Accredited Income Property Investment Specialist (AIPIS)

The mobile home park market may be dwindling, but it doesn’t mean it’s not possible to make money by investing in one. Many existing locations have been ignored by previous owners and with some smart updates and fixes an investor is able to raise rents to market value and start making a profit. Listen in as our guest talks speaks about basic financials as well as working with brokers to find a property.

 

Key Takeaways:

[2:34] Jefferson is the value investing type

[4:50] Mobile home park investing is a fairly undiscovered niche

[6:41] How to find a good deal on mobile home parks

[7:37] Working with brokers to find properties

[9:17] What is the acquisition criteria to find a good property

[12:25] We’d prefer to just own the land

[14:14] The rent credit program is similar to rent to own

[15:23] Basic financials - down payment, rent info

[16:19] Mobile home park investing is the only asset class which is shrinking

[19:48] Does the government still build single family affordable housing

[21:10] I got into this business with the wrong mindset

[22:37] Example legal fees and compliance to start

[23:43] An Oklahoma property case study

 

Mentions:

Park Street Partners

Marcus & Millichap

Tulsa Estates

Hartman Media

Direct download: AIPIS_089_Jefferson_Lilly_Mobile_Home_Park_Profits.mp3
Category:general -- posted at: 11:56am EST

We break closing costs down into small pieces to support Jason’s #1 rule of investing, thou shalt become educated, to become your own best advisor. Understanding which costs are fixed and which are variable will help you to protect yourself and allow you to become your own best advisor. We take the confusion out of calculating the fees.

 

Make sure to listen to future episodes for information on how mortgages are priced.

 

Key Takeaways:

[2:04] Thou shalt become educated to become your own best advisor

[2:29] An example of a loan quote

[3:31] Lenders over estimate certain charges

[5:27] Requirements for good faith estimates

[7:35] What are lender or origination (garbage) fees

[8:43] Using an example of $142,500, figuring out the closing costs

[10:21] Insurance charges for lenders and owners

[11:30] Lender’s title insurance is one of the highest fees on the HUD settlement statement

[11:52] Depending on your state the seller provides the clean title insurance

[12:42] Transfer stamps/taxes are local municipal charges

[14:48] Recording fees

[15:32] Points are fees to buy down the interest rates

 

Mentions:

Creating Wealth Encyclopedia Series

media@hartmanmedia.com


The traditional way to sell a home is to sign a contract with a well known real estate firm and agree to give them a 6% commission of your equity. But today’s internet equipped consumers are able to cut out the middle man and sell their own homes, saving themselves big dollars. If you are concerned about never having done it before our guest, Sissy Lappin, has put everything you need in one downloadable kit.

 

Key Takeaways:

[1:50] Innovation is rocking the real estate industry

[3:06] Paying 6% on the debt and the equity

[4:11] Confusing equity with appreciation

[6:15] Part time, untrained and unethical agents

[7:46] Sissy wrote a FSBO guide

[10:21] Mass-marketing campaigns are dead

[12:46] Justifying fees through intensive reports

[14:47] What’s included in the base package

[17:23] It’s simple to sell your own home

[18:32] 2 main documents when selling a home

 

Mentions:

Listing Door

Lappin Properties

Simple and Sold

National Association of Realtors

Zillow

Creating Wealth Encyclopedia Series

Direct download: AIPIS_087_Sissy_Lappin_Simple_and_Sold20.mp3
Category:general -- posted at: 12:34pm EST

1