All Forum Posts by: Nick Tureau

I just received the same email from Roger Blais!!!

@John Lewis that's awesome bro! I'm not far from you in Gonzales la. I just bought a BRRRR property in Saint Amant & am in the renovation phase. I have another single family that I'm under contract to buy in Prairieville la early next month also. What town is your rental located?

@Josh Harren exactly man, like I said the main thing that I’m concerned about is will I be able to scale this business quickly with financing. The bank told me no because if I default on the loan, they may have an issue getting the tenant off. I’m sure there is another lender that would lend on this type of strategy, I just have to find them. I didn’t realize there was a land flip podcast on BiggerPockets. Thanks for letting me know! Also keep me updated and I’ll do the same so we can help each other out on this process

I have the opportunity to buy 2-$30k 1/2 acre lots that are currently renting out the spot to one mobile home each. The mobile home tenant pays $375 mo to land owner & the tenant pays for water, sewer, & electricity. All I would pay for is taxes. No renovations, no broken toilet calls, etc. my down payment is 10% & he would seller finance the rest.

VISION: to own land & hookups all over the US by finding raw land or distressed mobile home owners that may need a cash out on the land they own but can still pay 3-$400 mo to rent the land.

INCOME POTENTIAL:

300 lots X $125 cash flow each= $37,500 mo after debt servicing & taxes

UPSIDE: NO RENOVATIONS, NO REPAIRS, LOW EVICTION RATES, GREAT NOI

DOWNSIDE: IS THIS EVEN SCALABLE? Is anyone out there doing this that could put me in contact with a lender?

@Shawn Rasmussen

I would only own the land with sewer, electric, & plumbing hookups. They pay all utilities. All I would pay is my mortgage & rent. It would be seller financing on these lots, but I would like to BRRRR on this strategy but I would need to find a lender or two who would jump on board with this strategy. I really like this strategy because I would have very little repairs after set up & I would be able to do a lot of volume if done correctly. Basically I would own several parks spread out all over the state or region!

@Dion Martorella

Thank you, I’ll definitely check it out!

@Ellis San Jose

Thank you!

I’m looking to buy 2 lots that already have tenant owned mobile homes on them that pay the landowner $375 mo in rent. The lots are for sale for 30k each & I can see this as a scalable business model IF I could get financing for such a property with the mobile homes already in place. My bank said that they don’t have a product for that type of investment because if I default, they would have trouble getting the trailer & tenant off of the property. Can anyone recommend a lender that is more familiar in this area of investing?

@Mike M.

Thanks Mike!

I'm looking for my first BRRRR property to invest in. Should I start a new LLC for each new property in order to reduce liability over lawsuits? Or just one LLC for all properties to operate under?