All Forum Posts by: Daniel Burbol

@Oluwasegun Oluwadele is the home in a park with lot rent or on it's own land. That will greatly affect your sale price, sale strategy, and buyer pool. (Ex, can't sell mobile in park on the MLS in my state.)

I made a lot of money flipping homes in parks. The trick is to make friends with the park and find ways they would benefit from giving you fee lot rent.

@Shane H. I agree about hiring an attorney to review your contract. In my mind, that $300 to $700 is like buying insurance. The beauty is you only have to buy it once.

here is my strategy:

1. Know what you want. (Educate yourself and read a few example contracts until you actually understand every clause and why it's there.)

2. Go to an attorney that specializes in what you want to do. If you are talking to the right attorney they will already have this contract mastered and will have already defended it in court a few times and improved it along the way. (That is what your are paying for.)

3. From then on, reuse this contract for deals like this. Make a "fill in the blanks" version of the contract; a template. Now you are good to go and you only had to pay the attorney for the contract the first time you used it.

4. When you have to enforce the contact you call the attorney who wrote it to also defend it. (And immediately turn their enforcement docs into templates. Things like "notices of default" and "eviction notices" are different things. Pay attention to the specific docs that need to be used to enforce the specific contract you exercised.)

ALSO, save a bunch of money by getting a couple investors friends to pitch in on the Attorney's fee.

If 4 of you all do step 1, then you will be able to help eachother understand exactly what you're doing. If 4 of you show up in the Attorney's office and ask 4 times more questions, you will get a better contract. Then 4 of you will walk away with a solid contract that each of you and use as a template for 1/4 of the price.

@Ben Morand also make sure the park is going to allow you to rent it out. In my state, many parks only allow owner occupied homes. So they won't let you live on their private property unless you own the home. If the managers don't want to play nice, they can make your life very difficult.

If it's a rehab, the comps should show you what other houses in the neighborhood look like which will tell you what you're house should look like. Also comps will give you the ARV for the house at that same level. From there, what do you think the Repair cost will be to get the house to the level of the comps?

Bbe careful not to over rehab it because you might be attached to it.  If the comps don't have granite counter tops and a bidet, then you don't need them.

Dealflow is holding me back.  The opportunities I've managed to find have numbers that don't work.

Mobile Home Flipper seeking actual RE Flipper in Las Vegas, Nevada

I've been flipping mobile homes (in parks) for the last 4 years and living off my investment portfolio. However, I want to be doing real estate flips. In the past, I've tried driving for dollars and skip tracing, I've tried sending mailers to databases, I've tried calling long lists from databases, I've tried calling wholesalers, I've spent thousands on classes and sending mailers. Nothing was ever fruitful.

This time around, I just want real direction from a real flipper who's actually doing it (not some BS class or guru or wholesaler who finds "deals" with numbers that don't make sense). I want to make it worth your time.

I'm looking for an experienced flipper in Las Vegas who would like to help me get an actual rehab project worth doing, point me in the right direction for securing it with money lenders and then be my sounding board for direction so I can get it over the finish line. I will take all the financial risk and do all the grunt work. You give direction and coaching and when the flip sells, you get half the profit. (I'm happy to put that in writing.)

This would be a full-time venture for me, but you would only be giving a few hours of your time each week and introduce me to some of your network to make the deal possible. I would do as much of the work as possible while you point me in the right direction. You get half the profit from a flip you had no financial risk in and you would be spending a fraction of the time you normally spend on a rehab project.

If that doesn't sound like a fair trade, please let me know what would be.

Looking forward to making money for you!

~Danny

I get the concept.  I lend them money and create a note that is secured to the real estate.

The money is for repairs on the RE property itself.  (homeowner has broken roof).

Where do I start with the evaluation of whether the home owner is worth lending to?

How do I find a licensed mortgage originator to write the note correctly?  (My searches just find mortgage *brokers* when I search)

Do I even need a licensed mortgage originator for a 2nd?

I'm happy to search on any key words or call around if I only knew what to search on.

Thanks!!

Welcome!

My wife and I are full time investors in Las Vegas and adjacent areas.  In the past year we have thrown ourselves into learning more about creative financing for Real Estate and Note Investments.  We've come a long way from my initial introduction about a year ago so I wanted to say hello again for the first time.

A year ago we were:

• Had a cashflowing property via traditional financing
• Were getting our hands dirty with our first flip
• Looking to learn about Creative Financing and Notes

Currently we are:

• Fine tuning our direct mail campaign
• Fine tuning our business and business strategy
• Looking for creative financing transactions worth doing (subject2, lease-opt, wrap, delayed close, OWC)
• We go to The Outback meetings and are getting back in the habit of going to Phil Dwyer's Henderson meetup
• Looking for more REI meetups, groups, web conference calls
• Looking to connect and share with people actually investing full time (more meetups, more coffee, more war stories)

This year:

• We are focused on acquiring cashflow but won't turn away smart capital gains transactions.

 I'd like to thank the following people for being involved in our amazing progress this past year: Mark Collard, Jon Lee,  Mike Whitehead, Phillip Dwyer, Steven Thompson, Steve Philostin, Tiger M, Tim and Constance, and so many more!!    

Hope to connect with more people in our area from Bigger Pockets soon!!

~Danny 

These are all great replies!  Thank you!