All Forum Posts by: Dovid Staples

I've looked here in the forums and didn't find too much, or at least not much that was recent. I'm looking to find an investor friendly title company Agent with experience and reputation doing dry double closing (the A-B transactions is funded by a simultaneous B-C transaction). and also an agent whom you have experience with being able to answer questions and give advice on tricky and/or creative transactions. Thank you!

I've looked here in the forums and didn't find too much, or at least not much that was recent. I'm looking to find an investor friendly title company Agent with experience and reputation doing dry double closing (the A-B transactions is funded by a simultaneous B-C transaction). and also an agent whom you have experience with being able to answer questions and give advice on tricky and/or creative transactions. Thank you!

again thanks for the advice. Apparently the sewage pipes and things had been replaced nine years ago by the owner right before he died and three years ago the water pipes had a leak from calcium buildup and were replaced. I would still want them to sign that seller is responsible for any preexisting defects to the pipes at the date of sale. Could I do that?

I also had him send over the 2010-2011 income and expense statement with the EOY projections. putting in an imaginary %10 vacancy rate (though it doesn't seem like anybody is going anywhere), plus 696 in made up expenses (I counted the lady who would manage in exchange for free rent plus 386 for...something) and the NOI comes out to be $20586 per year. Considering the four mobile homes that would come with the property, I figure a reasonable price would be;
150-170k?
A far cry from the 300k they were trying to get a while back.

then I think how can I finance it? Even if I find someone willing to finance long term based only on the asset Id have to come up w/ at least ten percent. So perhaps while in contract get the four other homes sold for 6,000 down and the rest financed for 1-2 years? and to make it lucrative offer a year or some odd of free lot rent. Would a realtor be willing to market a mobile home? Say i worked out that he gets a thousand for each home. That would leave $20,000 of their downpayments for my downpayments.

Does this make sense? or am I just being young and cocky again.

19 and just started 4 weeks ago. I'll be closing on my first condo G-d willing at the end of the month. From what I read here, I'm real blessed to begin so early.

Aye, thanks Keith and Steve. I didn't think about possible sewage issues. Luckily they do have one representative so it's not all six. AZ comps are pretty low. I of course will gather as much info as I can (about the property and advice from BP members) before putting in an offer, then it's a matter of what the heck do I do next...

At first they were asking 300k, but they were since convinced by the family member representing them that it was too high a price. Now they're asking to "make an offer"

I'm a new start-up investor and I've always heard of how lucrative mobile home parks are, but never have been interested because I've never come across any for sale nor have cash nor know much about them.

Except now an opportunity has jumped in front of me and I've learned to seize things when they come.

But I don't know where to start. Luckily, I've found the greatest source of knowledge ever - BP. Here are the details;

It's part of an inheritance in divided by six cousins. Dividing the income by six isn't all that great so they want to sell it.

Rent is collected a couple times a month. Each unit averages to $310/mo. average expenses are:
water;300/mo,
electric; 356/mo,
trash; 185.74/mo
Insurance; 106.16/mo
Cit sales; varies
There are 14 spaces in all, plus a 15th which is larger than the rest. the 15th was bequeathed to them by the previous owner who had built it out and occupies two lot spaces. 11 spaces are occupied and tenants own their own mobiles. 4 for over 15 years, 2 for over 10, 3 for over five, and 2 for over one. The non-occupied spaces have 1/bed mobile homes which would be included in the sale. There is one woman who has lived there for 15 years and manages the place and collects rent in exchange for free space rent.

My questions are; what are the best sources of information about owning mobile home parks? How does one go about determining the value of the park? Does the size of the whole park matter? What questions do I need to ask?

Most importantly; How would you, if you had no cash or income, go about acquiring and KEEPING this place? I figured some things like asking them to carry half on a second lean, then getting the vacant units signed on a rent-to-own or purchased w/ owner finance to increase the value of the whole property and raise a bit for a down payment, but at the end of the day, it's all I got.

Thank you veterans of BP!

Also, perhaps this is the wrong forum to post this, I'm not sure, but it would be nice to know of possible end buyers to assign the contract to if need be.

I suppose this is where you begin...

Truth be told I'm more interested in the OTHER people on this site than I am talking about me, but allow me to introduce myself;

I'm 19 and you could say I'm at a major disadvantage to be getting into real estate, well, at least all the 9-to-5 people tell me so, but I don't see it that way.

I have no job - so I have plenty of time and no expenses ( live at home and EARN my keep plus I have no car)

I have no credit - So I have to be creative

I have almost no money - So I have to find the deals that require almost no money

I have no diploma - Not that I'm dumb. Straight A's all through school, but decided to head off to Australia these past two years for rabbinical studies instead. To become a Rabbi is something I wanted. The only future I have is what I make for myself.

I DO have a mentor - Who's kept me from screwing up and told me to just sit, listen, and learn for two years. I did.

I DO have motivation and "unrealistic" goals - Before I left Australia I told everyone I was going to have my first cash flow property before I head to the rabbi program in NY at the end of August (a six week window). Didn't know how, but I knew if you truly believed it it would happen.

The result - I just opened up escrow on a nicely redone 2/2 condo, a few have called me about renting it out, I found a reputable and affordable management company to take care of it and we're scheduled to close...Aug 31.

Now I've found this site and am looking to network. What I love about REI is that it's a very communal sort of thing. Everyone has their strengths and niches, and when all the pieces work together, THAT'S when you become rich. Unlike the regular work force where it's just competition and who can keep their jobs and climb the ladder first and kiss their boss's behind - not my thing, though I have the highest respect for all those who work hard to bring food to the table (especially my father who's a cop).

REI is also the best means I see of achieving the life I want. I want to be a charitable philanthropist with all the time and money to build and enhance my small Chandler Jewish community.

The piece I can contribute to the vast REI puzzle is my ability to find, negotiate, structure, and be creative. I'm dying to know what all of you are after, and how I can fit in to create the big picture - financial freedom!

Aye, nice to see someone in the same area and in the same boat (little money, no income). Best of luck!