All Forum Posts by: John N.

How about calling some of your good, quality tenants and asking them if they know anyone they would like to have as a neighbor/tenant. If they qualify, you would give them a break in rent for the month.

Good people hang together so the likelihood of finding a quality tenant will go up and probably go through less applicants before you get your person.

"Choose Your Neighbor" program!!

Its worked for me and it will work for you!

Thanks for the replies Josh and Nick!

I think its pretty cool to have successful investors replying to the intros of new members! I definitely will remember that when others come aboard, thanks so much!

Nick, I know you know alot about Sub2's and Lease options As a matter of fact, your posting about how you wouldnt even speak with someone unless they had a picture and some postings really got me off the fence and involved. I see you have helped others on here because I am sure you were helped by others on your way up as well!

Wow, just saw you own the domain Subject2 Nick, pretty impressive! If you need help on some SEO stuff, I know a few people who are some of the absolute best in the industry, and they live right here in Iowa!!!

Josh, you got a great thing going here man. I'll contribute when I can and hopefully help some people out on the way.

Great quote from Napoleon Hill describing the "real Napoleon" Bonaparte.
When told by his commanding officer that "Sir, I dont think we should attack tomorrow morning the circumstances are not right"....Napoleon responded..."Circumstances?...hell, i make Circumstances....ATTACK...ATTACK..."

Time to attack.

Hey everyone,

I wanted to take the time to introduce myself to the Biggerpockets community! I have been lurking on this website for some time now and I can say that I truly believe that it is great to be a part of a community that shares so freely. Being from Iowa, it is very hard to find real estate investment clubs in my area and I think this site will help close a little bit of that void.

Why am I here? Well, I want to use real estate investment as a means to create a passive income and wealth for myself and my family. I also find real estate investing to be the most dynamic and exciting way to spend my time. I cant get enough of it ,which is probably a common theme around this forum.

I am currently in a sales position and work non-standard hours and know that this is my biggest challenge. I have a law degree and bar membership as well (practiced for awhile, but was not my cup of tea!!) Too much research, writing and desk sitting for me!

I am actively involved in pursuing lease options and also am interested in, but have not done, sub2 to lease option strategies. You could say I am interested 1) generating cash and 2) putting that cash in a cash flow producing property, but I am still in the generating cash mode and business construction phase.

I would love to hear how others got to where they are and I will be providing help to others whenever I can.

Reap, then sow.

John N

Think about who the buyers are for that property, then work backwards from there.

1. Craigslist Ads
2. Postlets ads
3. Tube Mongul videos
4. kijiji, etc

Call local rei groups, get list of names.
Call neighbors of the property
Get an agent to run "cash sales" for last year to find out who the investors are
Call contractors in the area...ask who might be interested in property

These are just a few of the things I have done to sell property in another state..

Thanks

John

Sorry Nick, that was a typo....I meant to say sub2 and probate. You bring expertise in those 2 areas from what I have read.

By the way, have you done any lonnie deals or mobile home deals? Just wondering.

John

Kenneth

Nick is right, there is a wealth of info on these forums and he definitely brings some great expertise in the area of sub2 and not probate investing.

You can make great $ in mobile homes in a variety of ways, including also parks. You need to determine why you want to invest (whats your main goal....cash flow...quick cash, etc.) then decide from there. From my perspective, lonnie deals are super easy to do if you just put in the time to do them...people need to sell these cheapo deals and they dont want to pay lot rent anymore than they have to. Click on my posts to see a recent one I did on my first deal.

If you have any specific questions or need help....let me know, I would be glad to help!

John

Thanks so much for your feedback, there seems to be a wide variety of investors on this forum.

I know that real estate is not a get rich quick scheme, but you definitely need to set your course of action right so you dont have to backtrack.

I am a non practicing attorney who works in sales and put in probably 60+ hours per week and even more hours when I am call on the weekends. So, I really dont have a "set" schedule....no 9-5 here thats for sure. Part of my plan is to identify a position with a company that does not require so many hours!!

I have plenty of knowledge in the real estate arena and always looking to add more! That is why I am here....to help and to be helped.

I will post an introduction in the appropriate section so as to not bog down this post so if interested check it out.

Back to topic, I think MikeOh strategy of cash flow is something I need to look into as that is what I am after. The problem is that I do not like doing the repair work myself....which I know I can hire out.

There are a lot of investors that say starting out in rentals is a terrible strategy and they made a mistake by starting that way...what do you guys think? MikeOH seems to be doing pretty well with that strategy. I know there are alot of variables and nothing is clear cut just looking for opinions.

Whats the path that you recommend for investors if you had to do it all over again....keeping in mind the investor that wants to be full time in say 2-3 years.

Marc,

Do you do alot of these mobile home "lonnie deals"? I think they definitely make money, but I am more concerned with long term cash flow. I am thinking that the little bit of time that I do have should be spent on deals that will bring me many years of cash flow and bigger payoffs down the road rather than a couple hundred bucks a month for 3 years.

Whats your take on this?

The number one issue that I see for new investors, like myself, is the ability to setup/run a real estate investment business on a part time basis while still maintaining a full time job.

The question I have for everyone is...how do you do it? What technologies, strategies do you use to leverage your time and get the most bang for the buck?

My goal is to spend more quality time with my family and participate in all of their extracurricular activities. Real estate investment is the vehicle I have chosen to help liberate me from being leveraged by employers.

Thoughts?

John

I am certain that you could do this out of state or out of area. The obstacles that you have are like any other virtual real estate technique, namely, figuring out how to buy and sell without actually meeting the seller or showing the trailer to buyers.

You could use someone locally to check the condition of the property and make offers and also show the property for you. Cut them a piece of the deal too. I think a good person to start with would be the manager of the park or someone they know. It would definitely be a trial by fire situation that would involve a lot of trust on your part.

John