All Forum Posts by: Chris C.

Getting rid of the PMI makes sense if it actually lowers your payment. Make sure the higher interest rate does not offset what you are saving in PMI.

Also the logic of paying more interest to save taxes is nonsense.  Why pay the bank an extra $100 to save $30 on your taxes.  Just pay the $30 in taxes and keep the other $70.

Ram Jack repaired a very similar situation for me for $2400.  They stabilized the chimney with 2 jacks, gave a lifetime warranty, and engineers approval.  They said the rule of thumb is $1200 per jack.  Home was located in Liberty SC.

Search for a local mobile home parts store in your area.  They normally stock what you need.

I am currently doing a cash out with CashCall Mortgage.  Been pretty impressed so far but we haven't closed yet.  Supposed to be tomorrow.

@Ryan P. Kotschedoff is correct however it is a practice I encourage with some new investors with limited funds.  I actually started my rehab investing with single wide mobile homes as it was all I could afford.  I have built those small profits and most importantly experience and confidence into flipping 8-10 single family homes a year.  If it is all you can afford then you need to start somewhere.

When I started there was little to no financing available after the recession for mobile homes.  I had to owner finance several. I am seeing a significant improvement in the ability to obtain financing lately.  It is starting to show in the double wide market as I have seen a significant increase in retail value of these homes.

Have you checked the county tax site to see what the actual taxes are? 

http://www.greenvillecounty.org/appsAS400/RealProp...

I come up with $3800 on a property value of $190k using their tax estimator.  Although that doesn't help much.

I have looked into getting workers comp to cover "contractors" I hire but could not find a coverage that worked.  Had to have full time employees.

A friend of mine owns a temp agency and I have discussed running unlicensed people through his temp agency.  This does make it a little difficult because they would need to be paid hourly which I hate to do with "contractors".  The rates on top of their hourly pay was not bad and definitely worth looking into.

I am an experienced rehabber, landlord, and wholesaler but I am not sure what to do with large tracts of land that I find through direct mail.  I have considered land development, mobile home parks, etc in the past but not sure I want to take that leap.  Any good ideas on someone to work with or get to know?  Any good strategies for flipping etc?

If you by a property for $150k that is worth a $150k what does the amount of time to get your money back have to do with it? This is an investment. You put your money to work to generate MORE money.  

When you put money into an interest bearing account do you look at how long until you get your money back?  No because you still have your money it is just sitting in an account generating interest.  That is exactly what a rental purchase is.  

You have "deposited" your $150k into an account (real estate) that is presumably worth $150K if you need to pull it out (sell it). Your only calculations you need to be concerned with is basically your ROI for that investment.

Now you can debate leveraged or not but it is a bit of a pet peeve of mine for people to think that the way to measure any investment is how long until you get your money back.  If you are investing correctly you didn't lose your money you invested it.

@Gregory Schwartz I have bought homes in the mid 80's and would still do so if they were very well maintained and in a good area.

The numbers you are giving me sound like full retail numbers and are not a deal I would do.  There are much better deals to be had with manufactured homes.  I do not know the area, rents, growth, etc of your area so take that into consideration.  I also do not know your investing goals.

It is difficult to refi any mobile home and at the numbers you provided it would be very difficult to get $75k cash out for that property.