All Forum Posts by: Samuel Coronado

I was putting feelers out and found someone who has 8 figures of property over their short life and is looking to exit. I was very upfront and said they were above my level, but I would love to sit down and have a conversation about how a young (29 year old) person can get there these days. I often extend this invite to people who are echelons above me, but don't often get a bite. This person agreed! Now I need to get some questions and conversation topics ready. They own and operate multiple million dollar commercial property around my area in my specific niche (mobile home investing). What would you ask this person?

 How much did you pay for that park? How has it worked out since then?

Look at Fairmount Funding. 

I am looking for an insurance policy for a small mobile home park in north AL. It has 6 units currently with plans to expand modestly on 2 acres. Mortgage amount will be about $140k. I plan on buying a couple more smaller parks in the next year or so. All homes are park-owned mobile homes. This is the description of the mobile homes from the due diligence documents: 1996 Buccaneer 16x75,  1970 TRAC 14x70,  1985 Winston 14x70, 1982 Sate 14x70,  1985 Eagle 16x80, and a 1977 Franklin 14x60.

Can you lend in Alabama?

Your life story reads a little similar to mine. I have 5 kids and I just abandoned a live in flip because it was too much to do while actually living in it. We've done it in the past, but since this house was built in the 70s, it was just a little different than normal. This one came with 20 acres, so as it moves to a more traditional BRRRR, there will also be some income opportunities in the mean time.

It shouldn't take much more than a written and signed lease plus your brother receiving some mail there to prove to the VA that he lives there. I recently got out of the Army in 2021. The threshold for proving residency was pretty easy.

Without having all the information, I would go with the cheaper option. If the break in the supply line is after the meter and on your property (not on the easement), then it may even be easy to do it yourself by renting a small jackhammer (or buying one from Harbor Freight), exposing the line, and replacing it yourself. It's very labor intensive, but I did something similar with a drain line in the basement last year with that live in flip. I'm about to fix a water supply line by digging with a shovel and throwing some new pipes in there. My supply line cracked because a dump truck drove over it after a good rain. It's buried deep enough, but the ground being soft made it more malleable. Cost to fix is three hours and $15. It would be less than an hour if I rented one of those small back hoes, but I have more time than I really need these days and I think it grounds me to get into physical labor sometimes. It definitely makes me less entitled when negotiating with my contractors about the cost of something when I know how much work goes into it. 

I am interested! 

Feel free to hit me up any time. 

@Jack Smith I'm always down to talk to someone looking for advice. DM me and send me a connection request. I got started close to your age.

@Firoz K. I'm currently paying 10.5% on my next investment. I'm still going to be making $2k a month after all expenses. Opportunities abound. Buy when there is blood in the street. Focus on establishing a relationship for a bit before making an offer. Why are they selling? How many kids do they have? What are their plans for the money? Too often, new people run through those questions like a checklist instead of as part of a natural progression of relationships. These are real people with real problems and not just accounts to churn. :) It sounds cliché, but find the win-win.