Posted by John Merchant on August 16, 2011 at 18:29:26:
nt
Buyers & Sellers, check. Brick Wall, check… - Posted by Kevin P
Posted by Kevin P on August 02, 2011 at 15:26:42:
Ok, I’ve built up a decent buyer’s list off of my test
ad.
I’ve also got several decent homes in a seller’s list
to match
up with those buyers.
Sounds great doesn’t it.
The problem is that I don’t have any funds built up to
get
started. I can see these deals evaporating before my
eyes
because I can’t purchase and then resell.
Ideas?
Starting w/o $$$ - Posted by John Merchant
Posted by John Merchant on August 12, 2011 at 13:33:48:
A couple of ways many have started in RE and MH investing w/o $$$;
First find and make a deal with a moneyed partner (in writing) so you
can then go buy fix and sell a MH, then repay that partner and split
the profits.
Or you could get option agreement (again, in writing) from current
owner of MH that’d let you find the buyer then sell to that buyer.
So as you’ve already been told do not let “lackaluker” stop you.
words that Lonnie does not use… - Posted by Anne_ND
Posted by Anne_ND on August 06, 2011 at 06:16:59:
problem (it’s an opportunity)
can’t (means you choose not to)
brick wall (a bigger opportunity)
Realign your thinking and all kinds of things will start to happen.
Don’t be discouraged, I applaud you getting out there and making something happen. Just take it to the next level.
Anne
Re: Buyers & Sellers, check. Brick Wall, - Posted by Don-NY
Posted by Don-NY on August 03, 2011 at 07:23:28:
Kevin, Some questions and ideas, all free of charge. (and thats what they may be worth to you)
How much do you make at your job and how much of your take home pay do you spend to “live on”?
If the answer is “all of it” you have some income or lifestyle adjustments to make before you think about being an investor. Because something always pops up when you least expect it (air cond, default of a tenant, court costs, vandalism, park gets sold and you have to move a home, etc.) and if you do not have a stash of cash to cover it you are dead in the water.
How much is your car worth? How much do you owe on it?
If you could sell it, pay off the loan, buy a beater and have enough left over to buy a MH would you?
In other words are you willing to do whatever it takes to be an investor?
How much personal debt do you have besides a mortgage (credit cards, student loans, lines of credit etc?)
Are you paying extra on these or just the minimum?
Lonnie Deals are a great way to make money and is how we got started. And I do not want to discourage you from becoming an investor. But STARTING on borrowed money or underfunded is almost a sure receipe for failure. MH investing requires a good amount of financial discipline, people skills, thick thick skin, and being handy with tools doesn’t hurt either.
Now go figure out a way to make it happen and DO IT.