All Forum Posts by: Sanford Myers

@Paul Moore thanks for the great input. “The One Thing” has been on my list to read for a while now. I guess now is as good a time as any.

@Cole Oraham Thanks for the input. It’s nice to hear from someone who knows our area with all of its benefits and challenges.

I am a new investor looking to get started. I live in the Upstate of South Carolina between Greenville and Clemson. I am minutes away from three Universities (Clemson, Furman, and Anderson) with opportunities for student housing. I am minutes away from the Appalachian mountains and three large freshwater lakes (Hartwell, Keowee, and Jocassee) with many more small lakes and recreational areas nearby, giving me opportunities for short-term rentals. This area is experiencing huge growth with industry and population, giving good opportunities for single family rentals or small multi-family rentals. There are also a lot of small mobile home parks in the area that are either for sale or have homes that could be repaired and flipped or rented. My son-in-law and daughter also want to get involved in real estate investing, but don’t have a lot of investment capital yet, so they would like to do some flips with me to get some traction. As you can tell, I have shiny object syndrome and can’t seem to focus on one thing to get my laser focus and begin making traction in one direction. My ultimate goal is to build a portfolio that will provide income to my wife and myself for the rest of our lives while providing the same for our two daughters and their families even after we are gone. So...what suggestions do you have for narrowing my focus to one area and quit being distracted by everything else out there?

@Karen Hamblet The land itself is worth $25-$30k. That’s why I’m trying to get creative and find a way that this works. I can make some good cash flow by adding two more mobile homes (bought at the right price). Still crunching numbers on our options. But thanks for your input!

@Stephanie Manke Wow! Interesting twist! Luckily we are in a rural area outside of Greenville, SC, so no issues with zoning. My biggest concern is cost to repair or remove and replace the one home currently on the land. The plan is to buy and hold, renting the homes vs subdividing into 3 lots (already has three separate addresses) and doing an owner finance land/home package. Thanks for the heads up about the zoning though. There are areas where I will definitely need to keep that in mind!

@Karen Hamblet Thanks for your input. The $35k is for the land along with the mobile home. So I would need to find and purchase a newer model, have the old one removed, and the new one set up. Just for clarification, you feel like that is a better use of my money than repairing the older model? I’m thinking that it’s probably not worth purchasing if the mobile home that is there is not really usable.

@Steven N Nelson Thanks for the suggestions.

I have an opportunity to purchase a small mobile home park with 3-4 pads. There is currently only 1 mobile home on the property. It is a 1973 12 x 66 3 BR, 1 Bath that basically needs to be gutted. It needs new flooring (mostly good subfloors with a couple of patches needed), new paneling/sheetrock vs painting existing paneling, kitchen cabinetry, appliances, hvac, and paint inside and out. Total package is $35k before repairs. My plan is to buy and hold, renting the first mobile home, and adding two more to the existing spaces as I am able to increase cash flow. I’m afraid I’m getting into analysis paralysis as I try to figure out just what it will cost me to make the existing mobile home rent ready. Anyone got experience with a similar deal? How much did the renovation/repair cost you? How long does a typical Mobile Home renovation of this magnitude take? Any advice would be appreciated!

Thanks @Paul Smythe! I’ll definitely check it out. 

Hi! Is anyone aware of a meet up in the Greenville, SC area? I am particularly interested in networking with real estate investors in Greenville, Pickens, Spartanburg, Oconee, and Anderson counties.