99: Buying a 51-Unit Property with 0% Interest and No Money Down

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 28 July 2021

⏱️ 58 minutes

🔗️ Recording | iTunes | RSS

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Summary

It takes most real estate investors a while before they make the jump from single-family homes to commercial properties or large multifamily properties like mobile home parks. Edwin Byler isn't like most real estate investors. After successfully flipping his first home, he decided to throw the profits into a rental property. For the first month, everything was going well, then the tenant stopped paying. After 6 months of no rent payments, Ed had to make the tough decision to evict the tenant. Now with some experience under his belt, Ed was ready to take on bigger deals. Thankfully he was friends with an older gentleman who was looking to offload a 6-unit mobile home park, and Ed turned out to be the perfect buyer. He acquired the park with 20% down over a 15-year amortization schedule and ended up DOUBLING the park's revenue with some simple value-add. Now, he’s taking on a 51-unit mobile park with his brother as a partner. Did we mention he’s acquiring this property with no money down and paying 0% interest? If you’re wondering how he did it, take a listen to Ed’s story! In This Episode We Cover Partnering on your first deal to mitigate risks and learn more about real estate Getting tenants to move out (without having to formally evict them) Purchasing mobile home parks without prior experience Looking for “value-add opportunities” when viewing potential investments Using owner financing to purchase investments like mobile home parks How to find out the “why” behind a seller’s listing And So Much More! Links from the Show Real Estate Rookie Youtube Channel Ashley's Instagram Tony's Instagram Real Estate Rookie Facebook Group MLS BiggerPockets Podcast BiggerPockets Propstream BiggerPockets Webinar Zillow Realtor TenantCloud Check the full show notes here: https://www.biggerpockets.com/rookie99 Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is Real Estate Rookie, Niner, Niner.
0:07.6	Obviously it worked well for me, but my goal wasn't to come in and just
0:11.0	low ball and a low ball and then my goal was to come in and solve his issue.
0:14.2	And as soon as we figured out exactly what his issue was and he started to open up,
0:18.0	then that's when we came to terms that were fantastic for both him and me.
0:24.9	I am actually care and it's always like a great day, but I can make Tony laugh.
0:30.0	You should have expected that, actually, as well.
0:33.2	I wasn't sure how you were going to play the 99.
0:35.0	I wasn't sure if it was 99 or but the 99 are like anything better.
0:39.5	So what's new, Tony? What's under contract this week?
0:42.6	What have you sold? What have you bought?
0:44.6	You know, I think we're actually the same as last week.
0:48.1	So we have our Joshua Tree Airbnb that's up for sale.
0:50.3	So I think we're hopefully going to be reviewing offers here shortly on that one.
0:54.8	And then we have two properties under contract and Joshua Tree, both of which are we
0:58.5	have. So trying to figure out how we how we kind of slow things down a little bit.
1:02.3	So we can take those on and dedicate the right amount of attention to them.
1:07.2	What about you? How are things going?
1:09.6	My property that was going, we did a burr.
1:13.2	Well, we were going to do a burr on it.
1:15.0	But before we rented it out, we had a realtor come and say,
1:17.7	I can sell it for this notch and got us all excited.
	...

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