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All Forum Posts by: Celestino Moreno

Celestino Moreno has started 6 posts and replied 16 times.

Post: Running the Numbers correctly

Celestino MorenoPosted
  • Posts 16
  • Votes 3
Quote from @Cornelius Garland:
Quote from @Celestino Moreno:
Quote from @Cornelius Garland:

@Celestino Moreno This does not sound like a deal, especially if you're looking for your first one. The reason is that it's a mobile home in a rural area. How recently are the two homes sold?

If you're having a hard time generating comps then your cash buyers will, too, and most of them will pass. There might be something here but at a cursory glance, it does not appear to be.


 The two homes sold in August 2021, so last year, and one the year after that, 2020. Alright, thank you for the advice. And since I am trying to wholesale it, I should leave it alone right? Although, the possibility of it being something is exciting, but I think you're right since I'm less experienced with this I should leave it alone. 


Yes, leave this house alone, especially since it's so far from you. This is the type of thing that can take the wind out of your sails. Chasing properties with no potential is a waste of your precious energy. Typically, I look for 20 or more homes sold in the last 30 days, so only 2 homes sold in the last year is not a good sign of any retail or cash buyer activity in that area. You're not missing anything by skipping over this one.

Thank you, for your words of advice I appreciate it. 

Post: Running the Numbers correctly

Celestino MorenoPosted
  • Posts 16
  • Votes 3
Quote from @Cornelius Garland:

@Celestino Moreno This does not sound like a deal, especially if you're looking for your first one. The reason is that it's a mobile home in a rural area. How recently are the two homes sold?

If you're having a hard time generating comps then your cash buyers will, too, and most of them will pass. There might be something here but at a cursory glance, it does not appear to be.


 The two homes sold in August 2021, so last year, and one the year after that, 2020. Alright, thank you for the advice. And since I am trying to wholesale it, I should leave it alone right? Although, the possibility of it being something is exciting, but I think you're right since I'm less experienced with this I should leave it alone. 

Post: Running the Numbers correctly

Celestino MorenoPosted
  • Posts 16
  • Votes 3
Quote from @Bob Stevens:
Quote from @Celestino Moreno:

I have a lead (3bd, 2bth, 1104sqft) that I'm going to drive an hour and a half sometime tomorrow to see, the owner is really motivated. My question is, do you think it's a good property to get under contract because he owes 185k on the property and thats what he's asking for, but he lives in the hill sides and there is only 2 properties next to him that sold for 293k-306k . The property is in good condition the only downside is that there's a landslide that happened next to it, that needs to get cleaned up. 

Also Zillow zetstimate says it goes for 173k.

It's a mobil home. 

He also said he got it apprised a couple of months ago, and that its worth 260k

Reason for selling it, he is old and wants to leave the state to live with his family and doesn't want to stress over the home 

median home price for the are is 437k, but idk if it applies to these homes since they are 


 Its to YOU and ONLY you to know the numbers, For me I would not touch this. 

Good luck 


You're 100% right. I don't think I'm going to go further with this deal. Thank you 

Post: Running the Numbers correctly

Celestino MorenoPosted
  • Posts 16
  • Votes 3
Quote from @Alfath Ahmed:
Quote from @Celestino Moreno:

I have a lead (3bd, 2bth, 1104sqft) that I'm going to drive an hour and a half sometime tomorrow to see, the owner is really motivated. My question is, do you think it's a good property to get under contract because he owes 185k on the property and thats what he's asking for, but he lives in the hill sides and there is only 2 properties next to him that sold for 293k-306k . The property is in good condition the only downside is that there's a landslide that happened next to it, that needs to get cleaned up. 

Also Zillow zetstimate says it goes for 173k.

It's a mobil home. 

He also said he got it apprised a couple of months ago, and that its worth 260k

Reason for selling it, he is old and wants to leave the state to live with his family and doesn't want to stress over the home 

median home price for the are is 437k, but idk if it applies to these homes since they are 


 I would not Zillow's Zestimate value. It could be off. Ask to see if you can get the actual appraisal report from him. These properties are harder to valuate because there are not as many comparable sales and because of the land-slide. 

