From 1 to 58 Units in Just a Year Using Creative Financing
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Creative financing is an often overlooked tactic for acquiring a property. It requires taking a look at what the seller really wants and needs and developing an offer that fits the seller’s situation to a tee. This is how Edwin Byler went from 1 unit to 58 units quite quickly.
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!
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Join the Real Estate Rookie Facebook Group:
groups/realestaterookie
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Will Mobile Home Parks Be the Hottest Real Estate Investment of 2021?
www.biggerpockets.com/blog/mobile-home-parks-hottest-asset-class-2020
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The Definitive Guide to Using Seller Financing to Buy Real Estate:
www.biggerpockets.com/blog/2013-11-05-seller-financing
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Follow Edwin on Instagram::
@edwin_byler or edwin_byler
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Follow Ashley and Tony on Instagram:
@wealthfromrentals or wealthfromrentals
@tonyjrobinson or tonyjrobinson
Episode 99
Show notes at: www.biggerpockets.com/rookie99
0:00 Intro
5:13 Welcome Ed!
6:09 First Flip & Growing the Portfolio
10:09 His First Solo Deal
15:57 Hiccups with the First Rental
18:10 From Single Family to Mobile Home Parks
27:47 Challenges When Scaling
30:56 Purchasing a 51-Unit Mobile Home Park
42:50 The Mindset Segment
44:56 Rookie Request Line
48:22 Random Questions
53:14 Rookie Rockstar
@edwinbyler7616 2 жыл бұрын
Thank you guys for having me on. I suck at interviews lol.
@peterhaywood4111 Жыл бұрын
Dude, you're great at interviews! And super inspiring!
@SoupSammich 3 жыл бұрын
This channel is 🔥.
@marlonelmore6798 2 жыл бұрын
This guy is the leeeeaaassst transparent of all the interviews still a greeeaatt interview thoo
@mekkamalaza2240 2 жыл бұрын
That best investment knowledge love it's more ideas
@moisesshooter9 2 жыл бұрын
How are you finding deals? especially these commercial mobile home parks?! How do you structure owner financing, i dont understand how that part works in depth, what are the numbers$$?
@purplegal05 3 жыл бұрын
Really glad I subscribed. I am also subscribed to main bigger pockets channel but I feel like sometimes there is too much jargon. This channel makes taking baby steps more realistic. Can’t wait to be featured on this channel one day! Currently working on sourcing my first deal. Just debating between purchasing an investment property at 20% down or waiting until December/January and buying a fourplex and doing FHA when my lease is up
@lilid5016 2 жыл бұрын
You have to wait for a lease to finish to use fha? Can you only use it once
@lilid5016 2 жыл бұрын
By the way how did it go
@LKH321 Жыл бұрын
There's a lot of unexplained jargon and shorthand convo with no explanation. :( Maybe include a glossary in descriptions? Or maybe just quick-explain the jargon and acronyms for the rest of the rookies as it comes up. I really wanted to get something out of this, but I'm lost in the language
@rightright6582 Жыл бұрын
2:40 why would not do a 1031 exchange?
@fabiola925 3 жыл бұрын
Oh well that’s where you guys went
@eliteexposure5594 2 жыл бұрын
Most units his older brother found which he doesnt get much credit for 🤣😂
@nick-eh5gb 3 жыл бұрын
Can yous turn her mic down a little bit honestly she waay louder then everyone else alot of the time
@MattBuysHouse 3 жыл бұрын
🦊
@joshuazayas1040 3 жыл бұрын
this females beautiful
@sarah-lp2oc 2 жыл бұрын
The financial market has been a really tough one this past months, but I watched an interview on CNBC where the anchor kept mentioning “…DAVINA NORMAN…”. This prompted me to get in touch with her, and from October 2021 till now we have been working together, and I can now boast of $15k in my trading portfolio
@cinziaabbruzzese4101 2 жыл бұрын
I earned more this year because I have been investing while working at the same time. I invested through Mrs Davina Norman, same woman that the anchor kept mentioning on CNBC, and made multiple of my start up capital within three months . She lives here in the USA and she is licensed.
@lucyweilbel6681 2 жыл бұрын
That's massive. Can you please connect me with your personal broker, I would love to get in touch with her.
@sarah-lp2oc 2 жыл бұрын
@@lucyweilbel6681 @financewithnorman on Telegram, get your questions attended to