Posted by Jacob on March 17, 2000 at 10:07:33:
At least to this point. (See my post below entitled “Jacob Deals.”)
I like park deals for two basic reasons. They are more common (much more) and cheaper to buy. Plus, here they can be considered real estate after certain things are done. As I said, the best thing about these deals is that they aren’t real estate.
Jacob
REI Career Ideas: help me out! - Posted by Senator
Posted by Senator on March 15, 2000 at 15:10:23:
I walked the stage last night, graduating with a Masters in Finance. Now, what to do, what to do? While in school I bought 3 properties (2 rentals 1 to live in), and I enjoy it so much I want to start a career in REI, at least until I’m savvy enough to live off my personal RE deals.
Anyway, give me some ideas on some good REI careers to get into and how to get started.
Thanks,
Senator…Alabama
You’re in the cat-bird seat!! - Posted by Rolfe Mpls/StP
Posted by Rolfe Mpls/StP on March 16, 2000 at 01:45:12:
To the Senator From the Great State of Graduation;
My suggestion is to build upon your success, and have a blast while you’re doing it. You’ve already gotten your feet wet with rental properties, so consider growing your REI portfolio.
First, decide what really matters to you, what is most important for you, and what you wan your work to do for you at this point in your life. Using those ideals as principles and parameters, set goals to achieve the life you’ve outlined. Finally, decide if this busines will help you achieve your goals while honoring your ideals. You can always change course if you find you’ve made a mistake.
This site and others will show you many ways to get things done. Add your education to the mix, and you’re in a great position to get very involved.
As you acquire property, along the way you’ll learn about the business, paper, discounts, yields, and IRR’s. If you find something more interesting than rentals, you’ll be able to pursue other opportunities. All the while, you’ll enjoy the monthly cash flow from your rental property.
You already know rental property requires management. Most things worthwhile are not easy.
Good Luck! Rolfe
A sheepskin can be an anchor - Posted by Jacob
Posted by Jacob on March 15, 2000 at 15:56:34:
Senator,
First and foremost, a sincere congratulations to you. I know it wasn’t easy to see it through. It says something about you.
Despite my grand total of 15 college credits (over two full-time semesters, long story) I feel I am as educated as anyone else. I call it “real world” education. I see so many people with many degrees that are stuck in a job and desperate to get out. IT goes along with what Kiyosacki says.
Tyler was right. Read through the site, as there are many different avenues availible. It all depends on your personality. I am lazy, and like things pretty simple. I am involved in mh’s because it is SO much easier than playing games with sfh’s. Maybe 10% of the hassle, and much better returns.
Take a self-inventory and find out what you like and what you are comfortable with. That will determine where you get involved.
Nothing but best wishes. You’ll do fine.
Jacob
You’ve come to the right place - Posted by Tyler
Posted by Tyler on March 15, 2000 at 15:48:33:
Welcome.
You just pulled the lever, and hit the jackpot.
This is the place to find out ANYTHING about REI that you ever imagined (and probably more that you never imagined!)
Start by reading all the How To’s, Money Making Ideas, and Success Stories, as well as this board.
If you’re not up for days after that, check your pulse.
Re: A sheepskin can be an anchor - Posted by Tyler
Posted by Tyler on March 15, 2000 at 22:50:36:
Jacob,
Just had to comment on your remark “10% of the hassle, with much better returns” regarding Lonnies vs. SFHs.
I’m not sure if you’ve done many deals with SFHs or not, but it doesn’t necessarily have to be any more hassle than a Lonnie deal. Perhaps the reason Lonnies SEEM easier is because you’re using small chunks of money, which SEEM easier to work with.
On the contrary, if you have your systems in place, SFH investing can be quite simple.
And the returns??
Well, let’s just say they’re pretty good. At times infinite. And the numbers are much bigger.
Not against Lonnies by any means. They’re great for cranking high cash flow out of low investment capital. But if you’re going after the big gains, you have to step out where there are more zeros on the closing statement.
Nate
That’s what lead me to mh’s! - Posted by Jacob
Posted by Jacob on March 16, 2000 at 10:07:18:
Hi Nate,
Thanks for the advice. I appreciate the fact that it came from a desire to help, and not to put me down.
Actually, I have been involved in several deals with sfh’s. In a former life, I was a Realtor and was involved with several investors. I worked with them on their deals, and later partnered on a few. When I first decided I wanted to be a “real estate investor” I thought the only way was to do what these guys were doing. I ran the “I buy houses” signs, handed out cards, looked at HUD repos, you name it. You know what? I hated it. There were 345 ads in the Sunday paper stating “I buy houses.” There was a little sign on every corner.
Then, I was reading here one day and read some success stories about mh deals. People with no knowledge or experience were doing these deals. I realized that there were now “I buy mobile homes” ads, and I live in the capital of mh’s. Heck, to this day I’ve never run an “I buy mh’s” ad, and there are more deals here than I can do in a lifetime.
I have to clarify one little thing about what you said. Not every single mobile home investment deal is termed a “Lonnie Deal.” A “Lonnie Deal” is buying an old mobile home from a “dont-wanter” for $1-2000, then selling it (usually as-is) on a note for $500-2500 down. I deal with newer homes, almost always rehab to like-new condition and sell with a finance company handling the funding. A bit different.
And yes, it’s much easier than any sfh deal I ever saw put together or was involved in. Yes, the funds are much less. That helps. Also, there are far fewer people involved. You see, a mh is a giant car, and is pretty un-regulated. There are far fewer hoops to jump through, and the process (and time frames) are much simpler. No attorneys, no banks (Conseco is far easier to deal with than any bank. They take apps over the phone, and approve in 1 hour. They also are very lenient.)no title companies, no state regulatory agencies, etc. I could go on.
So, I appreciate your advice, because it obviously comes from experience and you obviously care. I still say that a mh deal is far easier and simpler than almost any sfh deal out there.
Thanks again,
Jacob
Re: That’s what lead me to mh’s! - Posted by Nate Tyler
Posted by Nate Tyler on March 17, 2000 at 01:36:52:
Hi Jacob-
Just curious…are you primarily working land/home deals, or homes in parks?
Nate