All Forum Posts by: Dustin M.

I would fix the home so it is safe for someone to move in. I think most people would buy your home over another mobile home because you can offer good terms (low down payment easy monthly payments) over other sellers who want all cash for their home.

This is what I try to stick by when I buy mobile homes.

70's model no more than $1000
80's model no more than $2000
90's model no more than $4000

If you are patient enough you can get some rocking deals. I got a 78 3 bed 1 bath last month for $450. Spent $1500 fixing it up selling it for $16000 with $1000 down.

Hi,

An individual came to me recently looking to borrow $500 and he has a free and clear mobile home. I told him I would let him borrow the money if I could put a lien on his mobile home.

Anyone know exactly how to do this. In addition, this gave me a good business idea. Title loans on mobile homes (you see them all the time for cars why not mobile homes). Any see any potential problems with starting a mobile home title loan company?

Thanks,

Dustin

How many different parks do you do Lonnie Deals in. I have 40 parks in my area and am currently working in just one park. I do have meetings with two other park owners who want to work with me. Do you think I should try to meet with all the owners?

I won a bid for a home being auctioned off at Williams and Williams for $1000 but the seller ended up rejecting my bid. This has been my only experience with the company.

I think it would be helpful to be able to view a list of all the available forums. It could be just a simple alphabetically ordered list. Perhaps a link to this page could go underneath the groups link on the right.

SVN is usually used for computer programmers to store their computer source control. However, it can actually be used for any type of document. I do computer programming full time so this stuff is second nature to me.

It is going to be more complicated to setup an SVN repository than it will to use google docs or any other pay system. However, you can setup a SVN repository for free.

I did have a website idea that would easily create SVN repositories for individuals to back up important documents such as contracts / documents / etc. I got halfway started and never finished it though.

There are paid SVN repository services out there and they are usually pretty reasonable (somewhere around $5 to $10 a month). They would do all the configuration for you. You and your employees would just need to point your SVN client to the repository they setup.

Dustin

I store all of my real estate documents on an SVN repository. I carry around my files on my flash drive and on any computer I can sync up to a central server.

With SVN you can have multiple individuals read / write to this repository and you can access the files anywhere you have an internet connection.

It also has nice features like roll back to a previous versions of files and see who made changes to what sections of files etc.

Dustin

Hi,

I need some advice. I am currently looking into purchasing an 8-plex in a rougher park of town. It is not a war zone but it isn't the best part of town. Near the 8-plex are a variety of run down boarded up apartments. I think my long term goal is to buy some of the boarded up apartments rehab them and make them into low income housing.

So far I have went down to the police station to do a freedom of information act to get detailed descriptions of various calls and reports made to individuals who live in the surrounding area. This will help me identify who the trouble makers are in the building so I can start the eviction process immediately if I were to purchase the building. The police said that they would be able to contact me in case one of the tenants was in trouble with the law. I plan to only do month to month leases as this will allow me to kick out trouble makers immediately.

I also plan to hold monthly meetings with the tenants at a local restaurant (where I would pay for food) to have them voice any concerns they have with the area and ways their community can be improved.

I also want to talk to the city to try to get a grant to purchase some of the run down buildings in the area to fix them up and make the community better overall.

The buildings are in great shape so I would primarily rent out to section 8 individuals. I see no reason why the buildings would not pass any of their requirements. I would need to be tough with my screening to not allow any felons or individuals who have been evicted in the past.

Anyone else have any advice on what I could do to improve the area in case I purchased the complex(s)?

Dustin

If these numbers confuse you I would recommend reading Lonnie Scruggs Deals on Wheels books. He goes over them in more detail. I'll try to explain.

N = Number of Payments
I = Interest Rate
PMT = Monthly Payment
FV = Future Value / Loan Amount / How much you have invested in the deal

What you try to solve for is the bottom I amount. This is your rate of return.

To be honest I probably didn't do this calculation 100% correct it was just a quick calculation but it probably wouldn't change the rate of return to much.

The first thing I tried to do is calculate my average payments I'll receive over the life of the 3 years. To get FV for the top row I added up how much I am owner financing on these MH so take the total sale price minus how much you collect in down payments and you will get 48400.

N I PMT FV
36 13.5 48400

You will need to run a loan amortization to get the payments. Plug in the values and you will get 1642.47.

N I PMT FV
36 13.5 1642.47 48400

Now you can solve the bottom Row of values. Drop in what you already know.

N I PMT FV
36 1642.47

To get the FV for the bottom row you need to know how much you currently have invested in the deal. Take your purchase price plus repairs (13,500 minus the down payments (3600) you collected. This will end up being 9900

N I PMT FV
36 1642.47 9900

Solve for I using a financial calculator / loan amortization and you will get back 198.28%

Hope this helps.

Dustin