Cash Flow Friday Tip #25: Recap from my recent trip to Iowa to inspect a Mobile Home Park we are purchasing.

Real Estate Investing for Cash Flow with Kevin Bupp

Kevin Bupp

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4.9 • 675 Ratings

🗓️ 3 July 2015

⏱️ 19 minutes

🔗️ Recording | iTunes | RSS

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Summary

This week's cash flow Friday tip is a slightly different format than our other Friday shows in that it's not really a tip but a recap from my recent trip to Iowa where I was performing due diligence on a park we have under contract. This will be helpful for not only those who are interested in buying mobile home parks, but also for anyone who is looking for purchase an income property. At the end of the day, your job is to try and match up all of the pieces of the puzzle and identify the ones that don't fit and then determine why. In other words, create the factual story of how the property is really performing, not how the owner told you it was performing.

Recommended Resources:

Download my free success guide, “7 habits of highly successful multi-family investors” by going to www.KevinBupp.com/guide
Schedule your free 30 minute "no obligation" call directly with Kevin by clicking this link https://www.timetrade.com/book/KV2D2
Looking to invest in Mobile Home Parks? Want to JV with me on deals? If so, schedule a call with me and let’s talk. Click here https://www.timetrade.com/book/FGF7S

Transcript

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0:00.0	Welcome to Kevin's Cashflow Friday Real Estate Tip, where Kevin shares with you strategies and tips that will help increase your cash flow,
0:12.8	make you a more sophisticated investor, and provide you with the tools necessary to take your real estate business to the next level.
0:19.5	Now, here's the man you've been waiting for,
0:22.3	Kevin Bub. Hey guys, Kevin Bubb here with episode number 25 of the real estate investing for cash flow,
0:28.5	cash flow Friday tip. Thank you for joining me today as I share tips and strategies that will
0:33.7	hopefully bring you a ton of value and help take your real estate business to the next level.
0:38.9	And this week's Cashflow Friday tip, it's going to be slightly different because it's not really a tip that I'm going to share with you, but more of a recap of a recent trip I took just last week to Iowa to perform due diligence on a mobile home park that we have under contract.
0:53.1	And I'm going to share with you the things that we uncovered during that trip or the things
0:56.6	that I uncovered during that trip.
0:58.1	And this will be helpful for not only those who are interested in buying a mobile home park,
1:02.8	but also for anyone who is looking to purchase an income property, whether that be an apartment
1:07.1	building, a mobile home park or retail shopping center, a bunch of duplexes,
1:12.3	anything that you need to actually perform due diligence on and verify the facts. Okay. So this is
1:17.8	not just for mobile home park buyers. Okay. So at the end of the day, doing due diligence,
1:24.8	I mean, it's really your job to try and match up all the pieces of the puzzle.
1:29.2	This is the best analogy I can use. I mean, you're literally taking a whole bunch of scattered pieces of a puzzle,
1:33.7	and you're trying to put this puzzle back together, and you're trying to find the pieces that might not fit.
1:39.1	You know, they might be an odd size, and you need to determine why they don't fit. So in other words, you need to create an actual
1:44.6	factual story of how this property is really performing, not how the owner told you that it was
1:50.3	performing, okay? So number one, let's start with this park here. This is a 74 space park in Iowa,
1:56.7	and based on what we were given prior to actually putting this thing even under contract
2:03.0	and what we negotiated on was, you know, was recent rent rolls and financials from the last
	...

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