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All Forum Posts by: Daniel J.

Daniel J. has started 41 posts and replied 235 times.

Post: Any BP Members in Houston?

Daniel J.Posted
  • Conroe, TX
  • Posts 237
  • Votes 43

@daniel 

@Daniel Diaz What would you consider to be affordable and how far away? There are lots of different neighborhoods within relatively short distance to the med center. Walking distance would be hard though.

Post: Houston, Texas Property

Daniel J.Posted
  • Conroe, TX
  • Posts 237
  • Votes 43

@Jonathan Ramos,

I work in that zip code. It all really depends what exact section of that zip code the property is in. None of that area is super sketchy, but it's not great. It is mostly blue collar, the overall area is growing, though the down turn in oil and gas has hurt us. 

I'm certainly no expert but an exit clause always seems like a good idea. 

If you want more specific thoughts on the exact location don't hesitate to connect and send me a message. 

Daniel

Post: Am I crazy to try and buy 18 homes at once!?

Daniel J.Posted
  • Conroe, TX
  • Posts 237
  • Votes 43

@John Arendsen I'm not quite sure how to answer that. It is a deed restricted sub-division of only MH. You are not allowed to lease the lots, you have to own the home and you can lease the home.

Post: Am I crazy to try and buy 18 homes at once!?

Daniel J.Posted
  • Conroe, TX
  • Posts 237
  • Votes 43

@Belinda Lopez I don't have full financials but from what they have provided a conservative NOI would be in the 90-100k range. I do believe it is all real property. From the sound of it, and what they have provided, they have decent books. One of the homes was built in 96, and one in 98, the rest are all after 2000. They have been very well taken care of.

@John Arendsen It is in an area that is trending up and should continue to grow. Certainly things happen and growth totally dies off. I'm going to go by them tomorrow so I'll have a better idea of their state. In this case it would. It would be individual properties in a park, not the whole park in this case but those are very good things to consider.

Post: Am I crazy to try and buy 18 homes at once!?

Daniel J.Posted
  • Conroe, TX
  • Posts 237
  • Votes 43

@Hunter Letchman That is very true. The only way it would work is if they were to owner finance.

@John Fedro Thanks for the thoughts! Good to know about the foundation. It is all on public utilities which are all paid by the tenants. The roads are public as well. My guess is that no more homes could be added as they are individual lots. I did talk with them a bit more this morning and found out that would would want closer to a 30-40% if they did do owner financing. While I certainly  could figure out how to obtain that size of down payment I'm not sure it would be the best use of resources and risk.

@Rachel H. I do think I can overall trust them. They are my aunts neighbors and while she is not in RE, she has a pretty decent measure of people.

Post: INVESTORS WANTED IN HUNTSVILLE, TEXAS

Daniel J.Posted
  • Conroe, TX
  • Posts 237
  • Votes 43

@Tammy White I would be interested in anything 2 units or more anywhere off of I-45 in that whole area.

Post: Am I crazy to try and buy 18 homes at once!?

Daniel J.Posted
  • Conroe, TX
  • Posts 237
  • Votes 43

@Billy Mclachlan Thanks!

@Bill Ayers That would certainly be my preferred way! They did say they have prided themselves on taking really good care, and that it was very important to them to keep them well kept. It is a MH only sub division so at least not being able to put a hom back in would not be an issue. Any idea where I should start looking for an experience MHI? Thanks!

Post: Am I crazy to try and buy 18 homes at once!?

Daniel J.Posted
  • Conroe, TX
  • Posts 237
  • Votes 43

@Billy Mclachlan 

I am ultimately looking to replace my w2 income with cash flow.

Post: Am I crazy to try and buy 18 homes at once!?

Daniel J.Posted
  • Conroe, TX
  • Posts 237
  • Votes 43

If it is helpful the properties are just north of Conroe/Houston, Texas in Willis.

Post: Am I crazy to try and buy 18 homes at once!?

Daniel J.Posted
  • Conroe, TX
  • Posts 237
  • Votes 43

I've been learning a ton through various means for about the last 6 months and have made it my goal to acquire my first deal this year. While I have been open to mobile homes, it was not my intention to go that route, but more so pursue multi-family. So hence the somewhat open ended post. Through a family member I have been put in contact with an older couple in their upper 70's who hold 18 manufactured homes with their land who are ready to move on. Their son is the main one who will be handling the whole deal. I have talked a little bit to the wife, and I did at least learn that they are very well respected in the community where they hold the majority of their homes. They also have no real plans for the sales money except to just put it in the stock market or something. The county appraised value of the 18 properties is around $900,000. 16 of them are all in one deed restricted sub-division. The other 2 are in a separate sub division. What are some of the questions I should be asking in regards to them being manufactured homes vs what I would ask a seller of a SFH or MFH? Any other advice thrown in would be appreciated too. I'm hoping they will be open to seller financing.

Thanks!

Daniel