All Forum Posts by: David G

I recently bought an old single-wide mobile home on its own lot and I was thinking about

leasing it as "heated storage". It's still "livable" but not pretty and I don't want landlord headaches.

Its a very hot market and would easily rent for $500/mo as-is. 

It would take $6500+ for fix-up and a few months it would rent for $1100/mo but workers are hard to find.

It's in a neighborhood of mobile homes on their own land I want to wait til summer to demo it and put a new MH to sell for a $100k+ profit.

I was wondering if anyone has actual experience or recommendations.

I just bought an old single-wide mobile home on its own lot and I was thinking about

leasing it as "heated storage".  It's still "livable/habitable" but not pretty and I don't want landlord headaches.

Its a very hot market and would easily rent for $500/mo as-is.  (It would take $6500+ for fix-up and a few months it would rent for $1100/mo)

It's in a neighborhood of mobile homes on their own land I want to wait til summer to demo it and put a new MH to sell for a $100k+ profit.

I was wondering if anyone has actual experience or opinions ???

I drove by that often. Used to be mid-lower income place. Seems like paying $138k per door is a lot but thats the market and it seems to be getting better too. Good for you.

I INVEST $100k IN ANY and EVERY PLACE - as long as the ARV is $200k or more and doesn't need more than $40k fixup.

Even if the contract is recorded it would expire, so wouldn't a title company just dismiss it and not see it as a cloud?

Jeff, great interview.

Just trying to get an idea of what the lenders are doing in general.

On a scale of 1 to 10, how easy was it to negotiate (with the bank) for that house you bought for 40k?

Also, what is your exit strategy(s) on that one (and sale price if to sell)?

You are smart to not follow the herd.

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I don't know if this is your question but I'm going to answer the question:
"Is there a way to find out if there might have been mortgage fraud in a number
of houses in my neighborhood ?"

Yes there is a way.

Search your counties recorded documents. You should be able
to search by legal subdivision name and transactions in the
past X months.. (You might be able to search by using the
first few numbers of the parcel numbers)

Then check the trust deeds that were recorded on those properties.
If they are from the same bank, a broker could've targeted that
neighborhood as a great 'target' to make some easy money.

Check the sales price if you can. And check the trust deeds.
You'll see the Beneficiaries (bank name) and loan amounts.

Then figure out if the numbers look fishy.

Keep in mind that the appraisers always use past solds
for comps. And if the market is starting the downside of
depreciation then you'll end up buying a house more than
it's worth even though the appraisal 'proves' it's 'worth' more.