All Forum Posts by: Samuel Coronado

I have some land about to be under contract where I plan to clear it, reinstall the utilities, and either build on it or have a smaller new home built on it. I'm having trouble finding someone to lend on this. I am confident the land will appraise by itself as smaller 1 acre pieces are going for 20k a piece right next to it. I've called a couple banks and they say they don't lend that low or they want 35-40% down, which would take away from my working capital and slow down the process. I am gathering some investor friends now to go in, but was hoping to do this small development without giving up equity. 

I'll definitely have to check them out. 

I use CashApp and tenants prefer it. 

Can you tell us more about evicting people out of the TOHs?

 When I was 17, I went to the 2 hour free seminar and at the end they tried to sell everyone on a 3 day event. I was young and hungry for success, so my mother paid the then-$200 fee for me to go. I went to the $300 one and was blown away by everything I didn't know. I had been religiously studying real estate and investing since I was 14 and thought I knew a lot (if not everything if I'm being honest to my teenage hubris). That 3 day event made me connections I still have to this day! At the end of the 3 day one, they had us attempt to raise capital to go to a $2k class or something in that ballpark. I failed because I wasn't the best at sales yet and had no track record. It sucked and was a great character building event at 17. 

I took the information from that 3 day event and immediately bought a mobile home for $500. We flipped it and sold it for $2800 two weeks later. The course paid for itself less than a couple weeks after it ended because I applied what I learned as fast as I could within the limits of my ability at the time. 

Information in itself is useless. Action is everything. I think a lot of people go to these classes thinking it will be the answer to their problems when the problem is inaction, insecurity, and fears of failure, poverty, and rejection. Mastering those internal issues is MORE important than the technical details. 

 This is an easy deal for your local credit unions. Look as local as you can. One of the ones I used actually only had 2 branches and out of those 2 only 1 processed any loans. lol There's a lot more flexibility in those places because they're looking to invest in the community instead of churn accounts and sell them to the stricter secondary market. It's a balance for sure for the smaller banks but in general they are much more flexible.

We could jump on a call one evening and I can let you know my modest and positive experience. I'm looking to get my second one soon. 

We were quoted $15,000 labor only by one contractor for a full rehab minus the HVAC. We shopped that around and got it to about $3500 labor only plus $2000 in materials. This is in north Alabama. I mobile homes aren't as bad as most people make them out to be I believe. I think there is a lot more opportunity in them than what meets the eye. 

 I am interested in one. I bought my first park late last year and now I am looking at getting a second one and building a third. 

I am interested. What is the address? What is the gross income and gross expenses?