All Forum Posts by: Mitchell Benson

 Rachelle, I can help if  you'd like. I just finished doing one of these in Point Aquarius in willis

@Don Konipol  i’m curious to know which RV park you’re talking about near lake conroe?

 My parents have been thinking about building one in Willis ?

Yes, these are the public record that all of the wholesalers in your area are looking at and going after. They are all probably getting lots of mail and phone calls.

@Wayne Emminizer

I have learned A TON from Grant Kemp. I made a deal work where otherwise I would have passed on the house that I bought.

On my mobile home & lot owner financed deal I owned it outright. I had about 40k into the property and I owner financed it for 70k with 10k downpayment, 60k note for 15 years with a 8.75% interest rate. It looks great on paper.  The method that grant kemp teaches is actually to purchase subject to, then sell on a wrap. I have completed transactions like that and the contracts on this method are over 40 pages and you have to make sure you know what you are doing the entire way through, as well as proper disclosures. 

Grant Kemp is actually on a very old episode of the bigger pockets podcast! check it out

yes there is a market for that.

 well, look at the amortization schedule also, very profitable if they end up selling before 7 or 8 years

drawbacks from Owner Financings - no appreciation, not as many tax benefits,

@Account Closed

What you need to do for you properties, is look at the rent range, what would your property rent for?
Then reverse engineer that and start with the monthly payment. 

example: if you house would rent for $1500 per month, then you subtract the escrow (taxes and insurance) lets say those added up to be $450 
so you have $1,500-$450= $1,050 << that can be your 30 year fixed loan payment 

plug this inter this calculator: http://bretwhissel.net/amortization/amortize.html

there is your new loan, now you need to add a 10-20% downpayment on top of that, that will be your asking/sales price.

The theory behind this is that people are willing to pay market rents (maybe a little more) so that they 'own' the house instead of renting

If you want to hear more about owner financing I would listen to Mitch Stephens / Grant Kemp. they are both based in Texas and have tons of great info

https://www.creativecashflow.com/

https://1000houses.com/

@Ricky Bass 

Not sure who you were talking about but I own a triplex in Montgomery county and I’ve never heard of needing sprinklers?

Sure thing 👍. I have a mobile home on a small lot that I owner financed

What’s your question about?

Sure thing. I’m here in conroe. Reach out anytime

 He may have developed that subdivision himself and subdivided all of those really small lots