All Forum Posts by: Amanda Fishman

@Tim Chapman These would be cash deals. I'm not planning on holding the note, and I always calculate in lot rent in my holding costs in the event I can't neg waived lot rent during rehab. Two bedrooms go for around $1300 a mo in this area all year long (we're a block from the Gulf Beaches)...so even if I were holding the note, the lot rent + note payment would still be considerably lower than any two bedroom one would rent in these parts. @Bill Neves Thank you for the advice, I'll take that into serious consideration. It's just so rare to find anything in the very few all age parks around here...it's quite tempting.

To my understanding, owner financing, or a form ofthe old "Lonnie Deals" was still a viable option on park MHs, so long as one was abiding by the new(er) state specific and federal regs (SAFE Act/Dodd Frank/Truth in Lending,) in addition to the obvious park approval. Dealer licensing/using a RMLO/ properly qualifying your buyer/no balloons all come to mind. Florida allows one deal (either all cash or OF to owner occupant) per 12 months before licensing requirements come into affect, but this is state specific and some states allow more. @Logan McCray, Nevada doesn't allow ANY investor deals, as far as I understand it, without dealer licensing. But, at least in FL, the licensing is quite attainable. John Fedro has quite a bit of info about this available to you. https://www.mobilehomeinvesting.net/mobile-home-li...

The above, if I'm not mistaken, does not apply to investor-to-investor deals, if the home is your personal residence, or on its own land. No? Experts, have I missed a new reg in the last 20 days? 

Sorry, but I am going to dredge this thread back up! :-) So many experts and great advice on one thread! 

I've recently come across a couple of MHs in nicer parks near Clearwater Beach (one all age, one 55+)- for pennies. A 2/1 for $750 and a 2/1 for $500, lot rents in the normal area price of $450ish. They both seem to have plenty of quick turn around potential- in the ballpark range of about $8k each- given the parks locations, ammenities, size and options of the homes themselves. From the looks of it they need minor repairs (haven't had my contractor really I spectrum yet)- mostly aesthetic. I'd snag them in a heart beat, but I've never approached corporate parks where homes were being sold by in house brokers. I've always just dealt with FSBO or park owner/ management directly. I wonder if anyone has any insight as to how dealing with in house brokers goes for negotiation (I generally ask for 30 days waived lot rent, etc.) I mean, at these price points, and the obvious lack of interest from the park management/owners in fixing/holding...One would assume they'd be investor friendly? And, has anyone ever used the in-house brokerage as a means of selling their flips...How would that go, could it be a beneficial tool or is that asking for trouble? This is new territory for me. Any input is greatly appreciated! Thanks!

@LaRaye Alderman- Send me a private message. Let me know what the situation is. 

Oh dear @Mike Cumbie- as much as I love a good mention, I do believe this was intended for @Amanda Moore. ;-) Best of luck, Amanda! 

@John Thedford and @Jay Hinrichs- Excellent, sound advice. I genuinely do appreciate it. I know John mentioned the thread was dead- so I'll try not to dredge. The reason I asked about the all of this was not to spark heated debates or animosity, but to genuinely see if it was a feasible option, or why it wasn't. I got my answer. 

Wholesaling was NEVER my end game. It was a means to an end...which was to profit just enough on a few assignments (collecting from the buyer, not the seller....legally and ethically if possible) to obtain my RE license, ultimately obtain a brokers license, venture into brokering wholesales or whatever else I chose, obtain a few fix and flips, and land on buy and holds. Maybe purchase some timber land and make a killing, like Jay said. My aunt grew pine forest in NW Florida- the return is ridiculous! Hopefully I could then occasionally sip Mai Tais in the Dry Tortugas. I've been around some form of REI my entire life, I KNOW there are other options (and I can't wait to pursue them)- but those folks always had the buck to stop the bull...whereas this is what I lack.

Thanks again to all! You've been invaluable! 

Thank you, again, Bill and Mike! Your input is fair, and something I will heed! I really appreciate all of the input here today- no matter the fuel. Definitely gave me more to think about! 

@Jay 

@Jay Hinrichs I think @John Thedford was being snarky. 

I wonder why so many, who are obviously annoyed by someone asking an honest question, choose to actively comment extensively on such? You'd think they'd disable the notifications or spread their knowledge where they feel it put to better use, if they believe it's continually falling on deaf ears or being shared with those less intelligent for even considering such. Though, I do lean toward heeding your advice Mr. Thedford. Rest assured. 

@Matthew Kreitzer Thank you for your honest feedback, and for not partaking in the unwarranted repartee. It is much appreciated! 

@John Thedford I'd just been perusing this site, and seeing as there seemed to be an abundance of people in various niches of real estate- figured I would throw it out there and weed through what was relevant, and what was not. Even better if it happened to be an ACTUAL RE attorney. Though I now see a general consensus among realtors, I still plan to contact that attorney! Thank you for reaching out! It is appreciated! 

@Bill Gulley Thank you for the advice. I will most certainly give them a call! Question: If an assignment contract on the whole is defective- why is there no stop put to it by closing attorneys/title companies before it ever hits the closing table? Is it just being misinterpreted as legal, or is there a lack of knowledge in what to look for? As far as ethics- whether what I said was ethical or not- if the practice is illegal or unethical, then I don't wish to partake. Like I said, there is nothing worth my conscience or my family. Thanks in advance! 

@Jay Hinrichs I actually have quite a few investors in place, after months of plan development, who are interested in the exact houses I was seeking to place under contract- without ever having marketed an actual house. So, though they could decide the EXACT house is not for them, that wasn't entirely my concern. My concern WAS doing it with little to no funds, legally. And, since you asked, I currently have four mouths to feed, on one income that doesn't cover many of the things required to allow me to enlarge my bank account. MOST of America is sitting in a toilet waiting for the flush- no matter how hard they work. Like most, my family seeks financial freedom- not billions necessarily, but stability.  We didn't say we weren't willing to work our butts off with honesty and intrgrity, or budget for it- just that some plans, without running yourself to the absolute bone, are a little more lucrative and even more feasible to personal situations than others. I was always taught to work smarter, not harder- and did so prior...but that's an entirely different story. If you feel you have the know how to mentor someone on where the REAL money in real estate is made, as opposed to me sitting here, remaining impressionable about pipe dreams- please reach out to me! I'd love to find the hear about the real secret! Or, maybe now I'll look into airplanes. Thanks for the feedback! 

@Curt Smith Thanks for the feedback! This is what I was concerned about. My intent is not to lie to anyone to make a sale (saying I am an investor when I am, at the moment, NOT) but to fill and fix a gap I see daily. There are so many dilapidated, uninhabited, uninhabitable homes in our area. Realtors wont touch them here- I've seen it- because that then forces them to actually scout and research the properties with the same diligence the wholesalers are- and to top it off, it's not worth their "effort" to make 6% on a hill of Pintos (the $50k and under properties.) Especially when there are new developments in the area yielding a much higher return, for barely leaving their computer. 

I was also wondering about the marketing aspect of it. I see assigners consistently acting as realtors and I always question their ability to do so, seeing as they don't have a property to market, but a piece of paper. Thank you for clearing that up, along with all of the other input!

@John Thedford- Are there any written parameters as to what an acceptable EMD is, or is this just decided with the change of the wind? How can one, though in authority, decide on a whim what is considered equitable interest; what $10,000 may be to one, $500 may be to another. I've tried to thoroughly understand Chapter 475- but have never found anything specifically regarding, there or otherwise, EMD or what is considered acceptable. Thanks!