All Forum Posts by: Eric F.

since this got bumped I will say I got two of the bottoms ripped off and mailed back. I was surprised. 

For some reason I actually got a higher response rate off post cards than yellow letters or zip letters. I am sure it is an outlier, Mr. Quarles has probably 200x the data I do (as well as sample size), but it has been that way for me. I have no idea why. 

@Paul Gupta I am going to have to echo @Uriah D. and ask where in Raleigh you are seeing falling values.  I cannot imagine Raleigh having declined in the last 4 years. Where are you looking? Maybe there are a couple of neighborhoods which have gone downhill, but overall I am not sure where you are getting that and/or who is telling you this information. What realtors have told you this market has been on a downward trajectory the last 4 years? Can you share your data and sources of data? You don't have to name individual agents. 

We might be about to cool off (it would not shock me) but anyone who says the last 4 years have been flat or declining, well I would avoid them. 

Note: I am talking Raleigh proper. I'm not sure about some surrounding towns.

I am going to bump this as I have a similar situation.

A lady inherited a house from her mother and I am buying it from her. We have everything set and BOOM! we find out about this HUD 2nd mortgage right before closing, just like Tom. With the 2nd mortgage I can't buy it and the lady is going to let it go to foreclosure (she is already behind).

Is there anything I can do? We are on a tight timeframe.

I have spoken with a seller about a house in Zebulon, NC and we have agreed on what he would like to get. The trouble is there are no sales near the house anytime recently. It is close to downtown but on a low income street. 

Is anyone familiar with the area? I think I have a decent deal here, but I want to check with someone who knows the area to make sure I am not way off.  Was a 3 bedroom, but became 2 bedroom (could be 3), old house, but in decent shape.

For the record the Zillow, trulia, etc estimates are all over 80k, which seems outlandish.

I'm looking at a house that has sat empty for a couple of months and need an inspector recommendation.  I am on a short time frame.

Britt, I sent you a PM

thanks everyone! 

I almost had to deal with this situation and it was my understanding I would have to pay the back lot rent. However, the buyer got caught up so it did not become a problem, but I was pretty sure I'd be paying the back rent. 

I am with Marc though, how the heck was the title in a lock box in the park office?  Mine are like @Ken Rishel said, mailed to me as the primary lien holder and in my darn safe. 

I do like Ken's idea about getting a written agreement regarding lot rent with the park owner. I got a few homes in the same park and the owner and I communicate every month and she lets me know what is going on. When the one person was behind we were working together to get him out. I would have owed lot rent to her but I always took that as part of the game. 

How long did you know this guy was behind on rent? Was he equally behind on payments? 

@Ken Rishel I bought the course about 5 months ago...I got it off amazon used. It is great. I'm not actively in the MHP market at the moment but I got a lot of good knowledge. If I owned a mobile home park or was about to buy one I'd be in their next boot camp!

Kyle, am I reading it right that you had about 300k of cash in this and when it was all said and done you netted about 20k? 

Can you send me some pictures? I might have something for you. 

@Chris Martin thank you. Do you have someone you would recommend in Raleigh?

Thanks to everyone else as well. The lawyer I am using is not responding to my calls. I'm very irritated by them. I called two more times last week. It is ridiculous. 

ok thanks!