Chapter 5 - 6
Chapters 5 – 6
1. Check in:
These past few days I learned a tremendous amount about my particular investment that I am looking to get into. I know a good amount about investing in apartments and SFRs. I am looking to branch into mobile homes, and mobile home parks. So I am trying to apply what I have previously learned from investing in the other areas of real estate, along with this particular book to purchase and turn around a mobile home park. My goals for the past few days were as follows.
(1) To find out one interesting thing from at least to people from this forum.
I am still working on this. My first approach did not work as well as I thought it would, so I am off to a new approach.
(2) Begin the process of evaluating a potential deal.
Found many potential deals. Talked to at least five (5) realtors, and am in the process of evaluating the investment as a whole. I received the financial numbers for the park, but have yet to evaluate the physical aspect of the park. I will hopefully have this completed shortly.
(3) Come up with a written plan for investing in a mobile home park.
Almost completed the rough copy of this. Needs final editing, and a little more thought.
(4) Direct one other individual to this forum page to participate.
I sparked the interest of one individual with this website and book. But only time will tell whether he actual moves towards it. I am in the process of starting a cash flow / investment group and will definitely be advising them to complete this book assignment. So I believe that will bring a few more people to the site, and book review.
Things that went wrong: since I am looking at investing into a new niche, I am looking for a realtor that knows this particular niche. The realtors that I was using to look for apartment buildings and SFRs do not know much about mobile home parks. So I called about ten (10) realtors, and out of those ten (10) three (3) responded. So I spent a lot of time trying to form this part of my team. Then in one of the rehabs I am currently doing the foundation cracked badly due to the extreme cold we are having at the moment. Not good, but fixable.
Things that went Right: In the final stages of forming a Cash Flow/Investment group. Things are progressing rapidly with this. Actually found two (2) realtors who can add great value to my mobile home park team. Found six (6) potential deals that may turn into opportunities. I purchased amazing hardwood floors for $1.25 SQFT that normally sells for two to three times that amount. I purchased 12” x 12” Flooring tile for $0.60 SQFT that normally sells for $2.38 SQFT. And finally I purchased interior doors for an average of $50 each that normally sell for $100-$160 each.
2. Main Points:
1. Set guidelines for the type of properties you are looking for. Find a niche that you are interested in, and try to stick to it. This will help keep you focused on properties that will lead you to completing ones goals.
2. There are thousands of ways to locate properties. Do not stick to just one. Use as many resources as you can find. This will help speed up ones purchasing process.
3. Questions:
1. Is it real to expect to turn over a large apartment complex in 12 months? For my particular investment I am looking at a three (3) year turn around. Do you believe I am being to cautious with this, or not cautious enough.
4. Requests:
1. Narrow my potential properties down to three (3) that I am willing to make an offer on.
2. Begin to talk to managers about managing a mobile home park. Figure out costs compared to what they actually do.
3. Try to get people interested into their financial education through playing Cash Flow with them.
1. Check in:
These past few days I learned a tremendous amount about my particular investment that I am looking to get into. I know a good amount about investing in apartments and SFRs. I am looking to branch into mobile homes, and mobile home parks. So I am trying to apply what I have previously learned from investing in the other areas of real estate, along with this particular book to purchase and turn around a mobile home park. My goals for the past few days were as follows.
(1) To find out one interesting thing from at least to people from this forum.
I am still working on this. My first approach did not work as well as I thought it would, so I am off to a new approach.
(2) Begin the process of evaluating a potential deal.
Found many potential deals. Talked to at least five (5) realtors, and am in the process of evaluating the investment as a whole. I received the financial numbers for the park, but have yet to evaluate the physical aspect of the park. I will hopefully have this completed shortly.
(3) Come up with a written plan for investing in a mobile home park.
Almost completed the rough copy of this. Needs final editing, and a little more thought.
(4) Direct one other individual to this forum page to participate.
I sparked the interest of one individual with this website and book. But only time will tell whether he actual moves towards it. I am in the process of starting a cash flow / investment group and will definitely be advising them to complete this book assignment. So I believe that will bring a few more people to the site, and book review.
Things that went wrong: since I am looking at investing into a new niche, I am looking for a realtor that knows this particular niche. The realtors that I was using to look for apartment buildings and SFRs do not know much about mobile home parks. So I called about ten (10) realtors, and out of those ten (10) three (3) responded. So I spent a lot of time trying to form this part of my team. Then in one of the rehabs I am currently doing the foundation cracked badly due to the extreme cold we are having at the moment. Not good, but fixable.
Things that went Right: In the final stages of forming a Cash Flow/Investment group. Things are progressing rapidly with this. Actually found two (2) realtors who can add great value to my mobile home park team. Found six (6) potential deals that may turn into opportunities. I purchased amazing hardwood floors for $1.25 SQFT that normally sells for two to three times that amount. I purchased 12” x 12” Flooring tile for $0.60 SQFT that normally sells for $2.38 SQFT. And finally I purchased interior doors for an average of $50 each that normally sell for $100-$160 each.
2. Main Points:
1. Set guidelines for the type of properties you are looking for. Find a niche that you are interested in, and try to stick to it. This will help keep you focused on properties that will lead you to completing ones goals.
2. There are thousands of ways to locate properties. Do not stick to just one. Use as many resources as you can find. This will help speed up ones purchasing process.
3. Questions:
1. Is it real to expect to turn over a large apartment complex in 12 months? For my particular investment I am looking at a three (3) year turn around. Do you believe I am being to cautious with this, or not cautious enough.
4. Requests:
1. Narrow my potential properties down to three (3) that I am willing to make an offer on.
2. Begin to talk to managers about managing a mobile home park. Figure out costs compared to what they actually do.
3. Try to get people interested into their financial education through playing Cash Flow with them.
posted by Brenton White at 3:35 PM
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