All Forum Posts by: Jeff Macdonald

I just made my first REI deal today! I bought a house at trustee's sale (courthouse steps). The owner passed away early 2016. I'm guessing there is still considerable personal property in the home. What does the law say about this situation? Do I now own the personal property or do I need to attempt to return it to family?

Thanks

Hey Trustee sale pros! I'm a newbie in the trustee sale realm (I've been to one but researching and learning for the last several months) and am curious of about anyone's tricks for creative ways to get info on the condition of the houses (other than internet research, title info, building department research). I have knocked on neighbors doors to get some intel....that is the extent of my experience. I have also paid a tenant to let me walk through. Does anyone have a particular way to connect with the actual owner that is non-threatening, and usually elicits cooperation? Thanks!

I have been researching REI for the last year or so, and am feeling closer towards my first deal. I feel I have the funding resources, a decent understanding of deal analysis, and a handful of investor connections that may be available as resources to help with my first deal. In my mind, I have been going back and forth between focusing on rentals (BRRRR) and flipping. There is an aspect of this beginner decision that I feel has not been mentioned much so far, and am looking for input.

I am attracted to rentals for the longterm wealth growth, and see how helpful BRRR is in maintaining my cash available for future deals. I feel stuck in that I need to partner with someone to help with the rehab, but can't figure out how to structure a partnership for this purpose.

I am attracted to flipping because it seems easier to partner with others, mostly, I need a contractor/project manager with the time and expertise to focus on the rehab. I have a full-time job and have a toddler....aka not a lot of time to manage a rehab.

Thoughts?

Yeah, lol. Seems odd to me that a lender would prefer to loan on a old stick-built home in a bad neighborhood, vs a new mobile on a foundation (on its own land).  Both could have the same loan amount. There a LOTS of newer manufactured homes in nice neighborhoods out here.

Oh, and the individual MHs I am interested in are on their own lots, some in HOAs, some not. I wonder if I could get something like a 6% mortgage with 40% down. Anyone have ideas?

Thanks John! The individual MHs I am interested in are on their own lots, some in HOAs, some not. I wonder if I could get something like a 6% mortgage with 40% down. Anyone have ideas?

Hey folks!

In my home area, there is sizable number of affordable mobile (manufactured) homes on foundation (post 1977). As an investor, these properties seem out of reach due to the lack of traditional financing. I have not heard of any lender that provides mortgages (or lower interest loans) on manufactured homes as investments. Any suggestions? Thanks.

Hey folks!

In my home area, there is sizable number of affordable manufactured homes. As an investor, these properties seem out of reach due to the lack of traditional financing. I have not heard of any lender that provides mortgages on manufactured homes as investments. Any suggestions? 

Greetings! I'm trying to find an agency that will do affordable preliminary title reports with a quick turn around.....my local title companies are too busy and more focused on the escrow side of their business. Any suggestions? Thanks.

@Brian Burke

Thanks SO much for the reply!

The auction states: "Buyer may receive a Special Warranty Deed or equivalent if Buyer is able to purchase title insurance without delaying the closing (title fees typically cost between $500 and $1500 and are based on the purchase price of the property). If buyer does not purchase title insurance, buyer will receive a Quitclaim Deed or equivalent, with no express or implied warranties of title."

The preliminary title report has two exceptions: 

"A permanent deed of trust" from California Housing Authority

"A subordinate deed of trust" Secretary of Housing and Urban Development

Thoughts?