All Forum Posts by: Orlando Paz

If you are referring to local REIA's (in general), you will get all sorts plugging their courses, and merchandise. It's unavoidable, as these groups rely on gurus, and marketers for money to keep the organization alive. Just need to bear with it, and keep an open mind to what some may offer. Of course, proceed with caution.

On the flip side... If you are referring to reliable coaching or mentor ship programs, join your local REIA and get to know some of the key players. Ask these players who the local reputable coaches are. Oftentimes, there are local coaches that are members of these REIA's, and may have a strong following. Also keep in mind that the best coaches are the one's who actively invest in your market.

If you are going to pay for coaching, I would say that it depends. Try to find a reputable coach, who lives in your market. A local coach will have a much better understanding of the local market in your area, as opposed to a coaching program offered online from across the country. If you find a coach that is not local, you need to weigh the value that is offered by the program. I would consider a long distance program, if the coach partnered with me on deals. 

A few possible ways to get into the "game" (Some may not even require a partner)...

- Do a "live-in" flip - Get a fixer upper through HUD, REO, Craigslist, or a reputable Wholesaler. Live in the property for 2 years while you get it fixed, then flip it. You can probably use an FHA loan, or personal line of credit.

- Join a local real estate club, then network and get to know others. You might meet someone who might want to partner, or mentor you.

- Talk to family and/or friends. This move is risky, but could be a win-win opportunity. They provide the funds, labor, or other help for 50% of profits. You still make some money, and get your foot in the door. 

- If you have a very good deal, look into hard money. Sure it's more expensive, but if you can make some decent money, why not?

- Look into mobile homes. Don't underestimate them. They require less money, and can be very profitable. Read up on them right here on BP. One of the best people to look up on the topic of mobile homes is John Fedro. 

- Invest in properties under $30k. Check out Lisa Phillips. Here is a link to a BP podcast, featuring Lisa...  https://www.biggerpockets.com/renewsblog/2014/01/2...  She also has an awesome website, that goes into detail about affordable real estate investing. Lot's of good information on finding, funding, flipping, and renting real estate, without having to spend a lot, and without having to use a conventional mortgage.

- I'm personally not a huge fan of wholesaling, but many investors have a knack for it (and enjoy it!), Maybe it's something you can get into?

 Hope my two cents can help inspire you somehow.

Try BP's Hard Money Directory:

https://www.biggerpockets.com/hardmoneylenders

Until you can find an attorney who is willing to handle your case, make it your mission to become a thorn on their side. Letting everyone on BP know, is a good start. Make sure to report them to the Rip-off Report site, the Better Business Buerau, and any other site that help consumers. Spread the negative word of mouth. Who knows, maybe it will help to get a response from them.

As a fellow newbie, I can tell you that all the books offered by Bigger Pockets are your best resources. I have no association with BP other than having a profile on here. I just feel very strongly about the actionable information that they provide in their books. You may also want to check out the list of top 21 recommended books. Here is the link to that...

https://www.biggerpockets.com/renewsblog/2013/04/1...

Good Luck!

@Michael Seeker The $295 is for the lot rent alone, not including the purchase of the MH. I'm basing the potential to buy and rent the MH, with the local comparable rents. So I am thinking that if I purchase this home, I could probably rent it indefinitely at market rent. In this case, approximately $795 or more per month.

If I chose to buy/sell, I could probably do some lite rehab then sell for about $45k. 

From an investment perspective, can it be profitable to invest in homes substantially greater than $5k? It seems that an investment costing approximately $5k is the max standard among MH investors to make a good ROI.

I recently came across a MH that is FSBO. It was manufactured in 1983, but it's very well kept. It has also had some upgrading throughout, and a new AC system installed. The home is nestled in a small tree lined family park, which also happens to be very well kept. Overall, it's a hidden gem. The owner is asking $27k. The lot rent is $295 per month (not bad!)

In my mind, this looks like a place that I would consider buying (if I had the means). At $27k, I can only think of making some minor upgrades then selling it for about $45k. The only other strategy I can think of, would be to simply rent it indefinitely. According to information posted by the owner, they estimate a value of $30k. According to Zillow, recent comparables are about $70k. If I choose to rent, then the average rent for such a MH would be about $795 (According to rentometer)

Not sure if I am running on ambition and/or emotion, but I am thinking that there could be some potential.

Any thought’s or suggestions would be appreciated. 

Ok. Just curious.... What made it such a great experience? 

If you are a single guy without the commitments of a family, I don't see why not. If you are not making enough to live on from your investments, I would also consider getting a job lined up prior to moving.