All Forum Posts by: Thomas Yankovoy

Investment Info:

Mobile home note investment investment.

Purchase price: $40,000
Cash invested: $70,000

Purchased land and mobile home, entitled property, owner financed deal. 20% yield over 30 years.

What made you interested in investing in this type of deal?

Easy to find properties/deals.

How did you find this deal and how did you negotiate it?

SMS Marketing, in person.

How did you finance this deal?

Cash

How did you add value to the deal?

Added mobile home, cleaned up lot and cleaned up title/entitled mobile home to land.

What was the outcome?

30 Year note, 10% down with a 20% yield

Details here - https://www.crexi.com/properties/1200908/texas-spur-ridge

That's a great area for renting. I have client's that like to keep properties near Universities to grab that higher rent. The greater northwest area is highly sought after for buy and hold investors. Around 100-150k ARV, great school district and houses literally rent over night in that area. There are plenty of areas in San Antonio that are great for cash flow. Pick a couple areas of the town that fit your price point, comfort range (war zones vs non war zones), driving distance and target your marketing specifically to that area. Become an expert in those certain subdivisions. That way when a deal pops up, you already have an idea of what the property is valued at and you can pull the trigger that much faster.

Right now the real estate market here in San Antonio is very competitive. If you are just looking at the MLS or any other on-market deals, expect to be in a lot of "highest and best" situations. I don't think you're going to be outbid or outsmarted by investors offering on properties per se. I think your experienced investors are just going to be able to evaluate deals and pull the trigger on a property faster than your average buyer. It's not unexpected for listing agents to receive cash offers on properties within a couple hours of being listed.

Your best bet is doing a little marketing and locating off-market deals.  There are plenty of ways of locating these sellers from letters, door knocking, Craigslist and skip tracing just to start.    The more "fishing lines" you have in the water, the greater probability of catching a motivated seller and turning it into a deal.  It's all a numbers game.

I'll see you guys there for sure.

That seems a little strange. I used to work in mortgage lending and anytime a client requests a copy of their credit report in writing we had to supply it.

You do it just once to register that variable with the credit bureaus. Ideally you want to keep your balances in the 5-10% range.

360 Mortgage is a mortgage company and yes it is for only owner occupants.

I work with a great deal of home builders, realtors and lenders turning around their clients with damaged credit. The best short term solution you can do is open up 2 secured credit cards for around $300 - $500 dollars. There is a line item on your credit report called "High Balance". To utilize your credit cards effectively, you will need to advance the full balance of those credit cards. There will be fees associated with doing that but a full 24 hours later pay those cards down to $10. Keep the cards open as long as you can, I would recommend going through a local credit union for this.

Keep those cards at that $10 balance. I know that a handful of my clients are in a student loan program where if you are 9 months on time, they will remove all lates on that account. I would inquire about that with your loan servicer.

Lastly, like everyone has stated before, do not pay off those prior collection accounts without a letter in writing from the companies stating they will delete the item. Otherwise, if you do pay it off it will reset the date of last activity and knock your score down in the short term.

It is true that the collection agencies do have a contract with the reporting agencies in which they cannot do what I stated above as it is against their contract. If you can work up to a manager of some sort, they will be able to get it done. The key is that they will not "delete" the item, but stop reporting it. After that you can dispute it and it will get removed. I have done this countless times with my clients applying for mortgages.

It is a FHA specific program that only 360 Mortgage has access to. I forgot that actual name of the program but it is a 0.5% down program that only 360 Mortgage can do.

Edit: Only available in Texas as far as I know.