All Forum Posts by: Account Closed

Investment Info:

Mobile home buy & hold investment in Sierra Vista.

Purchase price: $50,000
Cash invested: $50,000

Will be a rehab and hold

What made you interested in investing in this type of deal?

This is a great rehab for the money. It is a mobile home that is not too old and purchase price includes the land. Great location for us being so close to elderly in-laws, a place for us to spend the winters, and property values have been increasing at a decent rate for a few years. Once we rehab the value will be well above market value.

How did you find this deal and how did you negotiate it?

We found this through personal connections, someone knew someone else that might want to sell.

Hi Jason. Welcome.

My husband and I are new to Greensboro and learning the market - gotta hustle! We are going to close on our first deal in a couple of days. Would love to visit with you and your wife. Message me if you are interested.

Good Luck.

Hi John,

Thanks for your time to reply, the advice and invite to join the Facebook group.

We have been living in Sierra Vista for over 2 months - love the area! We picked up some on the economy and also have high hopes for the area with the new administration. Do you have rentals, do flips, or both? I have seen that there is a lot on the market right now.

We are leaning towards a flip also. Closing is later this month.

Hi everyone! Just buying a rehab in Sierra Vista, Arizona area and would like to connect with other local investors to decide if we should rent or flip. This home is in Herford. It looks like a chance to make a good return on a flip but may also show a good return as a rental. Looking for some input on which direction we should steer our rehab. We would like to get locals insights on this, not just our realtor.

Best to check for yourself on the county website. If you still have questions or you want to know what the tax will be after the renovation ask the assessor.

Those taxes seem low. Was this the tax prior to renovation?

Kind of a tough one being out of state. What does your signed contract say? Who is representing you there in TN? It shouldn't matter if the market goes up or down, your contract should address date of closing, specifications of completion, etc. It may save you some time, stress, and money (especially if the market has done what you said it has) if you contact an attorney in the area to find out what your legal rights are.

Hope all goes well!

Who is making the medical decisions for your grandmother? Has someone been appointed as her legal guardian?

If your grandmother, either physically or mentally, is unable to sign a legal document then her legal guardian should see an attorney. If one has not been appointed, go to an attorney and have one appointed.

I know this is not an easy time for you and your family and you probably cannot afford an attorney, but it sounds like this needs to be your next step. As owner of the property it is up to you to present a clear title to lenders and the next buyer. Best to you.

One more thing, if your grandmother is not able to sign a Warranty Deed, you can have someone appointed as her Power of Attorney to sign on her behalf.

There may be an issue for you as far as taxes are concerned. If your grandmother passes within 2 years of recording the deed, the feds may look at as a "deed in contemplation of death". If that comes up you may owe inheritance taxes. I agree with Wayne, talk to your title company. They are usually pretty good at solving things and whatever they have you do will also be in your best interest in the long run. Maybe even consider getting advice from an attorney.