All Forum Posts by: Luke H.

 What are the costs for the value adds, the expected hold time, and the expected sale price? 

 It would help if you shared what you plan to buy them for other than just saying they’re 10 k to 15 K below market.

Make sure to check the zoning to make sure mobile homes are permitted there; check for any hazardous waste designation for the area; will you need to have the parcels surveyed out in order to sell the size you intend?  You said public water was available...would the lots require a septic system to be installed or is public sewer available?  If a septic system would be required, you may want to check if the lots will perc.  (You said you could purchase them $20-$15,000 below market value.  Why are they so cheap????)

We all invest in real estate in order to make money, and keep in mind that someone who can only afford to live in a mobile home and seller-finance to buy the land is probably tight on funds.  Maybe also consider if they are "good people" that work in the community and just want a safe place to raise their family.  Money is...important, but it's also a way to make a positive difference in people's lives.  Just putting that out there.

"Be the change you want to see in the world."

I'd do the latter. It will make the loans more valuable if you ever decide to sell them and decreases the chances of default. 

Would the buyers/borrowers be purchasing with the intent of putting a mobile home on the property and making it their primary residence? If so you'll want to follow Dodd Frank and the other consumer rules.

OK, I'm going to take a guess at deciphering.  

You have the means to purchase and intend to offer owner financing (you) to the buyers of your lots.
That sounds pretty straight forward as long as you are able to carry the loans and deal with any defaults.
I don't have a background in raw land deals, so that's all I got.

I agree with Zach.  I can't tell if you want to buy land from an owner who finances or if you have the funds to buy and then sell the lots with you being the owner who is financing to individual lot purchasers?

 You want to purchase the land with owner financing or sell it that way?

I think you'll have to show more numbers to see whether whatever you plan to do makes sense or not. 

@Luke H. what did you decide to do with this deal?

2.  If the borrower already was foreclosed on, how are they still in the property and available to do the deal?

this deal seems like a lot of risk and I am interested to seeing how it turned out.