All Forum Posts by: Leo Kingston

Good reply, Steve. It's been 'way too many years, and 'way too many houses have come and gone from my portfolio for me to believe that there is much "instant profit" in most housing markets right now. Yes, it is possible, but just like any type of investment, it is dependent on getting a good deal when you buy, and finding the right buyer when you sell. Making a profit by buying and re-selling residential real estate is always risky, in any market, at any time, but especially right now. Just be careful out there...

Whew! You guys are right.... I'd rather be on this forum any day. The subject matter of the link is serious, though, and I don't think we can really predict the effect on either the homes for sale or homes for rent market as of yet. Only time will tell, but it won't be good, that's for sure.

Matt, it will cost you a little bit upfront, but it will save you a lot in the long run to use the services of a licensed attorney the first time around. I have been investing in residential real estate for.... well, let me just say it's been a while. Trying to save money on legal documents when you're new at investing is an invitation to disaster. Just get some help from an attorney and you'll be fine. Basically, you're going to find that title companies want to see documents between the actual buyer and the actual seller, so a middleman such as yourself has to be careful. A local attorney can help you navigate.

Over the years I've developed a portfolio that works for me because I know what I like and what I don't like. A property might be a good deal or even a great deal, but it still might not work for me. This preferential system takes a while to develop, but it eventually takes over and then the choices become more obvious. I know other investors who do the same type of thing, but their preferences are completely different than mine because their resale market is different. Ultimately, it's all about knowing your market and what you're going to do with a property after you acquire it.

Great thread going here... I second what Ibrahim and Don have said. No third-party provider is going to give you all the information your own eyeballs can provide. I take a stroll out to their vehicle when they come to fill out a rental app. That usually tells me all I need to know.

Leo Kingston

It's all about the quality of your tenants or contract buyers. This is true across the board, but especially for mobile homes. Since so many people have to rent these days, there will be quality tenants available, you just have to have a system to identify them that works for you. And you have to be very careful about fair housing laws and credit checks as well. Talk to other MH landlords in your area so you don't accidentally go astray.Good luck!

My best advice is to find your local REIA club at BiggerPockets REIA list and then you will meet real people who can answer your question, and better yet, teach you the ropes themselves. It's not about books and tapes and CDs and DVDs and one perfect guru. It's about networking with real people in your area. They are the ones you really need to talk to now.

Paying an attorney to produce custom forms for me once and using them over and over for years now has brought me confidence and peace of mind knowing my forms are specifically written to meet the laws of Oklahoma where I live. I always encourage other investors to do the same. My one-page purchase agreement works perfectly for me.

It's really not a trick, it's the old-fashioned necessity of having a partner, having your lender relationships set up in advance of finding the deals. Once you have that system in place, and it can take a while since you have to prove yourself to others, usually by making them some money, then you'll be set.

Hello, Kathy. You are asking a big question that lots of people would love to answer, but it is not simple at all. You are definitely doing the right thing by getting involved with other agents and investors "on the ground" so to speak. You absolutely have to get a local presence by spending time in AZ yourself, or by finding someone you can trust to bird-dog for you. There are a lot of good deals in Phoenix right now, that's for sure, but even a good deal requires astute management. Do you have a property manager lined up? In my 30+ years of owning and managing my own portfolio, I can tell you without a doubt that the property management component can and usually will make or break your success as an investor. I manage my own properties for exactly that reason.