All Forum Posts by: Monica Ponton

What an amazing posts! Thank you SO much for sharing! I cannot be more grateful for the selfless and generous in the BP family! I am 6 months in to the beginning of my journey with a goal to purchase within the next 6 months. Thank you so much for the valuable information and insight into your journey. It is only because of you and others like you that I believe I can do this! Do you have any advice as to the best way to take out a heloc on my primary? 

@Jasmine Russell Hi Jasmine, sorry, I  have been away a bit. Local REA... Real Estate Association. I live in the Tidewater area. Mine is TRIG, Tidewater Real Estate Investors Group. We meet in person monthly. It is a great way to network and learn from local investors. 

@Jasmine Russell look for local reas I your area. I've heard it recommended if there is not one, start one... I just joined in my area and my first meeting was so encouraging. I just watched and listened at the first meeting, but I plan to stick around next time and begin getting to know some people. Super successful and inspiring group!

@Syeed Shah the Heloc is such a mystery to me for some reason. What is the best way to go when saving it for a rainy day or investments when needed? Variable or fixed? How often can you use it? What is the recommendation in terms of draw period and such? And is it not super risky to put your primary on the line for investments? I'd be so grateful for anyone who could give me the play by play!

From the early information I have gathered so far, I am told the property is owned by an elderly woman who no longer wants it. Only 3 of the units are currently rented, but have long term tenants, likely due to the fact the rent is far too cheap and has not been raised in I'm told 10 plus years. I have not yet seen lease agreements or obtained any further information. I am still interested at this point, and am trying to work with a BP agent to do my DD and learn as I go. Thanks all for the advice! 

Should I jump in and make an immediate offer with the contingency like immediately? 

I have found a 5plex about 2 and a half hours away from me. It looks to be in amazing condition with little need for renovation. I do believe I could add value with very light cosmetic upgrades and a central HVAC system which a have a good friend willing to do at a great price. The price is right for me and the numbers seem to work every way I spin them. But that's the problem... I found it on the MLS and it makes me concerned it is too good to be true. It would be my first investment and my 1st commercial loan. I'm looking for any and all advice here! I'm terrified of making a huge mistake, but equally terrified to pass on an amazing deal that could get me in the game! Looking for any and all advice here! Thanks everyone!

I see. Thank you so much

Thank you for the information! What if the idea were to purchase the property and rid it of the old homes with the option for lease of land to new TOH? Is that something that may occur commonly or no? 

I came across a mobile home park for sale on bigger pockets deals. In effort to learn as I go, my question is whether investing in a park where you own all the trailers is a risky business? Or is it an investment in the land more than the park? What is the difference in doing this kind of deal over a park where the trailers are not owned by the park owner?