All Forum Posts by: Bill Neves

Take the property subject to existing financing. Just like you've done before. No magic.

I took one over going into foreclosure. Did a lease option with the current buyer on the mortgage to leave the loan in place. Got power of atty, authorization to release information, etc. 

Did a lease option to a new tenant buyer. Higher purchase price than is owed and higher payment than the bank loan amount.

Actually, that particular tenant buyer isn't performing so this weekend, Sep 1, I take it back over and just today ran a Craigslist ad for a new tenant buyer to put down a deposit and do a lease option as a handyman special. I know the place needs a bit of fix up (not a lot) but I don't need to do it. Let the new person do it to save money on the purchase, move in, etc.

Lease option and fixing it themselves to move in, engenders pride of ownership most of the time, not all, but most.

Yes?

Have fun!

Hi @Morris Reichman

I agree that mobile homes are a good investment vehicle. Not for everyone but works great for me and lots of others.

Depends on the numbers and if they work for you.

It is personal property, like a car. It is not real estate.

What's the unit worth? Others in the park?

Doing it for yourself or an investment?

Can you rent in the park? 

Will the park allow investor/contractors?

What do you want to do with it?

@Gary Alford

Howdy.

Good news as mentioned above - you can buy and sell like a car. Just tie it up on a contract, run an ad or put out signs and resell.

Also as mentioned above make sure you can do it in that park and the buyers get pre-approved by the park. Some parks allow rentals, some don't.

Have fun!

@Eric F.

By 'tight spot in the park', I meant, late rent. Some park managers won't say anything about late rent until very late and on the verge of eviction. Then you get a call that rent's 3 or 4 months late. Not good.

Sounds like you have a plan.

Have fun!

@Yunet Coto

Hello - welcome aboard.

You can ask sellers to take payments as a way to get started with low start up funds.

If you have good credit, and are diligent with your money, you could get a line of credit for business use. My local bank gave me a personal credit card for $14k, a business credit card for $11k and a business line of credit for $15k. $40k available just by going in and asking. I have good credit so no problem.

Don't go buy big screens or take a vacation with the money if you want to build a business. 

As mentioned above, check out John Fedro's stuff here and YouTube.

Have fun!

Best case - If you want to help the people...

Pay the space rent so you aren't in a tight spot with the park. Let them pay you back in extra payments over 6 months or so. BUT make it the last ditch effort to get back on track.

Next incident - As already mentioned - Get them to move out in lieu of eviction. 

Good decision @Orlando Paz

As mentioned above, keep at it and you'll find a great deal soon.

Have fun!

@Kelly Wali

If you can get $5k profit on your first deal, I'd say go for it. Do your due diligence to make sure everything is up to code on the older unit. Code for your area may include plumbing, electrical, bedroom windows (proper height, width and clearance for egress), some areas require sheet rock around the heater and hot water heater. 

Local city or country building department can give you the code info.

@Jim Keller

Sounds great! Good job!

Have fun!

@Kelly Wali

Hi

What's your end goal? Do it as an investment? 

I'm not sure if you want to buy, fix and sell or move it. ??

1 - Why is the rent lower than other units in the park? Is it location or age of unit?

2 - If you moved it and put in a newer one would the rent go up to the other, newer ones also?

3 - I would think $35k for that age is a lot of money. If you bought for cash you can usually get a much better price than retail. Since it is older, and no loans are available, the price may be flexible.

4 - Would you want to buy it for $35k and move it out to put another in? 

5 - Can it stay in the park? Some parks require older ones to be moved when they sell.

6 - Is it a family or senior park?

A little more info and we can give you some ideas.