Episode 17-18/52 - Hovering

This will a combine blog post since I missed last’s week. It was going to be just one day late however, by Wednesday I decided to just pushed it back to this week. Lots of things happened and it was just a little hectic. What I thought was just a theoretical exercise became a real case scenario. The sellers agree to work with me.

So between the mini freak outs and my mind going in all directions, I had a luncheon with a local investor. He helped with the facts and turn it into something useable and we did an analysis of the situation. Incredibly helpful and so awesome. So, communication with the seller is still ongoing. The investor above actually went out with me and visit the subject property, it was a mess. Floors were damaged, kitchen and bathrooms were in pretty bad shape. I knew about this, but seeing it was a different matter.

The sellers are tired landlords and what’s worse is that they’re renting to bad tenants. As of right now, since they did a refi recently, there is no equity in the property. It’s basically a solid “No” at this point. We’ll see what the future holds but I’m pretty much out of ideas to help these sellers. Good case study since I was about to jump in there. Thank god no agreements has been signed yet. Got some comps done and property was basically overvalued when it was refinanced.

So I started writing this post in the morning around 10 am and finishing it now at 8pm. In between these two time points, I ate lunch, went shopping, and… bought a single wide. Yes, I rushed into it. Yes it was rash and now in order to calm my nerves, had ate dinner and drank a few beers. Initial analysis have indicated that I might have over-paid for the home. But we’ll have to wait to see how MUCH I have over paid.

Tomorrow Monday I will have to work on finding a lot in a park for this home. Previously I was in contact with a few park owners. I have one primary choice, one secondary and one last resort. The secondary is actually not that likeable, however, both first and second choice have parks way closer to me then the third choice. So purchased price is 3500. Moving cost estimate around 2000. Roof estimate 2000. So I’m already at 7.5 to 8000, without even rehabbing the darn thing.

Oh and by the way, the thing needs complete remodeling. Thing about mobile home in parks is there is basically only one way out, sell. So now mitigating cost and losing sleep is really my only saving grace and the latter won’t help in anyway. I don’t know if I should laugh or cry, since both could actually be appropriate depending on your outlook. Probably will doing both.

There you go folks. Podcast wise I made it to episode 68. Already listened to 70 and 75 in advance, but I don’t mind going over them again. Expect much of the few following posts to be about this new project or venture, which from here on out will be know as project Rocky. Mobile home was bought from a city near by called Rocky Mount and I’m fairly sure that this will be a tough and rocky first time deal with many lessons for me to learned.

“Exhale”. Alright folks, peace.