Also, what your plans for this property? Wholesale, fix & flip, or Buy & Hold?


 My plans is to wholesale it, and thank you from now on I'll take Zillow's Zetimates with a grain of salt. I also asked for the appraisal papers, he said he'll give me a copy or show me them when I meet him today. Well if I still do, since from the replies it seems like the deal is not good. 

Post: Running the Numbers correctly

Celestino MorenoPosted
  • Posts 16
  • Votes 3
Quote from @Adrian Smude:
Quote from @Celestino Moreno:

I have a lead (3bd, 2bth, 1104sqft) that I'm going to drive an hour and a half sometime tomorrow to see, the owner is really motivated. My question is, do you think it's a good property to get under contract because he owes 185k on the property and thats what he's asking for, but he lives in the hill sides and there is only 2 properties next to him that sold for 293k-306k . The property is in good condition the only downside is that there's a landslide that happened next to it, that needs to get cleaned up. 

Also Zillow zetstimate says it goes for 173k.

It's a mobil home. 

He also said he got it apprised a couple of months ago, and that its worth 260k

Reason for selling it, he is old and wants to leave the state to live with his family and doesn't want to stress over the home 

median home price for the are is 437k, but idk if it applies to these homes since they are 


 From what you’re saying it’s a deal for a fix & flip assuming it’s a new mobile home. What year is it? 

I’d recommend checking with local community banks and credit unions for what their qualifications are for bank loans for mobile homes so you can estimate your repairs properly if you are fix & flipping. 


if you plan to keep it as a rental what will it rent for?. Then run your numbers to see what your ROI would be and decide if that's an acceptable return for you n


 I'm trying to wholesale it, the year is 1995. Okay, I'll make sure to reach out to the local union and banks right now since I'm meeting him in a couple of hours. Unless I conclude that this investment doesn't look right. 

Post: Running the Numbers correctly

Celestino MorenoPosted
  • Posts 16
  • Votes 3

mobile homes and a little out from the other homes in the area. 

Post: Running the Numbers correctly

Celestino MorenoPosted
  • Posts 16
  • Votes 3

I have a lead (3bd, 2bth, 1104sqft) that I'm going to drive an hour and a half sometime tomorrow to see, the owner is really motivated. My question is, do you think it's a good property to get under contract because he owes 185k on the property and thats what he's asking for, but he lives in the hill sides and there is only 2 properties next to him that sold for 293k-306k . The property is in good condition the only downside is that there's a landslide that happened next to it, that needs to get cleaned up. 

Also Zillow zetstimate says it goes for 173k.

It's a mobil home. 

He also said he got it apprised a couple of months ago, and that its worth 260k

Reason for selling it, he is old and wants to leave the state to live with his family and doesn't want to stress over the home 

median home price for the are is 437k, but idk if it applies to these homes since they are 

Post: Purchase Sale Agreement

Celestino MorenoPosted
  • Posts 16
  • Votes 3

Thank you for the Clarification, I greatly appreciate it

Post: Purchase Sale Agreement

Celestino MorenoPosted
  • Posts 16
  • Votes 3

In the contract for the part where it says Cash Due to seller at closing, do we include our assignment fee with it. For Example If me and the seller agreed to $500,700 do I put that number or do I add my $20,000 assignment fee on top of that? 

Post: I need help with ARV

Celestino MorenoPosted
  • Posts 16
  • Votes 3
Quote from @Jim Pellerin:
Quote from @Celestino Moreno:

I found a motivated seller wanting to sell their house at 1.1 M but the ARV with the houses around the area comes out to $950,640 my question is why the house estimated value says $110,630 when the houses around it have sold for so much with the similar sq. Does this mean I have to give an offer in reference too the 100k value or the 950k ?

First off, he doesn't sound that motivated if he is asking $1.1m and the ARV you calculated is $950K. I have no idea what this $110k value is. Your offer is relative to the ARV. 

 He told me he wanted to get rid of the home fast, and needed the money. I asked for a number and he gave it to me, and told me he could go down depending on what I think the property is worth. But you are right thank you.