Flipping Mobile Homes For Down Payments, Then Living Off Rental Income With Jason Velie (Ep 476)
Rental Income Podcast With Dan Lane
Rental Income Podcast
4.9 • 805 Ratings
🗓️ 2 July 2024
⏱️ 21 minutes
🧾️ Download transcript
Summary
He uses other people's money to buy mobile homes, fixes them, and sells them for a profit.
He then uses the profit as his down payment to buy rental properties.
Then he uses the cash flow his rentals produce to pay his living expenses.
On this episode, we talk about what he looks for in a potential mobile home flip, what he does to fix them up, and how he sells them.
We also talk about what types of rentals he's been buying and look at the numbers on a recent deal.
https://rentalincomepodcast.com/episode476
Transcript
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| 0:00.0 | inspiring interviews with today's top landlords this is the rental income podcast and now dan lane jason can you share |
| 0:11.0 | with us where you got the money from to start buying rental properties absolutely so i start by |
| 0:18.2 | using other people's money to buy and flip manufactured homes and then take the profit that I make off of those flips to use as down payments for commercial multifamily properties and then take the cash flow passively from that to live off up. |
| 0:36.5 | On the podcast today, we're going to get some more details |
| 0:39.2 | about how this is actually working for Jason. We'll talk about the types of manufactured homes |
| 0:44.6 | he's looking for, what he's doing to fix him up, and how he's selling him, and then how he takes |
| 0:50.4 | that profit and buys a small apartment building. We're also going to take a look at a deal. |
| 0:55.6 | We'll see how much money he's making and what he ended up buying with the profit. |
| 1:00.2 | Joining us on the show today from Wilmington, North Carolina is Jason Veeley. We'll take a quick |
| 1:06.1 | break to thank our sponsors. We'll come right back and we'll talk to Jason. It's a lot of work to find a really |
| 1:12.3 | good rental property and when you actually find that property, you want to make sure you're |
| 1:16.2 | working with a lender that can get that loan closed. The lender that I recommend is Chaley Ridge |
| 1:22.0 | from Ridge Lending Group. She's a nationwide lender and her specialty is helping investors finance rental properties. |
| 1:29.7 | She has a ton of loan programs, and she can find something customized to you for your situation. |
| 1:35.4 | If you want to find out more or you're ready to get started today, just go to ridgelendinggroup.com. |
| 1:41.1 | That's RIDG-E Lendinggroup.com. NMLS 42056. Rental Income Podcast. |
| 1:49.6 | The first thing you're doing is you're using other people's money to buy mobile homes. |
| 1:55.7 | What are you looking for in a mobile home? |
| 1:59.2 | Yeah, so fantastic questions. So there's a few things. First of all, |
| 2:03.0 | I'll clarify that I do not buy mobile homes if they don't come with the land. I'm not in |
| 2:09.3 | that business of moving them and setting them up, et cetera. There's money to be made there, |
| 2:14.0 | but I'm not really interested in that route. So what I'm buying is manufactured |
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