Buying a 51-Unit Property with 0% Interest and No Money Down
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
Check the full show notes here: https://www.biggerpockets.com/rookie99