In this episode I’m together with our fellow Virginia investor John Brinkos. We talked about how he started to acquire assets with his wife, what made him decide to want more and step up into real estate investing. He shares valuable tips and knowledge to real estate investing especially in mobile home parks. Don’t miss this! Stay tuned.
In this episode, We explore:
- Mobile Home Parks Investing
- Tips on getting started on Real-Estate
- How did he acquire his first property?
- Partnerships/ Joint Venture while getting started in investing
- Perks of having mobile home parks
- Multi-family vs. Mobile Home Park
- Mobile Home Parks maintenance and ownership
- Tenant Management
- How does mobile park homes' income different from multi-family?
About John Brinkos:
John retired from the US Navy as a Master Chief nuclear operator after 28 years of service and now works as a Program Manager of a program responsible for revenues of over $20,000,000 annually. He Has been investing in real estate for the past 6 years and currently operates 19 properties covering 29 units. He is a Platinum member of J. Scott Sheel’s Commercial Academy and a graduate of the mobile home university run by Frank Rolfe. He has been actively investing in the Hampton Roads area of Virginia and has executed single family flips and holds SFH and MFH using the BRRR method. He has acted as the project manager for his flips, actively and passively managed his long term holds. He focuses on finding, purchasing and holding mobile home parks in the Midwest, Texas, and the East coast of the United States.
What is your number one failure in real estate?
- waiting till I was in my late 40s to get started, If I go back and back test everything If I could go back to my early 30s when I bought my first home, I just kind of think about where I would be now had I kept I kept my nose to the grindstone and didn't get scared.
What nugget of investing knowledge you have to give to someone who is just starting out, whether they're 20, 30, 40?
- Learn as much as you can. But don't let learning stop you from getting started. I think you can learn as you go, but there are some books or two that can provide enough of a baseline to walk into a deal. I kind of hit on three points. Don't wait until you're totally comfortable because it’s got to be something that you're pushing yourself towards.
- And you're always going to be scared when you're doing that. So don't wait until you're comfortable. Because if you do that you'll never get started. You make yourself more comfortable by learning. So go learn and teach yourself and read. And then when you're ready to go find somebody who can be a mentor for you, that has been there and done that.
- That's what the whole idea behind the real estate meetups are your local networking events, you can go to tech, just go talk to a real estate agent who has helped an investor buy a home and see if they're willing to create a contact and you go by a guy or girl a cup of coffee, who has already bought an investment property and talk to them. But don't wait until you're comfortable. Because if you do that you're never going to get started.
What is one number one thing that's contributed to your success?
- I don't want it to sound like it's conceited. But making the decision that I'm going to do it is the number one thing and like I said before, you're going to be uncomfortable. But if you make the decision that you're going to do this period, you're going to go find a mentor, you're going to go find the people, they're going to help you, go read the books. The number one thing that has contributed to my success is making a decision that this is the way that I'm going to create generational wealth for my family. That's that's the thing that led to success.
What is your dream?
- The dream or the thing that's driven me the most is that we as military members have kind of not been in control of most of the things that we have to deal with in life. I had to leave my kids, I had to not be there at times where I wanted to be there. I couldn't make the decisions that I always wanted to make. So my biggest dream is to never have to answer to anyone else about what I want to do, where I want to go, how much it's going to cost? Do I have the time to take time off of work? I just don't want to have to answer to anyone else. I don't want to have to answer to the credit card company because I just don't have enough money to go do it. I want to have enough money that I can do what I want when I want where I want with who I want. So the freedom. It's the real thing.
- “You have to make the decision that you're going to do it, once you make the decision, you take all the options off the table, that you're not going to get it. So all the excuses, absolutely go away and you figure out a way to get it done”
- “ It's just a decision that you're going to continue to do what you're going to do, and that this is the way you're going to build your future. If you don't make that decision and commit to it. You're not going to be successful”
- “The mindset in real estate has to be I'm going to drive to make sure the numbers are right, and the facts are straight“
- “ Be ready to walk away from deals. If it's not a good deal. It's not a good deal, period. You can't usually twist it into making it a good deal. Unless the owner is willing to get creative with you ”
- “Learn as much as you can. But don't let learning stop you from getting started”
- “ Don't wait until you're comfortable. Because if you do that you're never going to get started”
You can find John Brinkos on:
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