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All Forum Posts by: Samuel Coronado

Samuel Coronado has started 23 posts and replied 234 times.

Post: This is the story of a terrible mistake haunting me right now.

Samuel Coronado
Pro Member
Posted
  • Investor
  • Huntsville, AL
  • Posts 235
  • Votes 113

On the bright side, you're not in Chicago anymore. If someone offered me a free paid off vacant lot in Chicago, I wouldn't take it. lol 

Post: Mobile Home Lenders

Samuel Coronado
Pro Member
Posted
  • Investor
  • Huntsville, AL
  • Posts 235
  • Votes 113
Quote from @Austin Clarence:
Quote from @Taz Zettergren:

Hi All,

I'm going down a new venture investing in a mobile home that's on 3 acres. All I've ever done is single families so the conventional loan with 25% down has been the go to. I know mobile home loans can be different as some lenders will lend while others won't. Does anyone have a recommendation for a lender that can do a conventional loan on a mobile home in Mississippi? 

Thanks for the help


 Hi Taz, is it a mobile home park or a single manufactured home? Is it single wide or double wide? All of these components will make a big impact on how and if it can be financed.

Once I hear back I can elaborate on what your options would be for financing


 I am looking at buying a used doublewide that needs to be moved to my land for $45k. Do you think you can help me finance it plus the set up? I have a 750-770 credit score depending on the agency. I also have experience with rentals.

Post: Any success stories of leaving the 9-5 job?

Samuel Coronado
Pro Member
Posted
  • Investor
  • Huntsville, AL
  • Posts 235
  • Votes 113
Quote from @Stephanie Cortez:

I recently landed a new fully remote job with a managed care organization.  Initially I felt extremely excited although the feeling quickly disappeared. I am coming to the realization that I don't want to work for anyone or feel stressed over deadlines, dealing with people/coworkers or waking up every morning anxious and tired. I want to fully commit to flipping houses and building rental income all while traveling and living freely. Is this possible?  Any success stories regarding taking that leap of faith? If so, how did you do it? Where did you start? What advice would you give?

I think it is possible, but it's important to look at the reality of flipping and managing properties. Flipping can be very involved when you're trying to keep all the costs within scope and budget. I left my regular W2 in 2021. I was making mid 80s in a customer success role and left for a varierty of reasons. I immediately missed it because it was a great company and great people but was able to live on real estate activities either way. In 2022, I went back to a W2 job out of sheer boredom. I was clearing $9k a month after taxes but was incredibly bored, so I went back to work making a higher salary in a completely new field. I worked there for 4 months and quit for family reasons (they need me more than a job). During 2023, I've had 3 or 4 conventional W2s including the one I have now, but I don't need any of it. I start work and quit at will. It's kind of funny really. One of my selling points to hiring managers is I don't need a job. I want a job, so with me you'll have someone extra motivated to be there. I don't work a job unless I actually believe in the mission of the company. Most of my coworkers are there so they don't get evicted. There's a clear delineation in the work ethic there. My real estate income is now up to about $13,800 a month. I plan to get a couple more commercial units and then I'll probably go the way of Chad Carson and live in Spain a bit. 

I think it's important to have balance in life. People need to work to really be fulfilled, but things like the FIRE movement, Tim Ferriss, the drudgery of modern corporatism, etc has kind of made it seem that work is just a drag that should be avoided unless absolutely needed. I think finding a mission in life is tantamount. People hate working most times because they don't have a purpose in it. Staring at spreadsheets and everything is awful if you hate it and don't have a passion for the underlying mission. Wiping butts as a CNA is no one's dream job but it fills a vital need. Pulling 12-16 hours a day as a doctor is a huge benefit to society, but all anyone sees is their high student debt or bad work life balance. 

Not working isn't the goal. Working with a purpose is the goal. 

Post: What was your regular day time job while you started acquiring properties?

Samuel Coronado
Pro Member
Posted
  • Investor
  • Huntsville, AL
  • Posts 235
  • Votes 113
Quote from @Catie Lawrence:

I worked for a Healthcare IT company for years - habing a high-paying W-2 while my husband and I aquired, flipped, BRRRR'd houses was key! I was able to save, fund, refinance. Quitting your job to pursue fulltime isn't a great idea in my opinion, until you have a safety net!


