All Forum Posts by: Billy W.

The house is non MLS. I found her through one of her ads on craigslist. The property is owned by her husband and she is the Realtor.

She told me to make an offer, so I am going to throw a number out but I wanted to see what BP thought of the deal overall before I proceeded

I asked her what the price range would be to make this happen, she just told me to make an offer. I also asked if she could give me a ballpark on what the current offer is--- no luck on that either hah.

Thanks for the reply!

I am not sure about the license! First time I have heard that you need a license to own a multi family. I will check that out.

Each unit has its own meters and they all pay their own utilities.

I have not had a Realtor pull comps. I do not plan to use a Realtor, so would a Realtor still be willing to pull comps for me?

I do know what the rents are for each unit. I would ask to look at the rent rolls, leases, etc before we finalize the deal after i put in an offer.

Two units have been living there for a few years. I have not had the place inspected yet, but I did a walk through. The place looks very kept up. The roof was put on in 2004. Furnace is brand new.

Also, the owner said they are currently reviewing another offer, which they have been reviewing for a week and a half now. What are the chances that they are just telling me that w/o actually getting a real offer?

Hey Everyone,

I have found a very nice MH with a very motivated buyer. The buyer was at $10K and I ended up being able to talk him down to $1500. He needs to move ASAP.

The problem I have encountered is that the park managers will not allow me to buy the property from this owner and then finance/resell the property. They want a minimum of a year lease from the new owner. The manager did not seem to be too fond of 'the investor'.

Any ideas on how I can proceed with this? I feel like just letting this go is a waste of huge potential to make some money.

Would I be able to find a buyer first then pay the current owner and have my buyer apply with the manager?

Any ideas? Thanks

Hello Everyone,

I have found a property that I am interested in. I posted this deal a week or two ago, but I have some more information and I would like to get others opinion on the deal.

-4 Unit Duplex
-Total Rents: $2100/month
-Fully Rented with year long leases
-Units are in good shape, absolutely no noticeable renovations needed
-Blue collar neighborhood
-I will add coin laundry for basement

Expenses (as current owner told me):
Electric $119 a month
Insurance $140 a month
Water $20 a month
Sewer $15-20 a month
Trash $40 a month

Taxes on this property are around $3800 a year.

Asking Price: $122,000 (down from $133,000)

Current owners bought this property for $132,500 in 2004. They refinanced the property in 2009 at $114,000.

RealQuest.com gave a Corescore of B and a estimated market value of $85,000.

What do you guys think of the deal?

I do not want my first one to be a bust. How low should I start my first offer? I was thinking offering $90K.

I will include in my offer that it is contingent on an inspection first. Anything else that I should include in the offer? (appraisal? :/)

Any other advice in proceeding?

Thanks

That is exactly what I figured, but Lonnie mentioned a dealers license in his book so I thought I would ask.

I have come across a woman who is willing to sell me her mobile home for very cheap (decent home, clean etc) and I have already found a buyer for it.

Do I need a license to buy / sell this mobile home in Missouri?

I would like to buy this place today and sell to my buyer tomorrow. I have read Deals on Wheels and for this first deal (since it came about so fast) I am just going to use Lonnie's Purchase Agreements etc. for the transaction. I have also not had time to create an LLC or anything, is that an issue?

Am I missing anything? Suggestions? Thoughts?

Thanks

Uwe - I just took a look at the neighborhood, it looks like a good blue collar neighborhood, however there seems to be a lot of houses for sale in the area.

Also, should I be up front with the owners? Just tell them exactly where I am at? ie- I am going to need you to significantly lower the price for this deal to happen, etc? Or be more methodical? Personally, I like to be more honest and to the point.. how do you guys usually go about it?

Thanks for the replies Uwe and Max!

Great responses! I will look into your suggestions - I know they are motivated, but I dont know if they are $30K motivated.

Any suggestions on how to go about getting a owner to reduce the price significantly like that?

Hey Everyone,

I am looking at a current deal in Belleville, Illinois.

4 Unit multifamily complex.

Rent #1 is $550 for a long time tenant, now is on month to month lease.

Rent #2 is $500; lease ends July of 2011.

Rent #3is $450; lease ends April of 2011.

Rent #4 was $550, but now is vacant.

Expenses for this building are as follows:

Electric $119 a month
Insurance $140 a month
Water $20 a month
Sewer $15-20 a month
Trash $40 a month

Taxes on this property are around $3800 a year.

The asking price is around $130,000, but the sellers are decently motivated.

What do you guys think for a 1st timer?

Thanks!