All Forum Posts by: Timothy Cummins

@Andrew Postell, thanks for the advice! I really appreciate it!

@Brenden Mitchum,

Thank you for your response and advice/thoughts! Yes, I agree family does come first and it's not worth risking doing damage, especially this early in our marriage, if it's not for sure a great deal. I am planning on using private money and am working on estimating rehab cost and ARV to see what number I can offer on the house. With that said I'm using the BRRRR calculator on BP to create a nice clean and clear picture of the potential for this investment property, which I will present to her and my potential private money lender.

I have a property that's could potentially be my first BRRRR property. I just got married a year ago, we just bought our house 6 months ago, my wife isn't on board (yet haha) and we aren't exactly rollin' in the dough. But I found a potentially great deal. The man who used to live in the house is now in a nursing home and the daughters were cleaning the house out when I met them. They want to sell quick and easy, aren't using a realtor and have no idea what they would sell it for. I have built great rapport and as far as I know I'm the only one she's told they want to sell. I have a pretty good idea of what ARV is going to be and will soon have a better idea of rehab cost and can go from there. If I'm able to get it cheap enough maybe I won't have trouble finding private money but I'm still looking into funding options. I really think this could be a great deal, cashflowing BRRRR in an amazing area, but at the same time I don't want to start us off on a bad note and risk too much this early in our marriage/careers.

Any thoughts, suggestions, tips and advice are welcome!

Any thoughts on partnering on a BRRRR. A friend mentioned that but I'm not sure about it.

@Account Closed, thank you for you advice! By rental sublets do you mean absentee renting (residing somewhere else and charging tenants rent)? If that is what you mean then yes, I have already checked and I am allowed to do that. Thank you very much!

Hello BP!

My name is Tim Cummins and I am looking at purchasing my first mobile home within the next year. I have just recently started looking into it and doing some research. I was told about BP by my brother so I joined and have been reading discussions, listening to some John Fedro podcasts and I have really learned a lot from experienced investors already! I live in a college town where there is an abundance of trailers and trailer parks. I have lived in a trailer for 4 years now and have just started looking into buying one and renting it out. I am looking at buying one right down the road from me (in the same park) and renting it out to 3 or 4 individuals. I am still looking into the total cost (loan payments, lot rent, insurance, maintenance, "what if" cash supply, ect.) and calculating when I would actually be making profit. I did a rough calculation recently and my tenants could potentially cover all monthly payments for a year and then I would be making profit each month after that. 

Like I said, this is my first "potential purchase" and I am still doing my homework and learning the ropes. I am reaching out to BP members and am all ears for any tips, tricks, and advice! Thanks!

@Helen Kirk, yes there are quite a few lower priced mobile homes in the area and I am looking pretty seriously at two different ones right now. Yes, I have taken all of those expenses that you mentioned into account. I am continuing to do research and reading discussions on BP before I make the purchase. That is a good point about making sure I have some cash set aside for "what if's"! I am definitely planning on doing that. And also keeping even more aside for my loan payments in case I am ever without tenants. I am planning to have tenants monthly payments cover my loan payments, insurance, lot rent, utilities, ect. Once again, thank you for your advice and input!

@Helen Kirk, thank you for your input and advice! I understand that mobile homes, like cars, do depreciate over time much more than a house. I would love to be able to house hack. However, at this point in my life I don't have the financial stability to be able to purchase a duplex. I understand where you are coming from and I would definitely rather do something like that but I see the mobile home option as a more realistic idea for me at this point. I will definitely keep your advice in mind and who knows, maybe on down the road, and a mobile home or two later, I will be able to purchase a duplex!

Thank you @Abel Curiel! I appreciate your input and advice.

Like I said, I appreciate any and all advice, tips and tricks. I'm all ears and am willing to listen and learn!

Hello BP!

My name is Tim Cummins and I recently heard about BP through my brother. I just made my account the other day and have already been reading some great and educational discussions! I live in Auburn, AL and am currently a student at Auburn University. I am also a licensed PTA (physical therapist assistant) and work part-time while I'm in school. I am looking into buying my first mobile home here in Auburn and renting it out as an extra source of income. I have never bought a mobile home or any other type of housing and am wanting any and all advice experienced investors may have to give!