All Forum Posts by: Roscoe Parsley

@Axel Ragnarsson

Awesome job. I have three units, and I'm 23, just started in 2016 though. I've also done 5 flips this year. It's tough being younger, but rewarding when impressing people 30 years older.

Do you mind sharing some of the cash on cash numbers from these deals? 

@Mark Gruetzmacher

It's hard to explain, but I have all the appropriate paperwork to not fall under the Dodd frank and safe act jurisdiction, while also protecting my investment and my buyers best interest.

@Jameson Sullivan

I established a business relationship with an employee at a large mobile home park. She showed me the home, and I purchased it.

I strongly recommend you check out John Fedro if you are serious about buying mobile homes. 

I hope I've helped.

Hi all,

Sharing my second completed success story, hopefully to build credibility to the private money investors that use this site.

Anyways, ripe old age of 23 and recent college graduate. I've been working with John Fedro, and secured my first deal. For anyone that hasn't heard of him, he's the man.

Anyways, purchased a 4/1 mobile home in a park for 5k. After all fees and holding costs to sell, I had 6k in the home total. I literally did nothing to the home other than pick up the trash in the yard, put a sign in the window, and market the home. I had a buyer in the home in three weeks for 1000 dollars down and 315/month for 60 months. The total comes to 19,900. Passive income, and no headaches that come with a rental.

Looking to raise cash to buy many more of these. I can pay 8%.

@David Fernandez

I'm mostly focusing on three counties in North Central Florida. They all have vastly different markets, so it keeps things entertaining. I have two more on the market and two under renovation currently.

As far as the renovations we did, it included new floor goods for the entire house, removing the polybutylene plumbing and replacing with CPVC, converting a bedroom into a garage, paint outside and inside, new fixtures and countertops.

Hi all,

I'm going to start documenting my successes to build credibility in the hopes to raise some private money to fund my projects.

I'm 23, have no job, and a very solid foundation of real estate investment knowledge. My family owns several self storage facilities, rentals, and just about anything else. I graduated the best university in the state of Florida with a bachelors in Psychology, Go Gators!

My first flip - I was a 50/50 partner with my dad, he financed it. Bought for 129k, put 23k in it, and sold for 201k. 6 weeks of work, for 32k total profit. House was under contract 4 days after hitting the market. 2700 bucks a week for a 23 year old, not too shabby.

I have plenty of money for financing my flips, I just need to raise private investment money for longer buy and holds. Stay tuned, I have 5 more success stories coming.

So, I just listened to John Fedro's podcast about mobile home investing, and was so inspired that I bought Lonnie Scrugg's Wheels on Deals, and read it in two days.  I can say that I am extremely eager to get started in the world of mobile home investing.  

Everything that I have learned from both Lonnie's book and John Fedro's podcast seem extremely feasible.  I have already signed up for my MH broker's license, and it hasn't been a week yet.  However, at the end of Lonnie's book, he mentions the SAFE act, and the Dodd-Frank laws.

I am currently researching lease options, but that require the tenant buyer to pay the full market value at the end of the lease, and I don't think that MH buyers can afford that, and I would rather just sell it to them, rather than have a tenant during the leasing period.  I am not totally against a lease option, especially if it offers solid cash flow.

I have already found mobile homes under 2000 in my area and they are on lots in a community park, and I am expecting that they are worth more than that (not sure on the exact number yet).  I just need clarification on how to get past this Safe Act and Dodd-Frank Laws.  I understand that I can become a loan originator, and that would solve this problem, is this correct?  If I am a certified loan originator, can I just write the note on the spot?  Can I just hire a loan originator to write the note, and that solves this problem?  I do not understand why it matters if the MH is on a community lot that requires rent.

Any insight would be a world of help.

Best,

Roscoe

Good evening,

I'm 23 year old, a recent college graduate, with a wealthy network of people around me and about 100k in cash to invest.  I am particularly interested in acquiring self storage facilities in the state of Florida.  I will be able to raise any down payment, and I have a great understanding of how to analyze a self storage deal, as my family owns a few of them.

My question is, what is the best way to get competitive financing, without a balloon payment?  I talked to a local credit union and they said that they only offer recourse loans.  I have never had a "real job" with a w2.  I earn my money with a small side business and by flipping houses, which is not a steady enough income for a traditional lender to finance.  

Any suggestions on where to look for non-recourse loans? I obviously plan on the cash flow to cover the note payment and all of my other expenses, plus offer at least an 8% ROI.

Any suggestions would be greatly appreciated.  Anyone with experience in this area who can offer some words of wisdom would be an asset.

Thanks

Hello,

I have been trying to get my start in real estate by "flipping" a house. I have flipped one, (my primary residence) and made some very solid money on this house, about 40% profit. Anyways, now that I am trying to find another house, I notice that the good deals absolutely FLY off the market. I'm talking, under contract one day after the deal hits MLS.

My question is, I know that real estate investing is intense, and cut throat. The good deals are eaten up immediately. Is Loopnet a good source to find a good deal? I have seen some things that have been on there forever, and upon a closer look of the proforma, it seems to be a solid deal. While I know the proforma income is most likely overstated, and the expenses are understated. I just wonder why the property hasn't sold. Do the good investors see this, and just ignore them? Do the hot ones fly off of loopnet? I suppose I need to put in an LOI and get the property in the due diligence to see if it is a good deal.

Any insight on loopnet would be greatly appreciated.

Thanks,

Roscoe

My name is Roscoe Parsley, I'm 22, and about to graduate from the University of Florida with a Bachelors in Psychology, Go Gators!  I bought my first house two years ago (got tired of renting) and rented two of the rooms in my house to pay for the mortgage and other bills.  You can say that I was bit by the real estate bug.  My dad and family have been real estate investors their entire lives, and I am looking to get my start.

My end goal is to acquire self storage facilities, be financially free, and not work for anyone else.  I enjoy working, and consider myself to have a strong work ethic; I would just rather build my own business, than build someone elses' for a salary.  I know that acquiring self storage can be difficult and require a lot of capital, so I am willing to flip houses, and acquire smaller properties to build my way up.