All Forum Posts by: Jared Rogers

@Allison Ezzi Note that a lien waiver agent is only required for improvements over $30,000.  Also, you can download a sample form by just searching Google for Lien Waiver.  Lastly, you can also use what is called NC Form No. 2 which is a OWNER/CONTRACTOR AFFIDAVIT, WAIVER OF LIENS AND INDEMNITY AGREEMENT.  I have had lenders and closing attorneys (upon sale) accept this form.  Page 3 of the form is where you fill in the contractors name, trade, and then there is a line for them to sign.  This will not work as a partial lien waiver, it only works as a final lien waiver.  

@Kerry Smith Thanks for the kind words.  I am still tweaking my website. So far I have only used it to make lenders, investors etc. comfortable and for that purpose it has worked great.  I have not used it to drive leads as of yet but that is the next step.

I agree with the above @Dev Horn comments.  I would add that the website has a nice professional feel but then I see your email is Gmail which seems a little unprofessional. You can do hosted email through Gmail (e.g. [email protected]), its a small monthly fee. Just a thought. I used my website host for email but the interface was terrible, slow and inconsistent so I switched to Gmail hosted and it is seamless.

@Stephen Kiser Wholesaling is a good way to start. You can get buyers (those looking to do flips) attending REIA meetings and marketing can be cheap upfront - bandit signs, driving for dollars (driving target areas and looking for distressed houses and then sending them yellow letters), classified ads, etc. Keep in mind that some wholesalers are spending well over $1,000/month some close to $10,000/month in direct marketing campaigns. Despite what is portrayed on many of the HGTV shows and ads for seminars, the real estate business is lots of hard work but also very rewarding. BP has a lot of resources to get you started so be sure to check out the resource section of the site as well.

@Stephen Kiser Welcome to BP. It is possible to get started without a job. If you have some savings even better. Those savings can be used for marketing. Some marketing is necessary and cheap like buying business cards and attending REIA meetings. Most people who start out look to wholesaling if they are short on funds. You have a nice "arrow in the quiver" with your dad as a GC since many new investors have lots of trouble estimating rehab costs. Good luck.

@Clint Barrett Since you only have a DOT on the dwelling it is best (in my opinion) to do it like the banks do for homes. The bank takes care of the taxes and insurance since they too are concerned about it lapsing. So I would do it just like them and add on insurance to the P&I payment. That way you get the funds and pay it yourself upon renewal ensuring it does not lapse. Among other things you also want to be named on the insurance certificate as the first loss payee in case of damage.

@Chris Purvis If you Google foreclosure help you will come across many free sites and downloads that you can provide as help.  I know many investors that have these links on their websites.

Jason Graham a 10% cap should be a min for such a small park and as mentioned above you should only cap lot rent with a suitable vacancy factor and less park expenses. The value in the $140k seems more inline with true value. Never put much value against park owned homes (that is a different business all together).

@Willie Morgan On the contract just go with the standard NC contract...where you enter you as the buyer add language like - Willie Morgan and/or assigns

On the estimating rehab check the resources section on this website for @J Scott The Book on Estimating Rehab Costs.  It is well worth it.  Also the costs used here are based upon Atlanta pricing which I have found is somewhat linear to NC.  Some things like concrete work however are much more expensive in your area compared to Charlotte and the Triad.

@Nicholas Kirsch what @Bill Jacobsen was saying that he believes that the price of $6,000 is for the mobile home only not the home and land.