All Forum Posts by: Brian Illingworth

There is a lot of people on here with full time jobs, and families that have been quite successful in all forms of real estate. I quite enjoy my job and plan on continuing with both for the foreseeable future.

Rachel H. Sharon Vornholt I really appreciate the replies. I learned a lot just from making my first contact with someone and asking questions. As far as the deal goes it wasn't going to work out. After talking with him more he is looking to sell closer to the retail price rather than a discounted price. Thanks again.

He says they are both 850 square feet, 2 bed and 1 bath. On one he says he originally paid $46,000 for it and the other was $39,000. He told me he was offered $10,000 to $12,000 each for both a couple of years ago but felt it was to low so he didn't sell. I am not sure how old they are.

Is there anyone here familiar with Mobil Homes in Michigan. I have a guy that owns 4 homes in the same park and is looking to sell 2 of them. These would be my first two deals and I am struggling on how to set a price point to present an offer to him. My intention is to wholesale them to another investor, which I made very clear to him that this was my intent, he didn't seem to care. The problem I am having is it seems that a majority have sold for $3000 or so and appear to be foreclosures and others have sold in the $40,00 to $60,000 ranges. So as u can see there is a huge gap. Thank you

I just sent out my first 75 yellow letters on Tuesday and I have received two calls. The first was a flat out no. The second appears motivated but my dilemma is I know nothing about Mobil homes which is what he wants to sell.

My letter was to a different address but when he called he said he liked that home and was keeping it, but had two other homes he is thinking about selling because he is getting old and wants out of the rental business.

This is what I know so far:

Both homes are 2 bedroom and one bath, approx. 850 square feet for both. Both are currently occupied and being rented for $650 a month. One home was repainted and carpeted last year and he doesn't think it needs any work. The second, well he doesn't know, the renter has paid consistently for the last 4years and he hasn't seen the inside in 4 years.

Both properties are owned free and clear. He states he bought one for $39,000 and the other for $46,000. Within the last year a neighbor offered him $10,000 - $12,000 for both which he felt was probably way to low.

I made the mistake of not making an appointment to see the properties, and I have no idea how to value a mobil home. On Zillow the recently sold properties are all over the place and the only ones in that park in last year sold for $3000, I believe this was a foreclosure, $37,000 which is bigger, and $68,000 which is also bigger.

Any suggestions on what to do would be greatly appreciated it, I was just looking to wholesale them.

Thank You.

Isaiah Suber i am new to wholesaling and certainly not a pro at this point. Did you make an offer to the guy that wanted $145,000? It seems like it's better to make an offer and have him refuse, than to not make one at all. You never know if he refuses it he could very well call you back on a couple of months when he is more motivated.... Which he certainly is not right now. Also is Bandit signs all you are doing? Have you considered yellow letters for a more targeted approach?

Lawana Anderson "Put your big girls draws on" hilarious, but so true.

I started with direct mail targeting 300 absentee owners. I wrote the letters myself and it costs about $150 a month, which includes price of stamps, paper, and envelopes.

You should probably start by reading the wholesale forum. I am new myself but a good starting point is taking the ARV, in this case $204,000 x .70 = $142,800, then minus out your fee and the estimated cost of repairs. Let's say your fee is $5000 and repairs are $20,000. So as an example $204,000 x .70 = $142,800 - $20,000 = $122,800 - $5000 = $117,800. I have read that some will use a multiplier of .60 to .70 depending on the neighborhood they are trying to invest in. But more than that I think one of the most important things to learn are how to properly estimate repair costs. If you are way off on this it could kill a deal with an end buyer because there is not enough profit left for him/her when it is all said and done. Good luck.

Sorry I wanna give proper credit. That link was by Raymond B.