All Forum Posts by: Tim Ball

Does MHU teach you about buying individual mobile homes on land as well, or in mobile home parks?  Or do they just teach you how to purchase entire MH parks?

This thread has got me excited about MH's rentals. I am a wholesaler in Dallas and need to start putting my money into long term holds. Wanted to buy SFR rentals and still might, but MH's seem like a crazy ROI. Unfortanately, don't really know anything about it. I guess I will start reading the books that have been suggested and maybe reach out to you guys personally if that is ok :)

I think you should call it "creaTITy Homes LLC"

Try to find numbers too.  A cold call works better than a letter sometimes from my experience.  Pretty simple pitch, "I was driving in the neighborhood and I came across your house and decided to give you a call to see if you had any interest in selling your house."  If they say no...so what?  Ask if they have any other houses that they would like to sell.  If they say no, then move on to the next house.  Plenty of deals out there.  Just got to put in the work to get them.  Hollar if ya hear me.

Vacant homes are what we, as wholesalers, are looking for!!  Its good because you know they need to be bought by an investor and you don't have to deal with tenants/owners a lot of the times with setting up showing times etc to your buyers.  

Great stuff everyone.  Very informative.  Thank you.

I am sure there are many pros and cons to both being a landlord and doing owner finance deals.  Should I do them both?  What are the advantages/disadvantages of one strategy over the other strategy? Here are my thoughts.  Tell me what you think.

Landlord Pros:  cash flow, passive income, building your networth, building for retirement, you don't lose any equity

Landlord Cons: dealing with tenants, breakdowns, repairs, evictions and vacancy

Owner-finance Pros: cash flow, don't have to deal with tenants and repairs

Owner-finance Cons: lose equity, possible foreclosures, possibly need to fix up the house more than you anticipated because former owner did not take care of the place at all.

What else am I missing in these lists?  Trying to find out which is the best strategy or should I implement both? I would love to your thoughts.  Thank you.

Thank you, Californians!! I was thinking as if I was purchasing my own home and wanting to make it a rental a couple years down the road. My cash flow would be better if I bought out my PMI. I guess I will just have to run numbers with my lender to see which one makes sense. Thanks again.

My friend got a conventional loan and bought out the PMI at like 2% charge. Is this worth doing instead of paying PMI in your monthly PITI? Do you save money in the long run? I guess it would help on cash flow for a rental if you were to buy out PMI, right? Hope this makes sense. Would love to hear ya'lls thoughts. Thanks.

@Rocky V.  Pretty solid.  What lender did you use?  Just a private guy you know?  Very nice.  Have you got it rented already?