All Forum Posts by: Thomas Porter

Looking Forward to it! 

Brock,

Temecula past a law a few years back banning STR's in the city limits only because they are worried that people would get priced out "similar to Hawaii's recent law". You can look up were the limit ends by the wine country (where I live) and it is perfectly legal to do a STR in the unincorporated part of Temecula. This is why I'm currently in the process of building one on my property.

I have a few neighbors that are retired that I have helped get their STR built to add to their income because of the recent inflations / fuel prices their plan got blown up a little and needed to do something or they would be drowning a little or would need to leave their grandkids and move out of state.

Investment Info:

Mobile home wholesale investment.

Purchase price: $65,000
Cash invested: $270,000

Bought raw land and put a manufactured home on it as my primary res. And rent out portions of the land on various deals that cash flows 1200$ a month. Currently adding a sea container home for a Air B&B to see how it will do in the area and might pursue more of them......

What made you interested in investing in this type of deal?

Wanted to be out of the city and have some property for my kids to grow up on.

How did you find this deal and how did you negotiate it?

Driving around we found it.
negotiations were easy. A elderly gentleman owned it and just wanted to see it. Was asking 120k and I offered 65k cash and he just signed the deed over with no counter. 2010 you all know where the market was.......

How did you finance this deal?

Financed manufactured home only. Paid out of pocket for the rest.

What was the outcome?

Great! Would do it again and have helped a few others in my area do the same thing.

Lessons learned? Challenges?

Tons. Would share over a coffee or a cocktail

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

None.

Good Morning Bigger Pockets, 

My Name is Tom Porter out of Temecula Ca. I grew up in the construction (residential & Commercial) world since I was 5 years old for a total of 32 years. Last 17 years I have been running work as a superintendent for a general contractor.

About the first of the year I was talking with a friend that is in real estate and part of bigger pockets, he has been a inspiration to go out on my own as a general contractor (due to my W2 and cooperate frustrations) and showed me the bigger pockets pod cast that I have been listing to since. 

I guess I’m writing on here for a few reasons,

1) kinda scared to go out on my own “not going to lie”  even though I retain a ton of skills and contacts for construction                                                                        

 2) looking to network so I head the right direction on this new adventure.

3) I’m building a short term rental (Sea container home) in wine country and any advise on managing it,  I would appreciate it

Thanks for your time reading this, tried to keep it short.