All Forum Posts by: Richard Lambert

Good evening SL, I would strongly advise/recommend starting with one or maybe two flips before you even consider taking on 10. I've been doing flips and BRRRR for decades and have never done 10 in a year. The band width it takes to carry even a few properties over the finish line is significant and the burn rate on your money quickly grows quite painful. I suggest you vet your entire team with one or two projects. Get those sold and evaluate the results and your team. Make adjustments and pick up a couple more. Software, spreadsheets, and marketing are the least essential and least demanding aspects of house flipping. All the best.

Steven, I agree with James. Start with one or two flips and vet your team. Your team will be the most valuable asset you have as you scale your business.

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Quote from @Eliott Elias:

You never really know what people actually do. How much access to money they had, access to other resources as well. The only person you should be competing with is yourself.

Thank you this reminder to avoid comparing myself to what others are doing. I've been investing in real estate for almost 20 years and I only have 7 properties. For most of those 20 years I've been feeling like I'm not doing enough. Recently, I started reading "The Small and Mighty Real Estate Investor" by Chad Carson, this book has put a new perspective on my real estate investing. I'm starting to see that I'm doing okay.

6 Votes

Houston, Texas

Rachel,

Thanks for your insight. I like your approach of visiting the community, getting a feel for it, and building rapport with the park managers.

thanks again

0 Votes

Quote from @Rachel H.:

@Richard Lambert Yes, it can definitely work. I'm currently wholesaling mobile homes which has been a consistent source of income. Though, I did start out as a buy and hold mobile home investor which is profitable as well. So, I do have the contacts and network to make the business work.

If you're just starting out, it's best to put in the time to do market research and find areas you want to work in. Then, it's just a matter of reaching out to the right people who are in the business and niche. Building rapport and relationships take time but can be a steady source of referrals in the future if done right.

Having knowledge and knowing the market will set yourself apart from the competition. My advice would be to focus on networking with the right people and picking a few areas to work in. From there, start your marketing efforts to find motivated seller leads. Then, it's just a matter of working the leads and seeing if you can put a deal together.

Feel free to let me know if you have any other questions. Hope that helps!

Rachel,

Thanks for your sharing your experience. What do you look for when you are researching an area? Where are you doing most of your wholesaling? How do you decide what area to work?

Thanks

0 Votes

Quote from @Ivan Terrero:

@Richard Lambert This is an area where my partner and I are doing very well in Georgia. The issue really is finding a reputable contractor to work with and not to refurbish above rhe standard of the area. We then sell a lease option on the mobile home.

Ivan,

How successful is your lease option? I did a lease option with a SFR several years back and got burned. How do you structure the lease option?

Thanks

0 Votes

Quote from @Robert E Bogino:

This is what I do exclusively now, used to flip SFRs. I am going to assume you mean doing mobiles on actual land real estate and not in parks. Renovation wise they are similar to SFRs with a few weird things that never seem to fit right like tubs, cabinets etc. Depending on the year they do not typically have plywood flooring but material that once its wet one time is ruined. This will make most jobs needing more extensive rehab with flooring, sub floor, floor joists, vanities, an what ever is sitting on top of the floor. There are a few things you need to make sure of before you buy like year (do not buy pre 1977), titles, and if it is retired to land. These things if not checked may literally make it impossible to sell to an end buyer on a traditional mortgage.

I make a killing on them and will never go back. When interest rates rose Ii had to keep dropping the prices of all of my SFR flips while my mobile all went up. Now I put brand new mobile homes on land and I cannot do them fast enough.

Any other specific question list them here and Ill do my best to answer.

Robert,

Thank you for the insight into the renovations, this is good to know. Where do you get your materials, in particular tubs and cabinets? And why did you choose mobiles on actual land v.s. in parks?

Regards,

Richard

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Karim,

I have several Section 8 rentals in Indiana which I started when I was living in Colorado, I currently live in Michigan. In answer to your first question, yes out of state section 8 is possible. For the most part my experience has been positive, occasionally I run into a few difficulties. I recommend finding a good property manager that is familiar with and has experience with section 8. One of the pros to section 8 is that you can count on the government portion of the rent being paid. I also find it beneficial that the housing department conducts regular inspections, at least they are suppose to, this helps me keep an eye on the property. However, you do need to be prepared to make the repairs, otherwise you will lose the Section 8 benefit. An inspection is also done before the tenant moves in and you will be responsible for making the necessary repairs before the tenant moves in.

I hope this helps, if you have any other questions please feel free to reach out to me.

3 Votes

Quote from @Noah Droste:

Quote from @Richard Lambert:

Quote from @Noah Droste:

Mile, I know we we talked earlier, but I figured I would share this on BP so others can see it as well. The 616 Real Estate Investors is another group, local to Grand Rapids, that meets monthly. Our November meetup is as follows at Brewery Vivant on November 21 from 7-9 PM.

Noah,

How big is the group?

Typically its 6-20 people, depending on the day. Small enough to have personal conversations, large enough to meet a variety of different investors. Come on down!

Thank you, I would love to join the group and meet with other investors. I've been dabbling in real estate for the past 15+ years, I'm at a point now that I would like to step up my game.

0 Votes

Grand Rapids, Michigan

All Forum Posts by: Richard Lambert

Richard Lambert has started 2 posts and replied 13 times.

Post: ISO Property Manager South Bend, IN

Post: ISO Property Manager South Bend, IN

Post: Starting a house flipping business - general questions

Post: How are people scaling so fast?

Post: Flipping Manufactured (Mobile) Homes

Post: Flipping Manufactured (Mobile) Homes

Post: Flipping Manufactured (Mobile) Homes

Post: Flipping Manufactured (Mobile) Homes

Post: Section 8 out of state rentals

Post: Real estate meet ups