step.  What do you think about mentioning owner financing upfront? 

I just sent out my first batch of letters of inquiry for owner financing to mobile home park owners.  I would like to get some feedback.

My info

date

park owner info.

Dear Mr.______________

I am interested in buying your mobile home park at __________________ via owner financing. If you are interested in this query please contact me at your earliest convenience.

Sincerely,

Joshua Briscoe 

Should I add more info regarding what type of cap rate and reasons they should consider owner financing?  

These are all off market properties.

I would like to get feedback on the letters I am sending out.  I wanted them to be short sweet and to the point.

My info

date

park owner info.

Dear Mr.______________

I am interested in buying your mobile home park at __________________ via owner financing.  If you are interested in this query please contact me at your earliest convenience.

Sincerely,

Joshua Briscoe 

Thank you Ryan Groene for the information.

After looking at the numbers I've rescinded my offer.  I was working through an agent (a big headache) who was telling me that the mobile homes were tenant owned, but the tax records listed them all as being held by one person (not the owner).  

The up side would have been great.  I could have added $1500-2000 in cashflow by adding/fixing up 4 homes, but the uncertainty of the condition/ownership of the other homes made me back out (at least for now).  

I just sent out my first batch of letters of inquires to potential park owners so I will see where that takes me. 

I just put in an offer for a very small mobile home park 10 spaces.  Supposedly these are all tenant owned.  Does anyone have any suggestions for  insurance companies?   Any other advice from veterans would be greatly appreciated.

I know this is an old post, but...

I am planning to either cash out most of my 403 and swallow the penalties or borrow the money out of my 403b to buy my first investment property.  

The way I look at it is this: I want to "retire" by the time I am 45; money sitting in an account that I can't touch doesn't help me much with that goal.

Of course I will continue to contribute to my 403 to get the employer match and also continue to invest into accounts that are not tax deferred, but I want most of the money I have invested to be able to be accessed without penalty.

One more thought is that at my current job my employer will match half of my contribution up to a 3% match, plus after a year of employment they will contribute an additional 3% of my income regardless of my contribution.  My math may be way off here, but if I am only contributing 6%, the other 6% will have come from my employer and most of the penalty I receive from an early withdrawal will come from the money my employer contributed.