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

Real Estate Rookie

English - July 28, 2021 06:00 - 56 minutes
Investing Business Entrepreneurship real estate entrepreneurship rental property financial freedom house flipping real estate investing Homepage Download Google Podcasts Overcast Castro Pocket Casts RSS feed

Previous Episode: 98: Rookie Reply: Lessons Learned from Our First Real Estate Deals

Next Episode: 100: Why Brandon Turner Encourages Rookies to "Start Small and Scale"

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
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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