All Forum Posts by: Thomas Hausfeld

So just yesterday, I got a call from a very motivated seller. The only apparent issue is that he owns a mobile home in a park. I know when wholesaling a SFR, you can add the and/or assigned line to the contract. With the mobile homes here in Kansas, the home is considered personal property and has a title attached to it.

What I do not understand is how you can assign the property. If there is a way, would the actual assigning be done on the Bill of Sale or would it be done on the back of the title?

I looked at the back of my car title and it says in order to assign the title twice, you have to be a licensed dealer to do so.

I am just not sure how I would go about actually assigning the property over to another person.

In my current situation, I am two years and a semester from graduating as an Industrial Engineer. I have saved since high school until now and have accumulated a little less than 10,000 and I have been wondering how might I go about getting involved as an investor right now as opposed to waiting for my salary. 

Just recently I got a job at Keller Williams as an ISA for my realtor and I got to meet an agent in the office who sells 400 properties a year while investing to. The main thing he thought I personally should know is that if there is a deal, the money will follow hence why I began investigating where that money was coming from and through small investigation, I came upon hard money lending. 

So I began thinking, and was curious about hard money lenders. Correct me if I am wrong, but if I were to go down this route, I would present to a private lender the deal I have, and if they were confident in my abilities, then we would agree upon his return and then I would be able to purchase the property and begin there.

If the above is true, then would it be smart to just go all in and do this financing strategy multiple times?

Also, it is apparent to me that the long term wealth is in buying and then renting out properties. If I were going to finance a property on hard money, I would want to amaturize it over 30 years, however, I have also read some articles that say most hard money financing is done within a period of only five years. Is this true as well?

If the above is true, then maybe it would make more sense to learn how to flip houses since you could make your money in less than five years, develop a good reserve from flipping, and then be able to purchase other properties on loans from actual banks.

So my main question is do you see any errors in my logic above? 

Hello, my name is Thomas Hausfeld. I am 18 years old and just recently graduated from Bishop Carroll here in Wichita. Currently, I am enrolled in Wichita State University and am majoring in Industrial Engineering. Recently, I stumbled upon Rich Dad Poor Dad and opened my mind to purchasing assets and not liabilities. I have always wanted to follow an entrepreneurial route and have become very interested in real estate. For the past two weeks, I have been absorbing and absorbing information through books and the BP podcast and I think that it is time to take a little more action! Right now, I think that it would be a great idea to build up capitol through wholesaling and then use that capitol to fund buy and hold rental properties. My current goal is to do a deal before the end of this year and my bigger goal is to one day own 100 properties. All of this is subject to change once I have a better understanding of real estate and the community. Therefore, I am really excited to get to know local investors in the community at REIA events!