All Forum Posts by: Cole Haynes

Hey everyone,

I haven't been posting here at BP lately. I have been very business running our business. I am in the Tampa Bay area and work in Hillsborough, Pasco, and Polk counties.

If you are interested, new, or experienced with investing I would love to talk to you.

My company specializes in selling homes with a lease option or "rent to own." We have a lot of people interested in our homes and a lot of people interested in selling us their homes. The timing for the two groups doesn't always match up.

So if there are guys out there who are struggling to start making consistent money or who have deals/buyers they are having trouble closing we may be able to help each other.

Looking forward to speaking with you!

Cole Haynes

I was just thinking today how much this site has helped me personally. I have only been a member for 3.5 months. Before joining I didn't really understand the compounding power of networking. I was really only talking about investing with a handful of people in my local area.

I have met A LOT of people here! I have been able to do deals that I would have never even considered before!

Great site.

Joe,

Yes I just thought about financing a portion of my fee recently. I am willing to do that as long as the mortgage on the property is at an affordable payment so I can add in my payment until the fee is paid.

I would only finance the fee under two conditions: They gave me a decent amount cash upfront, AND they have a valuable car paid off with title in hand. I would take title and put lein on car. with them also PERSONALLY liable if they don't pay me.

I would definitely prefer the cash though. I am creating some template posts for Craigslist to try and generate buyers with cash and no credit.

I find the FSBO mobile homes on land listed on FSBO sites. Buyowners.com, Craigslist, etc.

PM me for more details if you would like.

Reid,

Hey man sorry I didn't respond to this sooner. I got your PM though and replied to that.

Let me know if I left anything out.

Thanks

Johnny,

Sign an option agreement to purchase the home for $10 or so. Tell the seller you need to show the home and have the buyers come by and take a look at it.

Terry,

Unfortunately getting a home back into your name isn't as easy as going to the DMV and having them print a new title in your name. Your buyer now has an interest in your home. To get the home back you will have to do a reposession.

I have NEVER had to do one. Why? Because I have always been the good guy that works for the company(I own). If the buyer is late on the payment I am firm with them and send the 3 day letter. If they don't pay after the three days these owners are typically not going to become current.

Give them a call and let them know the situation you are both in. They can easily sign the house back over to you if you remain on their side. Maybe even for a small fee.

It is definitely best to keep frustration in check to avoid a home that is trashed and a lot of legal fees and time(lot rent).

I say, "We have two options, we can repo the home and sue you, which I would prefer not to do, or you can be out with the home broom swept and sign the house back to us and we won't come after you for the X amount you still owe."

In a nice way..

This definitely depends on the investor and their market and experience. For me, it's buying doublewide manufactured homes on land.

I love the options you have when you own the land the home sits on! You can keep the land and sell the home, rent, sell on terms, sell for cash, etc.

Buying and selling mobile homes in parks is a great way to start! The average ROI is very high. But you dont own the land, limited exit strategies, and you are not the gate keeper.

Note deals are very good though! I am really enjoying L/H deals though.

Skye,

What amount are you looking to pay for the home? What are your plans for the home? To sell for cash(flip) or sell on a note?

There are a lot of factors that play into the deal that will help you determine if the home is worth the time negotiating. I would make sure you have a good idea of what the homes in the park are worth.

You said the seller already moved out? That would be one of the first things I bring up in negotiations. Mr. Seller, I realize you want X amount for the home. But, In this market it is taking X amount of time for homes to sell for CASH on a lease lot. The rent is X amount per month, at those X number of months that will cost you X amount of money in holding time alone!! Assuming someone paid you full asking price in this market.

He just doesn't sound motivated, yet.

I agree that park managers are a GREAT source of leads. For the new guy though there is one catch! Typically, when starting out investing in mobile homes or even starting out in a new park, managers typically will give you prices and information like any other buyer. Once you have done a deal or two in the park and proven yourself as an asset to them they will start telling you about the guy down the street who needs to sell, or the lady who is behind on two payments you might want to go talk to about selling. The managers are definitely the gate keepers!

In parks that I have done multiple deals in the manager knows that if I am HELPING her by purchasing a home in the park I will get free lot rent until the home is sold.

If you are driving for dollars and looking for your first deal you need to find a do-able deal and just jump in! These would be my qualifiers for a first deal:

3/2 home. singlewide or doublewide.
Home MUST stay.
No back lot rent due.
Manager understands you are an investor and will resell on terms BEFORE you purchase the home.

Home is a GOOD deal from a MOTIVATED seller and not a CHEAP home that needs REHAB to make it a nice home. You are an investor! Be a negotiator and get a home for $1,500 that is worth $5,000 the day you buy it that needs little work.

When first starting out you read about these type of deals and find it hard to believe you can find one. It is a numbers game and you will quickly find motivated sellers IF you get out of your house and look for homes.

That is way more of a response than needed, I hope that helps!!

Karen,

I agree with Terry on the licensing. Even though, by law they "require" you have a license to sell more than one (I believe) manufactured home per year in Florida. But, I know of 100's of mobile homes bought and sold on paper in Florida by multiple investors and I have never heard of anyone being questioned.

I would atleast do a deal or two before you worried about it.

Also, In regards to the tax issue. When you sell manufactured homes "lonnie style" over and over. The IRS does treat your
sale as a sale. Even if you don't receive the full profit in full in the first year. There are ways to limit your tax exposure! You will want to get in touch with a good accountant.

Terry, I can see you have come a LONG way since your posts from a month ago or so. I feel I learned the most back when I did my first 2 or 3 deals!

Congrats Terry! Hope you have a lot of continued success!