All Forum Posts by: Samuel Coronado

 I think you're a bit too far away from my current area of operations right now. 

My offer to them was $70k financed. Someone else came in with an offer of $70k cash, so they went with that one. I did like interacting with the sellers. They were no nonsense people and I may tap on them later to use for moving mobile homes since that is their primary business. 

 I personally have not. I just put it there to scare people away lol 

Has anyone else faced something similar? What did you do?

I am in the process of dealing with a difficult client. He moved in October 2023 and began missing payments in December and hasn't paid most of January. He is now rejecting all of my calls and not responding to texts. When I went in person to the unit, the door was wide open with no one home. The electricity is turned off because he never put it in his name upon moving in. I gave him a pay or quit notice last time I saw him on Feb 3, 2024. He he has not paid yet. I am not sure if the property is abandoned yet with his things still in it. I want to get control back over the unit so I can get it ready for the next tenants. Alabama law says that a property is abandoned if there is no electric service for over 7 days. We have passed that point now. Alabama law also says I do not have to inventory and store the belongings. I'm thinking about sending one last message and then disposing of the property and re-renting the unit. Do I have a case for abandoned property? I am waiting on some lawyer consultations right now. 

I agree that they'll get what they pay for when they ask someone to help them find a deal. When they pay for nothing, they get nothing. 

On the other hand, I'm very quick to spread the word of my contractors info and any lender referrals I may have. The contractor decides whether or not they want to work with a new investor obviously. I don't think they're going to do net 60 or net 90 day invoices with a few draws for them like they do me though. haha. Lenders are a dime a dozen and the whole industry is hurting right now because all the freshest MLOs washed out last year but there's still a lot more than there honestly should be to carry a good commission split among all the people. 

To answer your question, I would say the following: 

"No, I will not help you. All the resources are on the podcast or books already. Here are the people I use for lending based on the asset (land, MHP, conventional mutifam, commercial, etc). Here are the people I use for contracting (lawyer, plumber, electrician, punch list guy, etc). If you are interested in paid coaching, I charge $x per hour minimum of 3 hours. Charged up front. Thank you. Please reach out to my business development team at ###-###-####."

Then all responses stop. lol

Knoxville, TN is a great gem of the south with a lot of organic growth. Memphis, TN is on the other hand is very unfriendly to landlords, lots of crime (I've been personally robbed there haha), and lots of gangs and drug use. It looks good on paper, but can be hard for an out of state investor who may not know the nuances. It's very similar to Birmingham, AL in that respect. 

I am big fan of NC. When I left, apart from the normal political shenanigans, it was very well run with a strong government presence, military renters, and organic business growth that wasn't dependent on tech cycles, credit crunches, etc. I left there in 2021. 

FL is a Russian roulette of an investment. Some people are finding their insurance tripling, especially closer to the coast. 

Don't know much about VA.

I would look at Huntsville, AL. 

 This is the philosophy we go by. Constant government overreach can make anything a felony these days, but we look at certain things: 

1. Absolutely no crimes against children

2. No domestic violence within the last 10 years and then only on a case by case basis, but most of these are a blanket no. 

3. Drug offenses must be at least 5 years old and can pass a drug test today. 

4. No violent offenses whatsoever. 

On point number 5- 

I was just talking to a friend about that who invited me to be on the board of directors for an affordable housing nonprofit. She's based out of New Hampshire and called it the "Alabama of the Northeast," but with way less social programs. Now, there's not the most social programs in Alabama as is due to the conservative nature (minus the hubs of dying cities like Montgomery and Birmingham), so that was a big statement. lol. I've never had it be a factor in my investing plan, but people in NC (a more purple state) swear by it. Entire kingdoms are built on Section 8. I'm not sure how I feel about it. I'm not a fan of expanding government power in some nebulous hope it will allow my properties to keep cashflowing. It needs to come from the free markets. 

I have a goal of one commercial property a year, but this is more about getting at least something that's 5 multifamily units a year, but I'll take a look at non-multifams as well. My focus for multifamily right now is mobile home parks. I acquired my first one last year after almost 10 years of doing one offs. 

I really need help with the creative finance. The one motivated seller I found, I threw them an offer of $70k with conventional financing and was beat out by an all cash offer of $70k. This was a small 4 unit park where I could easily convert all the spots to TOHs vs POHs. Alas, it wasn't meant to be and I don't get into bidding wars. I diverted over to a 5 acre plot where I can put in a couple of tiny homes.