All Forum Posts by: Terry Drake

Followed Discussions Followed Categories Followed People Followed Locations

All Forum Categories

Followed Discussions

Followed Categories

Followed People

Followed Locations

Market News & Data

Market Trends & Data

Buying & Selling Real Estate

Out of State Investing

Real Estate News & Current Events

Real Estate Technology

Investor Mindset

General Info

BiggerPockets Exclusive PRO Area

PRO

General Real Estate Investing

BPCON

New Member Introductions

Questions About BiggerPockets & Official Site Announcements

Off Topic

Starting Out

Real Estate Success Stories

Real Estate Horror Stories

Real Estate Strategies

House Hacking

BRRRR - Buy, Rehab, Rent, Refinance, Repeat

Commercial Real Estate Investing

Mobile Home Park Investing

Innovative Strategies

Multi-Family and Apartment Investing

Land & New Construction

Wholesaling

Rehabbing & House Flipping

Short-Term & Vacation Rental Discussions presented by

Tax Liens & Mortgage Notes

Medium-Term Rentals

Buying & Selling Small Businesses

Outdoor Hospitality

Landlording & Rental Properties

General Landlording & Rental Properties

Managing Your Property

Marketing Your Property

Tenant Screening

First-Time Home Buyer

Real Estate Professionals

Mortgage Brokers & Lenders

Contractors

Real Estate Agent

Financial, Tax, & Legal

Creative Real Estate Financing presented by

Personal Finance

Private Lending & Conventional Mortgage Advice

Insurance

Tax, SDIRAs & Cost Segregation presented by

Foreclosures

1031 Exchanges presented by

Goals, Business Plans & Entities

Legal & Legislation

Real Estate Classifieds

Classifieds

Real Estate Events & Meetups

Reviews & Feedback

Ask About A Real Estate Company

Real Estate Deal Analysis & Advice

Guru, Book, & Course Reviews

Syndications & Passive Real Estate Investing

Terry Drake has started 20 posts and replied 242 times.

Before:

After:

2 Votes

This is the second home I was talking about. Purchase price was $500. Home has central air, furnished, new roof After the deal closed, I found out that there was a $500 credit for that lot! How wrong can you be for free?!

2 Votes

Out of pocket expenses:

MH - $350
Carpet+Install - $375
KitchenVinyl - $125
Vinyl Glue - $13
Plywood - $111
2x4's - $ 31
Screws - $20
Labor - $250

Total cost: $1,275

After pics tomorrow

2 Votes

Well we finished the floor work over the weekend. It took a day and a half for us and the carpet guy was in and out today. She's patched, vinyled, carpeted, clean and ready to sell. Here are some pics of the floor that needed work. This were holes that we cut out . In fact I walked in the master bedroom to grab a tool and my foot went through the floor and right to the grass/dirt under the home.

Entry way

Master bedroom (this is where I went through the floor)

Kitchen:

UGLY kitchen vinyl

1 Vote

I wouldn't use 1/2" personally. I used 5/8 this time instead of 3/4 because lumber went up so much down here and I could definitely tell a difference. Buyers tend to shy away from soft floors because they don't know what it looks like underneath, only what they feel. Don't forget to return the un-used ply when your done!

0 Votes

Originally posted by Marc Faulkner:

Make an Offer and Make a Friend! I do not go out to see a mobile home unless I know I actually want it before I leave. There are so many homes available that I just do not have the time. Also, if you don't lock the home up, it can be sold from underneath you. I make an offer on the spot for at least 90% of the homes I look at because you can't buy homes unless you make offers!!! I love to make offers to folks over the phone or by e-mail that I have never met. They can get in line or remain on the list of folks I call the following month to see if they have actually been able to sell yet........ This is a true buyers market no matter what area you are in! Don't believe me? Have me over for a week!!!!!!!!

All I have to do to get you here for a week is not believe ya? You got it!

1 Vote

I have dealt with Vanderbilt and all I can say is WHAT A JOKE! Nothing but the run around from everyone there.

0 Votes

Originally posted by Marilyn A.:

Congrats on getting more homes. I can't believe the prices. The only deals I can find remotely close to being that cheap have to be moved. I'm going to keep looking, though.

Keep us posted on how things go.

The first deal seems to be the hardest to find, Marilyn. Don't be discouraged and definitely don't give up!

0 Votes

Originally posted by mountainjoepa:

Why only 4,500? The appliances are worth $500?
I'm going to have to take back a 73 2/1 bath that I sold for 1k down, 7,500. I had good demand for it so I'll try again, maybe at 8k.

I like how you think, Joe! What's your avg holding time on a 2/1?

I would love to get 7-8k for this home but I don't know yet if I would be out of line at that price in this park. What would something like this sell for in your area?

Man.. now you've got me thinking real hard about $6,500!

0 Votes

Originally posted by Reid Levy:

Interesting story Terry. I guess I am just stubborn on the 2/1s. I only purchase 2/2, 3/1, 3/2 and up. 2/1s take forever to sell. But if you can make them work, that's great!

I am curious to see how fast these move as well. I think these two I'm working on will be a good barometer of the 2/1 market..

If you don't mind me asking, how much are you paying for the 3/2's in your area? What type of condition are they in and what's the lot rent ranging for those homes?

0 Votes

All Forum Posts by: Terry Drake

Terry Drake has started 20 posts and replied 242 times.

Post: Journey through the next (Lonnie) deal..

Post: Journey through the next (Lonnie) deal..

Post: Journey through the next (Lonnie) deal..

Post: Journey through the next (Lonnie) deal..

Post: Mobile Home Rehab

Post: Do you make your offer right away?

Post: Sources to Buy MH

Post: Journey through the next (Lonnie) deal..

Post: Journey through the next (Lonnie) deal..

Post: Journey through the next (Lonnie) deal..