All Forum Posts by: Orlando Paz

@Account Closed - I've been looking at alternate ways for other investment opportunities, via hard money. The possibilities look very good, taking that route. I also tried reaching out to a local portfolio lender, but haven't heard back from them. Not sure what to make of that, but not very impressed with the fact they have not gotten back to me. Also seems that portfolio lenders are hard to come by. My current credit score falls below the standard minimum FHA loan. That by itself makes things difficult. As far as CC's go, I'm already in hot water with those guys. Without getting too detailed about my circumstances, I am in a tough spot. The conventional route, simply is not an option right now. I'm actually trying to find solutions via alternate methods. If I can bring my score up, I may then qualify for an FHA or USDA loan.

@Account Closed - The idea of finding a deal and partnering up with someone, actually sounds like a great idea. The possibility of a loan or credit card use, are non-existent right now. If credit wasn't part of the issue, I would certainly look into using conventional lenders and CC cash advances. I appreciate the great feedback. 

@Account Closed - My biggest problem is being able to actually attempt the purchase of a MHP. Right now, I have no funds to use towards RE investing. Quite honestly, I feel a little foolish about aiming so high without anything to put down. I'm simply going by the "no money down" theories, I have heard about. I would like to see if such strategies actually work.

@Curt Smith - I will certainly check out the past forums. As you mention, one of the great things about this site, is the ability to learn from other investors deals. I've heard of mobile home university, but have been hesitant to make any purchases due to cost. It's good to see that the Due Diligence series is reasonable. Not sure that I can afford a bootcamp yet though. Thanks for the great feedback and information! :)

@Curt Smith - Ok you got me on that one! :)  What is a "MHU's 30 day DD kit"? and how does that work? Now I'm confused! lol! :)

I have a very basic understanding of master leases, as I just recently learned about them via BP’s book. I’m just curious to see how many investors out there, have actually used such creative methods to purchase a park. For me, it just seems great in theory. I can’t help but wonder though, how realistic are such techniques in a real world scenario. Especially when the only people who seem to know about these techniques are investors, and RE investment/commercial brokers. Not only are you dealing with the challenges that come from such a transaction, but you are also trying to sell and teach the concept to the park owner and possibly RE agent (who probably is not savvy about such terminology). Then of course this causes mass confusion with the seller, while the RE agent tries to discourage you from trying to use any type of creative method. I’m just looking to see how many investors out there have successfully pulled off such a transaction.

@Mike Watkins - I agree with that. Other than owner financing, a master lease is the only other creative option that comes to mind.

Just wondering if anyone has purchased a mobile home park with no money down. What was “creative” method was used? And how did you go about finding your first park?

I'm there now. Still a newbie with zero experience under my belt. My initial challenge is finding a "good deal". I'm sure there will be more to come.

I would say tub. With a tub, you get the best of both since a shower head is already part of the typical tub design.