All Forum Posts by: DJ Espiritu

@Justin Frank 

It would be just the home. But no, I agree. After finding out that the park doesnt allow owners to rent out their homes, I decided to as you said, buy it for cash, but then sell it by owner to a 55+ occupant myself for up to 28k. After posting, I managed to find a Peer to Peer lending that approved my request, so I can now purchase it, pay my monthly(s) and hold it until I find an end buyer. Thank you for your insight !

Hi everyone, Im in the Tacoma area and am looking for someone who can assist me in a small loan (under 15k) for this deal Im working on. I appreciate any and all referrals and suggestions!

Hey everyone! So I have this mobile home deal Im working on. The mobile home itself is paid off and bought at 21k, currently worth 28k, and is only asking for half of what she paid. No repairs needed as it was updated last year. However, it is in a 55+ park. I was hoping to buy and hold but the park only allows Owner occupants and/or lease to own residents so at this point i plan to just buy it myself, then selling it by owner.

Im looking for someone in the Tacoma or Pierce County area here in Washington, that can lend me some advice. 

Also if anyone knows someone in this area who does small hard money loans!

Hello BiggerPockets,

I am just starting a wholesale business in my area, and have a deal i have yet to put under contract.

The deal is actually my brother in laws. Him and his partner are splitting up and are needing to sell their house quickly. i already determined the level of motivation, arv, comps, potential repairs, and have yet to offer him a price yet.

I pitched the idea that i can potentially close him out in cash by the end of the year and he is all for it. their original plan was to put it on market but they of course do not want to wait for the market. 

The house is a 1996, 3/3 with ~2300 square feet. Doesnt need any major repairs(new roof, carpet). As is would be 330k. I comped houses with similar square feet and found theres enough sq feet for 2 additional bedrooms, potentially hitting the 352k range. 

owned the property for a little over a year, with a 50k downpayment. 

original loan = 333k

financed = 281k

current value = 340k (according to his loan officer)

Ive ran it through the usual 70-80% formulas but wanted some extra opinions/ weigh ins before i send him my offer. of course i dont want to insult him, being family and all, but he understands the convenience factor im providing.

I’m doing a house hack in a duplex. I already have a separate account for the property. I was wondering if I can pay my sides utilities using this account or do I have to use my personal account? Thanks in advance!

@steve Up until closing and after, myself, my realtor, and selling agent were all told by the seller there was no security deposit for the unit I’m to be occupying. It wasn’t until I spoke with the tenants that he revealed to me he had deposit money with the seller. After a few phone calls we discovered the seller was a landlord by inheritance and wasn’t savvy with the process. There was no fuss when he was given proper instruction on how to handle.

Thanks for your response @andrew. Also I dig into things a bit more and we discovered there actually was a deposit of $500 that I will be receiving. It was a cash deal so there wasn’t any record of it.

Thank you Kim. Being my first encounter I didn’t want to be too passive about it. But in this scenario I’ll just start fresh once they’re on their way.

Thanks Jon. I was thinking the same and just letting them be on their way anyhow and starting from there. Ive already talked with them on having their non running cars, RV, and remaining furniture removed at the least.

Hey everyone. I purchased a duplex last month to househack. The side I’m moving into is finishing their tenancy and I will be moving in that side. They had been staying there for 8 years and were a family friend of the seller. Being so, they didn’t have an official lease agreement during their tenancy and have been paying cash to the owner. They are already in the moving process and on their way out. I wanted to know how I can go about the degree of cleanliness they are to be leaving the property. They did not have a security deposit. So far I left them a move out checklist but with no security deposit I’m not sure how I can go about charging them for cleaning fees including carpet shampooing. Any suggestions?