All Forum Posts by: Kyle McDonald

 Percy N. I hate coming across as ignorant but I'm not 100% sure what you mean? Are you asking like tax returns on this place far as financials? And if by investor deck you mean a investor I use, then no I do not. Lol I am still getting used to BP terms, so you may have to expound on your question.

Also how do I tag you or mention you? I can not figure that out.

Percy N. I hate coming across as ignorant but I'm not 100% sure what you mean? Are you asking like tax returns on this place far as financials? And if by investor deck you mean a investor I use, then no I do not. Lol I am still getting used to BP terms, so you may have to expound on your question.

This is where I am, in my investing:

I currently own a mobile/rv home park 16 spaces/units. Its grossing around 8k a month. I am closing on a foreclosure in the next week or so, that I paid 78,500 for it. As of right now that house is worth about 200k, once I am done with rehab should be worth around 250k . My current home will become a rental and since its nearly paid for it will be enough to cover the payment of the new house. I plan on moving into the foreclosure when its done and using the equity in it to buy more properties. I find out Monday if we got the bid on another potential rental that would qualify as a section 8 house. The details on it is 30k total after rehab in it and should get about 900 per month.

The missing 150k:

Back when we acquired the mobile home park I started looking for others, well I was calling trying to find who owned one close to where I live. By complete mistake I got in touch with a elderly gentleman that has a park and is ready to retire. The park right now is fairly empty and is making 3500 gross per month, with the land and all the available spots, and a lot of elbowgrease it could do 20k a month no problem. Oh yeah he said he would sell for 150k if you haven't guessed that by now.

The first park we got was owner financed, this guy wants to sell but is not interested in OF. With our local banks it would take years for all the red tape to get 150k for a park, so I am kinda out of ideas as what to do for the 150k. Any ideas would be awesome because its going to suck to miss out on this thing. Especially now that I already own one and know what not to do, this one would be way easier to get rolling.

Thanks guys!
Kyle Mcdonald/ Mobile, AL.

Bump

Rich I was reading your profile, do you like owning the mobile homes or just the spaces they rent? I have access to a MH park that needs rehab, about 55 spaces but I think only 10 or 15 are rented. I could get it for about 225k I think its grossing about 5k right now, honestly I have kinda just put it on the back burner for now.

Thanks guys! @Michael Watts what kind of real estate are you involved in?

@ Mark Nolan

Thanks I will be sure and check it out!

I also tried like 10x to get a picture to upload but for some reason it never sticks. I d k?

Not sure if this is like a AA meeting but here goes lol.

Hi, my name is Kyle Mcdonald I'm 25 been working full time since I was 15, I have been self employed full time now going on 4 years. The company I started is in logistics, has turned out to be great income but it keeps me from home/family more times than not. I had a great opportunity to purchase a house via owner finance when I was 19 from a investor that was a family friend. That property will be paid for here fairly soon and I couldn't be happier. I am dabbling in real estate and so far and am super jacked about it, I am also in the process of buying a bigger house (due to a growing family) and plan on renting my current house out which would be enough to make my new house payment. 

I am kinda at a stand still though because I don't know exactly what direction I want to go from here? Once I finish the house I am buying I should have about 130k equity in it, should have access to that $$ by Julyish. I am also 50% owner in a trailer/RV park (about 16 units) and so far seems to be a pretty good money maker, but we have just been reinvesting it back into itself. Annual NOI of the park is about 62k, the cash flow is about 38k, writing it down on paper and all the time out there working on it I think it could double that with the right amount of elbow grease. My predicament is, I don't know if I want to go more in the mobile home park direction, single familys, or even multi family's units. I do however know I want (at least at the moment) to be involved in being a landlord, I like the idea of residual income and not having to kill myself with physical labor forever.

 After listening to the podcast for awhile figured it was time to post, and hopefully get connected with some people in my area, and looking to get all the advise and direction y'all are willing to give.

Thanks for reading,
Kyle McDonald