All Forum Posts by: Ola Dantis

Why you should buy this park is because: 

I don't know anything about mobile home parks + but the finances seem to make sense = massive uncertainty 

I'd say learn a lot more about this asset class OR get with a partner in the space and then starting investing in it. 

@Charlotte Dunford is a great MHP investor, maybe get with her. 

I think you should start looking out of your submarket, so 3 - 4 hours away from you, OR out-of-state where you can send your money to work for you. 

Sometimes, our brain intuitively makes us think that we need to be near our properties and while this is good it is not always necessary especially now that we are staying socially distancing. 

For the most part, I have no need to be near any of our properties, and the ones that are near I rarely go there unless it is a scheduled visit (we have a really good PM company). 

Bottom line, send your money to work somewhere else in beautiful America! 

For larger assets, we use a broker who basically shops the markets and brings us the best deal. 

For smaller properties, I believe there are comparison sites you can find on Google. 

You can check with Zelle on that. Other options are CashApp, Venmo, PayPal. 

Or just get the tenant to set up an ACH to your Bank Account, just get your tenant to set it up on their end. 

Honestly, the best way to overcome the fear is to face it head-on by actually investing. 

Now, I am totally aware you might be in that position financially, which is understandable. 

From a psychological angle, the best way to do it is to start actually do it. If you need to start saving for a downpayment you can start that now. You can also explore strategies in which you don't require large sums of cash to get started. 

At the end of the day, fear = false evidence appearing real. 

I'd pay off the student loans and then passively invest the remaining funds. 

Why? Not so much for the DTI, IMO, but more of getting rid of that debt once for all.

Now, another school of thought would be to deploy the 800k as is and then use some of the proceeds to pay off the debt, say in 5 years, which is not a terrible idea. However, that can also mean kicking the can down the road. 

I think you are smart to use a property management company to help with the asset, which I think should be a multifamily property. More importantly, you have to make sure that you don't overpay for an asset because you have cash sitting on the sidelines waiting to be deployed. Do your numbers and get someone who will re-underwrite the deal for you and then you make the final decision. 

Remember, you make money when you buy real estate and not when you sell. 

I'd add the age of the population moving there. 

Are these Millenials? If so, which age band? Childbearing age? Because this is key to determine if the people moving there are going to live in our apartments OR are they moving to the city to buy a home in the suburbs near great school districts? 

One can get super nitty-gritty with this kind of data. 

My head says "this is when you open up your Calculator app on your iPhone" 🧐😬

Wait, what???!!! Do you say a run-down SFR? 

WOW 😳 

Fantastic on your first deal OOS deal. 

I see that the boots on the ground were absolute necessary to be successful!