All Forum Posts by: Kyle Ransom

It is a personal choice as to how you want to start your business I think. Me personally I always set up a LLC before conducting any business especially real estate. The reason being if you should a deal go bad and someone decides to sue you, if you have a business they can't go after your personal assets. As a sole proprietorship everything you own is at risk.

Thanks for all of your input BP fam. It was very helpful.I do understand that with any deal I must complete due diligence but what I meant by what make a good deal how to come up with the numbers as in what metrics do you guys use if any to come up with a good price to buy an mobile home? 

You can also wholesale properties as well since you have money for earnest money to lock up contracts. If you go this route make connections with buyers who can close fast first. Find out what they want and go find them deals. This is what I do. I established relationships with corporate buyers who have the cash to buy multiple deals and I just funnels deal to them. The benefit of working with corporate buyers in that they can close fast so that when you offer to buyer a property with a fast close it will give you the advantage and get more deals. 

 If you have a deal where to can make 15K or more to can even do a double close. For deals where you make less than $15k I would suggest that you assign the contract. Do five or more deals and you will make enough money to start buying your own deals. 

You could also lease option properties the sub lease it to someone else to get your money back and do it again. You will build cash flow and equity therefore putting yourself in a better position to quit your job if you want to. 

I wholesale properties myself since I am starting a new company to build capital. While marketing for properties I came across many people who claim claim to be wholesale but were really not forthcoming as to there role in the deal. So now the first thing I ask a wholesaler is if they have the contract and can I see it. If they resist I move on. Your best bet is to find someone who is willing to learn and train them ti find properties for you. That way you know what you are dealing with. 

Hello BP,

I am looking into buying mobile home parks I was wondering what metrics do you use to determine a good deal with this investment strategy?

In Trust 

Kyle

I have a motivated seller who wants to sell an acres for $30k and 7 acres for $60K ready to build come with amenities with utilities. Need to drill wells. Looking for land investors in North Lake TN 

Please PM if interested

No didn't bring paperwork. I just told him what I am trying to do, how I can do larger deals by bringing in JV partner. Basically told him that I want to buy your property without any headaches. FYI all my first meetings are formal.

Hi Gregg,

I can tell you what I did. I meet with agents and build relationships. I just met one agent last week at his office and he ended giving me all his pocket listings.I submitted 3 LOIs this week and negotiating the price on another property through him. I didn't have to show a POFs to get the financials to make and offer. I explained that I need the actual numbers for me to be able to crunch them and make a solid offer based on those numbers.  

It's really about getting out there and building your team to help you reach your investment goals I think. 

I started using an online tool that Bigger Pockets put out  I believe. http://www.zilculator.com It's free so the first 2 properties. I't a great way to learn how the number effect your deals.