All Forum Posts by: Kevin Umberger

@Mallika Akkala I did further research and decided not to invest in Adult communities at the time. Most of the communities require that the owner of the property be 55+. Being that I am only in my early 30's this would not work for me. However, if you are over 55 or you have someone that you can trust to put the properties in their name then I'm sure you can have great success! Also, each community is different and some do not allow investors to purchase their properties. Where in NJ are you located? I'm in Ocean County

Hey BP,

I have been reading and soaking up as much information from BP in the past couple years as possible. I have still yet to make my first investment, however I am now in a position where I feel comfortable enough to pull the trigger. I found a property in my neighborhood that I would like to put an offer on and pursue. I'm hoping you guys can help me with a question. I plan on using Brandon's coined BRRRR strategy. I have a pretty good understanding of the strategy and the steps. My main question however, is the "Buy" part. Do I need to already have a hard or private money lender in place before I submit an offer? The property I am looking at is a bank owned property. If this is the case, then how do I go about presenting the deal to a hard or private lender without a concrete deal? If I can submit an offer without having a lender in place, and they accept my offer, what happens if I am unable to get financing from a private or hard money lender? I know if "the deal is a real deal" I will have no problem getting financing but just hypothetically what IF I cannot obtain financing? Also, when submitting an offer to a bank owned property, do I need to submit an earnest money deposit? Will I lose the deposit if they do not accept my offer? Will I lose the deposit if they do accept my offer but I cannot obtain financing?

BTW - I have ran the numbers using the BRRRR calculator so I have a solid idea of the type of offer I need to submit to make it a good deal. I just want to cover all of my bases.

Thank you in advance!

Thank you for the responses. I will be checking into the restrictions for each community. I'm not sure if I am definitely going to go this route but it was something I was curious about.

Hey All,

I am new to REI and this forum. I have yet to purchase my first property. However, I live in New Jersey, which is a very densely populated state with many Adult Communities. I was wondering if anyone has had any success with purchasing Adult Community homes as Rental Properties? I'm concerned about the limited renter market, but I'm thinking the competition for these types of homes may be lower then for Single and Multifamily units.

Thanks in advance!

Kevin Umberger

Thanks Ali! Yes, all of his books are excellent! I have actually read his entire collection.

Hello All,

My name is Kevin Umberger. I am brand new to the concept of Real Estate Investing. Without getting into too much detail, I was in some dire straits for a while and have proudly dug myself out of a large hole! I was one of the unfortunate rat race members who could never get ahead. I am 27 years old and have finally gotten my financial life in order. After next month I will officially be Credit Card Debt Free!!

I have been attempting to train my mind to absorb like a sponge! I read Robert Kiyosaki's "Rich Dad, Poor Dad" a while back which has dramatically changed my thinking and put me on my current financial and real estate investing path. After reading through BP's "Free Beginners Guide", I am currently reading William Nickerson's "How I turned $1,000 into $5,000,000 in Real Estate", because of another members recommendation.

I believe I am going to follow in Nickerson's footsteps and use his concepts. I will be frugally saving in order to put a solid % down on my first rental property.

Until then, I will be reading as much as possible and following the BP forum! I thank everyone on BP in advance for any direct or indirect help and advice I receive from each and everyone here!!

Kevin Umberger