All Forum Posts by: Zac P.

Welcome to the world of real estate. Lol.

You have to hustle to find deals right now. They won't fall in your lap. When you find good deals, BRRRR them so that you don't have to park 20% of your cash in it. There's plenty of lenders who will do 25-30 year amortizations.

Do you know how to fight, have guns or homeboys to back you up? Good luck. 

I've grown up in Lexington and have invested here full time. It's a good market, but it's insanely competitive. Be ready to grind! Like, maybe more competitive than most any city. Reason being, the city has an "urban service boundary" that protects the surrounding farmland (horse farms) from urban sprawl. That greatly affects supply. There's literally no where to build. The demand is super high as well. Add those two together and it's hard to find inventory, much less something that could be an investment. 

I live here in Lexington. The demand is high and the supply is highly limited by the urban service boundary. The USB is a boundary that the city government laid out to where you can't build past it to protect the beautiful surrounding horse farms. It's to limit "urban sprawl". With that said, it's very hard to find inventory, but if you can, you're set good whether it's a rental or a flip. 

Hey gang, what's your thoughts on this? The world of mobile home park investing is new to me.

21 spots (+5 empty spots that are ready for trailers)

$150 lot rent for all. $450 for anyone on rent to own (There are 4-5 of those, the rest own their own outright)

Tenants pay all utilities

City electric/water/sewer

Landlord utilities and expenses are just trash ($150 per month) and then taxes/insurance. Due to trailers being owned by tenants and the others being rent to own, maintenance should be minimal to nothing. Trailers are in ok condition (average at best). 

Seller is asking $325,000.

Thanks in advance!

I won't rag on Ramsey, because it's great advice for many people. But the truth is, he's very wrong on this and most are using debt and if done right, it's the best way for many. I'm just about 10 years in. I'm stronger than ever now, only because I've used debt. As long as these are smart purchases, the cashflow and equity allow me to pay off debt faster. So the more debt I take on, the faster I can pay it off. There's no way I'd be in this position today if I paid everything in cash.

Hey guys, thanks so much for the input! 

I don’t think you should over worry or stress over it, but it’s good to be prepared for changes. This isn’t some crazy bill that was introduced, this is a bill that has already passed in the house and regulations we are already seeing in major cities. Just seeing how people are preparing for changes, that’s all. 

“Fail to plan, plan to fail.”

Hello BP Fam! First off, let's not try to not get super political here, but I think it's good to discuss the potential of how politics could have a massive affect on housing and how we need to prepare and deal with that. Elizabeth Warren recently proposed a bill that included a year long eviction moratorium. It passed in the house. We all assume it'll not pass in the Senate, veto'd by the President, but still... Yikes! We are already seeing big regulation on housing done in California, Washington and other larger cities/states. We are also hearing the cries of rent control or even rent cancelation that are getting louder and louder everyday. Even if you have every property paid off, this would have devastating consequences on real estate investors, property managers, probably the housing market as a whole, etc... When Covid "ends", this WON'T be over. If the election swings a certain way, it's pretty much a known fact that we will see major regulation in ALL sections of industries, including housing. Again, let's not make this too political here, maybe some regulation is good in some areas of industries, but what steps are you taking to prepare for this? Maybe Cali/Washington investors can give us some good input, because they are already facing a lot of this now. Thanks in advance!