All Forum Posts by: Adam Percento

@Bill Gulley So you're suggeesting to offer the seller to do repairs at my expense and contract it so that my investment is recouped and I receive a small profit when the home sells? You need to be license to do this? How would you determine the ROI? And what if it does not sell?

Thanks Bill it seems I am in over my head with all this going on. Perhaps I should focus on renting SFR to get a start in investing. Any suggestions for new investors who have little money to invest with? (under 10k)

I am in Grand Rapids Michigan just about to jump into mobile home investing. There is still one issue I am uncertain about and that is licenensing and seller financing. I've been picking up different stories from all over the place so im not sure what and who to believe.

My business plan is im sure like many others and that is to buy low preferably with owner financing then sell imediately with owner financing.

What I have found thus far is:

1) I need to aquire a dealer's license even to do only 1 deal per year. (which has a $450 pricetag, plus a $10,000 surety bond, and escrow acnt)

2) I need to find a licensed MLO or become licensed myself to negotiate and handle any sale terms with potential buyers.

Im not asking for a way around the law but there has to be a better way.

I have some money in the bank (not much but some).

I have some marketing material ready to go.

I have the drive and motivation.

Just lacking the direction I suppose.

How are other MH investors in Michigan doing these deals?

Any information, guidence, suggestions, etc would be greatly appreciated thanks in advance for reading and your input.

Adam

I'm wondering the same thing Mike.

Wouldnt the logical solution be to try to work out an owner financing deal with the seller so youre putting some money down and still have money to make repairs, Then find a buyer and seller finance with him, preferably with a move in fee to recoupe the repair/any holding costs etc. and by doing so you wouldnt be renting the home you would be selling the home. Cash flow and plenty of profit through the course of the agreement.