081: Everything's for Sale at the Right Price, or at the Right Time

Jul 9, 2019

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You do what you’ve got to do to live your dream. Real estate found Kevin Bupp when he was 19 years old and going to community college with no direction in life.

Kevin tended bar until he did enough deals to support and grow his business. He’s a real estate investor, who started in single-family fix and flip, moved into multifamily, and shifted to mobile home parks.

Topics on Today’s Episode:

Single-family Stuff Unsustainable: Market shifted faster than expected
Highest/Lowest Point: 18% vacancy rate, negative equity, no cash flow
Loan Restructuring: Banks not interested in continuing relationships or restructuring loans
Hard Lesson to Learn: Bad credit, bank accounts garnished, and being forced to sell multifamily properties at rock-bottom prices
Crawling Out of Curled Up Ball: Save what you can to avoid bankruptcy by working with lenders on short sales
Everyone knows the fundamentals: Buy low, sell high
Rebirth and Regain Control: Start businesses outside the realm of real estate to save mental state and health, and pay bills
Real Estate Itch Returns: Burning desire in belly with a newfound focus -Buy mobile home park communities, rent land to residents.
Negative Stigma of Mobile Home Parks: Simply supplying affordable homes and rooftops to middle America
Mobile Home Park Financing: Not readily available, not well understood by lenders
Win-Win Situation: Ultimate goal for sellers is to have a plan for their money
Fund Structure of Semi-Blind Pool: Making purchases at your own risk, raising capital for deal syndicate
What is means to be a cash flow investor: It’s not just about cash flow of property, but protecting your team
Focus, pick one thing, get really good at it because there's a million ways to make money in real estate

Links and Resources Mentioned:

Quotes:

“I thought I was a cash flow investor, I thought I was following that model, and quickly realized that the market shifted way faster than what I anticipated.” Kevin Bupp

“I had bad credit. I couldn’t even get new debt put on these properties. We had to sell these things. I got out of them, but sold them for bottom basement prices.” Kevin Bupp

“This is what I love about true entrepreneurs. You're going to go down this journey. The only way you fail, is if you don't get back up.” Corey Peterson

“Raising money really becomes what your comfort level is, and also what the appetite for money is.” Corey Peterson

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