All Forum Posts by: Ryan Cox

@Fradel Schaechter  Great question!  The top jobs that I would consider if I was looking to work for a company that serviced multifamily properties would be 

1. Investment sales - A career in investment sales would give you an opportunity to build relationships with buys and owners and really learn the market inside and out.

2. Commercial Loan - Underwriting loans and understanding the debt and equity markets will give you a tremendous base of the financial aspects of investing in MF.

3.  Property Management - Understanding the day to day operations, lease up, marketing etc, will give you a good understanding of how to execute the business plan of a MF investment.

@Arik Levy Welcome to BP!  

Success in business requires a great mental outlook and mindset.  I would recommend reading Think and Grow Rich by Napoleon Hill or 7 Habits of Highly Effective People by Stephen Covey to start cultivating a growth mindset while you are developing your real estate acumen.  These are only two on many great books that could help you in your journey as a real estate investor.

I think you are off to a great start aligning yourself with a seasoned real estate investor to learn from from. Staying active on BP and building relationships with local investors will help you increase your knowledge and build confidence.

All the best RC

@Lynn Cornell  I like these Dallas suburbs; Grapevine, Colleyville, Coppell, Frisco, Allen, Mesquite & Rockwall.

@Elizabeth Wilson

The One Thing by Gary Keller is great!

@Benion Horton  Fantastic start!  Congrats

@Andrew Taylor What is the range of units?

@Neil Aggarwal If you are interested to get a broad picture of what's on the market, you could check out the listings of ARA, HFF, JLL & Colliers to name of a few.

I recently evaluated a few RV parks in West Texas and put together this due diligence guide that could be helpful as you think about all of the bogeys in respect to the MHP.

I agree with the feedback regarding septic.  BIG RED FLAG if the owner will not allow an inspection. IMHO.

List of inspections/due diligence:

• Septic 
• Survey & Zoning specifications
• Environmental Assessment
• Electrical up to Code

Questions

The water supply:

• Does the facility have a regulated off site water source? If so, who is the supplier?
• Has there every been a problem with water supply to the facility?
• Does the property have its own water source?

Fuel:

• Any on site fuel tanks?
• Any on site fuel tanks buried or above ground?
• Does the facility currently or has the property ever sold fuel?

Environmental Assessment:

• Have any hazardous materials ever contaminated the property?
• Any previous use of the property involve chemicals, acid or poisons?
• Has the property every been used as a garbage dump?

Land Use Laws

• Have any land use laws changed that prohibit expansion?
• Is the zoning different for the undeveloped land?
• Is the property zoned to build more?

@Chris Cliff  Sounds like you have 60 days to find a deal, put it under contract, build a business plan for the property and find investors to co-invest in the property with you.

Definitely going to need to set up a goal sheet on what good looks like for the day and week.

Example - Week

1. Meet with 3 investors every week
2. Meet with 2 brokers every week
3. Meet with 1 owner every week to get an off market deal.

Daily

1. Analyze 1-2 deals
2. etc, etc

Define a geography to focus your efforts.  Understanding a submarket or neighborhood will put you in the best position to know a good deal when you see one, build relationships with the brokerage community & owners.

Welcome to BP @Brian Smith 

Depends on your personal situation but I believe that a house hack comes with less risk.

Here is a good blog post