All Forum Posts by: Luis Valles

I am currently looking at a manufactured home in a very nice Mobile Home development.  The unit is about $60k and is definitely outdated. I would like to hear from "PEOPLE WHO HAVE DONE THIS"  type of flipping / buy-n-hold, as well as the pros and cons of doing so.

The first issue that comes to mind is where to get funding on a property with such low entry value.

Coffee talk amongst yourselves and get back to me. 😁

Thank you in advance for your contributions.

@Fahadbin Alam, Regardless on how you go about adding a second bathroom, there is no way to incorporate a new facility without disrupting the existing bathroom.

If a plumber is promising that type of turn around, ask to speak to references on past projects of the same type or run the other way.

On the rental side, no tenant is going to stand for an almost $400 rent increase overnight.

@Thomas Ingrao

Sounds like you do not have a REI- friendly agent, that's all. The agent does not know the game well enough to go with the program. No one's fault, just replace them. No harm, no foul.

@Kelly Beasley

@Kelly Beasley

Can you make a separate entrance for the barn and rent it separately from the house? That way you have two tenants and not dependent solely on one tenant to pay for everything. You can get top dollar for both.

As for the house, is there any way to add another bathroom and bedroom? Or just one bedroom and a half bath. This way you can ask more without getting laughed off the internet.

Overall it sounds like you did not make a plan for your exit strategies. When you have a plan or plans, then it's easy to make decisions because you are only left with the numbers.

Making plans with numbers for all your exit strategies, then the decision is quite simple. Yes or no.

Hope this perspective helps.

@Eric Ritvo

Like with all my big purchases (cars, tools, vacations, houses, boats, RVs, etc.) I run the numbers. If it doesn't work for me, but it a great deal, too bad for me.

Just because you cannot do it now or if it's close to working but not quite, it's not worth hanging yourself out there. Another good deal will present itself and chances are, it will be better than the last one.

Your resources are, what they are.

Extending yourself never makes you more money. You always end up making less.

That's been my experience. Get back to analyzing and getting that next deal lined up. Good luck.

@Theresa Harris

Look into his property taxes and see if he is current. If not, buy the lien and eventually take the house. He will never know who did it. If he pays the taxes late, you get the interest and the late fees.

It's not much, but it would feel satisfying to do it.

@Rob Hartz

I am in your same predicament. I have found some inexpensive properties in a small town that will mostly require cosmetic work. They are good sized houses from 3 bed 2 bath, up to 5 bed 2 bath. I am totally looking to these towns as cash flow only. Since I can get into these properties with mortgages less than my storage unit cost, I'm not concerned about resale value. If I can get my costs back in 2 years to 3 years, it would be worth the investment. Then I would sell off the property to a tenant when I was ready to get out of the town.

I do have the same concern about finding tenants. So far I have only found two rentals in the whole town. I still need to do more research but that troubles me a little bit. I am considering splitting the houses into duplexes if I can get cleared through zoning. (I don't think this area has a lot of apartments around.)

@Tony Selthofer

Just curious how the bathroom and kitchen arrangements will work when you rent a house by the room?

@Daniel H. Thank you for the insight.

@Darnelle Talamantes, I just ran the sample which did not go far. Plug in a zip or address and get a generic over view of properties available. When I tried to drill down deeper, that's when the test drive ended and the sales pitch began.