All Forum Posts by: Account Closed

@Rae Edwards the way most all mobile home parks work is that the owner of the park approves who lives in the park. All occupants have to fill out an application just like they would to rent a apartment or house. You would have the right to purchase a trailer in the park but you, as well as any renter you might rent to, must have the park owner's approval in order to live there. Many park owners do not allow a trailer owner to rent out the trailer under ny circumstances. When you buy a trailer in a park the owner is your landlord so you must abide by his rules. 

FIRST thing you need to do is find out if the park owner will allow you to rent out the trailers. Most wont. Second, the dynamic of "Lonnie Deals" has changed since the Dodd Frank law. You must use a licensed mortgage originator any time you finance a residential property. Rent to own has become quite popular in the last few years as a result.

How are those of you that are doing owner financing complying with the Dodd Frank law?

I have to laugh that less than a third of an acre is considered big in Texas. Most people would be hard pressed to turn their truck around on that size lol.

In order to achieve your maximum Fico score you should allow a balance of exactly $2 to report on only ONE card. If maximizing you score is a priority you should pay your entire bill BEFORE your monthly score cuts with the exception of allowing the $2 to report on one account. 

my goal is 20% of Arv after all costs including realtor commissions.

Why do you feel that real estate is the avenue that will help you change your life? There are many people that come here and seem to want start investing in real estate in order to escape their job. Perhaps the big question is are you more interested in real estate investing or just freeing yourself from the 9 to 5? There are people that work for themselves and just work from home on a laptop and make more than most real estate investors. I invest in real estate because I love it and don't really want to do anything else. It's my passion. Unless it's your passion it will become your job and you will wish you could just draw a paycheck again. Best luck in your endeavors and don't be afraid to take chances but make sure passion drives you.

I posted a question here a week or two ago about self service car washes. I didn't get any responses so I took to the web and did quite a bit of research. According to many already in the business, self service car washes are on the way down. Apparently the desired wash is the 100 foot long automatic car wash. Fewer and fewer people have a desire to manually wash their own car and the automatic car wash is less hassle than owning a self service wash. Some people seem to be valuing self service at little more than the land value. Of course this is just my probably flawed research, but at first glance this might be investing in a soon to be obsolete method.

Personally,  I would spend two days and $200 and replumb the house myself.

I am certainly no engineer, just a guy that has been around construction all of my life and has seen many instances of over reaction and panic. You need to carefully look at the entire house and see if you can find any areas of excessive settlement in non foundation areas. These cracks could have developed shortly after construction and may be considered somewhat normal. It doesn't take much movement to cause a crack to appear in stucco. Look around the neighborhood and ask if anyone else has had foundation issues. Look at other houses and see if there are similar cracks. Keep this in mind; it's a home inspector's job to find problems. His default response will always be to consult some licensed professional in order to cover his ***. A structural engineer will probably give you an accurate, unbiased opinion. Afoundation contractor may not give you the best response because he just wants the job. Going on what little info you have shared here, I would proceed if I found no other settlement ssues in non foundation areas. I wouldn't fix a thing unless the house started to suffer cracks in walls and binding doors or windows.