All Forum Posts by: Matt Lyons

Looking at buying a 30 slip park. Owner cannot do financing but I have excellent credit. It is in IL

Does anyone know a good funding source for such a venture (my normal banks don’t do MHP?

I have been investing for about 3 years now part time and I am up to 30 doors. I recently spent a full week looking at places in Rockford and came across a lot of deals that cash flow great.... but appreciation does not exist there and tenants can be very tough on apartments. There are TONS of investors there and tons of wholesale cheap opportunities. 

I might consider working with you but my primary question is: how do you plan to manage them?  There are lots of property management companies there but many are horrible and the good ones will only take properties on the perfect streets and areas. 

If you are serious please let me know your plan to find and screen tenants, do repairs and handle day to day... this is not a hands off area in my opinion and I am curious to hear what your approach is

Welcome to the BP family.  I am fairly new to BP but have been investing for a few years now and have 30 doors that I own.. I recently spent some time considering Rockford as an investment area but ran away due to the fact that local management was hard to come by.  My question for you is: Do you plan on investing in Rockford or other areas...if Rockford how do you expect to manage the properties (self or through a third party)...just curious as the cash flow there is GREAT but management can be very hard

@Andrew Pettit if your goal is to make money and live an awesome life then: NO! And I would say that about ANY degree. You can acquire all the knowledge you need to do just about anything without a formal degree. With the exception of a “life saving job” like Doctor all degrees simply show you can learn and acquire knowledge. 60% of degrees are never used for their intended field (look it up it is actually 67%)... so if your goal is to make an extra $10-15k by leaving your current 9-5 job and going to a new one that will basically he the same then YES for sure get it and drop more money on a formal education... but if you simply want to live a full life and likely make more money spend your time learning what you need to know from others or from free sources and use your mind to make more money

Just my 2 cents... from a guy with a BA in Criminology that would have made me a glorified police officer getting shot at for $80k a year and working nights.... instead I followed my own path and last year made over $200k and no one shot at me... I also now own 30 “doors” and receive tax breaks and passive income... school and a degree taught me none of that

My post may have not been as clear as I wanted... I guess an app for my financials is not needed... software would be fine as well. Do you have software you suggest for the financial side of RE

I am trying to determine two things:  Which app is best for helping me manage the financial aspect of my RE Portfolio (I currently own 30 doors, mostly 2-4 unit multifamily).  I am not the most organized person and want something that helps with understanding and tracking the financial side of the business.  I dont need something that allows tenants to pay direct as I have little issue with collecting rents...but something that shows me how my RE is performing

Second question is the best App to figure out who owns a property.  I remember on the BP Podcast there was an add for an app that you could snap a photo and see who owns the property and send them a postcard and so on...I believe there may be a few of those out there and I am curious which would be the best and easiest one to use

Thanks

@D'Andre Byers first you can consider if this is the right person for you... not being mean but not sure she has the same vision you do and therefore may not be the best long term partner for your life.

Second, you mention kids... after you have them will she continue to work or be a stay at home mom. If her plans are to stay home then she needs to trust you to invest the family money wisely to take care of the family.

Third, you need to treat REI like any other investment. It is about return on capital. The difference is this : do you think Bill Gates Cares about your money and your family more than you do? Buying his stock makes you reliant on a bunch of factors you cannot control. Buying real estate makes you reliant on a bunch of factors you can control!

Fourth, have a talk about long term plans... do you plan and hope to work a job till you die? If so don't buy any real estate but if you want to work just long enough to take care of all your financial needs and enjoy your family and your wife and your life then start REI now!

Fifth, have her read anything... bulk of the millionaires in this country got there by REI.

Sixth, buying a starter home or town home is the worst financial decision you can make. A small home is only good till you have kids then you have to move. And when you do you can rent it but not for a lot since it is small or sell it to a first time home buyer who likely has little money

Finally: Buy a 2-4 unit and do a live in hack... promise her you will be her a larger house to raise the family in once you have a child. Tell her she can pick that one out and you will be happy... but keep the place you lived in since it will be making her money. Explain to her that the house hacking situation will allow for free income once the baby comes. And finally, tell her you will give that first house to your child when they turn 18... now they can use that to pay for college or start their own investing business.

Is she can’t see the value in all that then truly she is foolish and no matter how nice or hot she is you should run! Just kidding (kinda)

I am currently debating on purchasing an under performing small mobile home park. It currently has 9 empty spaces that do are set up for homes but no homes on them. I likely cannot find anyone with a home to move in and feel I will need to provide homes and either do owner held finance or pure rental on the homes. I need ideas how to cost effectively add homes to increase tenants in a way that does not add work on to my plate Maybe a lender that will lend direct to potential tenants? Maybe a manufacturer who will lend on what they sell? Maybe a used mobile home dealer who wants to put their inventory to rent or rent to own? Maybe??????? Any help would be appreciated

I am going to put eyes on it this week. If I like what I see I will for sure be reaching out to you. Thanks sooooo much

Thank you!