All Forum Posts by: Abraham Anderson

I went through Jake & Gino's education course, I highly recommend them. Excellent content, excellent community. I have partnered with people from the community on deals. Feel free to ask if there's any specifics you'd like to know.

I'd tell them, especially since you successfully went through this process. They're going to find out either way (ie when people start showing up to inspect it), you may as well show goodwill and give them the first option.

@Justin Anderson @Mike Anderson Good to see other Anderson's living/investing in Sevier County ;-)

What websites/subscriptions do you use for skiptracing, particularly for phone numbers, and for uncovering the actual owners of LLCs?

Great to see you launched it, Tony. Where can we listen? 

Thank you. Both of these are in Northeast TN, and they were found through door knocking. I also own parks in Knoxville & in Pigeon Forge.
Feel free to reach out, I come to Middle TN about once a month. 

I recommend cold calling & door knocking, that's where the majority of my deals have come from. A lot of "smaller" properties (multifamily), or MHPs in general are not owned in an LLC, so it's usually easy to find the owner.

I am doing one in 2020. I wanted to have several deals done successfully with my own capital, & have the framework down before I take other people's money. 

Thank you, Lauren! It is www.CapitalCashflow.com , launching in January 2020. 

This week, in a 24 hour period, I've purchased more units than I have in the last 24 years. A total of 142 units from 2 properties, in addition to the 111 I already own. I've been involved in real estate since I was 18, so this did not happen overnight. I post this thread to inspire others that it is indeed possible, and to be as helpful as I can by answering questions.

Both of the deals I've closed this week were off market mobile home parks, and seller financed with attractive terms. One property is a 30 year, fully amortized loan at 4% interest. The other was purchased for $5.5K down. Both are non recourse. The total purchase price for both properties was $2.3MM. Seller financing is a great way to get into properties with little or no money down.

For both properties, it took several months & many visits before getting under contract. During this time, there's also been several deals that did not pan out. The key is to keep your pipeline full of deals you are analyzing, offers you are making, and continuing to look for new properties. As Sam Zell put it, "All the opportunity in the world means nothing if you don't pull the trigger".

Another big part of my strategy is essentially the BRRRR method applied to commercial property. The down payment on one of the deals ($150K), I came up with by refinancing a property I purchased earlier this year with a business partner (we are both equal in terms of management & money put into the deal). We were able to increase the value from $550K to $800K through a combination of filling vacant units, raising rents, decreasing the expenses, & implementing professional management. One great tip is using move in fees vs deposits; move in fees go into your operating account & boost your bottom line, vs a deposit which sits in escrow until it's refunded.

For the past two years, I have been focusing about 50/50 between real estate investing and my other profession as a health/life insurance broker. As of January, I'm going full time into real estate & will do insurance part time. My partner & are also starting a podcast focused on creative real estate, and launching a mobile home park syndication.

I usually take a photo with the sellers, but in this case, one was a remote closing, and the other was recently discharged from the hospital & did not want me to share his photo, so here are 2 photos from the properties (my manager took these today):

I love real estate, and I love the relationships I've built along the way. I look forward to many more years to come.

I was also at the event, I enjoyed meeting you, Ahmed! I respectful disagree that it was a "pitch fest". I wrote down good information from each of the presenters, but I mainly went for the networking (a lot of excellent guys & gals at the event).

@Aaron Moayed

My apartments I (still) own in my own name, with a large insurance policy. The MHPs I own in an LLC.

@Victor Rolon

I've went through Jake & Gino's training courses, and Mobile Home University's courses. That, plus thousands of hours of podcasts & reading books.

My initial thoughts on going into my first deal were, if I ran into anything I wasn't prepared for, I'd learn as I go. As long as you do the big things right (choosing the right property, not overpaying for it, getting the right financing) no mistakes you inevatibly make will hurt you too badly.

@Tony Castronovo

If you are wanting to grow, I would definitely look at refinancing & rolling that capital into the next deal. Interest rates are at historic lows so now is a good time to pull out capital & lock in a good rate.

@Angelo 

To buy a $750K deal you only need 15-20% down. I had that from personal savings & from refinancing another property I owned. Read my first thread which I linked to in the OP for more details, and feel free to ask on here any questions.

@Damon James, see the link to my first post in the OP.

@Chris Pittman Correct. On my first deal, I put down 10% + used equity in an office building I owned as the down payment.