All Forum Posts by: Belinda Lopez

Was the property flooded? What are the HOA fees? Location and price are the two biggest factors but Condos are a slightly different niche. Has he considered selling with owner financing? What about renting it on AirBNB as a short-term rental? Short-term rentals especially close to Universities are in high demand and you can make triple what you might with traditional leasing.

Is he trying to do a traditional retail sale?  or will he consider a fast sale to an investor?

I'd be happy to put in an offer!

I wrote an ebook on just that topic!  There are tons of things to consider from zoning and land use rules, utilities and nosy neighbors who may not want "those kind of people" in their area.  It can also take two years or more get your first home on the property and filling a new park is not easy.  All that to say it might not be that easy but can definitely be worth it.

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“Ride with local experts to real-life deals available to BUY. Get on the bus or get left behind.“

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Many local investors are using the following guidelines about Harvey homes. If it was a first time flood, then it could be a rehab to fix and flip.  If it was flooded multiple times then the exit strategy is for a rental.  

Flood homes are a different niche than typical distressed homes.  Besides the multiple flood events question, you'll need to know how quickly the home was remediated to keep mold from starting.  Is it gutted to the four foot or 8 foot level?  Just how high did the water get?  Are the sales comps on pre-flood prices?  Were all the homes on the street flooded?  Did folks rebuild or flee?

Good luck!

@Mike Cumbie   Are you saying that every listing immediately gets multiple offers?  Because I only see that on really good deals, and even then, do I rarely see more than a few offers submitted, especially in writing.  Then it makes sense to tell your client to set a deadline for the highest and best offer and move forward.

What I see so many times is a property that comes on the market, often over priced, and just sits until the listing expires.  Or worse is when we see them go into foreclosure b/c the agent doesn't know how to do anything but a traditional sale and the auction deadline is way before that.  Often times I'll ask the agent if the owner will consider financing, even for a short-term, and the immediate answer is "No," when it's clear they haven't even presented that option to the seller!  Not saying all agents are like that but far too many have no understanding of creative ways to structure deals that make sense for their client.

I just discovered there is a form that you can have the Seller sign when you submit an offer of proof that the agent did indeed even present the offer.  I've run into this when submitting offers and had a feeling the agent did not even talk to the Seller about the offer.  Now I will use that form to at least get proof that the agent submitted the offer.  At least in Texas, agents are supposed to present every offer to the Seller.  I get it if the offer is lowball I don't agree that agents should withhold any offers simply b/c they know their commission will be lower if the Seller accepts a lower offer.

Tons of things to know about buying a park.  I recommend the Mobile Home University Bootcamp and I have an eBook on the topic as well.  Parks are different types of assets than apartments or single family.  Small parks like this, especially if the owners don't have great records can be difficult to get a true valuation on, much less conventional financing.  Many owners do not account for their own time in management costs and often underestimate their true costs.  Some accept cash and do not report all the income on their taxes.

Then there are the issues of the park itself; city utilities or well & septic.  What are the roads like, lot rents, etc.?

Jose, I'd love to get a copy of your due diligence checklist as well.

Good luck!

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Houston real estate investor monthly breakfast

Wholesaling is one of the absolute best ways to kick off a career in real estate investing. When doing a wholesale deal, you get a property under contract at a discount. Then, you assign (transfer) your interest in the contract to another buyer and get PAID!

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