All Forum Posts by: Jon Klaus

"Jon- Are you buying these mobiles in TX? Just curious. Rich."

Yes, all within an hour of Dallas to the east. Quinlan , Terrell, Crandall, etc.

Most are a 30-60 drive for me, but I am looking for (and finding) tenants that are responsible for minor maintenance.

2009 is really my first year other than a couple one-offs in 2008 and some activity several years ago. I have bought 6 mobile homes on 1-4 acres each, and one lake house since March. 3 are rehabbed and leased, 1 is getting rehabbed now, and 3 are waiting for rehab/updating. That's the bottle neck.

I've been able to buy (all-in) at 40-50% of ARV, and able to rent for 2.5% on average. I also have one sold (under contract) with the buyer using FHA, so I should be able to do a couple more cash buys when that closes.

I'm having fun and God wiling, I can keep it up for some time.

Just click through on the URL in the signature to see pics and numbers.

Tom, excellent job on the rehab, the profit, and your blog. You clearly do quality work.

Yes, on my appraisal they gave me little value for the additional land, though a builder told me it's worth $100K per 3 acre lot. It's in the SE corner of Dallas County.

Tod, I can't PM you since we aren't colleagues, but have noticed we have a few things in common including location, interest in mobile homes, and homes on acreage. My email is below if you'd like to connect to compare notes.

And Dave, thanks for the excellent overview on MHP valuation.

"We need pictures!"

And $ numbers!

Early last year, I did a complete rehab of a 1957 frame 3-1. It needed nearly everything and I went a lttle too high end for the neighborhood. It was my first rehab, so I consider it school.

I want to bump this topic because I have the same questions. My own home is on 9 acres with 1000 feet of road frontage, and I'd like to subdivide eventually. Anyone with experience on something like this?

Do you charge orignation or other fees for selling via owner finance? This would be on a 30 year fixed note, contract for deed. Sales price $70K, $10K down, 7.5% fixed rate.

Also, any tips on further setting up and structuring the note to make it more valuable for eventual resale (the note).

"I just recently attended a Guru event and luckily did not have the $1997 that the guy wanted for his collection of books and tapes, and this is a very well known guru, I won't mention his name, because I don't know if that's kosher, I'm still new here. But I saw lots of other people tripping eachother to get to the table and I personally observed people writing out checks for $1997 to this guy for a bag of tapes and a big book binder."

Richard, I've heard (and knowing a bit about human greed, I believe it) that some of these gurus have decoys rush the table and "buy" the program. It typically doesn't end well for ducks who chase after the decoys.

Wow, thanks for sharing your experience Rich--here it is:

http://www.biggerpockets.com/topics/34916-appreciation-vs-cash-flow-the-clash-of-the-titans-?forum_id=48&page=5#posts-176018