All Forum Posts by: Scott Sterling

Andrew,

I just bought my first investment property (duplex) and I'm getting ready to start the rehab process. I plan on self managing and will be looking to place tenants within the next 60 days. I know that I can manage my assets more than someone that will never care about my property/financial well-being as much as I do.

In the meantime, I have been reading Brandon's book "The book on managing rental properties".  I bought a used copy of it which just might be the best $16.00 I have ever spent. 

That book literally tells you ever single thing to do, step by step, in pretty much any situation. Has every form you could think of to evict, lease,....everything. He even mentions a lot of great tools to help put your business on more of an autopilot mode like the free google phone service. 

But most importantly he tells you all the things not to do and why most landlords fail. And it all comes down to mindset, having systems, and treating your business like a business and not a half-hearted hobby.

In short, just get the book. Its worth 1000x whatever you pay for it.

Thanks Brandon for writing that book!

I have been educating myself on REI over the past year and now have $13,000 saved up. I've been looking into buying a single-family housing or duplexes but I also have a possible opportunity that might be a better option for a first investment that I wanted to get some opinions on.

 I have a family member that owns 2 acres of property they have been sitting unused for about 15 years. Each 1 acre lot has a septic tank already built into it in both lots have been well-maintained(mowed).

  My idea is to  purchase brand-new pre-manufactured homes and put them on the lot since they already have the septic systems in place and rent them out.  Then give my family member a certain percentage each month for  their land. 

My family member seems very open to this because they don't want to sell the land but is just sitting there not making them any money. 

  A lot of the newer pre-manufactured homes/mobile units seem a lot nicer than traditional trailers that I remember from whenever I was a kid and I think that maybe this would be a nice first deal, I don't know if you knew or units are worth it or not because of some hidden installation and delivery fees. Is it harder to finance  A pre-manufactured home  then a traditional house,  especially if I don't own the land?

 Can anybody give me their advice in this possible deal or have ever had any experience in doing anything like this before? 

Looking for enough things to consider before I fully pitch the deal.