Jul 9, 2019
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:
- Sunrise Capital Investors
- Real Estate Investing for Cash Flow Podcast
- Mobile Home Park Investing Podcast
- Fannie Mae
- Freddie Mac
- Ron LeGrand
- Regulation D 506(c)
- Collective Genius - Real Estate Mastermind
- Rich Dad Poor Dad by Robert Kiyosaki
- Kahuna Investments
- Multifamily Legacy Podcast on Facebook
- Cashflow HQ
- Kahuna Boardroom
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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