All Forum Posts by: Marshall M.

Look up jsmillerdesign real estate exams. It's a goldmine of prep info... All free.

If you had to do it all over again what would you do differently?

Hey Martin,

I'd argue starting out nearby but on the fringe (e.g. Prince William County, Alexandria, Manassas,  etc.). There's no question this area has high prices, but that corresponds with the high demand for DC's metro area. If you dig hard enough you can find the occasional diamond in the rough. What type of properties are you looking for?

Welcome @Eva Karnaukh! I'm down the road in Tysons, VA.

Hopefully you see a light at the end of the tunnel with your HOA struggles!

I personally haven't invested in northern VA yet, but I've sent out a lot of mail and man is it tricky to find good deals within the beltway.

This deal probably won't work with the existing debt because he's defaulted on his debt by skipping payments and the due on sale clause in the mortgage will prohibit you from taking it over without him paying the mortgage in full. It sounds like he's over-extended and possibly over levered. Have you looked into your own financing options? Maybe you can make an offer a little over what he owes on the property of doing so makes sense.

Ruby is pretty good.

Very nice! We had two calls our first batch but couldn't make any offers that would work since neither was motivated. It's a numbers game. Someone somewhere will see your letter and take your offer. Looking forward to hearing about the rest!

@Andrew Olsen the manager position affects the value of the property directly, as it's an expense. The higher your salary is as a manager, the lower the property will be worth for the investor. There is little incentive to pay you a lot.

 If you want to own one of these, reach out to brokers on Loop net and ask for the OM for whatever deal they're working on. Model it out. Ask the broker questions. Tell them you're new and want to learn more about the industry. Many of these guys are good people and they'll help you learn. Also check out the articles all over the Internet by Frank Rolfe and Dave Reynolds. Great info. 

You're probably overqualified for this position, given that you're asking on a site that is all about investing in real estate, however it's experience nonetheless and what better way to cut your teeth in real estate than to manage a mobile home park? As someone who underwrites a lot of these deals I can tell you that there is a ceiling in mobile home park management even if you're really good. A good question to ask is if the company/investor is acquiring more properties in the area. Also, a park manager does not make much money if they don't own the park (eg less than $40k). 

This is awesome! Great pics!