Cash Flow Friday Tip #31: How to uncover hidden dangers during your due diligence that could cost you massive profit losses.

Real Estate Investing for Cash Flow with Kevin Bupp

Kevin Bupp

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4.9 • 675 Ratings

🗓️ 28 August 2015

⏱️ 9 minutes

🔗️ Recording | iTunes | RSS

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Summary

This week I'm going to tell you about a Mobile Home Park that we're currently in contract on and the important details we uncovered during our due diligence by speaking with a few of the key city employees and why it's important that you never skip this step.

As we do with every property we plan on purchasing, we scheduled a phone or in-person meeting with the key representatives in the town or city where this property is located and these people include: code enforcement, admin to the mayor, zoning, and the chief of police. It's amazing the things that you can uncover when you approach these individuals as a prospective new buyer for a property that's within their jurisdiction, especially if the property is one that they perceive as an eye sore to the community or a waste of valuable community resources.

Well, let's get straight to the point, I'm going to tell you the two things we uncovered on a property we are in contract with that will have a drastic impact on our future plans.

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
0:09.8	and tips that will help increase your cash flow, make you a more sophisticated investor,
0:14.9	and provide you with the tools necessary to take your real estate business to the next level.
0:19.4	Now, here's the man you've been waiting for, Kevin Bub.
0:23.3	Hey guys, Kevin Bubb here with episode number 31 of the real estate investing for cash flow,
0:28.1	Cashflow Friday tip.
0:29.7	Thank you for joining me today as I share tips and strategies that will hopefully bring you a ton of value
0:34.1	and help take your real estate business to the next level.
0:37.1	This week I'm going to tell you about a mobile home park that we're currently in contract
0:40.9	on and the important details that we uncovered during our due diligence, basically by
0:45.9	speaking with a few of the key city employees and why it's so important that you never,
0:50.8	ever skip this step during your due diligence process, whether you're buying a
0:54.5	mobile home park, a single family home, an apartment building, an office building.
0:58.5	Do not skip this step when doing your due diligence, okay?
1:02.2	Now, as we do with every property, we plan on purchasing, we schedule a phone meeting
1:06.8	or an in-person meeting if it's a close-by property.
1:09.5	But no matter what, we always schedule
1:10.8	a meeting with a few of the key people in the town or the city where the property is located.
1:15.9	And for this particular property that we're going to discuss today, it's in a smaller town.
1:20.4	So we actually scheduled a phone meeting with a couple of the key town representatives.
1:24.9	And these people included the code enforcement officer, the administrator to the
1:28.8	mayor, zoning, and the chief of police. And we tried to get an actual phone appointment with the
	...

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