All Forum Posts by: Xavier Randall

@Eddie L....do you want to be a property manager OR build a portfolio? Manage your property managers not your properties. Also, each has laws and regulations regarding this.

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $138,000
Cash invested: $20,669

PP of $138,000. Seller financed at 10% down. 7% I/O for 12 months. We're already in the refi stage with enough cash out to receive out initial investment back and to complete remaining renovation.Current rents were well below market due to poor owner management. After evicting 1 tenant and after updating we increased the rents from $450 to $725 . We have 1unit left to renovate and will rent conservatively/easily for $800 - $850. By EOY gross monthly rents will reach $2,775 - $2,825

@Todd Sullivan....I've been in the default industry for some time. There are still some asset management companies with their fingers on the pulse of foreclosures that become REO. They have established relationships with banks for bulk purchase. We just don't see them until they hit the MLS for a bidding war. I've been looking into https://www.**************/ & https://www.hudforeclosed.com/. ********** will be handling the upcoming LA County tax and foreclosure auction in February. It also still pays to do some leg work mentioned by @Wayne Brooks. Also, reach out to banks like FifthThird to find the REO department.

@Burt K. , if this is your first MHP, I would suggest finding someone with experience in evaluating. Also, in doing your risk assessment, I would only consider a park with the utilities connected to the city (lagoons, septic systems are EXPENSIVE). I would start with a pard with "NO" park owned homes or "VERY LITTLE". MHP financing is becoming more available, shop around. 

Now, @Randall Alan makes some decent points and is doing you a service in having you look at traditional real estate. But people loose their shirts with those as well. Also the old stigma of MHP clientele is not what it use to be (in some areas). But you get that with any real estate. Just don't buy in a rough neighborhood. There a lot of MHP's that are very nice and the clientele are hard working blue collar people who would prefer their hard earned dollar go further than living in a house. Me personally...if I went with Randall's suggestion...I would buy a 9 - 12 unit building instead of 9 individual homes. Yes, traditional homes appreciate quicker...if you're into flipping that's great...but that FAST appreciation is also a RED FLAG for overpricing the market.

The experienced MHP investors I've talked that have MHP's that are clean & well managed....hardly ever have a vacancy even in a bad economy.

Remove the fear, dig in and do your due diligence. Partner on your first if you have to. "DUE DILIGENCE" is the key to ANY & ALL investments. Good luck.

@Sean H....What does STR & ADU mean?

Hello BP Community. This is for those primarily in the lending sector. Between a CDIF mortgage company and a mainstream mortgage company, which will generate more business and which would you prefer to work for?

Hello BP! If anyone has completed the MHU boot camp, I'd love to hear your thoughts and experience.

@Remington Lyman ... thank you. My niche is small units 4 - 8. C - B areas. The sweet spot is to have partially occupied so I can update the the vacant units to turn over and buy & hold.

If you want to talk more...reach out in a DM

@Daniel Judge ... great! That alone is good information!