All Forum Posts by: Tom Goans

I think I am getting too old. I look forward to learning something new every day. I could have had an intelligent conversation with Einstein if only I had been this enthused about learning way back when.

@Michael Smith,

This post could use your professional thoughts and guidance.

@Justen Ashcraft,

I once worked for a loan broker. As part of their business nature, they shop a loan to different underwriters/buyers to see who will approve the loan and will give the best deal. It is my guess, in your case, the first underwriter/buyer turned down the loan, perhaps enough time has lapsed since the application for the loan, and now your loan broker is resubmitting the loan application to new underwriters/buyers.

This is just a guess. Michael Smith works in the finance industry and can provide better and more accurate information.

Your broker will be able to give direct answers to you particular situation. But knowing the playing field and the rules of the game is a good idea before the call.

As in @Matt Devincenzo situation, you may be facing new interest rates, fees, and ???. Isn't finance fun!

@Mike T.,

Please Seek Legal Professional Advice

Legally, legal advice can only be provided by a licensed attorney in the state where the property is located. You should only consider legal advice that is provided by an attorney you hire. Any other legal advice is ILLEGAL and may be very incorrect.

Do not rely on unlicensed legal advice.

@Inderpal Chadha,

My father continually stated; "It is hard to go broke making a profit." Another favorite saying his is; "A fast nickel is better than a slow dime."

You are considering your actual cost is the purchase price plus all other associated costs ... right?

Every person is unique, every situation is unique, every goal is unique. There is no one correct answer for you.

@Paula Brett,

I love and highly recommend investing in manufactured home related segments of the real estate business. Great returns for low risks.

Age of the homes can be a concern. If anything, your lot rents will be less and the community is on the decline. Thus, your investment is on the decline as well.

Also consider the age of the infrastructure. The costs for upkeep will increase every year.

Are you aware of the changes in manufactured home laws that began June 15, 1976 that require all homes to be designed and constructed to the Federal Manufactured Construction and Safety Standards and is so labeled?

If it were me, I would inspect the outside of each home to verify that each has the HUD label - should be on the tail-light end of each unit.

In some states, a manufactured home may not be resold without a seal and homes without a HUD seal must be rejected. In states where resale without a HUD seal is permissible, a manufacture's certification must be obtained verifying the date of the sale. Some local jurisdictions will not allow you to move a home that does not have a HUD label.

For more information, search on the Internet using the search words manufactured home HUD.

In Chipley, Florida, there is a gentleman whom is one of my mentors - Jimmy Napier. Many times, he has shared his experiences in owning manufactured homes and related subjects. He sells books and audio media on these and other real estate investment experiences. www.jimmynapier.com

Sure.

I have sold my property that way since the 1960s.

On the flip side, if you are considering getting into the real estate business to make money, you may want to seriously consider having an experienced partner before proceeding.

Or, go to work for a seasoned real estate investor and ask that person(s) to be your partner in a property you find.

@Alex Harris,

Legal defense goes beyond the statute words. You actions will also be analyzed. Actions define the application of the law.

Of most importance, can you afford to defend yourself in a lawsuit should a seller, buyer, licensed real estate agent, real estate company, lender, local government agency, or a state government agency sue you for your actions?

Win or lose, a lawsuit is expensive and damaging to one's reputation.

Clearly, some like playing in the gray area or trying to create a gray area. You must define your own comfort level and how it applies to you and your family. Read the laws in the state where you anticipate doing business. Then have a conversation with an attorney in that state to have your questions legally answered. Your trained and licensed attorney will provide you with legal options and considerations.

Just remember, this is your livelihood.

@Andrea M.,

Do you structure the payments to match when the tenant gets their paycheck?

I have found this to have many benefits for both sides. One, it is easier for the tenant to pay you each time they get paid. Your two main benefits are; 1) you are more likely to get paid; and 2) you are alerted to financial challenges for the tenant much quicker.

Everyone wins. Everyone is happy.

OK, one more thought that Bill reminded me of ... Be A Problem Solver in many ways. People on all sides love problem solvers. There are too few. You will be a hero if you are a great problem solver.

@Trevor Shakiba,

Perhaps it would be wiser to address the "roadblocks" before talking to more insurance companies. You may be reducing your options for insurance coverage.