Accredited Income Property Investment Specialist (AIPIS) (general)

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 EDT

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 EDT

Diane Gardner is a certified Tax Coach and CPA. With over 30 years of experience in both tax preparation and accounting, she has quite a few tips for Jason's audience. She is the author of The Obamacare Survival Guide and Why Didn't My CPA Tell Me That? Diane talks to Jason on how small business owners can avoid some serious tax mistakes and save on thousands of dollars. 

 

Key Takeaways:

[2:20] What isn't my CPA telling me? 

[5:45] With the right company entity type, you might be able to write-off medical expenses through your business. 

[7:50] CPAs often don't look at how you maximize your vehicle deductions. 

[10:25] There's a difference between a tax preparation engagement versus tax planning. 

[15:15] It's never too late to talk to a CPA. You can end up saving much more money than doing it yourself. 

[17:45] How can businesses survive Obamacare? 

[22:00] Hire subcontractors or virtual assistants to cut down the number of employees in your business. 

 

Mentioned In This Episode:

 

http://www.taxcoach4you.com/ma-journey-diane-interview/

Direct download: AIPIS_086_Diane_Gardner.mp3
Category:general -- posted at: 10:59am EDT

Eric McColgin shares his story about his interaction with Results Property Management, Quentin Kearney, the investor Izak Bencuya, and their respective attorneys. He believes Results Property Management is using HOA money to fund Bencuya's repairs and maintenance fees of his individual properties instead of the homeowners. Before Results Property Management was in charge of the HOA, the HOA had $40,000 in reserves. Now, it's between $5,000-$7,000. Today we find out what's happening with Creekside Village.

 

Key Takeaways:

[3:00] Eric was promised a tennis court, walking trails, and pond when he bought his property.  

[6:30] Four people showed up to the HOA meeting and Izak along with his attorney David Zeiler were trying to get the homeowners to give up the pool and clubhouse. 

[10:40] Quentin refused to answer Eric's questions about the walking trails and other amenities over the phone. 

[12:45] Zeiler was representing Izak in the proposal to take the clubhouse and pool. Quentin bought in Nick Porto to represent the homeowners. 

[15:50] When Eric met Quentin in person, he still refused to answer his questions. 

[17:25] The mayor of Grain Valley even told Eric that this looked wrong. 

[20:55] The HOA is picking up the bill for Izak's individual properties. 

[27:50] The HOA provider, Metrowide Building, is owned by Quentin Kearney.

[31:20] There should be two signatures whenever a check or payment is made on behalf of the HOA. 

 

Mentioned In This Episode:

 

Quentin Kearney - Results Property Management. 

Direct download: AIPIS_85_Eric_McColgin.mp3
Category:general -- posted at: 6:01pm EDT

Russ O'Hare has been experiencing problems with Results Property Management in Kansas City, Missouri. He is one of the home owners at Creekside Village and has a number of complaints and allegations over the way the firm has been managing the properties. He shares his story to Jason Hartman. 

 

Key Takeaways:

[3:50] Russ was first told that it was Curry Real Estate managing the properties, not Results. 

[8:15] Metrowide Building invoices has the same address as Results. Are they owned by the same people? 

[10:25] $2,500 was charged to the HOA for trimming trees and bushes for less than 8 hours of work. 

[16:18] Russ's wife made copies of invoices when they requested to see the books. 

[20:05] It seems the investor Isaac Bencuya and Results have some kind of arrangement with each other. 

[25:20] The club house, pool, and one of Isaac's apartment buildings run on one electric meter and that bill goes to the HOA. 

[27:15] Isaac setup a proposal for the home owners to basically give him the pool and club house. 

[30:15] Dave Zeller, Isaac Bencuyz, and Quentin Kearney said they had no affiliation with Nick Porto when Nick was representing the HOA. 

[40:05] During this proposal, Dave Zeller's attorney fees were charged to the HOA and not out of Isaac's pocket. 

 

Mentioned In This Episode:

 

Quentin Kearney – Results Property Management. 

Direct download: AIPIS_84_Russ_O27Hare.mp3
Category:general -- posted at: 4:59pm EDT

Jason has received a number of complaints about Quentin Kearney and Results Property Management. He interviews Bobbie O'Hare to get the inside scoop of what's really going on. Bobbie has been looking directly at the Results Property Management books and has noticed a number of vague invoices. She is also having a hard time getting direct answers from the management company, which is delaying her investigation even further. 

 

Key Takeaways:

[2:05] There are lots of clients coming to Jason with complaints about Results Property Management. 

[5:00] Results Real Estate invoices were incredibly vague and non-descriptive. 

[6:35] The company could not provide Jason with simple receipt copies from the vendor and did not know who the vendor was who did the work. 

[15:05] Bobbie thinks the company is charging higher HOA fees and homeowners are unknowingly subsidizing the apartment fees. 

[29:15] What other discrepancies did Bobbie find during her investigation? 

[37:35] All of the invoices Bobbie received looked wrong. 

[40:40] Bobbie can't talk to her own management company anymore, because they know she's building a case against them. 

[47:00] Results has been known to intimate other management companies so that they stay away. 

[50:55] Bobbie is trying to combine a number of cases against Results to make the case even stronger. 

 

Mentioned In This Episode:

 

Quentin Kearney - Results Property Management. 

Direct download: AIPIS208320Bobbie20O27Hare.mp3
Category:general -- posted at: 2:53pm EDT

Abby Shemesh of Amerinote Xchange has overseen countless of buy and sell transactions in the mortgage note business. Abby talks to Jason on why purchasing mortgage notes is the best thing next to generating yield, key mistakes to avoid, and the importance of getting a third party property appraiser. 

 

Key Takeaways:

[2:00] San Francisco’s real estate is becoming a big bubble.  

[7:15] Banks are being too strict in lending money to potential investors. 

[10:10] Do your due diligence when buying notes. 

[14:45] Don't ever go with a recommend appraiser by the seller, burrower, or broker. 

[16:40] Get an attorney and consult your accountant before you purchase a note. 

[18:00] Selling notes are not for everybody. You still have other options. 

[20:15] There's still no software for to accurately calculate note prices. 

[22:30] Make sure the company you're dealing with has an internet presence and get them on the phone.  

 

Mentioned In This Episode:

 

www.note-buyer.net

Direct download: AIPIS208220Abby20Shemesh.mp3
Category:general -- posted at: 5:50pm EDT

In today’s AIPIS show, Jason Hartman talks to the founder of the Wealth Revolution Group, Marco Robinson. Together, they discuss topics from how realistic financial freedom really is to the importance of considering both the demographics of an area, as well as the potential of a property itself. Budding investors or entrepreneurs should be sure to listen out for this top-class industry advice.

 

Takeaways

02.30 – In order to achieve financial freedom, you have to really understand exactly what it is.

04.30 – For those researching demographics, the best place to start is census statistics and local databases.

07.00 – You need to look at the situation and at plans for future construction – you don’t want to invest in a property and have an identical building put up six months later.

10.00 – Economic rent is a principle which focuses on what makes a particular building special enough to warrant that higher price.

14.00 – A particular country can seem great for investing, but you have to study its dips and cycles in order to really understand what you’re committing to and when the best time to invest is.

18.00 – You can’t learn anything from mainstream education about financial freedom or investing in real estate so the only way to really learn is to be mentored by someone who’s got to where you want to be.

18.40 – For more information on Marco Robinson and his work, head to www.WealthRevolutionGroup.com

Direct download: AIPIS_57_Marco_Robinson.mp3
Category:general -- posted at: 4:04pm EDT