 Excellent choice. IT is a great career depending on what company and function you are with. I am in technical security right now and love it. I could quit already, but enjoy the job too much and also still want to build a bit more. 

Post: SDIRA and the headache with management company.

Samuel Coronado
Pro Member
Posted
  • Investor
  • Huntsville, AL
  • Posts 235
  • Votes 113
Quote from @Chris Seveney:

@Samuel Coronado

Nate left quest a few years ago


Yes, sir. He's with Directed IRA now.

Post: What was your regular day time job while you started acquiring properties?

Samuel Coronado
Pro Member
Posted
  • Investor
  • Huntsville, AL
  • Posts 235
  • Votes 113
Quote from @Marcus Auerbach:

Make as much money with your W2 as you can. And keep it as long as possible. You have to play offense (invest) and defense (make money to invest) at the same time. 

I used to work for a global construction equipment manufacturer, travelling internationally 20 weeks a year, so it was not always easy to be an investor, running 2 or 3 rehabs at the same time and lease out units that were ready. But having a W2 income made it possible to get the funding I needed and acquire a lot more RE a lot faster than I could have otherwise. 

I finally quit when my company restructured and wanted me to move to China. That was a clear heck, no! If you quit your W2 your RE growth slows to a creeping pace or stalls completely.


 I'd have to pass on China as well! I plan on keeping my W2 for a few years. Although I already don't need it, it makes banks rubber stamp all my applications. Just got a hookup on a $150k unsecured loan that I don't think would be possible without the W2. Lenders of all types see it as an easy ticket, which I find hard to see because job security is not a thing really anymore unless you are working directly for the government. 

Post: I am looking at the Mel & Dave program

Samuel Coronado
Pro Member
Posted
  • Investor
  • Huntsville, AL
  • Posts 235
  • Votes 113
Quote from @Account Closed:
Quote from @Marie L Reilly:

I have been in touch with them and they seem to have a good program. The 10K price though seems excessive. It is 3K for the 15 hour training. Thats also pretty high.. Has anyone taken that course or joined their action family? I am willing to invest in education if I can get a good ROI on it. Any others out that that I should know about? I just signed up for the Bigger Pockets Multi-family bootcamp. Much more affordable!

If that is high to you, you may not be ready to invest in real estate. A property that you buy for investing needs 20% down so a $300,000 house requires $60,000 down plus closing costs plus any rehab plus carrying costs. Meet with someone who understands the cost of purchase and ownership. We have a program for half of that and  that lasts for a month. You get all of your questions answered and are trained on the basics. You should have pretty good idea of how to go forward after a month's "one on one" training. 

 I'm not saying $10,000 or so is a lot of money in itself. Everything is relevant. I wouldn't pay $10,000 for any course, book, etc. That money would be much better spent buying real estate or throwing Christmases hams out to my tenants with enough left over to donate to charity. 

Post: Financing or Deal first?

Samuel Coronado
Pro Member
Posted
  • Investor
  • Huntsville, AL
  • Posts 235
  • Votes 113
Quote from @Justin Brittingham:

Hello everyone, when finding a deal you want to use financing for (either private or conventional), should you have a deal in place first, or should you have the financing in order first? And why?

Thank you for your help


 I am always looking for a deal and always canvassing for new equity investors or banks. I look to develop relationships with my bankers and go from there but understand they are not the most flexible people based on the law and regulations. 

Post: Financing for singlewide

Samuel Coronado
Pro Member
Posted
  • Investor
  • Huntsville, AL
  • Posts 235
  • Votes 113

Put it on a permanent foundation. Do not mention it is a mobile home. New laws say they must treat it as a stick built home. Also, you do not have a "mobile home." You have a manufactured home that meets all HUD requirements.

Post: Investment opportunities using SDIRA

Samuel Coronado
Pro Member
Posted
  • Investor
  • Huntsville, AL
  • Posts 235
  • Votes 113

Hey, we should talk some time. I am looking to get deeper into the commercial multifamily world.