All Forum Posts by: Jim Keller

 John

I have completed over 10 flips this year so far, and hope to get at least number 18,19,or 20 in by the end of the year.  About 20 month ago i started with about $90,000 and have seen that grow steadily.  I used a traditional 20% down hard money loan for my first 2 deals and used my own cash for the rehab.  Both deals went well but took 100 days each to buy fix and sell, time is money.  

I know use a very high leverage loan from a local hard money lender that for a small fee i get 100% of purchase and rehab moneys lent to me.  this has enabled me to have up to 4 projects going at one time.   My yield decreases a small amount but is multiplied buy the amount of deals i can do at one time.  Do the math for yourself I have, Leverage built the pyramid's its good enough for me. 

One deal where you make $80,000, oh there out there i have done a few,  or 3 deals were you make $70,000 your yield decreases by 14.28% but I would rather have the $210,000 the 3 deals spins off.  good luck

A Mobile home is registered in California with the DMV department of moter vehicles, and typicly has piers holding it up off the ground. Conversely a HUD designated 443 structure on a permanent foundation has a HUD numbers that is located on plaque usually close to the services like gas meter or electric meter. The key is the way it is connected to the ground. These structures can only be financed through the FHA if they are a 443 structure.

The easiest way to see this is most mobile homes have a wood skirt around it with piers that look like jack stands under it.  All 443 homes have a foundation. 

good luck

I'm just happy to get good deals I can do and make money with.  Close the deal and move on, if it still works at that price your the winner.  Vurtually every deal has some kind of wholesaler, cash for keys, unexpected rehab, whatever comes up, adapt and move forward.  You will be rewarded is you make this deal work fast and effectively,  who cares about the agent.  Take him/her to lunch and say "ok I got you a good number on that one you owe me one" after 5 or 6 deals this one won't sting one bit.  Good luck

Kellie 

I'm closing escrow on my first mobile  home flip on the 14th, i'm a little scary of the unknown but excited about the fundimentals of the deal.  That's what it comes down to, for me the home is on a permanent foundation and the comps around it are fantastic. I'm going to close and resell as fast as possible, well we will spend $40,000 on the remodel.  It's going to be an adventure.

 I have never bought, held, or sold a note.  I currently own sfr rentals and flip homes in Southern California.  A business associate asked me to help them with a 3rd mortgage of $50,000 @ 12% they gave to and home owner in california.  Her friends also hold the 2nd of $75,000 @ 8%.  Both of these loans were done in Nov. of 2006 and the owner has never made the agreed payments.  The homeowner owes 1.45 million on a 3800 Sq ft hill top ocean view home worth 1.75 million.  

I was thinking of purchasing the 2nd at a discount and going to war with the homeowner who has been in and out of NOD and NTS for years. Or buying the second and selling it to a pro like you.

Any thoughts 

With no back splash I think a single tube 12" incandescent lite would be best, 2 of them would be soft enough to just put a muted light on the wall and granite, and be a nice night lite.  A 3 way switch would be preferred.  Hope it works,  your lucky to have such fine details to work to.  My projects are small homes mainly for first time or first time move up buyers.  Lights under the cabinets are still 2 moves away for them.  

Do you think you could sell this home without them?  Just a thought

Good luck 

 John it looks great,  I sold well over 600 New homes back in the day pre 2007 and would recommend you add a cap on the bottom edge of the upper cabinets.  It really defines the edge very well and hides the lighting that you should defiantly install.  The molding should be under $3.50 per foot and will give you the POP your looking for.

@Brain Adams

Funny Brian, I had this great day today, 2 good meetings, close to working out some kinks in a new business plan feeling like I'm working my business.  Then I read your great work, it's why I come to this site.  I can hear in your words the pride,  not conceit, but a love for what your doing.  I love the line

"You don't need to be a CPA to go after the bigger deals. Just determination, focus, and a lot of work."

Congradulations, I will be listening on the 13th

@Aaron mazarillo

The transformation .....lol !!! Will be amazing.  I feel like I'm selling soap, but we will just be doing a number in the whole thing new everything granite counter tops, new cabinets throughout . The grounds will be the biggest change I think here is a pic below.

It's very over grown but at 63,000 Sq ft with a 2.5 car detached garage and equestrian area in the back along with a covered shop behind the garage we will have our hands full but it will shine up nicely.  We are scheduled to close on the 14th of this month. 

In this market simular conventualy framed homes at our rehabed spec level would sell for over $575,000 so the land is the most valuable aspect of our deal.  We are hoping to atract a conventional buyer, the purchase loan is complete and we received complete short sale approval so escrow can complete the instructions and go to closing.

 It's all in 8% fee you only pay the per dium if you go over 105 days before the pay off and there are no payments in valves you pay through the closing statment