All Forum Posts by: Lance Conyers

@Aaron K.

The HOA or Lot rent is $600 a month. I haven't factored in electrical. No fee for water, sewer and trash. The roof is only 900sq ft and after crunching numbers it'll cost me $15-20k.

I've never flipped a mobile home or modular home and not sure if anyone has any experience doing so and if it's even worth it.

I have an offer to purchase a 1988 modular home in a 55+ community in Florida for $16000. It needs a new roof, a wall knocked down in the kitchen (to give it an open concept), paint inside and outside, new flooring and kitchen appliances. I estimated repair cost at $15000 with me doing all the repairs. The sell cost should be around $60000ish. I will have to pay a lot fee of $600 a month till it sells. The sell has to go through the park as I will not be able to sell it so im not sure what the commission for the salesman would be.

Would this be worth the investment?

@Michele Wax

Great advice. Thanks

@Roni Elias

What about starting with mobile homes? In Florida there are a ton of mobile home parks, 55 and older, and are very cheap to buy. Not sure if there is a huge market for it.

@Timothy Lewman

Thanks Timothy that's great advice. I am on the hunt for a partner.

I've been a handyman all my life. I dream of becoming a real estate investor. I would like to start with single family flips and then move on to owning rentals. I have $20k to get started in Florida. What would be the best direction for me to get the ball rolling?

I thought about partnering with someone if I can find someone willing.

Or maybe a hard money investor.

I can do and manage most of the repairs myself so that would save some cash.

Thank you for any advice.

Justin,

Thank you for the advice. I dont have a lot invested in my 401 and given my age not enough to retire from. My only option is to invest. I would like to invest it in something i know and that is real estate. Taking out a loan doest give me much to work with since, from what i was told, would only be 10% of the savings. Is that correct?

Michele,

Buying a duplex or even better a multiplex is exactly what I had in mind. Sit on on for a year or 2 then purchase another one. Great advice. I really like the BRRRR method to use on the property.

Thanks. 

Hello BP community,

I am an experienced house renovator with no experience in flipping houses. Let me explain. Ive been in home construction, remolding and maintenance all my life. I worked as a commercial maintenance man and rental house flipper for many years. Well its time that i start doing it for my self rather than putting money in other peoples pockets. 

I have a very small 401k I would like to invest with. I cant retire with this 401k so I'm going all in on something I know very well and that's home renovation. I plan to buy a quick flip with money down using my 401k monies. I have not yet found a lender. 

My question is is there a good way to take out my 401k to invest with. Should I borrow against it or take it all out? 

Also should I flip a house on my own or is it a good idea to have a partner onboard? If so why is a partner a good idea?