All Forum Posts by: Abad Marroquin

Thanks a lot Brian Gibbons! I guess I'll continue looking and educating myself. :)

I lady who I met in church years ago told me she recently divorced and now is looking for a new place to live because she is going to leave her house to foreclosure. She can no longer afford the $970 mortgage payment (That includes property taxes and insurance). She bought the property in 2005 at $140,000 at 30 years. She has tried to get an approval from the bank to do a short sale but she said the bank would not allow it. She also mentioned that her husband had signed some kind of document removing himself from the loan (I don't know what this is...) 

This house could be rented for around $700 a month. 

Is there any room for any deal here? It's a 3 br 2 bth built in 2005.  She said she tried to sale through an agent but for $150k for a year but did not sell. 

A little about me. I have 3 br 2 bth fully paid where I live. I also own 3 double wide mobile homes fully paid that rent for $600 a month. I would like to continue buying properties but I have no cash or credit. That's why I am trying other strategies. 

I like this property for myself. If I decide to rent my house where I live now I could get around $700 a month. So, If I assume the loan I would need to come up with the difference of $270. 

I also have buyers who are willing to pay $10k down for an owner financing because they don't have credit. 

If there is a opportunity to ge my 5th property what questions do I need to ask to get a better picture? What information do I need to get to analyze this deal better?  How would you approach this deal?  Thank you for your input. In the mean time, I will do some research on Subject 2. 

Thanks for your advice Perry Ivy. 

I appreciate your help Dan Perrott.

Thank you Michaela G.

Thanks Virginia H. I appreciate your help.

Thanks Jeremy Dolan.

Thank you Mike Wood. I will send them the notice to quit or pay just in case...

Thank you Jd Martin . My security deposit is $500. I lowered it to $400 for them. They acted very responsible... BIG MISTAKE!

Thanks for your advice Jennifer Tornus!

Thank youJeff Rabinowitz

Thank you all of you for your input on this. Yes I gave them a payment play. They accepted it, but in the last two payments they came up with excuses for paying only the rent but not not a single dime to catch up. 

This tenant called me today Monday and said they are moving out on Wednesday because they don't want to be evicted. The husband had an accident and and did not work for a month and they said they would catch up once he would be back to work. They begged me to work with them by giving them  a payment plan. He is back to work now and now and his wife called me and told me about their intention to leave. They are late one month and a half ($1300). The contract is due on January 18th. I have a deposit of $400. Should I evict them anyways since they have not left the property or I just let them leave peacefully?

What abou the rent they are behind? Can I sue them for that? 

It's obviously I need to learn how to become a more effective landlord. Thanks for your input!

Steve. She knew it was ocupied. She had a key, but did not use it. She knocked on the door and there were 2 people inside. The agent told them that the management had call to let them know that she and a buyer were going to look at the property and if it was ok if we could come in and look at it. One of the people said he didn't know anything but said maybe my Mom or Dad know but they are not home right now. "But you can come on in," they said. One of them was an adult, so that's why we went in, but this was obviously wrong. 

Hi Joel. These double wide mobile homes with half a lot are being sold around $40k in this area. These two include the lots. Yes I am not planing on selling them, but to hold and have a decent cash flow. prior to this situation I had already bought 3 and they are currently generating $600 each. But I am nos sure I am getting good deals here or not since I am a newbie. I bought all these properties this year. Thank you for your input.

Hi Neal. Yes I made a big mistake there. No it belonged to a different seller. 

About 4 weeks ago an Agent told me a seller had a double wide mobile home for sale. The agent and I meet a at a nearby place and I followed her to the property.  We got to the property and looked at it inside and out. I negotiated it and we agreed on $20,000 cash because the shingle roofing was older that 14 years so it needed to be replaced entirely.  I calculated it would take $3000 in repair.

The agent typed the agreement and seller and I signed it. When I got to the closing, I brought the check and I got the documents. When I got home for some reason I wanted to look at the property on google maps, and to my surprise it did not showed the same property that the agent had shown me. I immediately called the agent and told about it. The addresses of both property are very similar and are three blocks from each other. The addresses were: 15 Ridgeview Way and the other was 15 Ridgeview Cir. 

The agent did some research and called me to say that I was right. I asked her if we could go and look at the property I bought right away, and she agreed. I was hoping that the property I had bought was nicer, newer... and not uglier and in need of more repairs...

Unfortunately, it needed more repairs. I roughly calculated that It would take around $5 grants compared to the $3000 the other was going to take. I was disappointed, but tried not to act that way. I calmly asked the agent what would happen If I did not like this property because it is in a bad shape and I wanted my money back? She said that the seller would refund me 100% because it was not my fault.  She said they could not sell the other property that she had shown to me because it belonged to a different owner...(what a situation there...) Before telling her that I wanted my money back I told her that I two hours to make my decision. I did that because I wanted to find a way to fix this deal...

A month earlier, she had shown me a different double wide mobile home. This one was in a very bad shape. It would need around $10,000 in repair, but once fixed I could sell it for around $40K or rent for $650 a month.  I called the agent and told her that I was going to give them two option. 

I told them that the property that I bought needs a lot more repair that the one I had seen. If I wanted to buy this property I would not offer more than $15k for it. What I suggested is that they include the other mobile home  located at 11 Striplin Trail. I said that property is beyond repairs, so I am only interested in the lot. Even though the lot is worth $9k (according to the county records), it will take about $3000 to get rid of it. So I would not offer more than $5k for it. So combining the two properties, the one that I legally bought by mistake and this lot it would even up the $20k that I had paid for the wrong property. 

The seller did not accept the offer but asked an addition $25 hundreds for it and that I would not pay any closing costs. After failing to get the seller accept less than the 25 hundreds I decided to go ahed and buy the other lot and not to ask for my refund. Now I have 2 properties. One for 20k and the other for 25 hundreds. 

The nicer mobile home that I bought by mistake needs about $3000 in new roofing and is already occupied, generating $650 a month. The total investment in the mobile home was $23000. 

After looking at the second property more closely, It can be repaired and it will take around $8k. Mostly it needs new roof and new flooring. All in all, this property is going to cost around 13,000 and once rented it will generate another $650 a month or sell for $35k. 

So for $36,000 I was able to get two mobile homes. One already incremented my cash flow in $650/mo and the other one will do the same in 3 months. Once fixed up, combined they will be worth at least $70,000. 

When I thought I had made a terrible mistake, I ended up turning it around for a good deal. 

And I have also learned the lesson. Always ask for the correct address of the property before you go and look at it and make sure it is the same address described in the settlement documents. 

I'd like to know what other people would have done or what they think about this deal. 

Hello. My wife and I own our own house fully paid. It is valued around $80k. We also own two double wide mobile homes fully paid. One of then being rented for $550 a month and the other one just finished remodeling it and ready to put it in the marked for sale and expect to get at least $35k cash or owner finance it for around $45k with at least $10k down.

Now with this in mind, I'd like to continue acquiring more mobile homes. Right now there is a double wide mobile home that I can acquire for around $20k cash in good condition with tenants in it generating $600 a month.

What would be the best way to go ahead with this deal. I don't have any cash, and I've always been afraid of getting a loan. I know it would be worth it. Should I go ahead and get a loan on the equity of my home?  What other options do I have?  I need some help please. I want to get this property so bad.

Thank you for your help!