All Forum Posts by: Adrian Butler

@Tom Keith  It's in Union Grove ISD I believe.  Would be nice to have it White Oak, but I suppose the tenant could ask for an exception.  Not everything is in good shape, but I have a contractor writing me his official estimate on the scope and cost to repair and improve.  Thieves ransacked the place and attempted to steal the copper tubing not too long ago and ripped out all the wiring for the water heater and AC system and bailed when they realized mobile homes don't have copper tubing.  

Do you have a contractor you trust that can give a quote?  I could use additional pairs of eyes to make a bid.

@Bruce Lesko

I must be the only one on BP that can't send a PM.  The recipient field does not recognize your handle.  Haven't signed up as a Pro member yet, wondering if that is the reason.

@Greg H.

Yes it is.  I haven't negotiated the final acq price yet, but this will be done to make financial sense for my family.  At this point, the numbers are looking good.

Who are you using to manage your properties?  PM if you would like to keep it off the main board.

@Greg H.

Excellent questions.  However, this property is owned by a close (elder) relative that has asked that I keep in the family.  Also, growing up I have many childhood memories of this property.  It's nostalgic and has cash flow opportunities.  My goal is to buy and hold and let this property cash flow itself until payoff within 7 years.  Upon payoff, and if the economics look right at the time, I intend to level it and build multi-family units.

Do you have other properties in the East Texas area you are looking to sell?  You seem to have a background for the area.

I found lending from a local bank to the property. 20 year mortgage, 5 year fixed then goes ARM, 20% down. Said they could go 7 year fixed. I project the cash flow will have this note paid down by 7 years given this income isn't going any where else than servicing the loan requirement. The property is on a grade which is why one part of the addition is on a slab and the other is on a pier and beam.

By hybrid I mean, it is a manufactured home with several additions surrounding it by either a concrete foundation and wood structure or peer and beam and wood structure. The entire home has an A-framed composite roof with a three car covered garage.

I have a deal in East Texas (Longview area) that is a hybrid manufactured home that I am having trouble locating financing deals.  No one seems to want to finance a manufactured home.  I am looking to finance up to $60,000 for the purchase of the land, home and rehab.  Does anyone have connections with this matter?  

I am open to a bridge, hard or 15 or 30 fixed loan.

Great minds think alike.  New as well and could benefit from a revised version of your analyzer once a few more experienced investors add their value to it.

My wife and I have been listening to the earlier BiggerPockets Podcasts and have read up on the UBG.  As Brandon preaches, its important to make yourself noticed in your community.  Both my wife and I look forward to getting to know our local and expanded BiggerPocket community.

Our niches as we have (so far) defined, is buy and hold in the $150-250k range in North Dallas that will rent in the 1-2% range.  We are open to a rehab and flip projects as well.  We are open to partnering up with an experienced real estate investor and contributing in whichever way it makes sense to build upon our foundation and understanding.  We have not closed on our first door yet, but are actively seeking.  If any wholesaler, contractor, attorney, real estate agent, or investor has an opportunity please speak up.  Otherwise, I will continue to network on BP.

As a quick background of my wife and I -- My wife is an orthopedic nurse practitioner and I am an land manager for an oil & gas company, each with 10 years of experience.  If there is anything we can do for you with these regards, we are happy to share our professional services if it means adding value to a transaction.  

Adrian & Allison