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26 December 2019 | 9 replies
I love networking. 3) The need to go against many of the common beliefs we Americans have surrounding personal finance, education, real estate, etc.
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12 December 2020 | 10 replies
(if you are in the right market).2) The ability to buy cheap from moms and pops with huge room for upside in rent increases and occupancy increases.3) The ability to obtain seller financing (which is what got me into the business to begin with).4) The huge underlying value in being in an industry that has not allowed new construction since the 1970s.5) The low management intensity when you are just renting land.6) The only remaining sector of real estate in the U.S. where you can hit 20%+ cash-on-cash returns if you are smart.7) The win/win business model of bringing old mobile home parks back to life.8) The beauty of being in a business sector that is on the right side of every American megatrend.But there are also the following drawbacks:1) Suffering through a huge negative stigma that makes you embarrassed to even tell people what you do sometimes.2) Suffering through some city halls that hate mobile home parks and everyone associated with them.3) Suffering through media that assumes that anyone who owns a mobile home park is therefore evil no matter what you do.4) High levels of risk (and almost certain failure) if you do not conduct good due diligence.5) The endless risk of private utilities unless properly vetted.6) Learning to adapt to the customer base and being a good landlord that gets the job done in a friendly way.7) Not getting involved in the hysteria of some markets that offer little in the areas of returns or safety.I cannot emphasize enough that this is not a get rich quick scheme, but a get rich slow scheme.
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28 December 2019 | 13 replies
If you acquire it intending to improve and re-sell it that's ordinary income.
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13 January 2020 | 4 replies
@Gregory Doyle I am not a CPA but my understanding is if you flip it it will be considered ordinary income, You get to deduct all costs to reduce your profit.
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28 December 2019 | 5 replies
I highly recommend you read the book, "Evicted: Poverty and Profit in the American City" by Matthew Desmond.
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28 December 2019 | 2 replies
A quick google search for American Express, Active Duty and SCRA should get you where you need to be.
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5 January 2020 | 4 replies
@Darren CrawfordData sources such as the American Community Survey, also known as the annual Census, can help you judge a location by considering key market indicators.
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30 December 2019 | 13 replies
:@Hart Pearson that is still $15k less than you put in your original post, also maybe it is just me but I'd consider taking full double commission on something you're buying yourself and presumably not listing on MLS a bit unethical.the commission will be subject to ordinary income I think.
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9 February 2020 | 11 replies
The one thing that concerns me the most is the making phone calls part, because I'm from out of the country and have accent which is not American :)And also, if you have tips for investing remotely in another country, I would be happy to hear!
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8 January 2020 | 6 replies
@Andrew SheltonData sources such as the American Community Survey, also known as the annual Census, can help you judge a location by considering key market indicators.