All Forum Posts by: Arthur Fuller II

I have never considered MHs so I don't know the right questions to ask. Today I go a lead from my web page for a woman who says she wants to sell her MH. Its a 2 and 1 and 624 sq ft. She says she owes 2k she wants 10k and will settle for 8k.

Theses are my questions:

how do I assess value?

should I just scoop it up and rent it out?

What get s paid to the land owner or the MH park? what is that called? 

and what other questions do I need to ask the seller?

Thanks

@Chris T. Thanks Chris, I've educated myself for about a year now and I am active in two local REIA Groups and I even have someone who is willing to do a JV deal with me when I find one - the issue is it is difficult to find deals here in Los Angeles on budget of 200-$300 a month. I haven't gotten any real leads on my campaigns up until this point.

I'm obviously going to increase my budget for marketing - I guess part of my question is should I continue to focus on my market or should I look elsewhere and also should I just concentrate on direct mail or consider PPC/ADWORDS

I'm taking out a loan against my house to take care of some issues - but when I'm done with the necessary items I will be left with something between 40-50k.

My eventual desire is to have rentals but right now I want the fast nickle or the slow dime. I want to begin by flipping houses then as I build my cash (and pay off this new loan) I will build my rental portfolio.

So what do you suggest I do in 2017 - Keep in mind I live in Los Angeles. 

should I use the cash on hand on marketing here in the SoCal area and flip and wholesale? Or should I be looking out of state?

@Greg H. Thank you - so what happens after 180 days? any price goes? And is there no case in which that guideline can be waived... like if the house was damaged in a fire? It doesn't make sense to me that anyone would expect full price at that point.

I recently came across a burn out on the mls... the asking price is $355k. I hopped onto propertyradar and found out that it is owned by FNMA. So I sent an email to the listing agent offering to purchase the property for around $180k. His response was that this house was underHUD guidelines and the price is firm at $355k.

I am very new to this so I'm just wondering if this is true? And if it is true who's going to buy a burned out property for that price when homes that have been rehabbed in the area are going for $400k tops?

I recently came across a burn out on the mls... the asking price is $355k. I hopped onto propertyradar and found out that it is owned by FNMA. So I sent an email to the listing agent offering to purchase the property for around $180k. His response was that this house was under HUD guidelines and the price is firm at $355k.

I am very new to this so I'm just wondering if this is true? And if it is true who's going to buy a burned out property for that price when homes that have been rehabbed in the area are going for $400k tops?

@Manolo D. thank you!

I have not flipped my 1st house yet. I am analyzing deals and in doing so I am making rehab estimates using a square footage estimate. I have 2 questions.

1. when something seems like it fits my numbers should I put the offer in and then walk-through with a contractor after the offer is accepted (and if at that point if I'm way off can I back out).

2. How do I get contractors to be willing to do a walk-through with a newbie investor?

2b. any recommendations for good GCs in Los Angeles (I'm near USC)

Thank you

I have not purchased the house. I am considering putting an offer in on a property and I would pay 240-260 for it. The owner will take 310 (even though he has it listed for more). I believe the ARV to be around 459k.

please forgive such a nube question - how do I use seller financing to do a rehab/flip deal? I know its a great strategy for a buy and hold but I would rather flip this house rather than rent it.

Thanks in advance...