All Forum Posts by: James Wakeland

Where are you finding Mobile Homes for 3500$. Are they listed online? Is there an ad in the paper? I 've been looking around RE sites and I only come across mobile homes that people are trying to sell for 30K or more. Please tell me where you can find a MH for less than 5k that isn't about to disentigrate due to rust.

Correct me if I'm wrong, but aren't apartments usually priced on the amount of income they produce? That means that if those units are all occupied, and you can do anything to get the rents up to your target of $240, then this is still a good deal. The major thing to watch out for are major expense problems. Make sure that the wiring in the apartments isn't corroded and in need of replacement. Have someone check out the plumbing. Look for foundation problems, roofs that need to be replaced etc. If people will rent in the ugly condition that It's in, great, but watch out for things that could cost you 75k 6 months down the road. Anyone please feel free to jump in and add anything I missed.

I'd love to get info on a REI club in El Paso. Feel free to PM or email me info or your email addresses to stay in touch. I'm leaving El Paso in September, but I'm all about comparing notes. Thanks for the reply and take care.

James

Thanks Mike,

I'll have to pick that one up.

James

That does make sense. Unfortunately for me I'm murky on the details. For instance, I'm sure there is still some sort of contract between you and the "seller" in order to protect them. If this is the case, who writes such a contract? (I'd love to see a rough example).

This is a great post, and I really appreciate you taking the time to dumb this down for me. I'm sorry if this has been covered somewhere else. I've been doing my best to get to every post on the site before asking too many questions, but this really caught my eye and I didn't want it to get lost in the shuffle.

Thanks,

James

Again, is this a case where the mortgage is assumable? Does anybody know a rough percentage of mortgages that are assumable? Also, since I know so little about financing (Carlton Sheets speaks greek when he talks about his creative financing methods) are there any good books that I can pick up to try to clarify some of this? Real Estate finance for dummies?

Anybody ordered this? It sounds like a gold mine, but then everybody trying to sell anything is going to tell you that they can make you rich.

In this scenario, wouldn't the mortgage have to be assumable? Where would you find someone to write a contract like that? Please put this into "Big Bird" terms for me as I'm a noob, and in the process of reading a few RE books.

Hi all, I'm an Army Staff Sergeant originally from Houston, currently stationed at Ft. Bliss in El Paso. I've recently been accepted to Officer Candidate School, and upon completion I'll finally have enough income to start purchasing real estate. I'm 95% of the way through a degree in Finance so the business and accounting aspect of real estate should be pretty easy. On the other hand, the only knowledge that I have of purchasing real estate is a Carlton Sheets course that I purchased years ago. I'm a novice to say the least. I'll be reading though most of the threads before asking any questions so as to avoid any reposts of the same topic. I'd like to thank everyone on the site for taking time to answer questions as well as the site admin for setting up such a great resource for newbies such as myself. I look forward to communicating with all of you.

Regards,

SSG Wakeland