Newbie & Need Feedback!

[Jamey Jarrett]

Hey guys,

I just joined Bigger pockets. I started following the site on Facebook maybe a week ago! I am located in North Carolina. I am looking to get into real estate and think that mobile homes would be a great place to start. I currently have a job but not a lot of cash!

Real estate wise--I dont know a lot! After some failed attempts to buy my own personal home and later a relationship breakup a deal fell into my lap. I could move into an apt that I would pay a high rent and continue to live nice or I could put some money down on a trailer and a full acre of land. I went for the latter as I wanted my chance to own something and use Dave Ramsey principles and "Live like no other, so one day I could live like no other"! (Or however that goes!) So I put a couple of thousand down and started living here and fixing the place--which was in terrible shape--another post in itself!!
It is not in my name yet but it should be soon! We agreed on a purchase price of app $17,000 that had a tax value of app $44,000! Once this is in my name I know there are a variety of ways I could go!!

OK--now my new opportunity--- I was riding around, which I do from time to time, and had spotted a trailer sitting on some land. More recently I noticed there was obviously a fire there. I pulled in one day and saw that the place was gutted and their was no chance of a rehab. So I drove by another day, its not too far from where I live, and I saw a man out there. I decided to go talk to him and see if there was a chance for me to get a deal. So he wasnt the owner but he gave me the number of the owner and I called him and left a message. We spoke later that night.

The owner wanted $15,000 for .37 of an acre that really is in a good area. This road is near some very nice newer apartments and some newer neighborhoods. There are only a total of 3 trailers on the little road this one is on! So I looked the tax value up online and it is $10,238--land only and more with a trailer. I told him I was interested but I dint have $15,000 and would he be willing to finance it if I put a down payment down. He said maybe and I told him I would call him in a few weeks.

So he called me back yesterday and we decided to meet at the site on Monday and discuss things. I reminded him I didnt have the cash amount and would need to finance and he said he would but we didnt discuss numbers. I guess we will do that Monday. He mentioned someone else was interested--actually Oakwood Mobile Homes. I know he just got his insurance money and he's ready to let it move. Also I think its going to be my responsibility to remove the trailer. BTW, I did ask him thinking that he had more resources that he could put a newer trailer there and he could then let me buy the place. He kinda interrupted me , so I think that was a No Go.

Anyway, Sorry so long, I think I should go for it---just to get me in the game--to have something!! I thought I would offer him something low like $500 to $1000 cash and like $300 payments till paid or put a two year cap on it--where at the end I have to have paid it completely off. When I can, I clear the old home off and put another used one there--It can only be a 2 bedroom he said as the septic tank and system can only support that size. On the point of purchase price--I told him the land was worth only $10,000 but he reminded me that the place has the septic tank , a drive way, and has been graded. I know it could rent easily for $500 a month or I could try to resell it on a lease option expecting like a $1500 down payment.

So what do yall think???

[Brandon Turner]

Hey Jamey Jarrett welcome to BiggerPockets! I'm a big Dave Ramsey fan, and try to run my personal life according to his advice - though I'm a little more risky when it comes to my real estate (though, not much more.)

Keep in touch!