All Forum Posts by: Bill Phillips

@Andrew Keel

Quick question for you. When you say, "Move your mobile home for free" are you saying you pay for the moving and installation of everything or just that you're not charging a deposit?

Andrew,

Moving a mobile home onto the lots and is my plan if the lots don't rent. I went to four mobile home dealers and gave them a flyer with the lot information. They all seemed favorable. One called back today and said he has someone who wants to buy, so at least I know there's one that kept my phone number. I've received two responses from Zillow that haven't inquired any further. Demand seems to be high for people wanting to buy. I've received calls from nearby residents and others have called about buying, but I'm hoping to rent the space or owner finance with a house. 

Thanks,

Bill

If you've never been a landlord before, I'd start out with one and pay cash and see how it goes. If you don't like it, or it doesn't go well, it's cheaper and better not to have a mortgage. You can probably get a better deal buying with cash and if it goes well, you can refinance and buy another. 

Thanks for everyone's input. That's all good information. 

I'm trying to advertise some mobile home spaces for rent. Craigslist seems dead though I have them on there. Facebook doesn't really have a way to list mobile home spaces. I have them listed as 10 bathroom houses. I haven't received any inquiries. Where would you advertise?

Chapter 13 means the homeowner is stopping all collection efforts and getting set up on a payment plan. They may or may not be open to selling their house, but they're not giving up and walking away. You should just talk to the homeowner. 

That sounds like a good plan. How has it been going?

If the seller is motivated, you can make a deal. If the seller is not motivated it will only waste your time. Find motivated sellers, or properties that you know that for whatever reason you can improve the income or reduce the expenses. 

I partnered with my dad for the first few years. He had cash and we would buy junkers and rent or retail them. That is still mostly how I find deals is having the ability to pay cash for a property that won't qualify for financing. The best deals I've done are those that are so disgusting that my wife refuses to even go in. I don't think buying REITs will give any experience, you need to do your own deals. I think you should look for commercial, multi-family, residential or whatever to get your first deal. 

If you're talking about the foreclosure trustee sale, that requires cash. You could maybe find a partner that has cash. On something like an REO auction, like you might see on auction.com, you usually have to put down earnest money, and then, there is no way to get out of the contract. If your financing doesn't come through, you lose your earnest money. You could find a hard money lender or partner for that.