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Lesson Learned: A little persistence, combined with networking, a strategy for win-win, and creative financing can result in a pretty sweet deal.

5/11/2023

I have a story that incorporates seller financing and persistence. There was a mobile home park for sale in a town that I was not super familiar with. I started calling other mobile home parks in the area to get an idea on what they charged for lot rent and for rent. As part of my conversation with these parks, I asked if they were interested in selling their parks. I found out that two of these parks were interested in selling! I was stoked! One park, we made an offer on and went under contract on and worked to wholesale it. I had a lot of interest from investors but they all felt it was priced too high. I ended up having to cancel the contract with the sellers. However, on another park that I made an offer on, the seller was open to seller financing so I decided I wanted to keep the park for myself rather than wholesale it. The park had RV sites, some mobile homes, and 2 houses. We were able to purchase the park on a 10 year term with 0% interest with a balloon payment due at the end. The seller got what they wanted for a monthly payment and so there was no need to have an interest rate. The seller wins because they get to delay the tax consequences of the sale and we win because we have a cash flowing asset now and are paying it down, plus we get to claim depreciation on the mobile homes for our taxes. We had never owned an RV/Mobile Home Park before but we decided it was a deal we didn't want to pass up and we would learn as we go! Also, the other park that I mentioned we tried to wholesale, the owner decided to fix up his park instead of selling it and we still keep in touch and talk often and exchange ideas and resources so that has been a win for both of us. I am hoping to find some mobile homes to wholesale to this other owner for his park. I have definitely seen the power of persistence and also the power of networking!

By Christina Haws

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Lesson Learned: "...you don’t have to be a millionaire to be a real estate investor."

5/1/2023

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Growing up, I never anticipated that I’d be involved in real estate. In fact, I actively said I didn’t want any part of it. But throughout college, early every one of the internships and jobs that I was actually able to get had to do with real estate. These jobs ranged from property management, acquisitions, to real estate accounting and book keeping. Before I knew it, I’d started building a career out of real estate. By the time I graduated, I decided that I wanted to continuing pursuing this avenue, but I just didn’t know how. I’d watched hundreds of podcasts and YouTube videos about how to acquire properties but none of those methods ever seemed to make financial sense to me.

Fast forwarding a few years, I was able to start working with a small real estate investment company and I began to realize that acquiring properties is possible, even on a small budget. After about a year of flip flopping back and forth between the fear of buying a rental property and it going south with either home repairs or bad tenants , and wanting more than anything to start creating passive income for my family, I finally decided to take advantage of the rising value of homes and get a heloc on my primary home.

With that money and the wide variety of real estate knowledge I’d acquired over the years, I was able to buy my first investment property late 2022. Now with the help of investors, I’m able to rinse and repeat, utilizing the same heloc to purchase one property after another. My goal is to purchase one new property each year.

I’ve learned that there is no reward without risk. Eventually, you just have to take the leap and that you don’t have to be a millionaire to be a real estate investor.

By Kevin Kolteryahn

IF YOU LIKE KEVIN'S STORY - please like, comment and share on our social media so that he has a good chance of winning the $250 Visa gift card.

Here are the links:
Facebook:  https://www.facebook.com/returnrealestate
Instagram:  https://www.instagram.com/p/Crtj9JLJeyb/
Twitter:  https://twitter.com/returnreutah

IF YOU HAVE A STORY TO SHARE - please visit: https://www.returnrealestate.com/contest-page.html

0 Comments

Lesson Learned: A little persistence, combined with networking, a strategy for win-win, and creative financing can result in a pretty sweet deal.

Lesson Learned: "...you don’t have to be a millionaire to be a real estate investor."

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