Making My First Offer Advice

[Justin Coffey]

I’m looking to purchase my very first investment property. The property is a manufactured home that is bank owned through foreclosure, that I’m looking to purchase from a Wholesaler. I would like to utilize the Brrrr strategy on the property, but I’m new to the investment game.

I need help making an offer. Does anyone have sample offers that use that they would share with me? Is it reasonable and smart to make an offer contingent upon inspection even though the property is “as is?” Do you have any other advice for a first time investor??

Thanks in advance for your help!!

[Bonnie Low]

If you're going the BRRRR route, make sure you have your refi lender lined up in advance since you're dealing with a mobile home. Some lenders have strict requirements that apply to financing mobile homes that don't apply to stick built homes, for example limitations around how old the mobile can be to qualify for financing. You wouldn't want to do the purchase only to find out you can't get a loan to refi and pull your cash back out. Also make sure you're working with a Realtor who really knows mobile home valuation when you run your numbers and come up with your ARV on the mobile. That ARV will make or break your deal.