Episode 10 with Garrett Terrell
“The mobile home park deals are the best deals that I have ever purchased in my entire career. And they have been the easiest, they have made the most cash flow, and they're the most attractive to lenders. Believe it or not, local banks and credit unions love these... And it's literally tripled my net worth in three months - four months… I was hovering a little under 1,000,000 bucks basically for the last four years… After I bought these 2 mobile home parks, it bumped up to 3.2 million on [my] personal financial statement.”
Join Glenn as he interviews Garrett Terrell, a real estate investor from Phoenix, Arizona. Garrett started in real estate in 2018 at the age of 22 by house flipping. In the past 6 years, he has closed over 200 transactions. A former college baseball player, Garrett now owns 60 rental properties and has a $5,000,000 portfolio at the age of 28.
Glenn and Garrett discuss:
- Flipping houses
- The BRRRR Method
- Types of financing - private money, national banks, local banks, and credit unions
- Infinite banking
- Velocity banking
- Using HELOCs, LLCs, and promissory notes to invest
- Lien positions
- Real estate waterfalls
- Park owned vs. tenant owned mobile homes
- Pricing mobile home rentals
- Settings standards with tenants
- Single home properties vs. mobile home park properties
- Stacking property deals
- Building credibility with lenders and brokers
- The importance of having control of your business
- Price, speed, and convenience in financing
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